SteadyMed (STDY) 10-K 29 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	SteadyMed Ltd.
Entity Central Index Key	1,619,087
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 16.7
Entity Common Stock, Shares Outstanding		20,139,826
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 23,215	$ 31,851
Restricted cash	15	323
Other accounts receivable and prepaid expenses	152	288
Total current assets	23,382	32,462
LONG TERM DEPOSITS	122	61
SEVERANCE PAY FUND	105	124
Property and equipment, net	4,549	2,583
Total assets	28,158	35,230
CURRENT LIABILITIES:
Trade payables	2,704	1,572
Deferred revenues	1,066	1,705
Current maturity of loan		230
Other accounts payable and accrued expenses	2,587	2,333
Total current liabilities	6,357	5,840
NON-CURRENT LIABILITIES:
Deferred revenues		426
Accrued severance pay	154	159
Liability related to warrants	7,078
Other accounts payable	258	258
Total non-current liabilities	7,490	843
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY:
Ordinary Shares of NIS 0.01 par value - Authorized: 50,000,000 at December 31, 2015 and December 31, 2016; Issued and outstanding: 13,585,810 and 20,139,826 at December 31, 2015 and December 31, 2016, respectively	51	34
Additional paid-in capital	103,430	91,814
Accumulated deficit	(89,170)	(63,301)
Total shareholders' equity	14,311	28,547
Total liabilities and shareholders' equity	$ 28,158	$ 35,230

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Dec. 31, 2016	Dec. 31, 2015	Mar. 01, 2015	Feb. 28, 2015
Ordinary Shares Disclosures
Ordinary Shares, par value per share	₪ 0.01	₪ 0.01
Ordinary Shares, shares authorized	50,000,000	50,000,000	50,000,000	5,000,000
Ordinary Shares, shares issued	20,139,826	13,585,810
Ordinary Shares, shares outstanding	20,139,826	13,585,810

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Licensing revenues	$ 1,065	$ 869
Operating expenses:
Research and development	20,902	19,956
Sales and marketing	1,921	807
General and administrative	5,640	4,791
Total operating expenses	28,463	25,554
Total operating loss	27,398	24,685
Financial income, net	(1,901)	(88)
Loss before taxes on income	25,497	24,597
Taxes on income	372	374
Net loss	$ 25,869	$ 24,971
Net loss per share:
Basic and diluted net loss per Ordinary Share	$ (1.59)	$ (2.45)
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share	16,253,975	10,593,227

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary SharesIPO		Ordinary SharesPrivate Placement		Ordinary Shares		Additional paid-in capitalIPO	Additional paid-in capitalPrivate Placement	Additional paid-in capital	Accumulated deficit	IPO	Private Placement	Total
Balance, beginning at Dec. 31, 2014					$ 2	[1]			$ 2,007	$ (38,330)			$ (36,321)
Balance, beginning (in shares) at Dec. 31, 2014					502,224
Increase (decrease) in Stockholders' Equity
Exercise of options into Ordinary Shares									145				145
Exercise of options into Ordinary Shares (in shares)					56,366
Conversion of Convertible Preferred Shares into Ordinary Shares upon IPO					$ 18	[1]			47,057				47,075
Conversion of Convertible Preferred Shares into Ordinary Shares upon IPO (in shares)					7,464,320
Conversion of warrants to purchase Convertible Preferred Shares into Ordinary Shares					$ 2	[1]			5,943				5,945
Conversion of warrants to purchase Convertible Preferred Shares into Ordinary Shares (in shares)					697,448
Conversion of warrants to purchase Convertible Preferred Shares into warrants to purchase Ordinary Shares									87				87
Issuance of Ordinary Shares, net of issuance costs	$ 12	[1]					$ 34,684				$ 34,696
Issuance of Ordinary Shares (in shares)	4,700,000
Issuance of Ordinary Shares, net of underwriters' fees of $98									1,308				1,308
Issuance of Ordinary Shares, net of underwriters' fees (in shares)					165,452
Stock-based compensation									583				583
Net loss										(24,971)			(24,971)
Balance, ending at Dec. 31, 2015					$ 34	[1]			91,814	(63,301)			28,547
Balance, ending (in shares) at Dec. 31, 2015					13,585,810
Increase (decrease) in Stockholders' Equity
Issuance of Ordinary Shares, net of issuance costs			$ 17	[1]				$ 10,783				$ 10,800
Issuance of Ordinary Shares (in shares)			6,554,016
Stock-based compensation									833				833
Net loss										(25,869)			(25,869)
Balance, ending at Dec. 31, 2016					$ 51	[1]			$ 103,430	$ (89,170)			$ 14,311
Balance, ending (in shares) at Dec. 31, 2016					20,139,826
[1]	Represents an amount lower than $1.

STATEMENTS OF CHANGES IN SHARE6

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Underwriters' fees	$ 98
IPO | Ordinary Shares
Issuance costs	$ 5,256

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (25,869)	$ (24,971)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation	833	583
Depreciation	620	339
Impairment of property and equipment	0	380
Accrued severance pay, net	13	3
Amortization of discount on loan	4	11
Re-evaluation of fair value of warrants to purchase Convertible Preferred Shares		(40)
Re-evaluation of fair value of warrants to purchase Ordinary Shares	(2,491)
Decrease (increase) in other accounts receivable and prepaid expenses	136	(138)
Issuance costs related to warrants to purchase Ordinary Shares	784
Increase (decrease) in deferred revenue	(1,065)	2,131
Increase (decrease) in trade payables	1,010	(467)
Increase in other accounts payable and accrued expenses	175	590
Net cash used in operating activities	(25,850)	(21,579)
Cash flows from investing activities:
Proceeds from maturity of investments in restricted cash	308	703
Purchase of property and equipment	(2,384)	(1,880)
Investment in long-term deposits	(61)	(15)
Net cash used in investing activities	(2,137)	(1,192)
Cash flows from financing activities:
Proceeds from issuance of Convertible Preferred Shares and warrants, net of issuance costs		11,406
Proceeds from issuance of Ordinary Shares, net of issuance costs upon IPO		36,159
Proceeds from issuance of Ordinary Shares, net of underwriters' fees		1,308
Proceeds from issuance of Ordinary Shares and warrants, net of issuance costs	19,585
Repayment of loan	(234)	(563)
Proceeds from exercise of options into Ordinary Shares		145
Net cash provided by financing activities	19,351	48,455
Net increase (decrease) in cash and cash equivalents	(8,636)	25,684
Cash and cash equivalents at the beginning of the year	31,851	6,167
Cash and cash equivalents at the end of the year	23,215	31,851
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment	201	48
Conversion of Convertible Preferred Shares into Ordinary Shares		47,075
Conversion of warrants to purchase Convertible Preferred Shares into Ordinary Shares		5,945
Non-cash deferred IPO costs		933
Conversion of Warrants to purchase Convertible Preferred Shares into Warrants to purchase Ordinary Shares		87
Cash paid during the year:
Interest	3	30
Taxes on income	$ 446	$ 325

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2016
GENERAL
GENERAL	NOTE 1:—GENERAL a. SteadyMed Ltd. (the "Company") was incorporated and is located in Israel, commenced its operations on June 15, 2005 and, together with its wholly-owned subsidiary, SteadyMed Therapeutics, Inc. ("Inc."), and Inc.'s wholly-owned subsidiary, SteadyMed U.S. Holdings, Inc. ("Holdings"), is a specialty pharmaceutical company focused on the development and commercialization of therapeutic product candidates that address the limitations of market-leading products in certain orphan and other well-defined high-margin specialty markets. The Company's primary focus is to obtain approval in the United States for the sale of Trevyent® for the treatment of pulmonary arterial hypertension ("PAH"). The Company is also at an earlier stage of development with two products for the treatment of post-surgical and acute pain in the home setting. Its product candidates are enabled by its proprietary PatchPump®, which is a discreet, water resistant and disposable drug administration technology that is aseptically prefilled with liquid drug at the site of manufacture and pre-programmed to deliver an accurate, steady flow of drug to a patient, either subcutaneously or intravenously. Inc. and Holdings are located in the United States, and commenced operations on January 1, 2012 and March 25, 2015, respectively. The principal executive officers of the Company are located in the offices of Inc. and Holdings, and Inc.'s and Holdings' principal business activities are to provide executive management, treasury and administrative support functions to the Company. b. The Company's shareholders' equity is $14,311 and $28,547 as of December 31, 2016 and December 31, 2015, respectively. For the year ended December 31, 2016, the Company incurred operating losses of $27,398 and negative cash flows from operating activities of $25,850. The Company's current cash and cash equivalents will not be enough to support the Company's future operations for the next 12 months. The future success of the Company depends upon its ability to obtain additional capital in order to obtain FDA approval of Trevyent and to commercialize Trevyent in the U.S. These factors raise substantial doubt about the Company's ability to continue as a going concern. In 2017, management intends to raise significant additional capital by way of a private placement of debt and/or equity and/or a secondary public offering to allow the Company to continue as a going concern. While the Company believes in its ability to raise additional capital, there can be no assurance that it will be able to do so. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. c. On March 19, 2015, a registration statement covering the public sale of 4,700,000 Ordinary Shares was declared effective by the U.S. Securities and Exchange Commission ("SEC"). Commencing on March 20, 2015, the Company's Ordinary Shares began trading on the NASDAQ Stock Market under the ticker symbol "STDY". On March 25, 2015, the Company closed its IPO at a price of $8.50 per share and the aggregate net proceeds received by the Company from the offering were $34,696, net of underwriting discounts and commissions and offering expenses. On April 22, 2015, the Company's underwriters exercised a portion of their overallotment option pursuant to which they purchased 165,452 Ordinary Shares of the Company for $1,308, net of underwriters' fees and commissions. Upon the closing of the IPO, all shares of the Company's outstanding Convertible Preferred Shares were automatically converted into 7,464,320 Ordinary Shares. As of December 31, 2014, there were 711,120 outstanding warrants exercisable into Convertible Preferred Shares. Prior to the IPO, all but 10,191 warrants were exercised into Ordinary Shares. Of the exercised warrants, 295,697 were exercised for cash, and 405,232 were exercised on a cashless basis, resulting in the net exercise of 401,746 warrants (and 3,486 warrants were cancelled). Upon the closing of the IPO, the 10,191 warrants outstanding were automatically converted into warrants to purchase Ordinary Shares. d. Cardiome made a $3 million upfront payment to the Company and the Agreement provides for future regulatory, third-party payor reimbursement approval and commercialization milestone payments to be achieved by Cardiome of up to $9.25 million and a scaling royalty ranging from the low teens to mid-teens percent on future Trevyent sales by Cardiome in the Regions. In addition, there is a fixed price on finished goods to be supplied by the Company as part of the Supply Services. e. The warrants issued are exercisable immediately upon issuance and may be exercised at any time prior to August 2021 at an exercise price of $3.5995 per share (see also note 7).

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2:—SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements are prepared according to United States generally accepted accounting principles ("U.S. GAAP"). a. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, share-based compensation cost, revenue recognition, as well as liability in respect of warrants to purchase Convertible Preferred Shares. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. b. The consolidated financial statements include the accounts of the Company, Inc. and Holdings. All intercompany balances and transactions have been eliminated upon consolidation. c. The accompanying financial statements have been prepared in U.S. dollars. The Company's financing activities are conducted in U.S. dollars. Although a portion of the Company's expenses are denominated in New Israeli Shekels ("NIS") (mostly salaries and rent), and Pounds Sterling (consultant costs), a substantial portion of its expenses are denominated in U.S. dollars. The Company's management believes that the currency of the primary economic environment in which the operations of the Company are conducted is the U.S. dollar ("dollar"); thus, the dollar is the functional currency of the Company. Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statements of comprehensive loss as financial income or expense, as appropriate. d. The Company considers all highly liquid investments, which are readily convertible to cash with a maturity of three months or less at the date of acquisition, to be cash equivalents. Cash equivalents are comprised of money market funds and reverse repurchase agreements ("RRAs") which are fully collateralized and are generally outstanding for a short period of time with maturities significantly less than three months from the date of purchase. The required collateral for the RRAs is either U.S. Treasury or Federal Agency securities at a minimum rate of 102% of the RRAs' principal balance. e. Restricted cash represents cash which is used as collateral for a Company's credit card issued by a commercial bank and also as security in respect of the Loan's covenants (see also Note 6). f. Research and development expenses are charged to the statement of comprehensive loss as incurred. Research and development expenses include costs incurred in performing research and development activities, including salaries and benefits, facilities cost, overhead costs, contract services, supplies and other outside costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. g. Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: % Computers and peripheral equipment 33 Laboratory equipment 7 - 15 Office furniture and equipment 6 Leasehold improvements Over the shorter of the lease term or useful economic life Property and equipment are reviewed for impairment in accordance with ASC No. 360, "Property, Plant and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2016 and 2015, the Company recorded an impairment loss in the amount of $0 and $380 respectively. h. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and restricted cash. The vast majority of cash and cash equivalents of the Company, Inc. and Holdings is invested in short-term RRAs fully-collateralized by U.S. Treasury and Federal Agency securities. Such cash and cash equivalents in U.S. banks may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents may be redeemed and therefore a minimal credit risk exists with respect to these investments. i. Advertising costs related to ongoing activities are expenses as incurred. For the years ended December 31, 2015 and 2016, advertising costs totaled $153 and $126, respectively. j. The Company generates revenue from the Agreement described in Note 1d. Pursuant to the Agreement, the Company identified the following performance deliverables at the inception of the Agreement: (i) an exclusive royalty bearing license to certain of the Company's patents related to Trevyent, which was transferred immediately upon signing of the Agreement, (ii) certain Services expected to be performed over a period until the fourth quarter of 2017 and (iii) Supply Services. The Company recognizes revenue in accordance with ASC 605-25, "Multiple-Element Arrangements" pursuant to which each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has "stand-alone value" to the customer. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable which is based on the Estimated Selling Price ("ESP"). The License and Services are determined to be one unit of accounting since the License has no value to Cardiome on a stand-alone basis. The Supply Services are also determined to be a unit of accounting. The consideration allocated to the License and Services of $3,000 is recognized on a straight-line basis over the performance period of the Services. Contingent payments related to milestones will be recognized immediately upon satisfaction of the milestone and contingent payments related to royalties will be recognized in the period that the related sales have occurred. Revenues from product sales will be recognized when delivery has occurred, persuasive evidence of an arrangement exists, the vendor's fee is fixed or determinable, no future obligation exists and collectability is reasonably assumed. k. The Company accounts for income taxes in accordance with ASC No. 740, "Income Taxes," ("ASC 740"), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Interest and penalties, if any, are included as components of taxes on income. l. The liability for severance pay is calculated pursuant to Israel's Severance Pay Law (the "ISPL") based on the most recent salary of the employees located in Israel multiplied by the number of years of employment as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. The liability for all of its employees in Israel is fully provided by monthly deposits with insurance policies and by an accrual. The deposited funds include interest accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to ISPL or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes immaterial interest on the investments underlying the insurance policies. Since inception, some of the Company's employees are included under Section 14 of the ISPL. Under this section, the employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made on their behalf with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. Deposits under Section 14 are not recorded as an asset in the Company's balance sheet. Total expense related to severance pay is $71 and $49, for the years ended December 31, 2016 and 2015, respectively. m. The Company applies ASC 820, "Fair Value Measurements and Disclosures", ("ASC 820"), which defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs reflecting the Company's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment and the investments are categorized as Level 3. The carrying amounts of cash and cash equivalents, restricted cash, other accounts receivable, trade payables and other accounts payable and accrued expenses approximate their fair value due to the short-term maturity of such instruments. Money Market Funds ("MMF") were classified as Level 1, Reverse Repurchase Agreements ("RRAs") were classified as Level 2 as the fair value is determined using a discounted cash flow model with all significant inputs derived from or corroborated with observable market data. Warrants to purchase Ordinary Shares were classified as Level 3 as the fair value is determined using a Monte Carlo option pricing model, which takes into account the anti-dilution features of the warrants and certain subjective assumptions made by management. The Company's financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of the following dates: December 31, 2015 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants to purchase Ordinary Shares ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money Market Funds — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ n. Prior to the Company's IPO, the Company classified its Convertible Preferred Shares outside of shareholders' equity because certain features of the Company's Articles of Association (the "AOA") would require redemption of some or all classes of Convertible Preferred Shares upon events not solely within the control of the Company. o. Until the Company's IPO in March 2015, the Company accounted for warrants to purchase shares of its Convertible Preferred Shares held by investors and others which include down round protection provisions as a liability according to the provisions of ASC 815-40, "Derivatives and Hedging Contracts in Entity's Own Equity" ("ASC 815"), which provides a new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer's own share and thus able to qualify to be a derivative financial instrument. The Company measures the warrants at fair value by using the Monte Carlo Cliquent Option Pricing Model ("Monte Carlo Cliquent Model") in each reporting period until they are exercised or expired, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial expense (income), net. During the year ended December 31, 2015, subsequent to the Company's completion of its IPO, the Convertible Preferred Shares and majority of the warrants to purchase Convertible Preferred Shares were converted into Ordinary Shares of the Company, par value NIS 0.01 per share and therefore classified as shareholders' equity. p. The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation Stock Compensation", ("ASC 718"), which requires companies to estimate the fair value of equity based payment awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite or derived service periods in the Company's consolidated statement of comprehensive loss. The Company recognizes compensation expense for the value of its awards granted based on the straight-line method over the requisite or derived service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model which requires a number of assumptions, of which the most significant are the fair market value of the underlying Ordinary Shares until the company's IPO, expected stock price volatility and the expected option term. Expected volatility was calculated based upon historical volatilities of similar entities in the related sector index. The expected option term represents the period that the Company's stock options are expected to be outstanding and is determined based on the simplified method until sufficient historical exercise data will support using expected life assumptions. 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 Ordinary Shares underlying the options was determined by the Company's Board of Directors with the assistance of an independent valuation firm. Because there has been no public market for the Ordinary Shares, the Board of Directors has determined fair value of the Ordinary Shares at the time of grant of by considering a number of objective and subjective factors including data from other comparable companies, sales of convertible Preferred Shares to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, amongst other factors. For all reported periods and until June 30, 2014, the valuations were performed using the Option Pricing Method ("OPM"). Commencing June 30, 2014 and until the Company's Ordinary Shares began trading, the valuation was performed by using the Hybrid Method by combining the OPM and an IPO scenario to determine the fair value of the Company's Ordinary Shares. q. The Company applies the two class method as required by ASC 260-10, "Earnings Per Share" ("ASC 260-10") which requires the income or loss per share for each class of shares (ordinary and preferred shares) to be calculated assuming 100% of the Company's earnings are distributed as dividends to each class of shares based on their contractual rights. No dividends were declared or paid during the reported periods. According to the provisions of ASC 260-10, the Company's Convertible Preferred Shares are not participating securities in losses and, therefore, were not included in the computation of net loss per share. Basic and diluted net loss per share is computed based on the weighted-average number of Ordinary Shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary Shares outstanding during the year, plus dilutive potential shares considered outstanding during the year, in accordance with ASC 260-10. Basic and diluted net loss per share of Ordinary Shares was the same for each period presented as the inclusion of all potential Ordinary Shares outstanding was anti-dilutive. For the years ended December 31, 2016 and 2015, all outstanding Convertible Preferred Shares, options and warrants have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive and the total number of Convertible Preferred Shares, options and warrants that have been excluded from the calculation was 8,253,762 and 1,260,089, respectively. r. The Company accounts for its contingent liabilities in accordance with ASC 450. 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, 2016 and 2015, the Company is not a party to any litigation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see also note 8c). s. 1. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. The new revenue recognition standard will be effective in the first quarter of 2018, with the option to adopt it in the first quarter of 2017. The Company currently anticipates adopting the new standard effective January 1, 2018. The new standard also permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the cumulative effect method. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 2. In February 2016, the FASB issued ASU 2016-02—Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact the consolidated financial statements as the company has certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption of this standard on its consolidated financial statements. 3. In March 2016, the FASB issued ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting". This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions which include the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cashflows and forfeiture rate calculations. ASU 2016-09 will become effective for the Company in the annual period ending August 31, 2018. Early adoption is permitted in any interim or annual period. The Company is currently in the process of evaluating the impact of the adoption of this standard on its consolidated financial statements. 4. In April 2016, FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 covers two specific topics: performance obligations and licensing. This amendment includes guidance on immaterial promised goods or services, shipping or handling activities, separately identifiable performance obligations, functional or symbolic intellectual property licenses, sales-based and usage-based royalties, license restrictions (time, use, geographical) and licensing renewals. In addition, in May 2016, FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which is intended to not change the core principle of the guidance in Topic 606, but rather affect only the narrow aspects of Topic 606 by reducing the potential for diversity in practice at initial application and by reducing the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. We currently evaluating the impact of the adoption of both revenue standards on its consolidated financial statements. 5. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The retrospective transition method, requiring adjustment to all comparative periods presented, is required unless it is impracticable for some of the amendments, in which case those amendments would be prospectively as of the earliest date practicable. The standard is effective on January 1, 2019. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements and footnote disclosures.

OTHER ACCOUNTS RECEIVABLE AND P

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2016
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES	NOTE 3:—OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES Other accounts receivables and prepaid expense consist of the following: December 31, 2016 2015 Prepaid expenses and others $ $ Government authorities ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2016
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	NOTE 4:—PROPERTY AND EQUIPMENT, NET The composition of property and equipment is as follows: December 31, 2016 2015 Cost: Computers and peripheral equipment $ $ Laboratory equipment Office furniture and equipment Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation: Computers and peripheral equipment Laboratory equipment Office furniture and equipment Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense is $620 and $339 for the years ended December 31, 2016 and 2015, respectively.

OTHER ACCOUNTS PAYABLE AND ACCR

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2016
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 5:—OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES Other accounts payables and accrued expenses consist of the following: December 31, 2016 2015 Employee and payroll accruals $ $ Accrued expenses ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

LOAN

LOAN	12 Months Ended
	Dec. 31, 2016
LOAN
LOAN	NOTE 6:—LOAN In February 20, 2013 (the "Closing Date"), Inc. signed a Loan and Security Agreement ("Agreement") with a commercial bank ("Bank") pursuant to which three-year $1,500 ("Loan") was provided at the Closing Date. The final payment of the Loan was repaid during May 2016. As part of the Agreement, the Company issued the Bank warrants to purchase 7,332 shares of Series D Preferred Shares at an exercise price of $6.14 per Preferred D Share. The warrant has an exercise period which is the earliest of ten years after the Closing Date, consummation of a qualified IPO as determined for such warrants or the automatic conversion of Convertible Preferred Shares into Ordinary Shares as defined in the Articles of Association. Such warrants were exercised on a cashless basis during the year ended December 31, 2015.

WARRANTS TO PURCHASE ORDINARY S

WARRANTS TO PURCHASE ORDINARY SHARES	12 Months Ended
	Dec. 31, 2016
WARRANTS TO PURCHASE ORDINARY SHARES
WARRANTS TO PURCHASE ORDINARY SHARES	NOTE 7:—WARRANTS TO PURCHASE ORDINARY SHARES As discussed in Note 1e, the Warrants to purchase Ordinary Shares issued in the Private Placement are eligible also for "cashless exercise" in case the underlying Ordinary Shares are not registered for resale. In addition, the Warrants contain non-standard "full ratchet" anti-dilution protections upon issuance of securities at a price below the then-existing exercise price and are subject to certain net settlement cash features in case of failure to timely deliver registered Ordinary Shares upon exercise. Therefore, these warrants are accounted for and recorded as a liability according to the provisions of ASC 815-40, "Derivatives and Hedging—Contracts in Entity's Own Equity" and measured using the following assumptions of the Monte Carlo option pricing model: August 4, December 31, Risk-free interest rate(1) % % Expected volatility(2) % % Expected life (in years)(3) Expected dividend yield(4) % % Fair value per warrant: $ $ (1) Risk free interest rate based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. (2) Expected volatility was calculated based on actual historical share price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants. (3) Expected life was based on the contractual term of the warrants. (4) Expected dividend yield was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. The Company re-measured these warrants at fair value of $7,078 as of December 31, 2016, and recorded $2,491 of financial income as a result of the change in the warrants' fair value.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 8:—COMMITMENTS AND CONTINGENT LIABILITIES a. As of December 31, 2016, the future minimum aggregate lease commitments under non-cancelable operating lease agreements are as follows: As of December 31, Total 2017 $ 2018 2019 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ b. In the event that intellectual property rights are deemed to be transferred out of Israel, the grants received from the OCS and the Incubator may become a loan to be repaid immediately at up to 600% of the grants amounts. Currently, the Company's management believes no intellectual property has been transferred out of Israel and disclosure of the Company's know how is made solely in connection with the transfer of manufacturing rights of the Company's products to subcontractors. Accordingly, no provision has been recorded in such respect. c. d.

TAXES ON INCOME

TAXES ON INCOME	12 Months Ended
	Dec. 31, 2016
TAXES ON INCOME
TAXES ON INCOME	NOTE 9:—TAXES ON INCOME a. Tax rates applicable to the Company: 1. Taxable income of the Company is subject to the Israeli corporate tax of 25% for 2016. 2. In December 2016, the Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2016 which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018 b. Tax benefits under the Law for the Encouragement of Capital Investments, 1959 (the "Law"): On April 1, 2005, an amendment to the Law came into effect ("the Amendment") and has significantly changed the provisions of the Law. The Amendment limits the scope of enterprises which may be approved by the Investment Center by setting criteria for the approval of a facility as an Approved Enterprise, such as provisions generally requiring that at least 25% of the Approved Enterprise's income will be derived from export. Additionally, the Amendment enacted major changes in the manner in which tax benefits are awarded under the Investment Law so that companies no longer require Investment Center approval in order to qualify for tax benefits. During 2013, the Company elected 2012 as a "Year of Election" to receive "Beneficiary Enterprise" status. Under the Law and its Amendment, the Company is entitled to various tax benefits, defined by this law, under the "Alternative Benefits" track as a Beneficiary Enterprise. Pursuant to the beneficiary program, the Company is entitled to a tax benefit period of seven to ten years on income derived from this program as follows: the Company is fully tax exempt for a period of the first two years and for the remaining five to eight subsequent years is subject to tax at a rate of 10% -25% (based on the percentage of foreign ownership of the Company). The benefit period begins in the year in which taxable income is first earned, limited to 12 years from the Year of Election. If dividends are distributed out of tax exempt profits, the Company will then become liable for tax at the rate applicable to its profits from the Beneficiary Enterprise in the year in which the income was earned, as if it had not chosen the alternative track of benefits. The dividend recipient is subject to withholding tax at the rate of 15% applicable to dividends from Beneficiary enterprises, if the dividend is distributed during the tax benefits period or within twelve years thereafter. This limitation does not apply to a foreign investors' company. The Company currently has no plans to distribute dividends and intends to retain future earnings to finance the development of its business. The above benefits are conditioned upon the fulfillment of the conditions stipulated by the Law and regulations published thereunder, including certain restrictions on manufacturing outside of Israel. In the event of failure to comply with these conditions, the benefits may be canceled and the Company may be required to refund the amount of the benefits, in whole or in part, including interest and linked to changes in the Israeli CPI. As a result of the amendment, tax-exempt income generated under the provisions of the Law will subject the Company to taxes upon distribution or liquidation and the Company may be required to record a deferred tax liability with respect to such tax-exempt income. Through December 31, 2016 and 2015, the Company had not generated income under the provision of the Law. Amendment to the Law for the Encouragement of Capital Investments, 1959 (Amendments 68 and 71): In December 2010, the "Knesset" (Israeli Parliament) passed the Law for Economic Policy for 2011 and 2012 (Amended Legislation), 2011 ("the Amendment"), which prescribes, among others, amendments in the Law. The Amendment became effective as of January 1, 2011. According to the Amendment, the benefit tracks in the Law were modified and a flat tax rate applies to the Company's entire privileged income under its status as a privileged company with a privileged enterprise. Commencing from the 2011 tax year, the Company can elect (without possibility of reversal) to apply the Amendment in a certain tax year and from that year and thereafter, it will be subject to the amended tax rates. According to the Amendment, the tax rate on preferred income from a preferred enterprise in 2014 and thereafter will be 16% (in development area A—9%). The Amendment also prescribes that any dividends distributed to individuals or foreign residents from the preferred enterprise's earnings as above will be subject to tax at a rate of 20%. The Company estimates that the effect of the change in tax rates will not have a material impact on the consolidated financial statements. c. Losses for tax purposes: The Company has accumulated net operating losses for Israeli income tax purposes as of December 31, 2016 of approximately $57,805. The net operating losses may be carried forward and offset against taxable income in the future for an indefinite period. b. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ $ Research and development credits Accrued social benefits and other Issuance cost related to IPO ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets before valuation allowance Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on consideration of these factors, the Company recorded a full valuation allowance at December 31, 2016 and 2015. d. Loss (income) before taxes on income consists of the following: December 31, 2016 2015 Domestic $ $ Foreign ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ e. f. A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows: December 31, 2016 2015 Unrecognized tax benefits, beginning of year $ $ Increase in unrecognized tax benefits for current year — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2016, the Company is subject to Israeli income tax audits for the tax years 2013 through 2016 and Inc. and Holdings are subject to U.S. federal income tax audits for the tax years of 2013 through 2016. g. Taxes on income for the year ended December 31, 2016 are comprised mainly of taxes incurred as a result of the implementation of the cost plus services agreement with Inc. and Holdings.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	NOTE 10:—SHAREHOLDERS' EQUITY a. December 31, 2016 December 31, 2015 Authorized Issued and Authorized Issued and Ordinary share of NIS 0.01 par value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Ordinary Shares entitle their holders to one vote per share on all matters to be voted on by the shareholders of the Company, to receive dividends according to Board of Directors' decision, to participate in the balance of the Company's assets remaining after liquidation, dissolution or winding up, ratably in proportion to the number of shares of Ordinary Shares held by them, to increase or decrease Ordinary Shares, any other preferences, voting powers, relative, participating, optional or other special rights and privileges right compulsorily granted by the law to the holders of Ordinary Shares. b. The exercise price and the number of shares to be issued upon exercise of the warrants were subject to weighted average adjustments for dilution in accordance with ASC 815 and therefore classified as a liability and re-measured using the Monte Carlo Cliquent Model. c. d. For accounting purposes, this transaction was recorded as a share split and accordingly, all Shares, warrants to purchase Convertible Preferred Shares, options to purchase Ordinary Shares and loss per share amounts have been adjusted to give retroactive effect to this Share Split for all periods presented in these consolidated financial statements. Any fractional shares resulting from the Share Split will be rounded up to the nearest whole share. In addition, the Company's Board of Directors approved an increase the Company's authorized Shares from 5,000,000 to 50,000,000. e. f. g. The warrants issued are exercisable immediately upon issuance and may be exercised at any time prior to August 2021 at an exercise price of $3.5995 per share (see also note 7). The Company granted to the participants certain registration rights related to the Shares and Warrants issued in this Private Placement. In connection therewith, the Company filed a registration statement for the resale of the Shares and Ordinary Shares underlying the Warrants, which was declared effective by the U.S. Securities and Exchange Commission on September 21, 2016. If the Company fails to maintain the effectiveness of the registration statement, it may incur liquidated damages for each participant of up to 5% of the pro-rata purchase price of the Shares. h. On June 18, 2009, a Stock Option Plan (the "2009 Plan") was adopted by the Board of Directors of the Company, under which options to purchase up to 55,971 Ordinary Shares have been reserved. Such pool was increased over the years and as of December 31, 2014, options to purchase up to 978,655 Ordinary Shares were authorized. The 2009 Plan was adopted in accordance with the amended sections 102 and 3(i) of Israel's Income Tax Ordinance. Under the 2009 Plan, options to purchase Ordinary Shares of the Company may be granted to employees, advisors, directors, consultants and service providers of the Company or any subsidiary or affiliate. The default vesting schedule is up to three years, subject to the continuation of employment or service. Each option may be exercised into Ordinary Shares during a period of seven years from the date of grant, unless a different term is provided in the option agreement. On April 30, 2013, the 2013 Stock Incentive Sub Plan (the "2013 Sub Plan") was adopted by the Board of Directors of the Company, which set forth the terms for the grant of stock awards to Inc.'s employees or US non- employees. On January 25, 2015, the Board of Directors reserved an additional 1,072,879 Ordinary Shares out of its authorized and unissued share capital for future option grants under the 2009 Plan. On February 20, 2015, the Company's Board of Directors approved the replacement of the 2009 Plan and 2013 Sub Plan by adopting the Amended and Restated 2009 Stock Incentive Plan. This action was approved by the shareholders on March 1, 2015. On July 7, 2014, the Company's Board of Directors approved to reduce the exercise price of all outstanding options which were previously granted to certain employees at an exercise price which exceeded $3.61 per share down to $3.61 per share, representing the underlying fair value of the Ordinary Share at that date. The Company accounted for the reduction of the options' exercise price pursuant to ASC 718 as a modification. Accordingly, additional compensation of $49 was calculated as the fair value of the modified award in excess of the fair value of the original award measured immediately before its terms have been modified based on current circumstances and recorded incremental fair value as an immediate or future expense based on the vesting schedule of the relevant options. As result of the above modification, during the years ended December 31, 2015 and 2014, the Company recorded compensation cost of $5 and $44, respectively. During year ended December 31, 2016, the Company's Board of Directors approved grant of 433,620 options to certain employees to purchase the Company's Ordinary Shares at an exercise price of $2.74 to $3.80. On October 5, 2016, the Company's annual general meeting of shareholders approved among others, a grant of 23,250 options to its directors to purchase the Company's Ordinary Shares at an exercise price of $3.85. On October 5, the Company held its 2016 Annual General Meeting of Shareholders. Among other things, the shareholders approved an amendment to the Stock Option Plan providing for the four percent (4%) automatic annual increase in the authorized number of Ordinary Shares available for future grant under the 2009 Plan to begin on January 1, 2017 instead of January 1, 2019. Transactions related to the grant of options to employees and directors under the Amended and Restated 2009 Stock Incentive Plan during the year ended December 31, 2016, were as follows: Number of Weighted Weighted Aggregate $ (years) $ Options outstanding at January 1, 2016 Options granted Options expired ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and expected to be vested at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The options outstanding as of December 31, 2016 have been presented by exercise prices, as follows: Exercise price Options Weighted average Options Weighted average (years) (years) 2.70 — 2.74 — 3.40 — 3.59 — 3.61 3.64 — 3.80 — 3.85 — 3.96 4.38 5.55 5.60 5.84 7.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the deemed fair value of the Company's Ordinary Shares on the last day of fiscal 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2016. This amount is impacted by the changes in the fair market value of the Company's shares. The weighted average grant date fair value of options granted during the years ended December 31, 2016 and 2015 was $2.94 and $3.02, respectively. The following table presents the assumptions used to estimate the fair values of the options granted in the period presented: Year ended December 31 2016 2015 Volatility 79.7% - 98.78% 61.1% - 61.49% Risk-free interest rate 1.25% - 2.17% 1.17% - 1.97% Dividend yield 0% 0% Expected life (years) 5.87 4.33 - 5.91 As of December 31, 2016, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $1,409 which is expected to be recognized over a weighted average period of approximately 1.91 years. The total compensation cost related to all of the Company's equity-based awards, recognized during the years ended December 31, 2016 and 2015 was comprised as follows: Year ended 2016 2015 Research and development $ $ Sales and Marketing General and administrative ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SELECTED STATEMENTS OF OPERATIO

SELECTED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2016
SELECTED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
SELECTED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS	NOTE 11:—SELECTED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS The Company's business is currently comprised of one operating segment. The nature of the products and services provided by the Company and the type of customers for these products and services are similar. Operations in Israel and the United States include research and development, sales and marketing and business development. The Company follows ASC 280, "Segment Reporting". Total revenues are attributed to geographic areas based on the location of the end customer. a. Year ended Year ended Licensing Revenue: Europe $ $ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 2015 Long-lived assets: Israel $ $ United States United Kingdom France Switzerland ​ ​ ​ ​ ​ ​ ​ ​ Total long-lived assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Sales to a single customer exceeding 10%: Cardiome % % b. Year ended 2016 2015 Financial expenses: Interest expense and bank fees $ $ Issuance costs allocated to warrants — ​ ​ ​ ​ ​ ​ ​ ​ $ $ Financial income: Interest income $ ) $ ) Reevaluation of fair value of warrants to purchase Convertible Preferred Shares — ) Reevaluation of fair value of warrants to purchase Ordinary Shares ) — Foreign currency translation adjustments ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ Total financial income, net $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ c. Year ended 2016 2015 Numerator: Net loss $ $ Dividends accumulated for the period(*) — ​ ​ ​ ​ ​ ​ ​ ​ Net loss available to shareholders of Ordinary Shares $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share (*) The net loss used for the computation of basic and diluted net loss per share include the compounded dividend of eight percent per annum which shall be distributed to shareholders in case of distributable assets determined in the AOA under the liquidation preference right. Convertible securities such as warrants to purchase Series Preferred A2, D, E1 Shares, Series Preferred A1, A2, B, C, D, E Shares and options, have not been taken into account due to their anti-dilutive effect.

SIGNIFICANT ACCOUNTING POLICI19

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting	The consolidated financial statements are prepared according to United States generally accepted accounting principles ("U.S. GAAP")
Use of estimates	a. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, share-based compensation cost, revenue recognition, as well as liability in respect of warrants to purchase Convertible Preferred Shares. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated 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. The consolidated financial statements include the accounts of the Company, Inc. and Holdings. All intercompany balances and transactions have been eliminated upon consolidation.
Financial statements in U.S. dollars	c. The accompanying financial statements have been prepared in U.S. dollars. The Company's financing activities are conducted in U.S. dollars. Although a portion of the Company's expenses are denominated in New Israeli Shekels ("NIS") (mostly salaries and rent), and Pounds Sterling (consultant costs), a substantial portion of its expenses are denominated in U.S. dollars. The Company's management believes that the currency of the primary economic environment in which the operations of the Company are conducted is the U.S. dollar ("dollar"); thus, the dollar is the functional currency of the Company. Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts maintained in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statements of comprehensive loss as financial income or expense, as appropriate.
Cash and cash equivalents	d. The Company considers all highly liquid investments, which are readily convertible to cash with a maturity of three months or less at the date of acquisition, to be cash equivalents. Cash equivalents are comprised of money market funds and reverse repurchase agreements ("RRAs") which are fully collateralized and are generally outstanding for a short period of time with maturities significantly less than three months from the date of purchase. The required collateral for the RRAs is either U.S. Treasury or Federal Agency securities at a minimum rate of 102% of the RRAs' principal balance.
Restricted cash	e. Restricted cash represents cash which is used as collateral for a Company's credit card issued by a commercial bank and also as security in respect of the Loan's covenants (see also Note 6).
Research and development costs	f. Research and development expenses are charged to the statement of comprehensive loss as incurred. Research and development expenses include costs incurred in performing research and development activities, including salaries and benefits, facilities cost, overhead costs, contract services, supplies and other outside costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.
Property and equipment	g. Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: % Computers and peripheral equipment 33 Laboratory equipment 7 - 15 Office furniture and equipment 6 Leasehold improvements Over the shorter of the lease term or useful economic life Property and equipment are reviewed for impairment in accordance with ASC No. 360, "Property, Plant and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2016 and 2015, the Company recorded an impairment loss in the amount of $0 and $380 respectively.
Concentration of credit risk	h. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and restricted cash. The vast majority of cash and cash equivalents of the Company, Inc. and Holdings is invested in short-term RRAs fully-collateralized by U.S. Treasury and Federal Agency securities. Such cash and cash equivalents in U.S. banks may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents may be redeemed and therefore a minimal credit risk exists with respect to these investments.
Advertising costs	i. Advertising costs related to ongoing activities are expenses as incurred. For the years ended December 31, 2015 and 2016, advertising costs totaled $153 and $126, respectively.
Revenue recognition	j. The Company generates revenue from the Agreement described in Note 1d. Pursuant to the Agreement, the Company identified the following performance deliverables at the inception of the Agreement: (i) an exclusive royalty bearing license to certain of the Company's patents related to Trevyent, which was transferred immediately upon signing of the Agreement, (ii) certain Services expected to be performed over a period until the fourth quarter of 2017 and (iii) Supply Services. The Company recognizes revenue in accordance with ASC 605-25, "Multiple-Element Arrangements" pursuant to which each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has "stand-alone value" to the customer. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable which is based on the Estimated Selling Price ("ESP"). The License and Services are determined to be one unit of accounting since the License has no value to Cardiome on a stand-alone basis. The Supply Services are also determined to be a unit of accounting. The consideration allocated to the License and Services of $3,000 is recognized on a straight-line basis over the performance period of the Services. Contingent payments related to milestones will be recognized immediately upon satisfaction of the milestone and contingent payments related to royalties will be recognized in the period that the related sales have occurred. Revenues from product sales will be recognized when delivery has occurred, persuasive evidence of an arrangement exists, the vendor's fee is fixed or determinable, no future obligation exists and collectability is reasonably assumed.
Income taxes	k. The Company accounts for income taxes in accordance with ASC No. 740, "Income Taxes," ("ASC 740"), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely than not to be realized. ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Interest and penalties, if any, are included as components of taxes on income.
Severance pay	l. The liability for severance pay is calculated pursuant to Israel's Severance Pay Law (the "ISPL") based on the most recent salary of the employees located in Israel multiplied by the number of years of employment as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. The liability for all of its employees in Israel is fully provided by monthly deposits with insurance policies and by an accrual. The deposited funds include interest accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to ISPL or labor agreements. The value of the deposited funds is based on the cash surrender value of these policies, and includes immaterial interest on the investments underlying the insurance policies. Since inception, some of the Company's employees are included under Section 14 of the ISPL. Under this section, the employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made on their behalf with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. Deposits under Section 14 are not recorded as an asset in the Company's balance sheet. Total expense related to severance pay is $71 and $49, for the years ended December 31, 2016 and 2015, respectively.
Fair value of financial instruments	m. The Company applies ASC 820, "Fair Value Measurements and Disclosures", ("ASC 820"), which defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows: Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Unobservable inputs reflecting the Company's own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment and the investments are categorized as Level 3. The carrying amounts of cash and cash equivalents, restricted cash, other accounts receivable, trade payables and other accounts payable and accrued expenses approximate their fair value due to the short-term maturity of such instruments. Money Market Funds ("MMF") were classified as Level 1, Reverse Repurchase Agreements ("RRAs") were classified as Level 2 as the fair value is determined using a discounted cash flow model with all significant inputs derived from or corroborated with observable market data. Warrants to purchase Ordinary Shares were classified as Level 3 as the fair value is determined using a Monte Carlo option pricing model, which takes into account the anti-dilution features of the warrants and certain subjective assumptions made by management. The Company's financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, consisted of the following types of instruments as of the following dates: December 31, 2015 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants to purchase Ordinary Shares ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money Market Funds — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Convertible Preferred Shares	n. Prior to the Company's IPO, the Company classified its Convertible Preferred Shares outside of shareholders' equity because certain features of the Company's Articles of Association (the "AOA") would require redemption of some or all classes of Convertible Preferred Shares upon events not solely within the control of the Company.
Warrants to purchase Convertible Preferred Shares	o. Until the Company's IPO in March 2015, the Company accounted for warrants to purchase shares of its Convertible Preferred Shares held by investors and others which include down round protection provisions as a liability according to the provisions of ASC 815-40, "Derivatives and Hedging Contracts in Entity's Own Equity" ("ASC 815"), which provides a new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer's own share and thus able to qualify to be a derivative financial instrument. The Company measures the warrants at fair value by using the Monte Carlo Cliquent Option Pricing Model ("Monte Carlo Cliquent Model") in each reporting period until they are exercised or expired, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial expense (income), net. During the year ended December 31, 2015, subsequent to the Company's completion of its IPO, the Convertible Preferred Shares and majority of the warrants to purchase Convertible Preferred Shares were converted into Ordinary Shares of the Company, par value NIS 0.01 per share and therefore classified as shareholders' equity.
Accounting for stock-based compensation	p. The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation Stock Compensation", ("ASC 718"), which requires companies to estimate the fair value of equity based payment awards on the date of grant using an option pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite or derived service periods in the Company's consolidated statement of comprehensive loss. The Company recognizes compensation expense for the value of its awards granted based on the straight-line method over the requisite or derived service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model which requires a number of assumptions, of which the most significant are the fair market value of the underlying Ordinary Shares until the company's IPO, expected stock price volatility and the expected option term. Expected volatility was calculated based upon historical volatilities of similar entities in the related sector index. The expected option term represents the period that the Company's stock options are expected to be outstanding and is determined based on the simplified method until sufficient historical exercise data will support using expected life assumptions. 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 Ordinary Shares underlying the options was determined by the Company's Board of Directors with the assistance of an independent valuation firm. Because there has been no public market for the Ordinary Shares, the Board of Directors has determined fair value of the Ordinary Shares at the time of grant of by considering a number of objective and subjective factors including data from other comparable companies, sales of convertible Preferred Shares to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, amongst other factors. For all reported periods and until June 30, 2014, the valuations were performed using the Option Pricing Method ("OPM"). Commencing June 30, 2014 and until the Company's Ordinary Shares began trading, the valuation was performed by using the Hybrid Method by combining the OPM and an IPO scenario to determine the fair value of the Company's Ordinary Shares.
Basic and diluted net loss per share	q. The Company applies the two class method as required by ASC 260-10, "Earnings Per Share" ("ASC 260-10") which requires the income or loss per share for each class of shares (ordinary and preferred shares) to be calculated assuming 100% of the Company's earnings are distributed as dividends to each class of shares based on their contractual rights. No dividends were declared or paid during the reported periods. According to the provisions of ASC 260-10, the Company's Convertible Preferred Shares are not participating securities in losses and, therefore, were not included in the computation of net loss per share. Basic and diluted net loss per share is computed based on the weighted-average number of Ordinary Shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary Shares outstanding during the year, plus dilutive potential shares considered outstanding during the year, in accordance with ASC 260-10. Basic and diluted net loss per share of Ordinary Shares was the same for each period presented as the inclusion of all potential Ordinary Shares outstanding was anti-dilutive. For the years ended December 31, 2016 and 2015, all outstanding Convertible Preferred Shares, options and warrants have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive and the total number of Convertible Preferred Shares, options and warrants that have been excluded from the calculation was 8,253,762 and 1,260,089, respectively.
Legal and other contingencies	r. The Company accounts for its contingent liabilities in accordance with ASC 450. 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, 2016 and 2015, the Company is not a party to any litigation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see also note 8c).
Impact of recently issued accounting standards	s. 1. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which amends the existing accounting standards for revenue recognition. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delays the effective date of ASU 2014-09 by one year. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. The new revenue recognition standard will be effective in the first quarter of 2018, with the option to adopt it in the first quarter of 2017. The Company currently anticipates adopting the new standard effective January 1, 2018. The new standard also permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the cumulative effect method. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 2. In February 2016, the FASB issued ASU 2016-02—Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact the consolidated financial statements as the company has certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption of this standard on its consolidated financial statements. 3. In March 2016, the FASB issued ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting". This ASU affects entities that issue share-based payment awards to their employees. The ASU is designed to simplify several aspects of accounting for share-based payment award transactions which include the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cashflows and forfeiture rate calculations. ASU 2016-09 will become effective for the Company in the annual period ending August 31, 2018. Early adoption is permitted in any interim or annual period. The Company is currently in the process of evaluating the impact of the adoption of this standard on its consolidated financial statements. 4. In April 2016, FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 covers two specific topics: performance obligations and licensing. This amendment includes guidance on immaterial promised goods or services, shipping or handling activities, separately identifiable performance obligations, functional or symbolic intellectual property licenses, sales-based and usage-based royalties, license restrictions (time, use, geographical) and licensing renewals. In addition, in May 2016, FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which is intended to not change the core principle of the guidance in Topic 606, but rather affect only the narrow aspects of Topic 606 by reducing the potential for diversity in practice at initial application and by reducing the cost and complexity of applying Topic 606 both at transition and on an ongoing basis. We currently evaluating the impact of the adoption of both revenue standards on its consolidated financial statements. 5. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayment or extinguishment costs, the maturing of a zero coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The retrospective transition method, requiring adjustment to all comparative periods presented, is required unless it is impracticable for some of the amendments, in which case those amendments would be prospectively as of the earliest date practicable. The standard is effective on January 1, 2019. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements and footnote disclosures.

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
SIGNIFICANT ACCOUNTING POLICIES
Property and equipment rates of estimated useful lives	% Computers and peripheral equipment 33 Laboratory equipment 7 - 15 Office furniture and equipment 6 Leasehold improvements Over the shorter of the lease term or useful economic life
Schedule of financial assets and liabilities measured at fair value	December 31, 2015 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial assets $ $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Reverse Repurchase Agreements $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants to purchase Ordinary Shares ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money Market Funds — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total financial liabilities $ $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

OTHER ACCOUNTS RECEIVABLE AND21

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2016
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES
Schedule of other accounts receivable and prepaid expenses	December 31, 2016 2015 Prepaid expenses and others $ $ Government authorities ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2016
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	December 31, 2016 2015 Cost: Computers and peripheral equipment $ $ Laboratory equipment Office furniture and equipment Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation: Computers and peripheral equipment Laboratory equipment Office furniture and equipment Leasehold improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

OTHER ACCOUNTS PAYABLE AND AC23

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2016
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of other accounts payable and accrued expenses	December 31, 2016 2015 Employee and payroll accruals $ $ Accrued expenses ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

WARRANTS TO PURCHASE ORDINARY24

WARRANTS TO PURCHASE ORDINARY SHARES (Tables)	12 Months Ended
	Dec. 31, 2016
WARRANTS TO PURCHASE ORDINARY SHARES
Schedule of assumptions used in estimating fair value of warrants	August 4, December 31, Risk-free interest rate(1) % % Expected volatility(2) % % Expected life (in years)(3) Expected dividend yield(4) % % Fair value per warrant: $ $ (1) Risk free interest rate based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. (2) Expected volatility was calculated based on actual historical share price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants. (3) Expected life was based on the contractual term of the warrants. (4) Expected dividend yield was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future.

COMMITMENTS AND CONTINGENT LI25

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENT LIABILITIES
Summary of future minimum aggregate lease commitments	As of December 31, Total 2017 $ 2018 2019 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

TAXES ON INCOME (Tables)

TAXES ON INCOME (Tables)	12 Months Ended
	Dec. 31, 2016
TAXES ON INCOME
Schedule of significant components of deferred tax assets	December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ $ Research and development credits Accrued social benefits and other Issuance cost related to IPO ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets before valuation allowance Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax asset $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of loss (income) before taxes on income	December 31, 2016 2015 Domestic $ $ Foreign ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Reconciliation of the total amounts of unrecognized tax benefits	December 31, 2016 2015 Unrecognized tax benefits, beginning of year $ $ Increase in unrecognized tax benefits for current year — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS' EQUITY (DEFICIT) (Tables)	12 Months Ended
	Dec. 31, 2016
SHAREHOLDERS' EQUITY
Schedule of share capital	December 31, 2016 December 31, 2015 Authorized Issued and Authorized Issued and Ordinary share of NIS 0.01 par value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of stock options roll forward	Number of Weighted Weighted Aggregate $ (years) $ Options outstanding at January 1, 2016 Options granted Options expired ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and expected to be vested at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested at end of year — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of options outstanding based on exercise price	Exercise price Options Weighted average Options Weighted average (years) (years) 2.70 — 2.74 — 3.40 — 3.59 — 3.61 3.64 — 3.80 — 3.85 — 3.96 4.38 5.55 5.60 5.84 7.45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the assumptions used to estimate the fair values of the options granted	Year ended December 31 2016 2015 Volatility 79.7% - 98.78% 61.1% - 61.49% Risk-free interest rate 1.25% - 2.17% 1.17% - 1.97% Dividend yield 0% 0% Expected life (years) 5.87 4.33 - 5.91
Schedule of total compensation cost related to all of the Company's equity-based awards	Year ended 2016 2015 Research and development $ $ Sales and Marketing General and administrative ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SELECTED STATEMENTS OF COMPREHE

SELECTED STATEMENTS OF COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2016
SELECTED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Schedule of revenue by geographic area	Year ended Year ended Licensing Revenue: Europe $ $ ​ ​ ​ ​ ​ ​ ​ ​ Total revenue $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of long-lived assets by geographic area	December 31, 2016 2015 Long-lived assets: Israel $ $ United States United Kingdom France Switzerland ​ ​ ​ ​ ​ ​ ​ ​ Total long-lived assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of sales to single customer exceeding 10%	Year ended Year ended Sales to a single customer exceeding 10%: Cardiome % %
Schedule of financial expense (income), net	Year ended 2016 2015 Financial expenses: Interest expense and bank fees $ $ Issuance costs allocated to warrants — ​ ​ ​ ​ ​ ​ ​ ​ $ $ Financial income: Interest income $ ) $ ) Reevaluation of fair value of warrants to purchase Convertible Preferred Shares — ) Reevaluation of fair value of warrants to purchase Ordinary Shares ) — Foreign currency translation adjustments ) ) ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ Total financial income, net $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of weighted average number of shares	Year ended 2016 2015 Numerator: Net loss $ $ Dividends accumulated for the period(*) — ​ ​ ​ ​ ​ ​ ​ ​ Net loss available to shareholders of Ordinary Shares $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share (*) The net loss used for the computation of basic and diluted net loss per share include the compounded dividend of eight percent per annum which shall be distributed to shareholders in case of distributable assets determined in the AOA under the liquidation preference right.

GENERAL (Details)

GENERAL (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)product	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Organizational disclosures
Shareholders' equity (deficit)	$ 14,311	$ 28,547	$ (36,321)
Operating losses	27,398	24,685
Negative cash flows from operating activities	$ 25,850	$ 21,579
Products For Treatment Of Postsurgical And Acute Pain In Home Setting
Organizational disclosures
Number of products in development | product	2

GENERAL - IPO (Details)

GENERAL - IPO (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 22, 2015	Mar. 25, 2015	Mar. 25, 2015	Mar. 19, 2015	Dec. 31, 2015	Dec. 31, 2014
Initial Public Offering
Proceeds from issuance of Ordinary Shares, net of underwriters' fees					$ 1,308
Warrants Disclosures
Number of Warrants for Convertible Preferred Shares exercised for cash (in shares)				295,697
Number of Warrants for Convertible Preferred Shares exercised on cashless basis (in shares)				405,232
Net number of Warrants for Convertible Preferred Shares exercised (in shares)				401,746
Number of Warrants for Convertible Preferred Shares cancelled (in shares)				3,486
Number of Warrants for Convertible Preferred Shares automatically converted into warrants for Ordinary Shares (in shares)			10,191
Convertible Preferred Shares
Warrants Disclosures
Warrants outstanding (in shares)				10,191		711,120
IPO
Initial Public Offering
Issuance of Ordinary Shares (in shares)		4,700,000
Price per share		$ 8.50	$ 8.50
Aggregate net proceeds received from IPO offering, net of underwriting discounts and commissions and offering expenses		$ 34,696			$ 34,696
Conversion of Convertible Preferred Shares into Ordinary Shares upon IPO (in shares)			7,464,320
Underwriters Overallotment Option Exercise
Initial Public Offering
Issuance of Ordinary Shares, net of underwriters fees (in shares)	165,452
Proceeds from issuance of Ordinary Shares, net of underwriters' fees	$ 1,308

GENERAL - EXECUTIVE LICENSE AND

GENERAL - EXECUTIVE LICENSE AND SUPPLY AGREEMENT (Details) - Cardiome - Collaboration $ in Thousands	Jun. 28, 2015USD ($)
License and supply agreement
Upfront payment provided for per license agreement	$ 3,000
Aggregate maximum milestone payments to be achieved per agreement	$ 9,250
Scaling royalty percentage, low end of range	low teens
Scaling royalty percentage, high end of range	mid-teens

GENERAL - PRIVATE PLACEMENT(Det

GENERAL - PRIVATE PLACEMENT(Details) $ / shares in Units, $ in Thousands	Aug. 04, 2016USD ($)director	Jul. 29, 2016USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares	Mar. 01, 2015shares	Feb. 28, 2015shares
Class of Stock [Line Items]
Ordinary Shares, shares authorized | shares			50,000,000	50,000,000	50,000,000	5,000,000
Private Placement | Ordinary Shares
Class of Stock [Line Items]
Value of shares to which the Company agreed to issue and sell under subscription agreement		$ 32,000
Issuance costs			$ 1,748
Private Placement | Ordinary Shares | First tranche
Class of Stock [Line Items]
Ordinary Shares, shares authorized | shares		6,554,016
Private Placement | Ordinary Shares | Second tranche
Class of Stock [Line Items]
Value of shares to which the Company agreed to issue and sell under subscription agreement		$ 10,700
Price per share | $ / shares		$ 3.13
Private Placement | Warrant to purchase ordinary shares
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares		$ 3.5995
Private Placement | Warrant to purchase ordinary shares | First tranche
Class of Stock [Line Items]
Warrants authorized (in shares) | shares		6,554,016
Private Placement | Ordinary shares and warrants to purchase ordinary shares
Class of Stock [Line Items]
Maximum liquidated damages for each participant on the basis of pro-rata purchase price of Shares (as a percent)		5.00%
Private Placement | Ordinary shares and warrants to purchase ordinary shares | First tranche
Class of Stock [Line Items]
Exercise price of units (in dollars per unit) | $ / shares		$ 3.255
Gross proceeds from Issuance of Shares and Warrants	$ 21,333
Number of board members invested | director	2
Issuance costs	$ 1,748
Private Placement | Ordinary shares and warrants to purchase ordinary shares | First tranche | Board members
Class of Stock [Line Items]
Gross proceeds from Issuance of Shares and Warrants	$ 5,133

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES - CASH AND CASH EQUIVALENTS(Details)	12 Months Ended
	Dec. 31, 2016
Cash and cash equivalents
Minimum collateral percentage on reverse repurchase agreements principal	102.00%

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES - PROPERTY AND EQUIPMENT (Details0 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property and equipment
Impairment of property and equipment	$ 0	$ 380
Computers and peripheral equipment
Property and equipment
Property and equipment, depreciation rate (as a percent)	33.00%
Laboratory equipment | Minimum
Property and equipment
Property and equipment, depreciation rate (as a percent)	7.00%
Laboratory equipment | Maximum
Property and equipment
Property and equipment, depreciation rate (as a percent)	15.00%
Office furniture and equipment
Property and equipment
Property and equipment, depreciation rate (as a percent)	6.00%

SIGNIFICANT ACCOUNTING POLICI35

SIGNIFICANT ACCOUNTING POLICIES - ADVERTISING COSTS AND REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	12 Months Ended		30 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Advertising costs
Total advertising costs	$ 126	$ 153
Forecast
Revenue recognition
License and Services revenue over the performance period			$ 3,000

SIGNIFICANT ACCOUNTING POLICI36

SIGNIFICANT ACCOUNTING POLICIES - SEVERANCE PAY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Severance pay
Number of month's salary eligible to employees for each year of employment as severance pay	1 month
Percentage of monthly salary eligible to employees as severance pay	8.33%
Expense related to severance pay	$ 71	$ 49

SIGNIFICANT ACCOUNTING POLICI37

SIGNIFICANT ACCOUNTING POLICIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Net financial assets (liabilities)
Warrants to purchase Ordinary Shares	$ (7,078)
Recurring basis
Net financial assets (liabilities)
Reverse Repurchase Agreements	13,001	$ 31,000
Money Market Funds	6,455
Net financial assets (liabilities)	12,378	31,000
Recurring basis | Convertible Preferred Shares
Net financial assets (liabilities)
Warrants to purchase Ordinary Shares	(7,078)
Level 1 | Recurring basis
Net financial assets (liabilities)
Money Market Funds	6,455
Net financial assets (liabilities)	6,455
Level 2 | Recurring basis
Net financial assets (liabilities)
Reverse Repurchase Agreements	13,001	31,000
Net financial assets (liabilities)	13,001	$ 31,000
Level 3 | Recurring basis
Net financial assets (liabilities)
Net financial assets (liabilities)	(7,078)
Level 3 | Recurring basis | Convertible Preferred Shares
Net financial assets (liabilities)
Warrants to purchase Ordinary Shares	$ (7,078)

SIGNIFICANT ACCOUNTING POLICI38

SIGNIFICANT ACCOUNTING POLICIES - NET LOSS PER SHARE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2016₪ / shares	Dec. 31, 2015₪ / shares
Warrants Disclosures
Ordinary Shares, par value per share | ₪ / shares			₪ 0.01	₪ 0.01
Basic and diluted net loss per share:
Dividends declared or paid | $	$ 0	$ 0
Securities excluded from the calculation of diluted net loss per share | shares	8,253,762	1,260,089

OTHER ACCOUNTS RECEIVABLE AND39

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES
Prepaid expenses and other	$ 135	$ 112
Government authorities	17	176
Other accounts receivables and prepaid expenses	$ 152	$ 288

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment, Net, by Type [Abstract]
Cost	$ 5,890	$ 3,304
Accumulated depreciation	1,341	721
Property and equipment, net	4,549	2,583
Depreciation expense	620	339
Computers and peripheral equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Cost	260	170
Accumulated depreciation	159	119
Laboratory equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Cost	5,442	2,955
Accumulated depreciation	1,077	504
Office furniture and equipment
Property, Plant and Equipment, Net, by Type [Abstract]
Cost	96	91
Accumulated depreciation	20	16
Leasehold improvements
Property, Plant and Equipment, Net, by Type [Abstract]
Cost	92	88
Accumulated depreciation	$ 85	$ 82

OTHER ACCOUNTS PAYABLE AND AC41

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Employee and payroll accruals	$ 891	$ 896
Accrued expenses	1,696	1,437
Total	$ 2,587	$ 2,333

LOAN (Details)

LOAN (Details) $ / shares in Units, $ in Thousands	Feb. 20, 2013USD ($)$ / sharesshares
Loan Agreement
Loan
Term of loan	3 years
Amount borrowed | $	$ 1,500
Bank | Series D Preferred shares
Loan
Warrants issued to purchase preferred stock | shares	7,332
Exercise price of warrant | $ / shares	$ 6.14
Expiration term of warrants	10 years

WARRANTS TO PURCHASE ORDINARY43

WARRANTS TO PURCHASE ORDINARY SHARES (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2016	Aug. 04, 2016	Dec. 31, 2016
Assumptions used in determination of fair value
Liability related to warrants	$ 7,078		$ 7,078
Financial expense (income) recorded as a result of change in the warrants' fair value			(2,491)
Warrant to purchase ordinary shares | Private Placement
Assumptions used in determination of fair value
Liability related to warrants	$ 7,078		7,078
Financial expense (income) recorded as a result of change in the warrants' fair value			$ (2,491)
Warrant to purchase ordinary shares | Monte Carlo Option Pricing Model | Private Placement
Assumptions used in determination of fair value
Risk-free interest rate (1)	1.84%	1.03%
Expected volatility (2)	65.50%	72.70%
Expected life (3)	4 years 7 months 2 days	5 years
Expected dividend yield (4)	0.00%	0.00%
Fair value per warrant	$ 1.08	$ 1.46	$ 1.08

COMMITMENTS AND CONTINGENT LI44

COMMITMENTS AND CONTINGENT LIABILITIES - LEASES (Details) - USD ($) $ in Thousands	Sep. 30, 2013	Jun. 30, 2012	May 31, 2015	Dec. 31, 2016
Israel
Operating lease agreement
Lease term		3 years
Lease extension term		6 months
Additional lease extension term per option exercised		24 months
Future minimum aggregate lease commitments under non-cancelable operating lease agreements
2,017				$ 384
2,018				256
2,019				106
Future minimum aggregate lease commitments				$ 746
San Ramon, California | Previous Office
Operating lease agreement
Lease term	17 months
San Ramon, California | New Office
Operating lease agreement
Lease term			4 years

COMMITMENTS AND CONTINGENT LI45

COMMITMENTS AND CONTINGENT LIABILITIES - OTHER COMMITMENTS (Details) $ in Thousands	12 Months Ended		144 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)
Purchase obligations
Purchase Commitment, Remaining Minimum Amount Committed	$ 567		$ 567
Combined OCS and Incubator, RAD Biomed Ltd
Royalties
Grants received			$ 765
Royalties to be paid as percentage of amount received, maximum if transfer intellectual property out of Israel (as a percent)	600.00%
Intellectual property transferred out of Israel	$ 0
Provision for grants received which become loans to be repaid if transfer intellectual property out of Israel	$ 0
OCS
Royalties
Royalties to be paid as percentage of amount received, minimum at base (as a percent)	150.00%
Royalties to be paid as percentage of amount received, maximum at base (as a percent)	300.00%
Royalty Expense	$ 23	$ 35
Minimum | OCS
Royalties
Royalties commitment on future revenues for first three years (as a percent)	3
Royalties commitment on future revenues for fourth year (as a percent)	3.5
Maximum | OCS
Royalties
Royalties commitment on future revenues for first three years (as a percent)	4
Royalties commitment on future revenues for fourth year (as a percent)	4.5

TAXES ON INCOME - Tax Rates (De

TAXES ON INCOME - Tax Rates (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Taxes on income
Statutory federal tax rate (as a percent)			25.00%
Forecast
Taxes on income
Statutory federal tax rate (as a percent)	23.00%	24.00%

TAXES ON INCOME - Tax benefits

TAXES ON INCOME - Tax benefits under Law for Encouragement of Capital Investments (Details)	12 Months Ended
	Dec. 31, 2016
Law For Encouragement Of Capital Investments, April 2005 Amendment
Taxes on income
Minimum required percentage of income derived from export due to amendment	25.00%
Tax exemption period (in years)	2 years
Income tax benefit period, limitation from Year of Election (in years)	12 years
Withholding tax rate for dividend recipient, if dividend distributed during the tax period or within twelve years thereafter (as a percent)	15.00%
Law For Encouragement Of Capital Investments, December 2010 Amendment
Taxes on income
Income tax rate under amendment for dividends distribution to individuals or foreign residents (as a percent)	20.00%
Tax Period 2014 and Thereafter | Law For Encouragement Of Capital Investments, December 2010 Amendment
Taxes on income
Income tax rate under amendment (as a percent)	16.00%
Income tax rate in development area A under the amendment (as a percent)	9.00%
Minimum | Law For Encouragement Of Capital Investments, April 2005 Amendment
Taxes on income
Tax benefit period (in years)	7 years
Income tax period after two years of tax exemption (in years)	5 years
Income tax rate based on foreign ownership (as a percent)	10.00%
Maximum | Law For Encouragement Of Capital Investments, April 2005 Amendment
Taxes on income
Tax benefit period (in years)	10 years
Income tax period after two years of tax exemption (in years)	8 years
Income tax rate based on foreign ownership (as a percent)	25.00%

TAXES ON INCOME - DEFERRED TAXE

TAXES ON INCOME - DEFERRED TAXES COMPONENTS AND OTHER TAX SCHEDULES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Taxes on income
Net operating loss carryforwards	$ 57,805
Deferred tax assets:
Net operating loss carryforwards	13,295	$ 10,881
Research and development credits	4,885	6,088
Accrued social benefits and other	29	44
Issuance cost related to IPO	430	937
Deferred tax assets before valuation allowance	18,639	17,950
Valuation allowance	(18,639)	(17,950)
Net deferred tax asset	0	0
Loss (income) before taxes on income:
Loss (income) before taxes on income	25,497	24,597
Reconciliation of the beginning and ending balances of unrecognized tax benefits:
Unrecognized tax benefits, beginning of year	258	208
Increase in unrecognized tax benefits for current year		50
Unrecognized tax benefits, end of year	258	258
Domestic
Loss (income) before taxes on income:
Loss (income) before taxes on income	25,815	24,864
Foreign
Loss (income) before taxes on income:
Loss (income) before taxes on income	$ (318)	$ (267)

SHAREHOLDERS' EQUITY (DEFICIT49

SHAREHOLDERS' EQUITY (DEFICIT) - SCHEDULE OF SHARE CAPITAL (Details)	12 Months Ended
	Dec. 31, 2016Vote₪ / sharesshares	Dec. 31, 2015₪ / sharesshares	Mar. 01, 2015shares	Feb. 28, 2015shares
Share capital:
Ordinary Shares, par value per share | ₪ / shares	₪ 0.01	₪ 0.01
Authorized Shares
Ordinary share, authorized shares	50,000,000	50,000,000	50,000,000	5,000,000
Total Authorized Shares	50,000,000	50,000,000
Issued Shares
Ordinary share, Issued shares	20,139,826	13,585,810
Total Issued Shares	20,139,826	13,585,810
Outstanding Shares
Ordinary share, Outstanding shares	20,139,826	13,585,810
Total Shares Outstanding	20,139,826	13,585,810
Ordinary Shares
Outstanding Shares
Number of votes per share | Vote	1

SHAREHOLDERS' EQUITY (DEFICIT50

SHAREHOLDERS' EQUITY (DEFICIT) - CONVERTIBLE PREFERRED SHARES (Details) $ / shares in Units, $ in Thousands	Apr. 22, 2015USD ($)shares	Mar. 25, 2015USD ($)$ / sharesshares	Mar. 01, 2015shares	Jan. 24, 2015USD ($)$ / sharesshares	Apr. 09, 2014USD ($)$ / sharesshares	Feb. 17, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2016shares	Feb. 28, 2015shares
Shareholders' Deficit disclosures
Stock split ratio			7.75
Ordinary Shares, shares authorized | shares			50,000,000				50,000,000	50,000,000	5,000,000
Proceeds from issuance of Ordinary Shares, net of underwriters' fees							$ 1,308
IPO
Shareholders' Deficit disclosures
Share Price (in dollars per share) | $ / shares		$ 8.50
Issuance costs		$ 5,200
Gross consideration from issuance of Ordinary Shares		$ 40,000
Issuance of Ordinary Shares (in shares) | shares		4,700,000
Underwriters Over-Allotment Option
Shareholders' Deficit disclosures
Issuance of Ordinary Shares, net of underwriters' fees (in shares) | shares	165,452
Proceeds from issuance of Ordinary Shares, net of underwriters' fees	$ 1,308
Series E Convertible Preferred Stock Warrant
Shareholders' Deficit disclosures
Warrants issued (in shares) | shares						240,491
Exercise price of warrants (in dollars per share) | $ / shares						$ 0.001
Expiration term of warrants						7 years
Series E Preferred shares
Shareholders' Deficit disclosures
Gross proceeds from issuance of Preferred shares and warrants					$ 5,625	$ 13,608
Share Price (in dollars per share) | $ / shares				$ 8.49	$ 8.49	$ 8.49
Number of convertible preferred shares shares issued | shares					662,725	1,603,297
Issuance costs						$ 26
Proceeds from issuance of convertible preferred shares				$ 11,406
Convertible Preferred Stock issued (in shares) | shares				1,445,966

SHAREHOLDERS' EQUITY (DEFICIT51

SHAREHOLDERS' EQUITY (DEFICIT) - PRIVATE PLACEMENT (Details) $ / shares in Units, $ in Thousands	Aug. 04, 2016USD ($)director	Jul. 29, 2016₪ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2016₪ / sharesshares	Jul. 29, 2016USD ($)$ / sharesshares	Dec. 31, 2015₪ / sharesshares	Mar. 01, 2015shares	Feb. 28, 2015shares
Class of Stock [Line Items]
Ordinary Shares, shares authorized | shares				50,000,000		50,000,000	50,000,000	5,000,000
Ordinary share, nominal value (in dollars per share) | ₪ / shares				₪ 0.01		₪ 0.01
Private Placement | Ordinary Shares
Class of Stock [Line Items]
Value of shares to which the Company agreed to issue and sell under subscription agreement					$ 32,000
Issuance costs			$ 1,748
Private Placement | Ordinary Shares | First tranche
Class of Stock [Line Items]
Ordinary Shares, shares authorized | shares					6,554,016
Ordinary share, nominal value (in dollars per share) | ₪ / shares		₪ 0.01
Private Placement | Ordinary Shares | Second tranche
Class of Stock [Line Items]
Value of shares to which the Company agreed to issue and sell under subscription agreement					$ 10,700
Price per share | $ / shares					$ 3.13
Private Placement | Warrant to purchase ordinary shares
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share) | $ / shares					$ 3.5995
Private Placement | Warrant to purchase ordinary shares | First tranche
Class of Stock [Line Items]
Warrants authorized (in shares) | shares					6,554,016
Private Placement | Ordinary shares and warrants to purchase ordinary shares
Class of Stock [Line Items]
Maximum liquidated damages for each participant on the basis of pro-rata purchase price of Shares (as a percent)		5.00%
Private Placement | Ordinary shares and warrants to purchase ordinary shares | First tranche
Class of Stock [Line Items]
Exercise price of units (in dollars per unit) | $ / shares					$ 3.255
Gross proceeds from Issuance of Shares and Warrants	$ 21,333
Number of board members invested | director	2
Issuance costs	$ 1,748
Private Placement | Ordinary shares and warrants to purchase ordinary shares | First tranche | Board members
Class of Stock [Line Items]
Gross proceeds from Issuance of Shares and Warrants	$ 5,133

SHAREHOLDERS' EQUITY (DEFICIT52

SHAREHOLDERS' EQUITY (DEFICIT) - STOCK BASED COMPENSATION (Details) - USD ($)	Oct. 05, 2016	Jul. 07, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 25, 2015	Jun. 18, 2009
Stock options, employees
Stock-based compensation
Threshold limit for reduction in exercise price (in dollars per share)		$ 3.61
Additional compensation due to fair value modification		$ 49,000
Compensation cost recorded from modification of equity-based arrangements				$ 5,000	$ 44,000
Options granted (in shares)			433,620
Stock options, directors.
Stock-based compensation
Options granted (in shares)	23,250
Options granted (in dollars per share)	$ 3.85
2009 Plan | Stock options, all inclusive recipients
Stock-based compensation
Shares authorized for issue under the plan					978,655		55,971
Vesting period			3 years
Expiration period			7 years
Shares available for future grant (in shares)						1,072,879
Amended and Restated 2009 Stock Incentive Plan
Stock-based compensation
Automatic annual increase in authorized number of ordinary shares available for future grant under stock option plan (as a percent)	4.00%
Minimum | Stock options, employees
Stock-based compensation
Options granted (in dollars per share)			$ 2.74
Maximum | Stock options, employees
Stock-based compensation
Options granted (in dollars per share)			$ 3.80

SHAREHOLDERS' EQUITY (DEFICIT53

SHAREHOLDERS' EQUITY (DEFICIT) - OPTIONS ROLLFORWARD (Details) - Amended and Restated 2009 Stock Incentive Plan - Stock options, employees and directors - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of options
Options outstanding at beginning of period (in shares)	1,247,185
Options granted (in shares)	456,870
Options expired (in shares)	(14,500)
Options outstanding at end of period (in shares)	1,689,555	1,247,185
Options vested and expected to be vested at end of period (in shares)	1,672,623
Options vested at end of period (in shares)	945,260
Weighted average exercise price per share
Options outstanding at beginning of period (in dollars per share)	$ 4.39
Options granted (in dollars per share)	2.94
Options expired (in dollars per share)	3.18
Options outstanding at end of period (in dollars per share)	4.02	$ 4.39
Options vested and expected to be vested at end of period (in dollars per share)	4.03
Options vested at end of period (in dollars per share)	$ 4.20
Weighted average remaining contractual life
Weighted average remaining contractual life, Outstanding (in years)	6 years 22 days	5 years 9 months 11 days
Weighted average remaining contractual life, Vested and expected to be vested (in years)	6 years 11 days
Weighted average remaining contractual life, Vested (in years)	4 years 3 months 7 days
Aggregate intrinsic value
Aggregate intrinsic value, Outstanding at the beginning of the period	$ 8,990
Aggregate intrinsic value, Outstanding at the end of the period		$ 8,990

SHAREHOLDERS' EQUITY (DEFICIT54

SHAREHOLDERS' EQUITY (DEFICIT) - OPTIONS OUTSTANDING BY EXERCISE RANGE (Details) - Stock options, employees and directors	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Options Outstanding
Number of options outstanding	1,689,555
Weighted average remaining contractual term	6 years 22 days
Options Exercisable
Number of options exercisable	945,260
Weighted average remaining contractual term	4 years 3 months 7 days
2.70
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 2.70
Options Outstanding
Number of options outstanding	35,000
Weighted average remaining contractual term	9 years 11 months 23 days
2.74
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 2.74
Options Outstanding
Number of options outstanding	312,780
Weighted average remaining contractual term	9 years 5 months 16 days
3.40
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.40
Options Outstanding
Number of options outstanding	35,000
Weighted average remaining contractual term	9 years 11 months 1 day
3.59
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.59
Options Outstanding
Number of options outstanding	5,000
Weighted average remaining contractual term	9 years 9 months
3.61
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.61
Options Outstanding
Number of options outstanding	772,136
Weighted average remaining contractual term	3 years 7 months 21 days
Options Exercisable
Number of options exercisable	684,434
Weighted average remaining contractual term	3 years 6 months
3.64
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.64
Options Outstanding
Number of options outstanding	13,000
Weighted average remaining contractual term	9 years 8 months 19 days
3.80
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.80
Options Outstanding
Number of options outstanding	25,000
Weighted average remaining contractual term	9 years 10 months 21 days
3.85
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.85
Options Outstanding
Number of options outstanding	23,250
Weighted average remaining contractual term	9 years 9 months 4 days
3.96
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 3.96
Options Outstanding
Number of options outstanding	5,178
Weighted average remaining contractual term	4 years 9 months 11 days
Options Exercisable
Number of options exercisable	5,178
Weighted average remaining contractual term	4 years 9 months 11 days
4.38
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 4.38
Options Outstanding
Number of options outstanding	3,500
Weighted average remaining contractual term	8 years 6 months 26 days
Options Exercisable
Number of options exercisable	1,459
Weighted average remaining contractual term	8 years 6 months 26 days
5.55
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 5.55
Options Outstanding
Number of options outstanding	5,000
Weighted average remaining contractual term	8 years 6 months 26 days
Options Exercisable
Number of options exercisable	2,084
Weighted average remaining contractual term	8 years 6 months 26 days
5.60
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 5.60
Options Outstanding
Number of options outstanding	200,100
Weighted average remaining contractual term	8 years 7 months 6 days
Options Exercisable
Number of options exercisable	83,382
Weighted average remaining contractual term	8 years 7 months 6 days
5.84
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 5.84
Options Outstanding
Number of options outstanding	248,798
Weighted average remaining contractual term	5 years 26 days
Options Exercisable
Number of options exercisable	165,817
Weighted average remaining contractual term	5 years 26 days
7.45
Options outstanding by exercise range
Range of Exercise Price (in dollars per share) | $ / shares	$ 7.45
Options Outstanding
Number of options outstanding	5,813
Weighted average remaining contractual term	8 years 5 months 9 days
Options Exercisable
Number of options exercisable	2,906
Weighted average remaining contractual term	8 years 5 months 9 days

SHAREHOLDERS' EQUITY (DEFICIT55

SHAREHOLDERS' EQUITY (DEFICIT) - FAIR VALUE ASSUMPTIONS FOR OPTIONS GRANTED (Details) - Stock options, all inclusive recipients - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation
Weighted average grant-date fair value of options granted (in dollars per share)	$ 2.94	$ 3.02
Total unrecognized compensation cost related to non-vested stock option awards	$ 1,409
Weighted average period for recognition of compensation cost related to unvested stock awards	1 year 10 months 28 days
Assumptions used to estimate the fair values of options granted
Volatility rate, minimum (as a percent)	79.70%	61.10%
Volatility rate, maximum (as a percent)	98.78%	61.49%
Risk-free interest rate, minimum (as a percent)	1.25%	1.17%
Risk-free interest rate, maximum (as a percent)	2.17%	1.97%
Dividend yield (as a percent)	0.00%	0.00%
Expected life	5 years 10 months 13 days
Minimum
Assumptions used to estimate the fair values of options granted
Expected life		4 years 3 months 29 days
Maximum
Assumptions used to estimate the fair values of options granted
Expected life		5 years 10 months 28 days

SHAREHOLDERS' EQUITY (DEFICIT56

SHAREHOLDERS' EQUITY (DEFICIT) - COMPENSATION COST RELATED TO EQUITY-BASED AWARDS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock-based compensation costs
Allocated share based compensation expense	$ 833	$ 583
Research and development
Stock-based compensation costs
Allocated share based compensation expense	129	145
Sales and marketing
Stock-based compensation costs
Allocated share based compensation expense	10	11
General and administrative
Stock-based compensation costs
Allocated share based compensation expense	$ 694	$ 427

SELECTED STATEMENTS OF COMPRE57

SELECTED STATEMENTS OF COMPREHENSIVE LOSS - Revenue and Long lived assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
Revenues from external customers and long-lived assets
Number of Operating Segments | segment	1
Geographic Areas, Revenues from External Customers
Revenues	$ 1,065	$ 869
Geographic Areas, Long-Lived Assets
Long-Lived Assets	$ 4,549	$ 2,583
Customer Concentration Risk | Sales Revenue, Net
Geographic Areas, Long-Lived Assets
Sales to a single customer exceeding 10%:	100.00%	100.00%
Europe
Geographic Areas, Revenues from External Customers
Revenues	$ 1,065	$ 869
Israel
Geographic Areas, Long-Lived Assets
Long-Lived Assets	375	372
United States
Geographic Areas, Long-Lived Assets
Long-Lived Assets	330	380
United Kingdom
Geographic Areas, Long-Lived Assets
Long-Lived Assets	3,075	1,466
France
Geographic Areas, Long-Lived Assets
Long-Lived Assets	61	61
Switzerland
Geographic Areas, Long-Lived Assets
Long-Lived Assets	$ 708	$ 304

SELECTED STATEMENTS OF COMPRE58

SELECTED STATEMENTS OF COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Financial expenses:
Interest expense and bank fees	$ 97	$ 77
Issue costs allocated to warrants	784
Total financial expenses	881	77
Financial income:
Interest income	(74)	(50)
Re-evaluation of fair value of warrants to purchase Convertible Preferred Shares		(40)
Re-evaluation of fair value of warrants to purchase Ordinary Shares	(2,491)
Foreign currency translation adjustments	(217)	(75)
Total financial income	(2,782)	(165)
Financial expenses (income), net	(1,901)	(88)
Numerator:
Net loss	25,869	24,971
Dividends accumulated for the period		988
Net loss available to shareholders of Ordinary shares	$ 25,869	$ 25,959
Denominator:
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share	16,253,975	10,593,227
Preferred stock dividend rate (as a percent)	8.00%