Check-Cap (CHEK) 20-F 4 Apr 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document and Entity Information [Abstract]
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Entity Registrant Name	Check-Cap Ltd
Entity Central Index Key	1,610,590
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding	1,605,434

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 6,997	$ 11,639
Prepaid expenses and other current assets	406	242
Total current assets	7,403	11,881
Non-current assets
Property and equipment, net	503	414
Total non-current assets	503	414
Total assets	7,906	12,295
Accounts payable and accruals
Trade	608	393
Other	347	235
Other current liabilities	5	11
Employees and payroll accruals	602	728
Total current liabilities	1,562	1,367
Non-current liabilities
Royalties provision	439	521
Total non-current liabilities	439	521
Shareholders' equity
Share capital	974	771
Additional paid-in capital	57,643	52,577
Accumulated deficit	(52,712)	(42,941)
Total shareholders' equity	5,905	10,407
Total liabilities and shareholders' equity	$ 7,906	$ 12,295

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Research and development expenses, net	$ 6,837	$ 5,491	$ 5,837
General and administrative expenses	3,164	3,571	6,626
Operating loss	10,001	9,062	12,463
Financial income, net	236	244	173
Loss before income tax	9,765	8,818	12,290
Taxes on income	6	8
Net loss	$ 9,771	$ 8,826	$ 12,290
Net loss per ordinary share (in USD) basic and diluted	$ 6.72	$ 7.31	$ 12.67
Weighted average number of ordinary shares outstanding - basic and diluted (in thousands)	1,455	1,208	993

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) - USD ($) $ in Thousands		Preferred shares [Member]		Ordinary shares [Member]		Additional paid-in capital [Member]	Accumulated deficit [Member]	Total
Beginning balance at Dec. 31, 2014		$ 226	[1],[2]	$ 53	[1],[2]	$ 20,720	$ (21,825)	$ (826)
Beginning balance, shares at Dec. 31, 2014	[1],[2]	361,584		95,812
Conversion of preferred shares into ordinary shares		$ (226)	[1],[2]	$ 226	[1],[2]
Conversion of preferred shares into ordinary shares, shares		(361,584)	[1],[2]	361,584	[1],[2]			4,338,998
Reclassification of liability warrants to equity warrants			[1],[2]		[1],[2]	233		$ 233
Issuance of ordinary shares in the IPO, net of issuance expenses in an amount of $2,945	[3]			$ 113		10,638		$ 10,751
Issuance of ordinary shares in the IPO, net of issuance expenses in an amount of $2,945, shares	[3]			187,500				2,250,000
Issuance of ordinary shares in the Private Placement, net of issuance expenses in an amount of $1,225	[4]			$ 101		10,799		$ 10,900
Issuance of ordinary shares in the Private Placement, net of issuance expenses in an amount of $1,225, shares	[4]			166,667				166,667
Exercise of warrants into ordinary shares			[1],[2]	$ 90	[1],[2]	(61)		$ 29
Exercise of warrants into ordinary shares, shares	[1],[2]			146,946
Share-based compensation			[1],[2]		[1],[2]	3,724		3,724
Share-based compensation, shares	[1],[2]
Issuance of ordinary shares upon exercise of options by employees			[1],[2]	$ 16	[1],[2]			$ 16
Issuance of ordinary shares upon exercise of options by employees, shares			[1],[2]	25,783	[1],[2]			25,783
Capital investment			[1],[2]		[1],[2]	111		$ 111
Net loss			[1],[2]		[1],[2]		(12,290)	(12,290)
Ending balance at Dec. 31, 2015			[1],[2]	$ 599	[1],[2]	46,164	(34,115)	12,648
Ending balance, shares at Dec. 31, 2015	[1],[2]			984,292
Issuance of ordinary shares and pre-funded warrants in August 2016 registered direct offering, net of issuance expenses in an amount of $615	[5]			$ 32		5,227		5,259
Issuance of ordinary shares and pre-funded warrants in August 2016 registered direct offering, net of issuance expenses in an amount of $615, Shares	[5]			53,635
Exercise of warrants into ordinary shares			[1],[2]	$ 140	[1],[2]	(23)		117
Exercise of warrants into ordinary shares, shares	[1],[2]			229,153
Share-based compensation			[1],[2]		[1],[2]	1,209		$ 1,209
Issuance of ordinary shares upon exercise of options by employees, shares
Net loss			[1],[2]		[1],[2]		(8,826)	$ (8,826)
Ending balance at Dec. 31, 2016			[1],[2]	$ 771	[1],[2]	52,577	(42,941)	10,407
Ending balance, shares at Dec. 31, 2016	[1],[2]			1,267,080
Issuance of ordinary shares and warrants in June 2017 registered direct offering, net of issuance expenses in an amount of $399	[6]			$ 67		2,282		2,349
Issuance of ordinary shares and warrants in June 2017 registered direct offering, net of issuance expenses in an amount of $399	[6]			112,460
Issuance of ordinary shares and warrants in November 2017 registered direct offering, net of issuance expenses in an amount of $378	[6]			$ 114		2,066		2,180
Issuance of ordinary shares and warrants in November 2017 registered direct offering, net of issuance expenses in an amount of $378	[6]			189,387
Exercise of warrants into ordinary shares			[1],[2]	$ 22	[1],[2]	(8)		14
Exercise of warrants into ordinary shares, shares	[1],[2]			35,474
Share-based compensation			[1],[2]		[1],[2]	726		726
Share-based compensation, shares	[1],[2]			1,033
Net loss			[1],[2]		[1],[2]		(9,771)	(9,771)
Ending balance at Dec. 31, 2017			[1],[2]	$ 974	[1],[2]	$ 57,643	$ (52,712)	$ 5,905
Ending balance, shares at Dec. 31, 2017	[1],[2]			1,605,434
[1]	All shares amounts have been retroactively adjusted to reflect a 1-for-10 share reverse split, see Note 1C.
[2]	See Note 1D for the details regarding the conversion of the preferred shares.
[3]	Issuance expenses include certain warrants with a value of $196 issued in connection with the IPO.
[4]	Issuance expenses include certain warrants with a value of $125 issued in connection with the Private Placement.
[5]	Includes pre-funded warrants to purchase 209,524 ordinary shares at a purchase price of $22.20 per pre-funded warrant, issued in connection with the registered direct offering. See Note 10C(2)(h).
[6]	Issuance expenses include certain warrants with a value of $49,229 and $58,298 issued in connection with the June 2017 and November 2017 registered direct offerings, respectively.

CONSOLIDATED STATEMENTS OF CHA5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2017	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
IPO [Member]
Value or warrants			$ 196
Private Placement [Member]
Value or warrants			$ 125
Warrant [Member]
Issuance expenses	$ 378	$ 399		$ 615
Pre-funded warrants to purchase ordinary shares			209,524
Pre-funded warrants to purchase price			$ 22.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (9,771)	$ (8,826)	$ (12,290)
Adjustments required to reconcile net loss to net cash used in operating activities:
Revaluation of fair value of warrants to purchase preferred share			(174)
Depreciation and amortization	157	130	92
Share-based compensation	726	1,209	3,724
Financial income, net	(165)	(56)	(11)
Changes in assets and liabilities items:
Decrease (increase) in prepaid and other current assets and non-current assets	(164)	438	(563)
Increase (decrease) in trade accounts payable, accruals and other current liabilities	275	(252)	334
Increase (decrease) in employees and payroll accruals	(126)	(510)	227
Increase (decrease) in royalties provision	(82)	(56)	33
Net cash used in operating activities	(9,150)	(7,923)	(8,628)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(231)	(166)	(270)
Restricted cash		46
Proceeds from short-term bank deposit		4,811	(4,800)
Net cash provided by (used in) investing activities	(231)	4,691	(5,070)
CASH FLOWS FROM FINANCING ACTIVITIES
Receipt of short-term loan from bank			1,000
Repayment of short-term loan from bank			(1,000)
Issuance of ordinary shares upon exercise of options by employees			16
Exercise of warrants into ordinary shares	196	117	29
Issuance of ordinary shares in the RD Offerings, net of issuance expenses	4,379	5,307
Issuance of ordinary shares in the Private Placement, net of issuance expenses			11,021
Issuance of ordinary shares in IPO, net of issuance expenses			10,947
Net cash provided by financing activities	4,575	5,424	22,013
Effect of exchange rate changes on cash and cash equivalents	164	55	2
Net increase (decrease) in cash and cash equivalents	(4,642)	2,247	8,317
Cash and cash equivalents at the beginning of the year	11,639	9,392	1,075
Cash and cash equivalents at the end of the year	6,997	11,639	9,392
Supplemental disclosure of non-cash flow information
Reclassification of liability warrants to equity warrants			233
Cashless exercise of warrants to purchase ordinary shares into ordinary shares	8	23	45
Conversion of preferred shares into ordinary shares			226
Purchase of property and equipment	15	8
Issuance expenses	30	47
Supplemental disclosure of cash flow information
Cash paid for income taxes	3	8
Cash paid for interest			$ 11

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL INFORMATION	NOTE 1 - GENERAL INFORMATION A. General (1) Check Cap Ltd. (together with its wholly-owned subsidiary, the “Company") was incorporated under the laws of the State of Israel. The registered address of its offices is 29 Abba Hushi Ave, Isfiya 3009000, Israel. (2) Check-Cap Ltd has a wholly-owned subsidiary, Check-Cap U.S. Inc., incorporated under the laws of the State of Delaware on May 15, 2015. (3) The Company is a clinical-stage medical diagnostics company developing C-Scan®, the first capsule-based system for preparation-free colorectal cancer screening . Utilizing innovative ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, the C-Scan system removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation (4) As described in Notes 10C(2)(b) and 10C(2)(d), on February 24, 2015 the Company consummated an Initial Public Offering in the United States (U.S.) (the "IPO") concurrently with a Private Placement (the "Private Placement"). On August 11, 2016, the Company consummated a registered direct offering of ordinary shares and pre-funded warrants (the "August 2016 RD Offering"). See Note 10C(2)(h). On June 2, 2017, the Company consummated a registered direct offering of ordinary shares and a simultaneous private placement of warrants (the "June 2017 RD Offering"). See Note 10C(2)(i). On November 22, 2017, the Company consummated a registered direct offering of ordinary shares and a simultaneous private placement of warrants (the "November 2017 RD Offering" and together with the August 2016 RD Offering and June 2017 RD Offering, the “RD Offerings”). See Note 10C(2)(J). The Company's ordinary shares and Series A Warrants are listed on the NASDAQ Capital Market under the symbols "CHEK," and "CHEKW," respectively. (5) The consolidated financial statements of the Company as of and for the year ended December 31, 2017 include the financial statements of the Company and its wholly-owned U.S. subsidiary. B. Going concern and management plans The accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has devoted substantially all of its efforts to research and development, clinical trials, recruiting management and technical staff, acquiring assets and raising capital. The Company is still in its development and clinical stage and has not yet generated revenues. The extent of the Company's future operating losses and the timing of becoming profitable are uncertain. The Company has incurred losses of $9.8 million, $8.8 million and $12.3 million for the years ended December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, the Company's accumulated deficit was $52.7 million. The Company has funded its operations to date primarily through equity financing and through grants from the Israel Innovation Authority of the Ministry of Economy and Industry (the "NATI") (formerly the Office of the Chief Scientist of the Ministry of Economy and Industry (the "OCS)). Additional funding will be required to complete the Company's research and development and clinical trials, to attain regulatory approvals, to begin the commercialization efforts of the Company's C-Scan system and to achieve a level of sales adequate to support the Company's cost structure. To meet its capital needs, the Company is considering multiple alternatives, including, but not limited to, additional equity financings and other funding transactions. While the Company has been successful in raising financing in the past, there can be no assurance that it will be able to do so in the future on a timely basis on terms acceptable to the Company, or at all. Uncertain market conditions and approval by regulatory bodies and adverse results from clinical trials may (among other reasons) adversely impact the Company's ability to raise capital in the future. Management expects that the Company will continue to generate losses from the development, clinical development and regulatory activities of the C-Scan system, which will result in a negative cash flow from operating activity. The Company believes that current cash on hand will be sufficient to fund operations into June 2018. This has led management to conclude that substantial doubt about the Company's ability to continue as a going concern exists. In the event the Company is unable to successfully raise additional capital during or before the end of the second quarter of 2018, the Company will not have sufficient cash flows and liquidity to finance its business operations as currently contemplated. Accordingly, in such circumstances the Company would be compelled to immediately reduce general and administrative expenses and delay research and development projects and clinical trials, until it is able to obtain sufficient financing. If such sufficient financing is not received timely, the Company would then need to pursue a plan to license or sell its assets, seek to be acquired by another entity, cease operations and/or seek bankruptcy protection. The Company's losses and additional funds needed, raises substantial doubt about its ability to continue as a going concern. The Company's consolidated financial statements do not reflect any adjustments that might result from the outcome of this uncertainty. C. Reverse share splits Effective April 4, 2018, the Company's Board of Directors effected a reverse share split of 1-for-12 (i.e. 12 ordinary shares were combined into one ordinary share) (“Reverse Share Split”), in accordance with the approval of the Company's shareholders at an extraordinary general meeting of shareholders held on April 2, 2018. All references in the financial statements and notes to the number of shares, price per share and weighted average number of shares outstanding of our ordinary shares prior to the Reverse Share Split have been adjusted to reflect the Reverse Share Split on a retroactive basis unless otherwise noted. D. Conversion of preferred shares and preferred share warrants Effective immediately prior to the consummation of the IPO, each and every class and series of the Company's authorized and outstanding preferred shares converted, on a 1:1 basis, into ordinary shares, par value NIS 0.01 per share, of the Company (the "Pre- Splits Ordinary Shares") and all outstanding preferred share warrants converted, on a 1:1 basis, into warrants to purchase Pre-Split Ordinary Shares, in accordance with the approval of the Company's shareholders at a meeting held on January 15, 2015. Accordingly, immediately prior to the consummation of the IPO, on February 24, 2015, 361,584 preferred shares were converted into 361,584 Post-Split Ordinary Shares and 79,000 warrants to purchase preferred shares were converted into 79,000 warrants to purchase Pre-Splits Ordinary Shares. Therefore, since immediately prior to the consummation of the IPO and as of the date hereof, the Company's share capital is comprised solely of ordinary shares and options and warrants to purchase ordinary shares.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company`s consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). A. Use of estimates in preparation of financial statements The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. B. Principles of consolidation The Company's consolidated financial statements include the financial statements of Check-Cap Ltd. and its wholly-owned subsidiary, Check-Cap U.S., Inc. The Company's consolidated financial statements are presented after elimination of inter-company transactions and balances. C. Financial statements in U.S dollars The Company has not yet generated revenues and the majority of its expenses are in U.S. dollar (dollar or USD) or NIS, while none of these currencies is significantly material compared to the other. Management judgment, in setting the dollar as the Company's functional currency, is based mainly on the following criteria: The Company's budget and other Company internal reports, including reports to the Company's Board of Directors and investors, are presented in dollars. Management uses these reports in order to make decisions for the Company. All of the Company's equity and debt financings were in dollars; and it is expected that a significant portion of the Company's future revenue will be in dollars. The financial statements are presented in dollars, which is the functional currency of the Company. Transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10 "Foreign Currency Translation". All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. D. Cash and cash equivalents and restricted cash Cash and cash equivalents includes cash in hand, short–term deposits in banks and short-term highly liquid investment with an original maturity of up to three months, with a high level of liquidity that may be easily converted to known amounts of cash, and that are exposed to insignificant risk of change in value. The Company had no restricted cash balance as of December 31, 2017 and 2016. E. Short-term bank deposit Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2017, the Company's did not have any short–term bank deposit. F. Concentration of credit risks Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents and short-term bank deposits. The Company deposits these instruments with highly rated financial institutions, mainly in Israeli banks. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these instruments. G. Property and equipment 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 annual rates: Length of useful life Depreciation rate Years % Office furniture and equipment 10-14 7-10 Laboratory equipment 3-7 15-33 Computers and auxiliary equipment 3 33 H. Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 360-10 "Accounting for the Impairment or Disposal of Long-Lived Assets" whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) 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. During the years ended December 31, 2017, 2016 and 2015, no impairment losses were recorded. I. Research and development costs Research and development costs are expensed as incurred and consist primarily of costs for personnel, subcontractors and consultants (mainly in connection with clinical trials) and materials for research and development and clinical activities. Grants received by the Company from the IIA and from Israel-United States Binational Industrial Research and Development Foundation (the "BIRD Foundation") are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Such grants are included as a deduction of research and development costs (since at the time received the Company expects to generate sales from these projects and pay the royalties resulting from such sales). See Note 8B(1) below regarding the offset of grants received for participation in research and development expenses. J. Warrants to purchase preferred shares The Company accounts for freestanding warrants to purchase its preferred shares as a liability on the balance sheets at fair value. The warrants to purchase preferred shares are recorded as a liability as they include anti-dilution protection provision requiring a reduction in original exercise price as a result of subsequent issuance below the original exercise price. The warrants are subject to re-measurement to fair value at each balance sheet date and any change in fair value is recognized as a component of financial income (expense), net, in the statements of operations. The Company must adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants, or the conversion of convertible preferred shares into ordinary shares. Immediately prior to the consummation of the Company's IPO in February 2015, all of the remaining warrants to purchase preferred shares were converted to warrants to purchase ordinary shares, without the anti-dilution protection provision and the warrants were reclassified into equity at their current fair value (see Note 9). K. Fair value measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The three-tiers are defined as follows: · Level 1. · Level 2 · Level 3 L. Contingent liabilities The Company accounts for its contingent liabilities in accordance with ASC No. 450, "Contingencies". A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. As of December 31, 2017, and 2016, the Company is not a party to any ligation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see Note 8). M. Share-based compensation The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The Company’s share-based compensation plans provide for the award of stock options and restricted stock units. In accordance with ASC 718-10 "Compensation-Stock Compensation", the Company estimates the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's consolidated statement of operations. The Company recognizes compensation expenses for the value of its awards granted based on the graded-vesting method over the requisite service period for each separately vesting portion of the award. Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718) allows companies to account for forfeitures when they occur. The Company selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its share-based awards. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying ordinary shares, expected share price volatility and the expected option term. Expected volatility was calculated based upon certain peer companies that the Company considered to be comparable. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with Staff Accounting Bulletin No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. Prior to the Company's IPO, the fair value of the ordinary shares underlying the share options was determined based on recent equity investment rounds and fair value by the Company's management and approved by the Company's Board of Directors. After the IPO and until March 18, 2015, the date the units issued by the Company in the IPO were separated into one ordinary share and one-half of a series A warrant to purchase one ordinary share, the units ceased to exist and the ordinary shares began trading on the NASDAQ Capital Market ("Unit Separation Date"), the fair value of the ordinary shares underlying the share options was derived by reference to the closing price of the Company's unit on the NASDAQ Capital Market on the relevant date using relative fair value for each component in the unit. After the Unit Separation Date, the grant date fair value for share-options awards is based on the closing price of the ordinary shares on the NASDAQ Capital Market on the date of grant and fair value for all other purposes related to share-options awards is the closing price of the Company's ordinary shares on the NASDAQ Capital Market on the relevant date. The fair value for options granted in 2017, 2016 and 2015 is estimated at the date of grant using a Black-Scholes-Merton option-pricing model. The Company accounts for options granted to consultants and other service providers under ASC No. 718 and ASC No. 505, "Equity-based payments to non-employees." The fair value of these options was estimated using a Black-Scholes-Merton option-pricing model. N. Income taxes The Company accounts for income taxes in accordance with ASC 740-10 "Accounting for Income Taxes." This Statement requires the use of the liability method of accounting for income taxes, whereby deferred tax asset and liability account balances are determined based on the differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC 740, the Company reflects in the financial statements the benefit of positions taken in a previously filed tax return or expected to be taken in a future tax return only when it is considered 'more-likely-than-not' that the position taken will be sustained by a taxing authority. As of December 31, 2017, and 2016, the Company had no unrecognized income tax positions and accordingly, there is no impact on the Company's effective income tax rate associated with these items. O. New accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 “Leases (Topic 842)”, which primarily changes the accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. The amendments are effective January 1, 2019, and for interim periods within that year, with early adoption permitted. The Company is evaluating the effect of ASU 2016-02 on its consolidated financial statements, but it does not expect it will have a material impact on its financial results. In May 2017, the FASB issued ASU 2017-09, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The guidance is effective beginning in the first quarter of fiscal year 2018. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, which targets improvements to accounting for hedging activities and amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2017
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 - PREPAID EXPENSES AND OTHER CURRENT ASSETS Composition: December 31, 2 0 1 7 2 0 1 6 Government institutions 89 69 Prepaid expenses 261 117 Deposits 55 56 Other assets 1 - 406 242

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 4 - PROPERTY AND EQUIPMENT, NET Composition: December 31, 2 0 1 7 2 0 1 6 Cost: (1) Office furniture and equipment 157 115 Laboratory equipment 626 426 Computers and auxiliary equipment 339 335 1,122 876 Accumulated depreciation (2) 619 462 Property and equipment, net 503 414 Depreciation expenses amounted to $157, $130 and $92 for the years ended December 31, 2017, 2016 and 2015, respectively. (1) Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals. (2) Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals.

SHORT TERM LOANS

SHORT TERM LOANS	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
SHORT TERM LOANS	NOTE 5 - SHORT TERM LOANS On January 4, 2015, the Company entered into a credit line agreement with Bank Leumi pursuant to which it was entitled to obtain a credit line in the principal amount of up to $1,000 ("the Bank Leumi Credit Facility"). The Bank Leumi Credit Facility was required to be repaid in full by the Company no later than April 1, 2015 and Bank Leumi's consent was required for early repayment. The drawn portion of the Bank Leumi Credit Facility bore interest at an annual rate of LIBOR plus 5.25% on the basis of a 365-day year, until paid in full. The Company drew the entire $1,000 Bank Leumi Credit Facility. The Company paid Bank Leumi a facility fee of $20 in connection with the facility. To secure the repayment of the Bank Leumi Credit Facility, the Company granted Bank Leumi (i) a first ranking fixed charge over the Company's goodwill; and (ii) a first ranking floating charge over all of the assets and rights of any type whatsoever, which the Company now has or may acquire in the future, subject to the rights of the IIA (formerly the OCS) and the BIRD Foundation and the rights under existing and future liens in favor of the First Intentional Bank of Israel Ltd. securing debt or indentures of up to an aggregate amount of $100. On March 16, 2015, the Company repaid all amounts outstanding under the Bank Leumi Credit Facility with the proceeds of the IPO and concurrent Private Placement.

EMPLOYEE BENEFITS AND PAYROLL A

EMPLOYEE BENEFITS AND PAYROLL ACCRUALS	12 Months Ended
	Dec. 31, 2017
Employee-related Liabilities [Abstract]
EMPLOYEE BENEFITS AND PAYROLL ACCRUALS	NOTE 6 - EMPLOYEE BENEFITS AND PAYROLL ACCRUALS A. Composition: December 31, 2 0 1 7 2 0 1 6 Short-term employee benefits: Benefits for vacation and recreation pay 235 210 Liability for payroll, bonuses and wages 367 518 602 728 B. Post-employment benefits Pursuant to Israel's Severance Pay Law, 1963, Israeli employees are entitled to severance pay equal to one month's salary for each year of employment, or a portion thereof. All of the Company's employees elected to be included under Section 14 of the Severance Pay Law, 1963 ("Section 14"). According to Section 14, employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments (under the above Israeli Severance Pay Law) in respect of those employees; therefore, related assets and liabilities are not presented in the balance sheet. C. Short-term employee benefits (1) Paid vacation days In accordance with the Yearly Vacation Law-1951 (the "Vacation Law"), the Company's employees are entitled to a number of paid vacation days for each year of employment. In accordance with the Vacation Law and its appendix, and as determined in the agreement between the Company and the employees, the number of vacation days per year to which each employee is entitled is based on the seniority of the employee. The employee may use vacation days based on his or her needs and with the Company's consent, and to accrue the remainder of unused vacation days, subject to the provision of the Vacation Law. The vacation days utilized first are those credited for the current year and subsequently from any balance transferred from the prior year (on a "LIFO" basis). An employee who ceased working before utilizing the balance of vacation days accrued is entitled to payment for the balance of unutilized vacation days. (2) Related parties For information regarding short-term employee liabilities given to related parties, see Note 16.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 - INCOME TAXES A. The Company Check-Cap Ltd. is taxed according to Israeli tax laws: 1. Corporate tax rates in Israel The Israeli corporate tax rate was 26.5% in the year 2015, 25% in year 2016 and 24% in year 2017. Future tax rates will be 23% from year 2018 onwards. 2. The Law for the Encouragement of Capital Investments, 1959 (the "Investments Law") Under the Investments Law, including Amendment No. 60 to the Investments Law as published in April 2005, by virtue of the "Approved Enterprise" or "Benefited Enterprise" status, the Company is entitled to various tax benefits as follows: a) Reduced tax rates The Company has one Benefited Enterprise program under the Investments Law, which entitles it to certain tax benefits with respect to income to be derived from the Company's Benefited Enterprise. During the benefits period, taxable income from its Benefited Enterprise program (once generated) will be tax exempt for a period of ten years commencing with the year the Company will first earn taxable income relating to such enterprise. The Company chose 2010 as the year of election (the "Year of Election"). Due to the location of the Company's offices, the Company believes it is entitled to a 10 year benefit period, subject to a 14 year limitation from the Year of Election, and therefore, the tax benefit period will in any event end in 2023. b) Conditions for entitlement to the benefits The benefits available to a Benefited Enterprise are subject to the fulfillment of conditions stipulated in the Investment Law and its regulations. c) Amendment of the Law for the Encouragement of Capital Investments, 1959 The Investments Law was amended as part of the Economic Policy Law for the years 2011-2012, which was passed by the Israeli Knesset on December 29, 2010 (the "Capital Investments Law Amendment"). The Capital Investments Law Amendment set alternative benefit tracks to those in effect prior to such amendment under the provisions of the Investments Law. The benefits granted to the Benefited Enterprises will be unlimited in time, unlike the benefits granted to special Benefited Enterprises, which will be limited for a 10-year period. The benefits shall be granted to companies that will qualify under criteria set forth in the law; for the most part, those criteria are similar to the criteria that were set forth in the Investments Law prior to its amendment. Under the transitional provisions of the Investments Law, the Company is entitled to take advantage of the tax benefits available under the Investments Law prior to its amendment until the end of the benefits period, as defined in the Investments Law. The Company was entitled to set the "year of election" no later than tax year 2012, provided that the minimum qualifying investment was made not later than the end of 2010. On each year during the benefits period, the Company will be able to elect that the Investments Amendment applies to the Company, thereby making the tax rates described above available to the Company. An election to have the Capital Investments Amendment apply is irrecoverable. The Company elected not to have the Capital Investments Amendment apply to the Company. On December 22, 2016, the Knesset approved the 2017-2018 State budget, which includes amendment number 73 to the law for the Encouragement of Capital Investments. The amendment includes: 1) Adoption of tax benefits for high-tech preferred enterprises, based on the provisions and rules adopted by the Organization for Cooperation and Economic Development (the "GCOE"), creating new tax tracks of 7.5% for Development Area A and 12% for the rest of the country. 2) Reduction of corporate tax rate for all preferred enterprises from 9% to 7.5%. 3) Lowering the threshold for the conditions that were previously set in order to enter the track of a "special preferred enterprise" for very big enterprises entitled to a reduced tax rate of 5% in Area A or 8% in the rest of the country. 4) Updating the definitions of preferred income, preferred enterprise etc. 3) In accordance with the Income Tax Ordinance, as of December 31, 2017, all of Check-Cap Ltd.'s tax assessments through tax year 2012 are considered final. 4) The Company recorded $6 and $8 current taxes for the years ended December 31, 2017 and 2016. The Company did not record current taxes for the year ended December 31, 2015, since it had no taxable income during this year. 5) The net operating loss ("NOL") carry-forward of the Company equals to approximately $54.5 million. B. Check-Cap U.S. Inc. 1. Check-Cap U.S. Inc. is taxed according to U.S. tax laws. 2. There are no NOL carry-forward of Check-Cap U.S. Inc. In December 2017, the Tax Cut and Jobs Act (the “Act”) was signed into law, which enacts significant changes to U.S. federal corporate tax and related laws. Some of the provisions of the Act affecting corporations include, but are not limited to: (i) a reduction of the U.S. federal corporate income tax rate from 35% to 21%; (ii) limiting the interest expense deduction; (iii) expensing of cost of acquired qualified property; and (iv) elimination of the domestic production activities deduction. The Company is currently evaluating the impact the Act will have on the future financial condition and results of operations and believe the Act will have a beneficial positive net impact. The Act did not have an effect on the financial results and position of the Company. C. Deferred income taxes In assessing the realization of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. Based on the Company's history of losses, the Company established a full valuation allowance. December 31, 2 0 1 7 2 0 1 6 Carry forward tax losses 13,083 7,735 Less valuation allowance (13,083 ) (7,735 ) - - D. Reconciliation of the theoretical tax expense to actual tax expense The main reconciling item between the statutory tax rate of the Company and the effective rate is the provision for full valuation allowance in respect of tax benefits from carry forward tax losses due to the uncertainty of the realization of such tax benefits (see above).

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 8 - COMMITMENTS AND CONTINGENT LIABILITIES A. Royalties provision 1. Royalties to an ASIC designer The Company has a liability to pay royalties for the development of an ASIC component which is used as an amplifier for the capture of signals at low frequencies from X-ray detectors contained in the capsule. The institution that developed the ASIC is entitled to receive royalties from the Company in the amount of € 0.5 ($0.60) for every ASIC component that the Company will sell, capped at € 200 (approximately $240). This royalty is considered as a liability. The royalties' liability is calculated based on estimated future sales generated by products which include the ASIC component. As of December 31, 2017, the Company believes that it will be required to pay the above mentioned royalties, and accordingly, recorded, as of December 31, 2017, a provision in a total amount of $127. 2. Reimbursement liability to Predecessor Entity's unit holders On May 31, 2009, the Company entered into an asset transfer agreement with Check Cap LLC (the "Predecessor Entity"), a company with the same shareholders as the Company at the time of transfer. According to the agreement, the Predecessor Entity transferred all of its business operations and substantially all of its assets to the Company, including development and consulting agreements, cash, property and equipment and intangible ownership rights, free of any debt. As part of the reorganization, the Company committed to reimburse the unit holders of the Predecessor Entity for any tax burdens that may be imposed on them due to the reorganization. The reimbursement liability is calculated assuming deemed royalties are paid to the U.S. unit holders of the Predecessor Entity under Section 367(d) of the Internal Revenue Code of 1986, as amended and is based in part on the forecasted sales of the Company. The contingent liability was calculated using the expected cash outflows discounted using a discount factor commensurate with the risk of the Company. Any updates in the expected cash outflows and the liability will be charged to earnings. As of December 31, 2017, the balance of the reimbursement liability totaled $312. December 31, 2 0 1 7 2 0 1 6 Royalties to an ASIC designer 127 139 Reimbursement liability to Predecessor Entity's unit holders 312 382 439 521 B. Commitments (1) Royalties The Company's research and development efforts are financed, in part, through funding from the IIA (formerly the OCS) and the BIRD Foundation. Since the Company's inception through December 31, 2017, the Company received funding from the IIA and the BIRD Foundation in the total amount of $5.3 million and $115, respectively. According to the terms of applicable law as currently in effect and the grants, the IIA is entitled to royalties equal to 3-5% (or at an increased rate under certain circumstances) of the revenues from sales of products and services based on technology developed using IIA grants, up to the full principal amount (which may be increased under certain circumstances) of the U.S. Dollar-linked value of the grants, plus interest at the rate of 12-month LIBOR. The obligation to pay these royalties is contingent on actual sales of the applicable products and services and in the absence of such sales, no payment is required. As of December 31, 2017, the Company had not paid any royalties to the IIA and had a contingent obligation to the IIA in the amount of $5.6 million. On July 13, 2014, the Company entered into a Cooperation and Project Funding Agreement with the BIRD Foundation and Synergy, pursuant to which the BIRD Foundation agreed to award a grant to Synergy and the Company in the maximum amount of the lesser of (i) $900; and (ii) 50% of the actual expenditures for the funding of a project entitled "Collection & Analysis of Gastrointestinal Images for Diagnostic Adenomatic Polyps and Colorectal Cancer." The development work was to be performed over a 24-month period by Synergy (or a subcontractor on its behalf) and the Company. According to the terms of the grant, the BIRD Foundation is entitled to royalties equal to 5% of the gross revenues derived from the product funded by the project, up to 100%, 113%, 125%, 138% and 150% of the U.S. Consumer Price Index linked sum granted by the BIRD Foundation if repaid within one year, two years, three years, four years and five or more years, respectively. Under the terms of the agreement, if any portion of the product funded by the project is sold outright to a third party prior to full repayment of the grant to the BIRD Foundation, one-half of the sale proceeds will be applied to the repayment of the grant. If the funded product is licensed to a third party, 30% of all payments received under the respective license agreement must be paid to the BIRD Foundation in repayment of the grant. As of December 31, 2016, the Company had received funding from the BIRD Foundation in the aggregate amount of approximately $127. Based on the aggregate expenses that the Company incurred for such project, we refunded to the BIRD Foundation an amount of approximately $12. The Company shall not be receiving additional funding from the BIRD Foundation for the project, which is no longer active. As of December 31, 2017, we had not paid any royalties to the BIRD Foundation and had a contingent obligation to the BIRD foundation in the amount of $125. (2) Rental agreement The Company leases approximately 900 square meters at a facility located in Isfiya, Israel under a lease agreement expiring on May 31, 2022. The Company has the right to terminate the agreement at any time, upon as least 60 days prior written notice. The rental expenses recorded by the Company for the years ended December 31, 2017, 2016 and 2015 were $83, $78 and $67, respectively. (3) Agreements for brokerage services See Note 10C(2)(d). (4) Vehicle lease and maintenance agreements The Company entered into several 32-36 months lease and maintenance agreements for vehicles, which are regularly amended as new vehicles are leased. The current monthly lease fees is approximately $18. The expected lease payments for the years ending December 31, 2018, 2019 and 2020 are approximately $160, $112 and $25, respectively. Operating lease obligations as of December 31, 2017: Lease agreement for vehicles 37 Lease agreement for office facilities lease 14 51 C. Legal As of the date of the financial statements, the Company has not been and is not a party to any pending litigation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 9 - FAIR VALUE MEASUREMENTS Financial instruments consist of cash and cash equivalents, accounts receivable and payable, and other current liabilities. The carrying amounts of cash and cash equivalents, accounts receivable and payable, and other current liabilities approximate their respective fair values because of the short-term nature of those instruments.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 10 - SHAREHOLDERS' EQUITY A. All share and per share amounts in the financial statements have been adjusted to reflect the Reverse Share Split. B. See Note 1D regarding the conversion on a 1:1 basis, of each and every class and series of the Company's authorized and outstanding preferred shares into the Company's Pre-Split Ordinary Shares and the conversion on a 1:1 basis of all outstanding preferred share warrants into warrants to purchase Pre-Split Ordinary Shares, each of which occurred immediately prior to the consummation of the IPO on February 24, 2015. C. Ordinary shares 1. The ordinary shares provide their owners with rights to receive dividends in cash and shares, and rights to participate at the time of distributing liquidation dividends. Additionally, the ordinary shareholders have the right to vote at shareholder meetings in a manner that each share provides one voting right to its holder. 2. Changes in ordinary share capital a. On May 11, 2010, the Company issued, free of charge, to all of its shareholders (except for certain ordinary shareholders), warrants to purchase an aggregate of 32,174 56 17,149 14,969 b. On February 24, 2015, the Company consummated an IPO in the U.S. of 166,667 72 90 82.80 The Company granted the underwriters a 45-day over-allotment option to purchase up to 25 37,500 8,334 12,500 6,250 c. Immediately prior to the consummation of the IPO, certain members of the Company's management exercised options to purchase 25,624 d. On August 20, 2014, the Company entered into a certain credit line agreement, pursuant to which it obtained a credit line in an aggregate principal amount of $12 million from certain lenders and existing shareholders (the "Lenders"). The credit line amount was deposited in an escrow account at the closing, which was consummated on October 14, 2014. The Company issued to each Lender at closing a warrant (collectively, the "Credit Line Warrants"), to purchase a number of the Company's ordinary shares constituting 2% of its share capital on a fully diluted basis (assuming conversion of all of the Company's convertible securities into ordinary shares at a 1:1 conversion rate) as of the closing for each $1 million (or portion thereof) extended by such Lender. The Company issued Credit Line Warrants ("CLA Warrants") to purchase in the aggregate 221,556 .40 Under the terms of the credit line agreement, the Company directed that the entire credit line amount (that was in escrow) be invested in the Private Placement, consummated simultaneously with the consummation of the IPO on February 24, 2015. The Company issued to the Lenders 166,667 72 90 82.80 Upon the closing of the Private Placement, the Company issued to certain finders engaged by the Company in connection with the credit line agreement warrants to purchase 5,837 60.72 1,430 2.40 ($ 60 1,396 5,871 e. During the years ended December 31, 2016 and 2015 certain Private Placement investors exercised CLA Warrants to purchase an aggregate 9,231 and 47,449 ordinary shares at a price per share equal to NIS 2.40 ($0.60), respectively. No such warrants were exercised during the year ended December 31, 2017. During the years ended December 31, 2017, 2016 and 2015, certain Private Placement investors exercised CLA Warrants to purchase an aggregate 9,912, 34,508 and 82,348 ordinary shares, respectively, on a cashless basis, which resulted in the expiration of 243, 761 and 2,022 CLA Warrants, respectively. As of December 31, 2017 and 2016, 35,082 and 45,237 CLA Warrants were outstanding, respectively. f. Upon the closing of the IPO, the Company issued warrants to purchase 8,334 90 1,250 60.72 g . On June 24, 2015, the Company entered into Amendment No. 1 to the Warrant Agreement, dated June 24, 2015, between the Company and American Stock Transfer & Trust Company LLC, as Warrant Agent, to extend the Registration Due Date to the date which is 180 days following the date of closing of the Company's initial public offering (i.e., August 23, 2015) in order to allow the shareholders who were the original purchasers of IPO Units additional time to become the direct registered owners of the ordinary shares underlying the IPO Units. As of December 31, 2017 and December 31, 2016, 378,047 388,980 h. On August 11, 2016, the Company consummated a registered direct offering of 53,635 22.80 209,524 22.20 60 47,917 As of December 31, 2016, additional pre-funded warrants to purchase an aggregate 137,441 . On January 23, 2017, the remaining pre-funded warrants to purchase 24,167 As of December 31, 2016, 24,167 As of December 31, 2017, there were no outstanding pre-funded warrants. i. On June 2, 2017, the Company consummated a registered direct offering of 112,460 24 112,460 25.50 j. On November 22, 2017, the Company consummated a registered direct offering of 189,387 13.20 142,042 15

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 11 - SHARE-BASED COMPENSATION A. General 1. In connection with the transfer of all of the business operations and substantially all of the assets of Check-Cap LLC to the Company in 2009, the Company assumed the Check-Cap LLC 2006 Unit Option Plan (hereafter: the "2006 Plan"). According to the 2006 Plan, the Company is authorized to grant options to purchase ordinary shares of the Company to employees, directors and consultants of the Company. The options granted according to the 2006 Plan are generally exercisable for 10 years from the grant date unless otherwise determined by the Company's Board of Directors, vest over a period to be determined by the Company's Board of Directors, and have an exercise price to be determined by the Company's Board of Directors . 2. On January 15, 2015, the Board of Directors resolved to increase the number of ordinary shares by 4% of the Company's fully-diluted share capital (including the option pool) immediately following the consummation of the IPO. As a result, the number of the Company's ordinary shares reserved for issuance under the 2006 Plan increased by 80,646 3. On April 6, 2015, the Company's Board of Directors resolved to increase the number of ordinary shares of the Company's reserved for issuance under the 2006 Plan by 143,212 4. On August 13, 2015, the shareholders approved and adopted the Check-Cap Ltd. 2015 Equity Incentive Plan (the "2015 Israeli Plan") and the Check-Ltd. 2015 United States Sub-Plan to Check-Cap Ltd. 2015 Equity Incentive Plan (the "2015 U.S. Sub-Plan" and together with the 2015 Israeli Plan, the "2015 Plan"). As of such date, the Company ceased to grant options under the 2006 Plan. All of the remaining shares authorized but unissued under the 2006 Plan were rolled over to the 2015 Plan. B. Details of share-based grants made by the Company The following tables presents the grant dates, number of underlying shares and related exercise prices of awards granted to employees and non-employees during the years 2017, 2016 and 2015 as well as the estimated fair value of the underlying ordinary shares on the grant date : Grant date No. of options Expiration date Exercise price Fair value on grant date February 24, 2015 (2) 25,205 February 24, 2025 $ 60.72 $ 32.76 March 15, 2015 (3) 5,041 March 15, 2025 $ 60.96 $ 32.52 May 19, 2015 (4) 43,636 May 19, 2025 $ 54.84 $ 30.00 June 1, 2015 (5) 4,033 June 1, 2025 $ 60.72 $ 33.60 June 3, 2015 (6) 15,763 June 3, 2025 $ 52.20 $ 31.20 August 13, 2015 (7) 27,064 August 13, 2025 $ 44.16 $ 21.60 August 13, 2015 (8) 35,417 August 13, 2025 $ 44.16 $ 22.20 October 20, 2015 (9) 3,201 October 20, 2025 $ 33.48 $ 20.64 February 29, 2016 (10) 1,642 March 1, 2026 $ 28.44 $ 24.12 May 4, 2016 (11) 7,608 May 4, 2026 $ 34.68 $ 17.40 August 4, 2016 (12) 404 August 4, 2026 $ 15.36 $ 20.40 October 31, 2016 (13) 202 October 31, 2026 $ 23.64 $ 15.84 February 27, 2017 (14) 1,964 February 27, 2027 $ 27.96 $ 14.40 May 9, 2017 (15) 1,580 May 9, 2027 $ 25.86 $ 12.96 June 22, 2017 (16) 5,041 June 22, 2027 $ 22.32 $ 12.60 August 3, 2017 (17) 404 August 3, 2027 $ 22.36 $ 12.36 November 2, 2017 (18) 853 November 2, 2027 $ 20.76 $ 8.16 Grant date No. of RSUs Expiration date February 27, 2017 (19) 7,457 February 27, 2027 June 22, 2017 (20) 17,448 June 22, 2027 August 3, 2017 (21) 24,951 August 3, 2027 Grant date No. of warrants Expiration date Exercise price Fair value on grant date February 18, 2015 8,334 February 18, 2019 $ 90.00 $ 19.44 February 24, 2015 1,250 February 24, 2019 $ 60.72 $ 27.00 Various dates in 2015 (1) 7,267 Various dates in 2017 (** ) $ 17.16 (*) See Note 11B(1) (**) See Note 11B(4) 1. Certain finders engaged by the Company were entitled, according to the terms of their respective engagements with the Company, to be issued warrants to purchase ordinary shares upon and subject to the closing of the Private Placement pursuant to the credit line agreement dated August 20, 2014, as amended. On April 6, 2015, the Company's Board of Directors approved the grant to certain finders of warrants to purchase an aggregate 5,837 60.72 1,430 .40 2. On January 15, 2015, the Company's shareholders approved the grant of options to certain members of the Company's Board of Directors to purchase an aggregate 25,205 60.72 3. On April 6, 2015, the Company's shareholders approved the grant of options to purchase 5,041 60.96 4. On May 19, 2015, the Company's shareholders approved the grant of options to purchase an aggregate 38,595 54.84 In addition, the Company's shareholders approved the grant of options to purchase 5,041 54.84 The compensation expense was based on the fair value on the grant date, and was estimated at approximately $1.3 million. This amount is charged to statement of operations over the vesting periods. 5. On February 12, 2015, the Company's shareholders approved the grant of options to purchase 4,033 60.72 6. On June 3, 2015, the Company's Board of Directors approved the grant of options to purchase an aggregate 15,763 52.20 7. On August 13, 2015, the Company's Board of Directors approved the grant of options to purchase 27,064 44.16 8. On August 13, 2015, the Company's Board of Directors approved the grant of options to purchase up to 35,417 44.16 35,417 708,334 8,855 9. On October 20, 2015, the Company's Board of Directors approved the grant of options to purchase an aggregate 3,201 33.48 10. On February 29, 2016, the Company's Board of Directors approved the grant of options to purchase an aggregate 1,642 28.44 11. On May 4, 2016, the Company's Board of Directors approved the grant of options to purchase an aggregate 7,608 34.68 12. On August 4, 2016, the Company's Board of Directors approved the grant of options to purchase 404 15.36 13. On October 31, 2016, the Company's Board of Directors approved the grant of options to purchase 202 23.64 14. On February 27, 2017, the Company's Board of Directors approved the grant of options to purchase 1,964 27.96 15. On May 9, 2017, the Company's Board of Directors approved the grant of options to purchase 1,580 25.86 16. On June 22, 2017, the Company's shareholders approved the grant of options to purchase 5,041 22.32 17. On August 3, 2017, the Company's Board of Directors approved the grant of options to purchase 404 22.36 18. On November 2, 2017, the Company's Board of Directors approved the grant of options to purchase 853 20.76 19. On February 27, 2017, the Company's Board of Directors approved the grant of 7,457 20. On June 22, 2017, the Company's shareholders approved the awarded of 11,302 6,146 21. On August 3, 2017, the Company's Board of Directors approved a performance based grant of 24,951 22. On February 26, 2018, upon the termination of the employment of Mr. Densel, the Company’s former CEO, options to purchase 61,009 ordinary shares and 11,302 RSUs expired. C. Options Fair Value The parameters which were used in applying the model are as follows: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Expected volatility 58%-60 % 60%-59 % 44%-62 % Risk-free rate 1.9%-2.2 % 2.1%-1.2 % 1.29%-2.28 % Dividend yield 0 % 0 % 0 % Expected term (in years) 5-7 5.5-7 5-7 Share price $ 15.96-$26.40 $ 26.64-$38.40 $ 36.00-$61.44 D. Effect of share-based compensation transactions on the Company's statements of operations For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Research and development, net 116 234 790 General and administrative 610 975 2,934 Total 726 1,209 3,724 E. A summary of the Company's option activity related to options granted to employees, service providers and directors, and related information under the 2006 Plan and the 2015 Plan is as follows: Year ended December 31, 2017 Number Weighted average of exercise price (in $) Weighted average remaining contractual life (in years)(3) Aggregate intrinsic value ($ in thousands) Options and RSUs outstanding at beginning of year 207,769 47.04 7.39 (4 ) Options granted 9,842 23.88 RSUs granted 49,856 RSUs vested ( 1,033 ) RSUs forfeited ( 4,350 ) Options forfeited ( 9,389 ) 39.24 Options and RSUs outstanding at end of year 252,695 46.32(5 ) (4 ) Options exercisable at end of year 134,550 48 (4 ) Year ended December 31, 2016 Number of options Weighted average of exercise price (in $) Weighted average remaining contractual life (in years) Aggregate intrinsic value ($ in thousands) Outstanding at the beginning of the year 230,958 48.12 7.99 (4 ) Granted 9,856 32.64 Exercised - - Forfeited ( 33,045 ) 50.52 Outstanding at the end of the year 207,769 47.04 7.39 (4 ) Exercisable at the end of the year 106,725 46.80 6.34 (4 ) Year ended December 31, 2015 Number of options Weighted average of exercise price (in $) Weighted average remaining contractual life (in years)(3) Aggregate intrinsic value ($ in thousands) Outstanding at the beginning of the year 108,293 32.76 7.36 (1,854 ) Granted 162,567 51.36 Exercised ( 25,783 ) 0. 60 Forfeited ( 14,119 ) 55.20 Outstanding at the end of the year 230,958 48.12 7.99 (4 ) Exercisable at the end of the year 91,046 46.68 5.94 (4 ) 1. The weighted average grant date fair values of options granted during the years ended December 31, 2017, 2016 and 2015 were $ 12.48, $18.60 27.12 The weighted average grant date fair values of RSUs awarded during the year ended December 31, 2017 was $ 22.32 2. The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders exercised their options on the last date of the exercise period. No option was exercised during the years ended December 31, 2017 and 2016. The total intrinsic value of options exercised for the year ended December 31, 2015 was $1.5 million. As of December 31, 2017, and 2016, there were $633 and $766 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the 2006 Plan and the 2015 Plan, respectively. This cost is expected to be recognized over a period of up to 4 years. 3. Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. 4. The aforementioned options are out of the money. 5. Based on 208,206 outstanding options at December 31, 2017.

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSES, NET	12 Months Ended
	Dec. 31, 2017
Research and Development [Abstract]
RESEARCH AND DEVELOPMENT EXPENSES, NET	NOTE 12 - RESEARCH AND DEVELOPMENT EXPENSES, NET Composition: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Salaries and related expenses 4,656 4,683 3,585 Share-based compensation 116 234 790 Materials 614 596 608 Subcontractors 456 320 688 Depreciation 147 121 85 Cost for registration of patents 157 150 153 Others 893 511 282 7,039 6,615 6,191 Less participation of the NATI and BIRD Foundation (202 ) (1,124 ) (354 ) Total research and development, net 6,837 5,491 5,837

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2017
General and Administrative Expense [Abstract]
GENERAL AND ADMINISTRATIVE EXPENSES	NOTE 13 - GENERAL AND ADMINISTRATIVE EXPENSES Composition: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Salaries and related expenses 1,395 1,411 1,830 Share-based compensation 610 975 2,934 Professional services 414 354 609 Office rent and maintenance 161 144 108 Depreciation 10 9 7 Others 574 678 1,138 Total general and administrative 3,164 3,571 6,626

FINANCE INCOME (EXPENSES), NET

FINANCE INCOME (EXPENSES), NET	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
FINANCE INCOME (EXPENSES), NET	NOTE 14 - FINANCE INCOME (EXPENSES), NET Composition: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Interest income on short-term deposits 66 139 61 Bank fees and interest expenses (7 ) (7 ) (47 ) Changes in provision for royalties 82 56 (33 ) Exchange rate differences 95 56 18 Revaluation of fair value of warrants to purchase preferred share - - 174 Total financing income 236 244 173

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
LOSS PER SHARE	NOTE 15 - LOSS PER SHARE Basic loss per share is computed based on the weighted average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10 "Earnings per share". All outstanding options and warrants have been excluded from the calculation of the diluted loss per share for each period presented, since all such securities have an anti-dilutive effect. The following table sets forth the computation of the Company`s basic and diluted net loss per ordinary share: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Net loss 9,771 8,826 12,290 Preferred shares dividend - - 295 Net loss attributable to ordinary shares 9,771 8,826 12,585 Shares used in computing net loss per ordinary share, basic and diluted (in thousands) 1,455 1,208 993 Net loss per ordinary share, basic and diluted 6.72 7.31 12.67 Instruments that may potentially dilute the basic loss per share in the future, but were not included in the calculation of diluted loss per share, since their effect is anti-dilutive. For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 15 (number) Warrants and share options 914 849 795 Preferred shares - - 55 2,369 2,057 1,843

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 16 - RELATED PARTIES A. Compensation to the non-executive directors: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Fees, including reimbursement of expenses 274 238 291 Share-based compensation 179 252 1,264 453 490 1,555 B. Transactions with related parties: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Consulting fees, including share-based compensation and reimbursement of expenses (1) (2) 57 67 177 Key man life insurance premium (3) 1 12 11 58 79 188 1. On July 1, 2005, the Company entered into an agreement with Hadar Kimchy according to which Hadar Kimchy provided marketing communication and graphical design services to the Company in consideration for a monthly fee of NIS 10,260 ($3). On August 1, 2014, the monthly fee was increased to NIS 13,680 ($4). Such services were provided to the Company by Sigalit Kimchy, who is employed by Hadar Kimchy. On April 4, 2016, the agreement was terminated. On April 4, 2016, the Company entered into an employment agreement with Sigalit Kimchy, according to which Ms. Kimchy serves as marcom and user interface lead, in a 60% part-time role (no less than 112 hours per month), for a monthly salary of NIS 11,200 ($3), plus up to 35 monthly overtime hours at a gross monthly rate of NIS 2,800 ($782), or an aggregate monthly salary of up to NIS 14,000 ($4). Ms. Kimchy is entitled to an education fund, managers' insurance or pension fund and reimbursement of monthly travel expenses. 2. The Company engaged Mr. XiangQian (XQ) Lin, who has served as a director since February 24, 2015, to provide certain business development services in Asia under a consulting agreement entered into with him on June 1, 2015. As compensation for his services, Mr. Lin is entitled to a monthly fee of $10 for up to five hours per month and $300 per hour for any consultancy hour exceeding such five hours required to perform such services. In addition, during 2015 the Company awarded Mr. Lin a one-time option grant to purchase 4,070 60.72 3. In connection with the asset transfer agreement entered into with the Predecessor Entity in May 2009, the Company assumed the former obligation of the Predecessor Entity to distribute any proceeds it collects on the $1 million key man life insurance policy with respect to Yoav Kimchy, the Company's chief technology officer and a former director, to the former holders of the Series A preferred units in an amount equal to their respective capital contributed to the Predecessor Entity, less any amounts previously distributed to them, plus any accrued and unpaid dividends due to them as of the date of distribution. On November 16, 2016, the Company cancelled the key man life insurance policy with respect to Yoav Kimchy. C. Participation in the Company's IPO and concurrent Private Placement 1) IPO: As discussed in Note 10C(2)(b), on February 24, 2015, the Company consummated the IPO of 166,667 72 72 Beneficial owner Shares purchased Series A Warrants purchased Long Term Incentive Warrants purchased Proceeds, before expenses, to the Company Pontifax Funds 10,417 5,209 15,625 $ 750 Docor International B.V. 3,473 1,737 5,209 $ 250 Esco Ventures Pte Ltd 13,889 6,945 20,834 $ 1,000 2) Private Placement As discussed in Note 10C(2)(c), on August 20, 2014, the Company entered into a certain credit line agreement, pursuant to which it obtained a credit line in an aggregate principal amount of $12 million from the Lenders. The credit line amount was deposited in an escrow account at the closing, which was consummated on October 14, 2014. At the closing of the credit line agreement, the Company issued to the Lenders CLA Warrants to purchase in the aggregate 221,556 166,667 72 72 Beneficial owner CLA Warrants Shares purchased Series A Warrants purchased Long Term Incentive Warrants purchased Proceeds, before expenses, to the Company Pontifax Funds 27,695 20,834 10,417 31,251 $ 1,500 Docor International B.V. 9,231 6,945 3,473 10,417 $ 500 Counterpoint Ventures Fund II LP 4,708 3,542 1,771 5,313 $ 255

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Use of Estimates in Preparation of Financial Statements	A. Use of estimates in preparation of financial statements The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Principles of Consolidation	B. Principles of consolidation The Company's consolidated financial statements include the financial statements of Check-Cap Ltd. and its wholly-owned subsidiary, Check-Cap U.S., Inc. The Company's consolidated financial statements are presented after elimination of inter-company transactions and balances.
Financial statements in U.S dollars	C. Financial statements in U.S dollars The Company has not yet generated revenues and the majority of its expenses are in U.S. dollar (dollar or USD) or NIS, while none of these currencies is significantly material compared to the other. Management judgment, in setting the dollar as the Company's functional currency, is based mainly on the following criteria: The Company's budget and other Company internal reports, including reports to the Company's Board of Directors and investors, are presented in dollars. Management uses these reports in order to make decisions for the Company. All of the Company's equity and debt financings were in dollars; and it is expected that a significant portion of the Company's future revenue will be in dollars. The financial statements are presented in dollars, which is the functional currency of the Company. Transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10 "Foreign Currency Translation". All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate.
Cash and cash equivalents and restricted cash	D. Cash and cash equivalents and restricted cash Cash and cash equivalents includes cash in hand, short–term deposits in banks and short-term highly liquid investment with an original maturity of up to three months, with a high level of liquidity that may be easily converted to known amounts of cash, and that are exposed to insignificant risk of change in value. The Company had no restricted cash balance as of December 31, 2017 and 2016.
Short-term bank deposit	E. Short-term bank deposit Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2017, the Company's did not have any short–term bank deposit.
Concentration of credit risks	F. Concentration of credit risks Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents and short-term bank deposits. The Company deposits these instruments with highly rated financial institutions, mainly in Israeli banks. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these instruments.
Property and equipment	G. Property and equipment 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 annual rates: Length of useful life Depreciation rate Years % Office furniture and equipment 10-14 7-10 Laboratory equipment 3-7 15-33 Computers and auxiliary equipment 3 33
Impairment of Long-Lived Assets	H. Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 360-10 "Accounting for the Impairment or Disposal of Long-Lived Assets" whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) 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. During the years ended December 31, 2017, 2016 and 2015, no impairment losses were recorded.
Research and development costs	I. Research and development costs Research and development costs are expensed as incurred and consist primarily of costs for personnel, subcontractors and consultants (mainly in connection with clinical trials) and materials for research and development and clinical activities. Grants received by the Company from the IIA and from Israel-United States Binational Industrial Research and Development Foundation (the "BIRD Foundation") are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Such grants are included as a deduction of research and development costs (since at the time received the Company expects to generate sales from these projects and pay the royalties resulting from such sales). See Note 8B(1) below regarding the offset of grants received for participation in research and development expenses.
Warrants to purchase preferred shares	J. Warrants to purchase preferred shares The Company accounts for freestanding warrants to purchase its preferred shares as a liability on the balance sheets at fair value. The warrants to purchase preferred shares are recorded as a liability as they include anti-dilution protection provision requiring a reduction in original exercise price as a result of subsequent issuance below the original exercise price. The warrants are subject to re-measurement to fair value at each balance sheet date and any change in fair value is recognized as a component of financial income (expense), net, in the statements of operations. The Company must adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants, or the conversion of convertible preferred shares into ordinary shares. Immediately prior to the consummation of the Company's IPO in February 2015, all of the remaining warrants to purchase preferred shares were converted to warrants to purchase ordinary shares, without the anti-dilution protection provision and the warrants were reclassified into equity at their current fair value (see Note 9).
Fair Value Measurement	K. Fair value measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The three-tiers are defined as follows: · Level 1. · Level 2 · Level 3
Contingent liabilities	L. Contingent liabilities The Company accounts for its contingent liabilities in accordance with ASC No. 450, "Contingencies". A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. As of December 31, 2017, and 2016, the Company is not a party to any ligation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see Note 8).
Share-based compensation	M. Share-based compensation The Company recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The Company’s share-based compensation plans provide for the award of stock options and restricted stock units. In accordance with ASC 718-10 "Compensation-Stock Compensation", the Company estimates the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's consolidated statement of operations. The Company recognizes compensation expenses for the value of its awards granted based on the graded-vesting method over the requisite service period for each separately vesting portion of the award. Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718) allows companies to account for forfeitures when they occur. The Company selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its share-based awards. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying ordinary shares, expected share price volatility and the expected option term. Expected volatility was calculated based upon certain peer companies that the Company considered to be comparable. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with Staff Accounting Bulletin No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. Prior to the Company's IPO, the fair value of the ordinary shares underlying the share options was determined based on recent equity investment rounds and fair value by the Company's management and approved by the Company's Board of Directors. After the IPO and until March 18, 2015, the date the units issued by the Company in the IPO were separated into one ordinary share and one-half of a series A warrant to purchase one ordinary share, the units ceased to exist and the ordinary shares began trading on the NASDAQ Capital Market ("Unit Separation Date"), the fair value of the ordinary shares underlying the share options was derived by reference to the closing price of the Company's unit on the NASDAQ Capital Market on the relevant date using relative fair value for each component in the unit. After the Unit Separation Date, the grant date fair value for share-options awards is based on the closing price of the ordinary shares on the NASDAQ Capital Market on the date of grant and fair value for all other purposes related to share-options awards is the closing price of the Company's ordinary shares on the NASDAQ Capital Market on the relevant date. The fair value for options granted in 2017, 2016 and 2015 is estimated at the date of grant using a Black-Scholes-Merton option-pricing model. The Company accounts for options granted to consultants and other service providers under ASC No. 718 and ASC No. 505, "Equity-based payments to non-employees." The fair value of these options was estimated using a Black-Scholes-Merton option-pricing model.
Income taxes	N. Income taxes The Company accounts for income taxes in accordance with ASC 740-10 "Accounting for Income Taxes." This Statement requires the use of the liability method of accounting for income taxes, whereby deferred tax asset and liability account balances are determined based on the differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC 740, the Company reflects in the financial statements the benefit of positions taken in a previously filed tax return or expected to be taken in a future tax return only when it is considered 'more-likely-than-not' that the position taken will be sustained by a taxing authority. As of December 31, 2017, and 2016, the Company had no unrecognized income tax positions and accordingly, there is no impact on the Company's effective income tax rate associated with these items.
New Accounting Pronouncements	O. New accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02 “Leases (Topic 842)”, which primarily changes the accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. The amendments are effective January 1, 2019, and for interim periods within that year, with early adoption permitted. The Company is evaluating the effect of ASU 2016-02 on its consolidated financial statements, but it does not expect it will have a material impact on its financial results. In May 2017, the FASB issued ASU 2017-09, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The guidance is effective beginning in the first quarter of fiscal year 2018. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, which targets improvements to accounting for hedging activities and amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Depreciation Inputs	Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: Length of useful life Depreciation rate Years % Office furniture and equipment 10-14 7-10 Laboratory equipment 3-7 15-33 Computers and auxiliary equipment 3 33

PREPAID EXPENSES AND OTHER CU25

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	December 31, 2 0 1 7 2 0 1 6 Government institutions 89 69 Prepaid expenses 261 117 Deposits 55 56 Other assets 1 - 406 242

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	December 31, 2 0 1 7 2 0 1 6 Cost: (1) Office furniture and equipment 157 115 Laboratory equipment 626 426 Computers and auxiliary equipment 339 335 1,122 876 Accumulated depreciation (2) 619 462 Property and equipment, net 503 414 Depreciation expenses amounted to $157, $130 and $92 for the years ended December 31, 2017, 2016 and 2015, respectively. (1) Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals. (2) Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals.

EMPLOYEE BENEFITS AND PAYROLL27

EMPLOYEE BENEFITS AND PAYROLL ACCRUALS (Tables)	12 Months Ended
	Dec. 31, 2017
Employee-related Liabilities [Abstract]
Schedule of Employee Benefits and Payroll Accruals	December 31, 2 0 1 7 2 0 1 6 Short-term employee benefits: Benefits for vacation and recreation pay 235 210 Liability for payroll, bonuses and wages 367 518 602 728

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Deferred Income Taxes	December 31, 2 0 1 7 2 0 1 6 Carry forward tax losses 13,083 7,735 Less valuation allowance (13,083 ) (7,735 ) - -

COMMITMENTS AND CONTINGENT LI29

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Reimbursement Liability	December 31, 2 0 1 7 2 0 1 6 Royalties to an ASIC designer 127 139 Reimbursement liability to Predecessor Entity's unit holders 312 382 439 521
Schedule of Operating Leases	Operating lease obligations as of December 31, 2017: Lease agreement for vehicles 37 Lease agreement for office facilities lease 14 51

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Awards Granted	The following tables presents the grant dates, number of underlying shares and related exercise prices of awards granted to employees and non-employees during the years 2017, 2016 and 2015 as well as the estimated fair value of the underlying ordinary shares on the grant date : Grant date No. of options Expiration date Exercise price Fair value on grant date February 24, 2015 (2) 25,205 February 24, 2025 $ 60.72 $ 32.76 March 15, 2015 (3) 5,041 March 15, 2025 $ 60.96 $ 32.52 May 19, 2015 (4) 43,636 May 19, 2025 $ 54.84 $ 30.00 June 1, 2015 (5) 4,033 June 1, 2025 $ 60.72 $ 33.60 June 3, 2015 (6) 15,763 June 3, 2025 $ 52.20 $ 31.20 August 13, 2015 (7) 27,064 August 13, 2025 $ 44.16 $ 21.60 August 13, 2015 (8) 35,417 August 13, 2025 $ 44.16 $ 22.20 October 20, 2015 (9) 3,201 October 20, 2025 $ 33.48 $ 20.64 February 29, 2016 (10) 1,642 March 1, 2026 $ 28.44 $ 24.12 May 4, 2016 (11) 7,608 May 4, 2026 $ 34.68 $ 17.40 August 4, 2016 (12) 404 August 4, 2026 $ 15.36 $ 20.40 October 31, 2016 (13) 202 October 31, 2026 $ 23.64 $ 15.84 February 27, 2017 (14) 1,964 February 27, 2027 $ 27.96 $ 14.40 May 9, 2017 (15) 1,580 May 9, 2027 $ 25.86 $ 12.96 June 22, 2017 (16) 5,041 June 22, 2027 $ 22.32 $ 12.60 August 3, 2017 (17) 404 August 3, 2027 $ 22.36 $ 12.36 November 2, 2017 (18) 853 November 2, 2027 $ 20.76 $ 8.16 Grant date No. of RSUs Expiration date February 27, 2017 (19) 7,457 February 27, 2027 June 22, 2017 (20) 17,448 June 22, 2027 August 3, 2017 (21) 24,951 August 3, 2027 Grant date No. of warrants Expiration date Exercise price Fair value on grant date February 18, 2015 8,334 February 18, 2019 $ 90.00 $ 19.44 February 24, 2015 1,250 February 24, 2019 $ 60.72 $ 27.00 Various dates in 2015 (1) 7,267 Various dates in 2017 (** ) $ 17.16 (*) See Note 11B(1) (**) See Note 11B(4)
Schedule of Parameters Used in Valuing Fair Value of Options	The parameters which were used in applying the model are as follows: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Expected volatility 58%-60 % 60%-59 % 44%-62 % Risk-free rate 1.9%-2.2 % 2.1%-1.2 % 1.29%-2.28 % Dividend yield 0 % 0 % 0 % Expected term (in years) 5-7 5.5-7 5-7 Share price $ 15.96-$26.40 $ 26.64-$38.40 $ 36.00-$61.44
Schedule of Share-Based Compensation	Effect of share-based compensation transactions on the Company's statements of operations For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Research and development, net 116 234 790 General and administrative 610 975 2,934 Total 726 1,209 3,724
Schedule of Stock Option Activity	A summary of the Company's option activity related to options granted to employees, service providers and directors, and related information under the 2006 Plan and the 2015 Plan is as follows: Year ended December 31, 2017 Number Weighted average of exercise price (in $) Weighted average remaining contractual life (in years)(3) Aggregate intrinsic value ($ in thousands) Options and RSUs outstanding at beginning of year 207,769 47.04 7.39 (4 ) Options granted 9,842 23.88 RSUs granted 49,856 RSUs vested ( 1,033 ) RSUs forfeited ( 4,350 ) Options forfeited ( 9,389 ) 39.24 Options and RSUs outstanding at end of year 252,695 46.32(5 ) (4 ) Options exercisable at end of year 134,550 48 (4 ) Year ended December 31, 2016 Number of options Weighted average of exercise price (in $) Weighted average remaining contractual life (in years) Aggregate intrinsic value ($ in thousands) Outstanding at the beginning of the year 230,958 48.12 7.99 (4 ) Granted 9,856 32.64 Exercised - - Forfeited ( 33,045 ) 50.52 Outstanding at the end of the year 207,769 47.04 7.39 (4 ) Exercisable at the end of the year 106,725 46.80 6.34 (4 ) Year ended December 31, 2015 Number of options Weighted average of exercise price (in $) Weighted average remaining contractual life (in years)(3) Aggregate intrinsic value ($ in thousands) Outstanding at the beginning of the year 108,293 32.76 7.36 (1,854 ) Granted 162,567 51.36 Exercised ( 25,783 ) 0. 60 Forfeited ( 14,119 ) 55.20 Outstanding at the end of the year 230,958 48.12 7.99 (4 ) Exercisable at the end of the year 91,046 46.68 5.94 (4 )

RESEARCH AND DEVELOPMENT EXPE31

RESEARCH AND DEVELOPMENT EXPENSES, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Research and Development [Abstract]
Schedule of Research and Development Expenses, Net	For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Salaries and related expenses 4,656 4,683 3,585 Share-based compensation 116 234 790 Materials 614 596 608 Subcontractors 456 320 688 Depreciation 147 121 85 Cost for registration of patents 157 150 153 Others 893 511 282 7,039 6,615 6,191 Less participation of the NATI and BIRD Foundation (202 ) (1,124 ) (354 ) Total research and development, net 6,837 5,491 5,837

GENERAL AND ADMINISTRATIVE EX32

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2017
General and Administrative Expense [Abstract]
Schedule of General and Administrative Expenses	For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Salaries and related expenses 1,395 1,411 1,830 Share-based compensation 610 975 2,934 Professional services 414 354 609 Office rent and maintenance 161 144 108 Depreciation 10 9 7 Others 574 678 1,138 Total general and administrative 3,164 3,571 6,626

FINANCE INCOME (EXPENSES), NET

FINANCE INCOME (EXPENSES), NET (Tables)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Schedule of Finance Income (Expense), Net	For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Interest income on short-term deposits 66 139 61 Bank fees and interest expenses (7 ) (7 ) (47 ) Changes in provision for royalties 82 56 (33 ) Exchange rate differences 95 56 18 Revaluation of fair value of warrants to purchase preferred share - - 174 Total financing income 236 244 173

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Loss Per Share	The following table sets forth the computation of the Company`s basic and diluted net loss per ordinary share: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Net loss 9,771 8,826 12,290 Preferred shares dividend - - 295 Net loss attributable to ordinary shares 9,771 8,826 12,585 Shares used in computing net loss per ordinary share, basic and diluted (in thousands) 1,455 1,208 993 Net loss per ordinary share, basic and diluted 6.72 7.31 12.67
Schedule of Anti-Dilutive Securities	Instruments that may potentially dilute the basic loss per share in the future, but were not included in the calculation of diluted loss per share, since their effect is anti-dilutive. For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 15 (number) Warrants and share options 914 849 795 Preferred shares - - 55 2,369 2,057 1,843

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2017
Compensation to the Non-Executive Directors [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	Compensation to the non-executive directors: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Fees, including reimbursement of expenses 274 238 291 Share-based compensation 179 252 1,264 453 490 1,555
Transactions with Related Parties [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	Transactions with related parties: For the year ended December 31, 2 0 1 7 2 0 1 6 2 0 1 5 Consulting fees, including share-based compensation and reimbursement of expenses (1) (2) 57 67 177 Key man life insurance premium (3) 1 12 11 58 79 188 1. On July 1, 2005, the Company entered into an agreement with Hadar Kimchy according to which Hadar Kimchy provided marketing communication and graphical design services to the Company in consideration for a monthly fee of NIS 10,260 ($3). On August 1, 2014, the monthly fee was increased to NIS 13,680 ($4). Such services were provided to the Company by Sigalit Kimchy, who is employed by Hadar Kimchy. On April 4, 2016, the agreement was terminated. On April 4, 2016, the Company entered into an employment agreement with Sigalit Kimchy, according to which Ms. Kimchy serves as marcom and user interface lead, in a 60% part-time role (no less than 112 hours per month), for a monthly salary of NIS 11,200 ($3), plus up to 35 monthly overtime hours at a gross monthly rate of NIS 2,800 ($782), or an aggregate monthly salary of up to NIS 14,000 ($4). Ms. Kimchy is entitled to an education fund, managers' insurance or pension fund and reimbursement of monthly travel expenses. 2. The Company engaged Mr. XiangQian (XQ) Lin, who has served as a director since February 24, 2015, to provide certain business development services in Asia under a consulting agreement entered into with him on June 1, 2015. As compensation for his services, Mr. Lin is entitled to a monthly fee of $10 for up to five hours per month and $300 per hour for any consultancy hour exceeding such five hours required to perform such services. In addition, during 2015 the Company awarded Mr. Lin a one-time option grant to purchase 4,070 60.72 3. In connection with the asset transfer agreement entered into with the Predecessor Entity in May 2009, the Company assumed the former obligation of the Predecessor Entity to distribute any proceeds it collects on the $1 million key man life insurance policy with respect to Yoav Kimchy, the Company's chief technology officer and a former director, to the former holders of the Series A preferred units in an amount equal to their respective capital contributed to the Predecessor Entity, less any amounts previously distributed to them, plus any accrued and unpaid dividends due to them as of the date of distribution. On November 16, 2016, the Company cancelled the key man life insurance policy with respect to Yoav Kimchy.
IPO [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The units purchased by such shareholders, together with the proceeds, before expenses, to the Company, are shown in the table below: Beneficial owner Shares purchased Series A Warrants purchased Long Term Incentive Warrants purchased Proceeds, before expenses, to the Company Pontifax Funds 10,417 5,209 15,625 $ 750 Docor International B.V. 3,473 1,737 5,209 $ 250 Esco Ventures Pte Ltd 13,889 6,945 20,834 $ 1,000
Private Placement [Member]
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	The units purchased, together with the proceeds, before expenses, to the Company, are shown in the table below: Beneficial owner CLA Warrants Shares purchased Series A Warrants purchased Long Term Incentive Warrants purchased Proceeds, before expenses, to the Company Pontifax Funds 27,695 20,834 10,417 31,251 $ 1,500 Docor International B.V. 9,231 6,945 3,473 10,417 $ 500 Counterpoint Ventures Fund II LP 4,708 3,542 1,771 5,313 $ 255

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 9,771	$ 8,826	$ 12,290
Accumulated deficit	$ 52,712	$ 42,941

GENERAL INFORMATION (Conversion

GENERAL INFORMATION (Conversion of Preferred Shares and Preferred Share Warrants) (Details)	12 Months Ended
	Dec. 31, 2015₪ / sharesshares
Conversion of Stock [Line Items]
Ordinary shares, par value | ₪ / shares	₪ 0.01
Preferred Shares Conversion [Member]
Conversion of Stock [Line Items]
Number of shares converted	361,584
Number of shares issued for conversion	361,584
Preferred Share Warrants Conversion [Member]
Conversion of Stock [Line Items]
Number of shares converted	79,000
Number of shares issued for conversion	79,000

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2017
Office furniture and equipment [Member] | Minimum [Member]
Accounting Policies [Line Items]
Length of useful life	10 years
Depreciation rate	7.00%
Office furniture and equipment [Member] | Maximum [Member]
Accounting Policies [Line Items]
Length of useful life	14 years
Depreciation rate	10.00%
Laboratory equipment [Member] | Minimum [Member]
Accounting Policies [Line Items]
Length of useful life	3 years
Depreciation rate	15.00%
Laboratory equipment [Member] | Maximum [Member]
Accounting Policies [Line Items]
Length of useful life	7 years
Depreciation rate	33.00%
Computer and auxiliary equipment [Member]
Accounting Policies [Line Items]
Length of useful life	3 years
Depreciation rate	33.00%

PREPAID EXPENSES AND OTHER CU39

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Prepaid Expense and Other Assets, Current [Abstract]
Government institutions	$ 89	$ 69
Prepaid expenses	261	117
Deposits	55	56
Other assets	1
Prepaid expenses and other current assets	$ 406	$ 242

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation expenses		$ 157	$ 130	$ 92
Property and equipment	[1]	1,122	876
Accumulated depreciation	[2]	619	462
Property and equipment, net		503	414
Disposals amount			173
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	[1]	157	115
Laboratory equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	[1]	626	426
Computer and auxiliary equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	[1]	$ 339	$ 335
[1]	Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals.
[2]	Includes disposals amounted to $173 in the year ended December 31, 2016. In the years ended December 31, 2017 and 2015 there were no disposals.

SHORT TERM LOANS (Details)

SHORT TERM LOANS (Details) - Bank Leumi Credit Facility [Member] $ in Thousands	2 Months Ended
	Mar. 16, 2015USD ($)
Line of Credit Facility [Line Items]
Borrowing capacity	$ 1,000
Amount drawn	1,000
Facility fee	20
Collateral	$ 100
LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread	5.25%

EMPLOYEE BENEFITS AND PAYROLL42

EMPLOYEE BENEFITS AND PAYROLL ACCRUALS (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Employee-related Liabilities [Abstract]
Benefits for vacation and recreation pay	$ 235	$ 210
Liability for payroll, bonuses and wages	367	518
Employee benefits and payroll accruals	$ 602	$ 728

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 22, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME TAXES [Abstract]
Carry forward tax losses		$ 13,083	$ 7,735
Less valuation allowance		(13,083)	(7,735)
Deferred income taxes
Income tax rate		24.00%	25.00%	26.50%
Tax rate in 2018 and thereafter		23.00%
Taxes on income		$ 6	$ 8
Minimum [Member]
INCOME TAXES [Abstract]
Income tax rate		21.00%
Reduction in income tax rate		7.50%
Maximum [Member]
INCOME TAXES [Abstract]
Income tax rate		35.00%
Reduction in income tax rate		9.00%
Company [Member]
INCOME TAXES [Abstract]
Operating loss carryforward		$ 54,500
Development Area A [Member]
INCOME TAXES [Abstract]
Income tax rate	7.50%
Reduction in income tax rate	5.00%
Rest of the Country [Member]
INCOME TAXES [Abstract]
Income tax rate	12.00%
Reduction in income tax rate	8.00%

COMMITMENTS AND CONTINGENT LI44

COMMITMENTS AND CONTINGENT LIABILITIES (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)€ / Unit$ / PerUnitSold	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017EUR (€)€ / Unit$ / PerUnitSold
Future payments:
Operating lease obligations	$ 51,000
Royalties:
Royalties provision	439,000	$ 521,000
Office facilities [Member]
Leases:
Rent expense	83,000	78,000	$ 67,000
Future payments:
Operating lease obligations	14,000
Vehicles [Member]
Future payments:
2,018	160,000
2,019	112,000
2,020	25,000
Monthly lease expense	18,000
Operating lease obligations	$ 37,000
Minimum [Member] | Vehicles [Member]
Leases:
Term	32 months
Maximum [Member] | Vehicles [Member]
Leases:
Term	36 months
ASIC designer [Member]
Royalties:
Royalties payable per unit sold | $ / PerUnitSold	0.60			0.60
Maximum royalties payable	$ 240,000
Royalties provision	$ 127,000	139,000
ASIC designer [Member] | Euro [Member]
Royalties:
Royalties payable per unit sold | € / Unit	0.50			0.50
Maximum royalties payable | €				€ 200
Reimbursement liability to Predecessor Entity's Unit Holders [Member]
Royalties:
Royalties provision	$ 312,000	382,000
OCS [Member]
Royalties:
Funding	5,300,000
Contingent liability	$ 5,600,000
OCS [Member] | Minimum [Member]
Royalties:
Royalty repayment, percentage of products sold	3.00%			3.00%
OCS [Member] | Maximum [Member]
Royalties:
Royalty repayment, percentage of products sold	5.00%			5.00%
BIRD Foundation [Member]
Royalties:
Maximum royalties payable	$ 900,000
Funding	$ 115,000	127,000
Royalty repayment, percentage of products sold	5.00%			5.00%
Contingent liability	$ 125,000
Refund expenses	$ 0	$ 12,000

SHAREHOLDERS' EQUITY (Ordinary

SHAREHOLDERS' EQUITY (Ordinary Shares) (Details) $ / shares in Units, $ in Thousands		Jun. 02, 2017USD ($)$ / sharesshares	Aug. 11, 2016USD ($)$ / sharesshares	Nov. 22, 2017USD ($)$ / sharesshares	Jan. 23, 2017USD ($)shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2016₪ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2017₪ / sharesshares
Class of Stock [Line Items]
Conversion of preferred shares into ordinary shares | $
Issuance of ordinary share upon exercise of stock options by employees | $								16
Exercise of warrants into ordinary shares | $						$ 14	$ 117	$ 29
Exercise of options								25,783
Issuance of ordinary shares in the Private Placement, shares	[1]							166,667
Issuance of ordinary shares in the IPO, shares	[2]							2,250,000
Conversion of shares								4,338,998
Number of units								25,000		25,000
Issuance of ordinary shares in IPO, net of issuance expense | $								$ 10,947
Issuance of ordinary shares in the Private Placement, net of issuance expenses | $								11,021
Issuance of ordinary Shares in RD Offering | $	[3]						5,259
Proceeds warrant from the exercise pre-funded warrants | $						196	$ 117	$ 29
April 6 [Member]
Class of Stock [Line Items]
Warrants issued								5,837
Exercise price | $ / shares								$ 60.72		$ 60.72
Expiration period								2 years
Cash commission | $								$ 900
October 20 [Member]
Class of Stock [Line Items]
Warrants issued								1,430
Exercise price | $ / shares								$ 0.60		0.60
Expiration period								2 years
IPO [Member]
Class of Stock [Line Items]
Issuance expenses | $								$ 2,945
Share price | $ / shares								$ 72		$ 72
Value or warrants | $						196
Number of units								166,667		166,667
Issuance of ordinary shares in IPO, net of issuance expense | $						10,800
Stock issuance costs | $						2,900
Over-Allotment Option [Member]
Class of Stock [Line Items]
Warrants issued								37,500
Private Placement [Member]
Class of Stock [Line Items]
Issuance expenses | $								$ 1,225
Exercise of warrants							9,231	7,449
Value or warrants | $						$ 125
Price per unit | $ / shares								$ 72
Exercise price | $ / shares						$ 0.60
Issuance of ordinary shares in the Private Placement, net of issuance expenses | $						$ 10,900
Warrants exercised on a cashless basis						9,912		82,348	34,508	82,348	9,912
Warrant outstanding						35,082			45,237		35,082
Stock issuance costs | $						$ 1,200
Private Placement [Member] | ILS [Member]
Class of Stock [Line Items]
Exercise price | ₪ / shares									₪ 2.40		₪ 2.40
Anti-Dilutive Warrants [Member]
Class of Stock [Line Items]
Exercise of warrants									56	56
Warrants issued						32,174
Shares called by warrants						14,969			14,969		14,969
Anti-Dilutive Warrants [Member] | Ordinary Shares [Member]
Class of Stock [Line Items]
Exercise of warrants									17,149	17,149
Underwriter Warrants [Member] | IPO [Member]
Class of Stock [Line Items]
Warrants issued								8,334
Exercise price | $ / shares								$ 90		$ 90
Long Term Incentive Warrants [Member]
Class of Stock [Line Items]
Exercise price | $ / shares								82.80		82.80
Expiration of warrants						378,047			388,980		378,047
Long Term Incentive Warrants [Member] | Private Placement [Member]
Class of Stock [Line Items]
Exercise price | $ / shares								$ 82.80		$ 82.80
Series A Warrants [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Exercise of warrants								6,250
Series A Warrants [Member] | Private Placement [Member]
Class of Stock [Line Items]
Warrants value | $								$ 1,000		$ 1,000
Exercise price | $ / shares								$ 90		$ 90
Ordinary Shares [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Exercise of warrants								12,500
Credit Line Agreement Warrants [Member]
Class of Stock [Line Items]
Warrants issued								221,556
Exercise price | $ / shares								$ 0.2		$ 0.2
Expiration of warrants						243		2,022	761	2,022	243
Principal | $								$ 12,000		$ 12,000
Expiration period								10 years
Finders Warrants [Member]
Class of Stock [Line Items]
Exercise of warrants into ordinary shares | $						$ 1,396
Warrants expired						5,871
Legal Warrants [Member] | IPO [Member]
Class of Stock [Line Items]
Warrants issued								1,250
Exercise price | $ / shares								$ 60.72		$ 60.72
Pre-funded Warrants [Member]
Class of Stock [Line Items]
Shares called by warrants					24,167				137,441
Warrant outstanding									24,167
Proceeds warrant from the registered direct offering | $					$ 14,500
Pre-funded Warrants [Member] | RD Offering [Member]
Class of Stock [Line Items]
Share price | $ / shares			$ 22.80
Shares called by warrants			209,524
Price per unit | $ / shares			$ 22.20
Exercise price | $ / shares			$ 0.60
Issuance of ordinary Shares in RD Offering | $			$ 53,635
Expiry date			Aug. 11, 2023
Proceeds warrant from the registered direct offering | $			$ 5,900				$ 82,500
Proceeds warrant from the exercise pre-funded warrants | $			$ 47,917
One-year warrants [Member] | RD Offering [Member]
Class of Stock [Line Items]
Share price | $ / shares		$ 24
Shares called by warrants		112,460
Price per unit | $ / shares		$ 25.50
Issuance of ordinary Shares in RD Offering | $		$ 112,460
Proceeds warrant from the registered direct offering | $		$ 2,690
Five-year warrants [Member] | RD Offering [Member]
Class of Stock [Line Items]
Share price | $ / shares				$ 13.20
Shares called by warrants				142,042
Price per unit | $ / shares				$ 15
Issuance of ordinary Shares in RD Offering | $				$ 189,387
Proceeds warrant from the registered direct offering | $				$ 2,500
[1]	Issuance expenses include certain warrants with a value of $125 issued in connection with the Private Placement.
[2]	Issuance expenses include certain warrants with a value of $196 issued in connection with the IPO.
[3]	Includes pre-funded warrants to purchase 209,524 ordinary shares at a purchase price of $22.20 per pre-funded warrant, issued in connection with the registered direct offering. See Note 10C(2)(h).

SHARE-BASED COMPENSATION (Award

SHARE-BASED COMPENSATION (Awards) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2018shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015₪ / shares	Dec. 31, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		9,842	9,856	162,567
Options outstanding		252,695	207,769	230,958		108,293
January 15 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares available for grant				80,646
April 6 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				2 years
Increase in shares available for grant				143,212
October 20 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				2 years
June 22 [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		11,302
Compensation cost not yet recognized | $		$ 255
Vesting period		4 years
Vesting percentage		25.00%
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Fair value of options on grant date | $ / shares		$ 12.48	$ 18.60	$ 27.12
Compensation cost not yet recognized | $		$ 633	$ 766
Period for recognizing compensation cost		4 years
Intrinsic value of options exercised | $				$ 1,500
Options outstanding		208,206
Options [Member] | October 20 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				3,201
Exercise price | $ / shares				$ 33.48
Compensation cost not yet recognized | $				$ 58
Vesting period				4 years
Vesting percentage				25.00%
Options [Member] | February 24 (2) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				25,205
Exercise price | $ / shares				$ 60.72
Compensation cost not yet recognized | $				$ 826
Vesting period				3 years
Options [Member] | March 15 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				5,041
Exercise price | $ / shares				$ 60.96
Compensation cost not yet recognized | $				$ 164
Vesting period				3 years
Options [Member] | March 15 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				38,595
Exercise price | $ / shares				$ 54.84
Vesting period				4 years
Vesting percentage				25.00%
Options [Member] | May 19 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				5,041
Exercise price | $ / shares				$ 54.84
Vesting period				3 years
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $				$ 1,300
Options [Member] | June 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				4,033
Exercise price | $ / shares				$ 60.72
Compensation cost not yet recognized | $				$ 136
Vesting period				3 years
Options [Member] | June 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				15,763
Exercise price | $ / shares				$ 52.20
Compensation cost not yet recognized | $				$ 491
Options [Member] | August 13 (1) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				27,064
Exercise price | $ / shares				$ 44.16
Compensation cost not yet recognized | $				$ 586
Vesting period				4 years
Vesting percentage				25.00%
Options [Member] | August 13 (2) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted				35,417
Exercise price | $ / shares				$ 44.16
Compensation cost not yet recognized | $				$ 700
Vesting period				4 years
Options [Member] | February 29 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			1,642
Exercise price | $ / shares			$ 28.44
Compensation cost not yet recognized | $			$ 40
Vesting period			4 years
Vesting percentage			25.00%
Options [Member] | May 4 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			7,608
Exercise price | $ / shares			$ 34.68
Compensation cost not yet recognized | $			$ 132
Vesting period			4 years
Vesting percentage			25.00%
Options [Member] | August 4 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			404
Exercise price | $ / shares			$ 15.36
Compensation cost not yet recognized | $			$ 8
Vesting period			4 years
Vesting percentage			25.00%
Options [Member] | October 31 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			202
Exercise price | $ / shares			$ 23.64
Compensation cost not yet recognized | $			$ 3
Vesting period			4 years
Vesting percentage			25.00%
Options [Member] | February 27 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		1,964
Exercise price | $ / shares		$ 27.96
Compensation cost not yet recognized | $		$ 28
Vesting period		4 years
Vesting percentage		25.00%
Options [Member] | May 9 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		1,580
Exercise price | $ / shares		$ 25.86
Compensation cost not yet recognized | $		$ 20
Vesting period		4 years
Vesting percentage		25.00%
Options [Member] | June 22 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		5,041
Exercise price | $ / shares		$ 22.32
Compensation cost not yet recognized | $		$ 64
Vesting period		3 years
Options [Member] | August 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		404
Exercise price | $ / shares		$ 22.36
Compensation cost not yet recognized | $		$ 5
Vesting period		4 years
Vesting percentage		25.00%
Options [Member] | November 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		853
Exercise price | $ / shares		$ 20.76
Compensation cost not yet recognized | $		$ 7
Vesting period		4 years
Vesting percentage		25.00%
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options on grant date | $ / shares		$ 22.32
RSUs [Member] | February 27 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		7,457
Compensation cost not yet recognized | $		$ 197
Vesting period		4 years
Vesting percentage		25.00%
RSUs [Member] | June 22 [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		6,146
Compensation cost not yet recognized | $		$ 138
Vesting period		4 years
Vesting percentage		25.00%
RSUs [Member] | August 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		24,951
Compensation cost not yet recognized | $		$ 551
RSUs [Member] | August 3 [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		15.00%
RSUs [Member] | August 3 [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		22.50%
RSUs [Member] | August 3 [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		40.00%
Warrant Awards [Member] | April 6 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants granted				5,837
Exercise price | $ / shares				$ 60.72
Warrant Awards [Member] | October 20 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants granted				1,430
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $				$ 125
Warrant Awards [Member] | October 20 [Member] | ILS [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | ₪ / shares					₪ 2.40
Subsequent Event [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiring during period	61,009
Subsequent Event [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU's expiring during period	11,302

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details of share-based grants) (Details) - $ / shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		9,842	9,856	162,567
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date		$ 22.32
February 24, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		25,205
Expiration date		Feb. 24, 2025
Exercise price		$ 60.72
Fair value on grant date		$ 32.76
February 24, 2015 [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		1,250
Expiration date		Feb. 24, 2019
Exercise price		$ 60.72
Fair value on grant date		$ 27
March 15, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		5,041
Expiration date		Mar. 15, 2025
Exercise price		$ 60.96
Fair value on grant date		$ 32.52
May 19, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		43,636
Expiration date		May 19, 2025
Exercise price		$ 54.84
Fair value on grant date		$ 30
June 1, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		4,033
Expiration date		Jun. 1, 2025
Exercise price		$ 60.72
Fair value on grant date		$ 33.60
June 3, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		15,763
Expiration date		Jun. 3, 2025
Exercise price		$ 52.20
Fair value on grant date		$ 31.20
August 13, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		27,064
Expiration date		Aug. 13, 2025
Exercise price		$ 44.16
Fair value on grant date		$ 21.60
August 13, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		35,417
Expiration date		Aug. 13, 2025
Exercise price		$ 44.16
Fair value on grant date		$ 22.20
October 20, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		3,201
Expiration date		Oct. 20, 2025
Exercise price		$ 33.48
Fair value on grant date		$ 20.64
February 29, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		1,642
Expiration date		Mar. 1, 2026
Exercise price		$ 28.44
Fair value on grant date		$ 24.12
May 4, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		7,608
Expiration date		May 4, 2026
Exercise price		$ 34.68
Fair value on grant date		$ 17.40
August 4, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		404
Expiration date		Aug. 4, 2026
Exercise price		$ 15.36
Fair value on grant date		$ 20.40
October 31, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		202
Expiration date		Oct. 31, 2026
Exercise price		$ 23.64
Fair value on grant date		$ 15.84
February 27, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		1,964
Expiration date		Feb. 27, 2027
Exercise price		$ 27.96
Fair value on grant date		$ 14.40
February 27, 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		7,457
Expiration date		Feb. 27, 2027
May 9, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		1,580
Expiration date		May 9, 2027
Exercise price		$ 25.86
Fair value on grant date		$ 12.96
June 22, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		5,041
Expiration date		Jun. 22, 2027
Exercise price		$ 22.32
Fair value on grant date		$ 12.60
June 22, 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		17,448
Expiration date		Jun. 22, 2027
August 3, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		404
Expiration date		Aug. 3, 2027
Exercise price		$ 22.36
Fair value on grant date		$ 12.36
August 3, 2017 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		24,951
Expiration date		Aug. 3, 2027
November 2, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		853
Expiration date		Nov. 2, 2027
Exercise price		$ 20.76
Fair value on grant date		$ 8.16
February 18, 2015 [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		8,334
Expiration date		Feb. 18, 2019
Exercise price		$ 90
Fair value on grant date		$ 19.44
Various dates in 2015 [Member] | Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
No. of options		7,267
Exercise price	[1]
Fair value on grant date		$ 17.16
[1]	See Note 11B(4)

SHARE-BASED COMPENSATION (Sched

SHARE-BASED COMPENSATION (Schedule of Parameters Used in Valuing Fair Value of Options) (Details) - Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Black-Scholes-Merton option-pricing model assumptions:
Expected volatility, minimum	58.00%	59.00%	44.00%
Expected volatility, maximum	60.00%	60.00%	62.00%
Risk-free rate, minimum	1.90%	1.20%	1.29%
Risk-free rate, maximum	2.20%	2.10%	2.28%
Dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Black-Scholes-Merton option-pricing model assumptions:
Expected term	5 years	5 years 6 months	5 years
Share price	$ 15.96	$ 26.64	$ 36
Maximum [Member]
Black-Scholes-Merton option-pricing model assumptions:
Expected term	7 years	7 years	7 years
Share price	$ 26.40	$ 38.40	$ 61.44

SHARE-BASED COMPENSATION (Compe

SHARE-BASED COMPENSATION (Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 726	$ 1,209	$ 3,724
Research and development, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	116	234	790
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 610	$ 975	$ 2,934

SHARE-BASED COMPENSATION (Optio

SHARE-BASED COMPENSATION (Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014
Number of options
Outstanding at the beginning of the year	207,769		230,958	108,293
Granted	9,842		9,856	162,567
RSUs granted	49,856
RSUs vested	(1,033)
RSUs forfeited	(4,350)
Exercised				(25,783)
Forfeited	(9,389)		(33,045)	(14,119)
Outstanding at the end of the year	252,695		207,769	230,958		108,293
Exercisable at the end of the year	134,550		106,725	91,046
Weighted average of exercise price
Outstanding at the beginning of the year	$ 47.04		$ 48.12	$ 32.76
Granted	23.88		32.64	51.36
Exercised				0.60
Forfeited	39.24		50.52	55.20
Outstanding at the end of the year	46.32	[1]	47.04	48.12		$ 32.76
Exercisable at the end of the year	$ 48		$ 46.80	$ 46.68
Weighted average remaining contractual life
Outstanding at the beginning of the year			7 years 4 months 20 days	7 years 11 months 26 days	[2]	7 years 4 months 9 days	[2]
Exercisable at the end of the year			6 years 4 months 2 days	5 years 11 months 8 days	[2]
Aggregate intrinsic value
Outstanding at the beginning of the year				$ 1,854
Outstanding at the end of the year
Exercisable at the end of the year
[1]	Based on 2,497,883 outstanding options at December 31, 2017.
[2]	The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders exercised their options on the last date of the exercise period. No option was exercised during the years ended December 31, 2017 and 2016. The total intrinsic value of options exercised for the year ended December 31, 2015 was $1.5 million. As of December 31, 2017, and 2016, there were $633 and $766 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the 2006 Plan and the 2015 Plan, respectively. This cost is expected to be recognized over a period of up to 4 years.

RESEARCH AND DEVELOPMENT EXPE51

RESEARCH AND DEVELOPMENT EXPENSES, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Research and Development Expenses [Line Items]
Share-based compensation	$ 726	$ 1,209	$ 3,724
Total research and development, net	6,837	5,491	5,837
Research and development, net [Member]
Research and Development Expenses [Line Items]
Salaries and related expenses	4,656	4,683	3,585
Share-based compensation	116	234	790
Materials	614	596	608
Subcontractors and consultants	456	320	688
Depreciation	147	121	85
Cost for registration of patents	157	150	153
Others	893	511	282
Research and development	7,039	6,615	6,191
Less participation of the NATI and BIRD Foundation	(202)	(1,124)	(354)
Total research and development, net	$ 6,837	$ 5,491	$ 5,837

GENERAL AND ADMINISTRATIVE EX52

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
General and Administrative Expenses [Line Items]
Share-based compensation	$ 726	$ 1,209	$ 3,724
Total general and administrative	3,164	3,571	6,626
General and Administrative Expense [Member]
General and Administrative Expenses [Line Items]
Salaries and related expenses	1,395	1,411	1,830
Share-based compensation	610	975	2,934
Professional services	414	354	609
Office rent and maintenance	161	144	108
Depreciation	10	9	7
Others	574	678	1,138
Total general and administrative	$ 3,164	$ 3,571	$ 6,626

FINANCE INCOME (EXPENSES), NE53

FINANCE INCOME (EXPENSES), NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Interest income on short-term deposits	$ 66	$ 139	$ 61
Bank fees and Interest expenses	(7)	(7)	(47)
Changes in provision for royalties	82	56	(33)
Exchange rate differences	95	56	18
Revaluation of fair value of warrants to purchase preferred share			174
Total financing income	$ 236	$ 244	$ 173

LOSS PER SHARE (Schedule of Los

LOSS PER SHARE (Schedule of Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic and diluted net loss per ordinary share:
Net loss	$ 9,771	$ 8,826	$ 12,290
Preferred shares dividend			295
Net loss attributable to ordinary shares	$ 9,771	$ 8,826	$ 12,585
Shares used in computing net loss per ordinary share, basic and diluted (in thousands)	1,455	1,208	993
Net loss per ordinary share, basic and diluted	$ 6.72	$ 7.31	$ 12.67

LOSS PER SHARE (Schedule of Ant

LOSS PER SHARE (Schedule of Anti-Dilutive Securities) (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive instruments	2,369	2,057	1,843
Warrant and Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive instruments	914	849	795
Preferred Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive instruments			55

RELATED PARTIES (Transactions w

RELATED PARTIES (Transactions with Related Parties) (Details) $ / shares in Units, ₪ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017ILS (₪)shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015ILS (₪)shares	Dec. 31, 2013USD ($)	Dec. 31, 2013ILS (₪)
Related Party Transaction [Line Items]
Transactions with related parties	$ 58		$ 79	$ 188
Options granted | shares	9,842	9,842	9,856	162,567	162,567
Exercise price | $ / shares	$ 23.88		$ 32.64	$ 51.36
Consulting fees, including share-based compensation and reimbursement of expenses [Member]
Related Party Transaction [Line Items]
Transactions with related parties	$ 57		$ 67	$ 177
Key man life insurance premium [Member]
Related Party Transaction [Line Items]
Transactions with related parties	1		12	11
Sigalit Kimchy [Member]
Related Party Transaction [Line Items]
Monthly retainer				4		$ 3
Monthly Salary	3
Gross Overtime monthly rate	782
Maximum aggregate monthly salary	4
Sigalit Kimchy [Member] | ILS [Member]
Related Party Transaction [Line Items]
Monthly retainer | ₪					₪ 13,680		₪ 10,260
Monthly Salary | ₪		₪ 11,200
Gross Overtime monthly rate | ₪		2,800
Maximum aggregate monthly salary | ₪		₪ 14,000
Mr. XQ Lin [Member]
Related Party Transaction [Line Items]
Hourly fee, up to five hours per month	10
Hourly fee, exceeding five hours per month	$ 300
Options granted | shares	4,070	4,070
Exercise price | $ / shares	$ 60.72
Yoav Kimchy [Member]
Related Party Transaction [Line Items]
Key man insurance policy	$ 1,000
Non-Executive Directors [Member]
Related Party Transaction [Line Items]
Transactions with related parties	453		490	1,555
Non-Executive Directors [Member] | Fees and Reimbursement [Member]
Related Party Transaction [Line Items]
Transactions with related parties	274		238	291
Non-Executive Directors [Member] | Share-Based Compensation [Member]
Related Party Transaction [Line Items]
Transactions with related parties	$ 179		$ 252	$ 1,264

RELATED PARTIES (Participation

RELATED PARTIES (Participation in the Company's IPO and Concurrent Private Placement) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Related Party Transaction [Line Items]
Shares	2,250,000	[1]
Number of units	25,000
IPO [Member]
Related Party Transaction [Line Items]
Number of units	166,667
Price per unit | $ / shares	$ 72
IPO [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Shares	10,417
Proceeds, before expenses | $	$ 750
IPO [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Shares	3,473
Proceeds, before expenses | $	$ 250
IPO [Member] | Esco Ventures Pte Ltd [Member]
Related Party Transaction [Line Items]
Shares	13,889
Proceeds, before expenses | $	$ 1,000
Private Placement [Member]
Related Party Transaction [Line Items]
Number of units	166,667
Price per unit | $ / shares	$ 72
Private Placement [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Shares	20,834
Proceeds, before expenses | $	$ 1,500
Private Placement [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Shares	6,945
Proceeds, before expenses | $	$ 500
Private Placement [Member] | Counterpoint Ventures Fund Two [Member]
Related Party Transaction [Line Items]
Shares	3,542
Proceeds, before expenses | $	$ 255
Long Term Incentive Warrants [Member] | IPO [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Warrants	15,625
Long Term Incentive Warrants [Member] | IPO [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Warrants	5,209
Long Term Incentive Warrants [Member] | IPO [Member] | Esco Ventures Pte Ltd [Member]
Related Party Transaction [Line Items]
Warrants	20,834
Long Term Incentive Warrants [Member] | Private Placement [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Warrants	31,251
Long Term Incentive Warrants [Member] | Private Placement [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Warrants	10,417
Long Term Incentive Warrants [Member] | Private Placement [Member] | Counterpoint Ventures Fund Two [Member]
Related Party Transaction [Line Items]
Warrants	5,313
Series A Warrants [Member] | IPO [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Warrants	5,209
Series A Warrants [Member] | IPO [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Warrants	1,737
Series A Warrants [Member] | IPO [Member] | Esco Ventures Pte Ltd [Member]
Related Party Transaction [Line Items]
Warrants	6,945
Series A Warrants [Member] | Private Placement [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Warrants	10,417
Series A Warrants [Member] | Private Placement [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Warrants	3,473
Series A Warrants [Member] | Private Placement [Member] | Counterpoint Ventures Fund Two [Member]
Related Party Transaction [Line Items]
Warrants	1,771
Credit Line Agreement Warrants [Member]
Related Party Transaction [Line Items]
Warrants	221,556
Principal | $	$ 12,000
Credit Line Agreement Warrants [Member] | Private Placement [Member] | Pontifax Funds [Member]
Related Party Transaction [Line Items]
Warrants	27,695
Credit Line Agreement Warrants [Member] | Private Placement [Member] | Docor International B.V. [Member]
Related Party Transaction [Line Items]
Warrants	9,231
Credit Line Agreement Warrants [Member] | Private Placement [Member] | Counterpoint Ventures Fund Two [Member]
Related Party Transaction [Line Items]
Warrants	4,708
[1]	Issuance expenses include certain warrants with a value of $196 issued in connection with the IPO.