Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | SteadyMed Ltd. | |
Entity Central Index Key | 1619087 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 13,415,703 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $48,893 | $6,167 |
Restricted cash | 850 | 1,026 |
Other accounts receivable and prepaid expenses | 283 | 151 |
Total current assets | 50,026 | 7,344 |
Property and equipment, net | 1,680 | 1,374 |
Deferred IPO costs | 1,463 | |
Severance pay fund | 105 | 99 |
Long-term lease deposit | 46 | 46 |
Total assets | 51,857 | 10,326 |
Current liabilities | ||
Current maturity of loan | 563 | 563 |
Trade payables | 1,977 | 1,991 |
Other accounts payable and accrued expenses | 2,588 | 1,793 |
Total current liabilities | 5,128 | 4,347 |
Loan | 82 | 219 |
Accrued severance pay | 134 | 132 |
Warrants to purchase Convertible Preferred Shares | 6,072 | |
Other accounts payable | 260 | 208 |
Total liabilities | 5,604 | 10,978 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
CONVERTIBLE PREFERRED SHARES: | ||
Series A1-E Preferred Shares of NIS 0.01 par value. Authorized: 8,060,923 and 0 at December 31, 2014 and March 31, 2015 respectively. Issued and outstanding: 5,895,657 and 0 at December 31, 2014 and March 31, 2015 respectively. Aggregate liquidation preference of $46,694 and 0 at December 31, 2014 and March 31, 2015 respectively | 35,669 | |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Ordinary shares of NIS 0.01 par value. Authorized: 30,689,077 and 50,000,000 at December 31, 2014 and March 31, 2015 respectively. Issued and outstanding: 502,224 and 13,415,703 at December 31, 2014 and March 31, 2015 respectively | 34 | 1 |
Additional paid-in capital | 90,105 | 2,008 |
Accumulated deficit | -43,886 | -38,330 |
Total shareholders' equity (deficit) | 46,253 | -36,321 |
Total liabilities, and shareholders' equity (deficit) | $51,857 | $10,326 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | ILS | USD ($) | ILS | |
Temporary Equity Disclosures | ||||
Convertible preferred stock, par value (in ILS per share) | 0.01 | 0.01 | ||
Convertible preferred stock, liquidation preference (in dollars) | $0 | $46,694 | ||
Common Stock Disclosures | ||||
Common stock, par value (in ILS per share) | 0.01 | 0.01 |
Condensed_Consolidated_Balance2
Condensed Consolidated Balance Sheets (Parenthetical 2) | Mar. 31, 2015 | Dec. 31, 2014 |
Temporary Equity Disclosures | ||
Convertible preferred stock, shares authorized | 0 | 8,060,923 |
Convertible preferred stock, shares issued | 0 | 5,895,657 |
Convertible preferred stock, shares outstanding | 0 | 5,895,657 |
Common Stock Disclosures | ||
Common stock, shares authorized | 50,000,000 | 30,689,077 |
Common stock, shares issued | 13,415,703 | 502,224 |
Common stock, shares outstanding | 13,415,703 | 502,224 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses | ||
Research and development | $4,409 | $2,251 |
Marketing | 222 | 219 |
General and administrative | 905 | 363 |
Total operating loss | 5,536 | 2,833 |
Financial income, net | -103 | -81 |
Loss before taxes on income | -5,433 | -2,752 |
Taxes on income | -123 | -45 |
Net loss | ($5,556) | ($2,797) |
Net loss per share: | ||
Basic and diluted net loss per Ordinary Share | ($4.35) | ($6.74) |
Weighted-average number of ordinary shares used to compute basic and diluted net loss per share | 1,503,708 | 501,828 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Ordinary Shares | Additional paid-in capital | Accumulated deficit | Total |
In Thousands, except Share data, unless otherwise specified | ||||
Balance, beginning at Dec. 31, 2014 | $2 | $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) | 51,716 | |||
Conversion of Convertible Preferred Shares into Ordinary Shares upon IPO | 18 | 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 | 5,943 | 5,945 | |
Conversion of warrants to purchase Convertible Preferred Shares into Ordinary Shares (in shares) | 697,443 | 697,443 | ||
Conversion of warrants to purchase Convertible Preferred Shares into warrants to purchase Ordinary Shares | 87 | 87 | ||
Issuance of Ordinary Shares, net of issuance costs of $5,163, upon IPO | 12 | 34,775 | 34,787 | |
Issuance of Ordinary Shares, upon IPO (in shares) | 4,700,000 | |||
Stock-based compensation | 91 | 91 | ||
Net loss | -5,556 | -5,556 | ||
Balance, ending at Mar. 31, 2015 | $34 | $90,105 | ($43,886) | $46,253 |
Balance, ending (in shares) at Mar. 31, 2015 | 13,415,703 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 3 Months Ended | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 22, 2015 |
Stock issuance costs | $5,163 | |
Subsequent event | Underwriters Overallotment Option Exercise | ||
Common stock issued (in shares) | 165,452 | |
Net proceeds from the issuance of common stock | $1,308 | |
Ordinary Shares | ||
Common stock issued (in shares) | 4,700,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net loss | ($5,556) | ($2,797) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation | 91 | 2 |
Depreciation | 85 | 31 |
Accrued severance pay, net | -4 | 2 |
Amortization of discount on loan | 3 | 3 |
Revaluation of fair value of warrant to purchase Convertible Preferred Shares | -40 | -113 |
Increase in other accounts receivable and prepaid expenses | -132 | -302 |
Increase (decrease) in trade payables | -184 | 469 |
Increase (decrease) in other accounts payable and accrued expenses | 831 | -179 |
Net cash used in operating activities | -4,906 | -2,884 |
Cash flows from investing activities | ||
Proceeds from maturity of investment in restricted cash | 176 | 176 |
Purchases of property and equipment | -204 | -93 |
Investment in other assets | -6 | |
Net cash provided by (used in) investing activities | -28 | 77 |
Cash flows from financing activities | ||
Proceeds from issuance of Ordinary Shares, net of issuance costs upon IPO | 36,250 | |
Proceeds from issuance of Convertible Preferred Shares and warrants, net of issuance costs | 13,584 | |
Proceeds from issuance of Convertible Preferred Shares, net of issuance costs | 11,406 | |
Repayment of loan | -141 | -141 |
Proceeds from exercise of options into Ordinary Shares | 145 | |
Net cash provided by financing activities | 47,660 | 13,443 |
Net increase in cash and cash equivalents | 42,726 | 10,636 |
Cash and cash equivalents at beginning of period | 6,167 | 2,072 |
Cash and cash equivalents at end of period | 48,893 | 12,708 |
Supplemental disclosure of non-cash investing and financing activities | ||
Purchase of property and equipment | 184 | 101 |
Conversion of Warrants to purchase Convertible Preferred Shares into Ordinary Shares | 47,075 | |
Conversion of Convertible Preferred Shares into Ordinary Shares | 5,945 | |
Non-cash deferred IPO costs | 1,463 | |
Conversion of warrants to purchase Convertible Preferred Shares into warrants to purchase Ordinary Shares | 87 | |
Cash paid during the period | ||
Cash paid for interest | 10 | 60 |
Cash paid for taxes | $182 | $1 |
GENERAL
GENERAL | 3 Months Ended |
Mar. 31, 2015 | |
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 for the sale of Trevyent® for the treatment of pulmonary arterial hypertension, or PAH. The Company is also developing 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 and administrative support functions to the Company. | |
b.The Company had a shareholders’ equity (deficit) of $46,253 and $ (36,321) as of March 31, 2015 (unaudited) and December 31, 2014, respectively. The shareholders’ deficit as of December 31, 2014, resulted from its Convertible Preferred Shares being classified as temporary equity and the warrants to purchase Convertible Preferred Shares being classified as a non-current liability. The Convertible Preferred Shares were only redeemable upon contingent events that were not probable and the warrants included down round protection provisions. During the three months ended March 31, 2015, subsequent to the Company’s completion of its Initial Public Offering (“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 (the “Ordinary Shares”) and therefore classified as equity (See also Note 1c). | |
According to management’s estimates and based on the Company’s budget, the Company believes that its existing capital resources will be adequate to satisfy its expected liquidity requirements at least for the next 12 months. | |
c.Initial Public Offering: | |
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 operated under the ticker symbol “STDY”. | |
On March 25, 2015, the Company closed its IPO at a price of $8.50 per share when the aggregate net proceeds received by the Company from the offering were $34,787, net of underwriting discounts and commissions and offering expenses payable by the Company and excluding exercise of the overallotment option by the Company’s underwriters as described in Note 9. | |
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. | |
UNAUDITED_INTERIM_CONSOLIDATED
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
Unaudited Interim Consolidated Financial Statements | |
Unaudited Interim Consolidated Financial Statements | |
NOTE 2:- UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X, “Interim Financial Statements” and the rules and regulations for Form 10-Q of the SEC. Pursuant to those rules and regulations, the Company has condensed or omitted certain information and footnote disclosure it normally includes in its annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”). In the opinion of management, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) considered necessary for a fair presentation of the Company’s consolidated financial position as of March 31, 2015. Consolidated results of operations and consolidated cash flows for the three months ended March 31, 2015 and 2014, have been included. The results for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for the year ended on December 31, 2015. The accompanying Consolidated Financial Statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2014 included in the Company’s prospectus filed pursuant to Rule 424(b)(4) on March 20, 2015 with the SEC. | |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
Significant Accounting Policies | |
Significant Accounting Policies | |
NOTE 3:- SIGNIFICANT ACCOUNTING POLICIES | |
The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the Company’s Annual Report for the fiscal year ended December 31, 2014 included in the prospectus filed with the SEC on March 19, 2015 (the “Prospectus”) pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”), are applied consistently in these unaudited interim consolidated financial statements. | |
LOAN
LOAN | 3 Months Ended |
Mar. 31, 2015 | |
Loan | |
Loan | |
NOTE 4:- LOAN | |
On February 20, 2013, Inc. signed a Loan and Security Agreement (the “Agreement”) with a commercial bank (“Bank”) pursuant to which $1,500 (the “Loan”) was provided at the closing date at a variable annual rate equal to the greater of 5.25% or the three-year constant maturity treasury rate plus 5%. From September 30, 2013, the outstanding Loan will be repaid in 32 equal installments through May 22, 2016 (the “Maturity Date”). On February 15, 2015, the Agreement was amended to add Holdings as a co-borrower (collectively, Inc. and Holdings are the “Borrower”). | |
Under the Agreement, the Borrower must maintain at all times through the Maturity Date a cash balance at the lending Bank of not less than 125% of the outstanding loan principal. In addition, the Borrower is permitted to transfer cash to the Company from time to time however, at all times at least 90% of the aggregate amount of cash of the consolidated entities must be held by the Borrower. As of December 31, 2014 and March 31, 2015, the Company has met all the aforementioned financial covenants. | |
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 February 20, 2013, 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 applicable AOA. Such warrants have been exercised on a cashless basis during the three months ended March 31, 2015. | |
WARRANTS_TO_PURCHASE_CONVERTIB
WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Warrants to purchase convertible preferred shares | |||||
Warrants to purchase convertible preferred shares | |||||
NOTE 5:- WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES | |||||
The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the three months ended March 31, 2015. | |||||
The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: | |||||
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 our 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 Company accounts for such warrants (each of which include weighted average anti-dilution protection) as a liability according to the provisions of ASC 815-40, “Derivatives and Hedging - Contracts in Entity’s Own Equity”. The Company measures the warrants at fair value by using Monte Carlo Cliquent Option Pricing Model in each reporting period until the warrants are exercised or expired, with changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense, net. | |||||
The changes in Level 3 liabilities associated with warrants to purchase Convertible Preferred Shares are measured at fair value on a recurring basis. The following tabular presentation reflects the components of the liability associated with such warrants as of March 31, 2015 (unaudited): | |||||
Fair value of | |||||
warrants to | |||||
purchase | |||||
Convertible | |||||
Preferred | |||||
Shares | |||||
Balance at December 31, 2014 | $ | 6,072 | |||
Revaluation of fair value of warrants to purchase Convertible Preferred Shares | (40 | ) | |||
Classification to Equity upon conversion of warrants *) | (5,945 | ) | |||
Classification to Equity upon automatic conversion into warrants to purchase Ordinary Shares **) | (87 | ) | |||
Balance at March 31, 2015 (unaudited) | $ | — | |||
*)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. | |||||
**)Classification of 10,191 warrants to purchase Convertible Preferred Shares converted into 10,191 warrants to purchase Ordinary Shares. | |||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies | |
Commitments and Contingent Liabilities | |
NOTE 6:- COMMITMENTS AND CONTINGENT LIABILITIES | |
a.The Company and Inc.’s facilities are leased under operating lease agreements. | |
The Company signed a lease agreement in Israel for its offices for a period of 36 months beginning July 1, 2012 until June 30, 2015 and an amendment to the agreement extending the term by 6 month, until December 31, 2015. In addition, Inc. signed a lease agreement in US for its offices for a period of 17 months beginning September 30, 2013 until February 28, 2015. That lease is now a month-to-month tenancy by its terms. Inc. is negotiating a lease on new office space with its current landlord. | |
b.Under the royalty-bearing programs administered by the Office of the Chief Scientist (the “OCS”), the Company is not obligated to repay any amounts received from the OCS if it does not generate any income from the results of the funded research program. If income is generated from a funded research program, the Company is committed to pay royalties at a rate between 3% and 5% of all future revenues arising from such research programs, and up to a maximum of 100% of the amount received, linked to the LIBOR. | |
The Company may be required to pay an increased total amount of royalties, which may be up to 300% of the grant amount (depending on the manufacturing percentage that is performed outside of Israel) plus interest, in case of manufacturing the developed products outside of Israel and up to 600% in case of transferring intellectual property rights in technologies developed using these grants. Both transferring manufacturing and transferring intellectual property outside of Israel require special approvals from the OCS. | |
For the years ended December 31, 2013 and 2014, the Company incurred no additional obligation to the OCS. As of December 31, 2014, the Company’s aggregate contingent obligation for payments to OCS, based on royalty-bearing participation received or accrued, totaled approximately $ 367. | |
In addition, the Company received grants from the Incubator, RAD BioMed Ltd., of $280 under the incubator program during 2005-2006 (the “Incubator Period”) for a disposable system for dosage and application of drugs with a multi-use control unit. The Company’s grants received in the Incubator Period are not subject to royalty payments but may increase to up to 300% or 600% of the grants amounts as mentioned above in case of transferring intellectual property or the manufacturing of the developed products outside of Israel. | |
In the event that intellectual property rights are deemed to be transferred out of Israel, the grants amount from the OCS and the Incubator may become a loan to be repaid immediately at up to 600% of the grants amounts as described above. 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. In May 2015, the OCS approved the Company’s request to transfer the manufacturing rights outside of Israel, noting that the Company would be requested to pay an increased royalty without providing any specifics. Accordingly, no provision has been recorded. | |
SHAREHOLDERS_EQUITY_DEFICIT
SHAREHOLDERS' EQUITY (DEFICIT) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
NOTE 7:- SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||||
a.On March 1, 2015, the Company affected a 7.75 for 1 forward split of its Ordinary Shares, by way of issuance and distribution of bonus shares without a change in nominal value of the Company’s outstanding Ordinary Shares. | ||||||||||
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. | ||||||||||
b.On January 24, 2015, the Company signed an addendum to the Series E Preferred Share purchase agreement to raise additional funds of $11,406, net of fees and expenses. Under the addendum, the Company issued 1,445,966 Series E Convertible Preferred Shares to its existing and new investors for a price of $8.49 per share. | ||||||||||
c.As described in Note 1c, on March 19, 2015, the Company completed its IPO by raising gross consideration of $40 million for issuance of 4,700,000 Ordinary Shares for a price of $8.50 per share. The issuance costs in respect of the IPO transaction amounted to $5.2 million. | ||||||||||
d.Stock based compensation: | ||||||||||
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 January 24, 2015, the Company’s Board of Directors approved grants to employees of 248,798 options to purchase ordinary shares at an exercise price of $5.84 per share. At March 31, 2015, the Company has 882,597 Ordinary Shares available for future grant under the 2009 Plan. | ||||||||||
On February 20, 2015, the 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 the shareholders on March 1, 2015. | ||||||||||
Transactions related to the grant of options to employees under the Amended and Restated 2009 Stock Incentive Plan during the three months ended March 31, 2015 (unaudited), were as follows: | ||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||
average | average | intrinsic | ||||||||
exercise | remaining | value | ||||||||
price | contractual | |||||||||
life | ||||||||||
options | $ | (years) | $ | |||||||
Options outstanding at January 1, 2015 | 919,744 | 3.54 | 5.67 | 2,183 | ||||||
Options granted during quarter | 248,798 | 5.84 | ||||||||
Options exercised during quarter | (51,716 | ) | 2.86 | |||||||
Options outstanding at end of quarter | 1,116,826 | 4.06 | 5.72 | 4,880 | ||||||
Options vested and expected to be vested at end of quarter | 1,089,656 | 4.81 | 5.76 | 4,806 | ||||||
Exercisable at end of quarter | 404,884 | 5.47 | 4.74 | 2,005 | ||||||
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 the quarter ending March 31, 2015 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 March 31, 2015. 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 three months ended March 31, 201.5 was $2.86 | ||||||||||
As of March 31, 2015, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $1,281, which is expected to be recognized over a weighted average period of approximately 3.29 years. | ||||||||||
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. During the year ended December 31, 2014, the Company recorded out of the aforementioned amount compensation cost of $44 as result of the above modification. During the three months ended March 31, 2015, the Company recorded additional $ 2.5 as result of the above modification. | ||||||||||
The total compensation cost related to all of the Company’s equity-based awards, recognized during the three months ended March 31, 2015 and 2014 (unaudited) was comprised as follows: | ||||||||||
Three months ended | ||||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Research and development | $ | 24 | $ | — | ||||||
Marketing | 4 | — | ||||||||
General and administrative | 63 | 2 | ||||||||
$ | 91 | $ | 2 | |||||||
SELECTED_STATEMENTS_OF_COMPREH
SELECTED STATEMENTS OF COMPREHENSIVE LOSS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
SELECTED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
Selected statements of comprehensive loss | ||||||||
NOTE 8:- SELECTED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
a.Financial income, net: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Interest expense and bank fees | $ | 26 | $ | 29 | ||||
Revaluation of fair value of warrants to purchase Convertible Preferred Shares | (40 | ) | (113 | ) | ||||
Foreign currency translation adjustments | (89 | ) | 3 | |||||
$ | (103 | ) | $ | (81 | ) | |||
b.The loss and the weighted average number of shares used in computing basic and diluted net loss per share is as follows: | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | 5,556 | $ | 2,797 | ||||
Dividends accumulated for the period (*) | 988 | 587 | ||||||
Net loss available to shareholders of Ordinary shares | $ | 6,544 | $ | 3,384 | ||||
Denominator: | ||||||||
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share | 1,503,708 | 501,828 | ||||||
(*)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 applicable article of association under the liquidation preference right prior to the closing of the IPO event as mentioned in Note 1c. | ||||||||
Convertible securities such as warrants to purchase Series Preferred A2, D, E1 Shares, Series Preferred A1, A2, B, C, D, E Shares and options to grantees under the Amended and Restated 2009 Stock Incentive Plan, have not been taken into account due to their anti-dilutive effect. | ||||||||
SUBSEQUENT_EVENT_NOTE
SUBSEQUENT EVENT NOTE | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events | |
Subsequent Events | |
NOTE 9:- SUBSEQUENT EVENT NOTE | |
On April 22, 2015, the Company’s underwriters exercised their overallotment option pursuant to which they purchased 165,452 Ordinary Shares of the Company for $1,308 net of underwriters’ fees and commissions. | |
WARRANTS_TO_PURCHASE_CONVERTIB1
WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Warrants to purchase convertible preferred shares | |||||
Components of the liability associated with the warrants | |||||
Fair value of | |||||
warrants to | |||||
purchase | |||||
Convertible | |||||
Preferred | |||||
Shares | |||||
Balance at December 31, 2014 | $ | 6,072 | |||
Revaluation of fair value of warrants to purchase Convertible Preferred Shares | (40 | ) | |||
Classification to Equity upon conversion of warrants *) | (5,945 | ) | |||
Classification to Equity upon automatic conversion into warrants to purchase Ordinary Shares **) | (87 | ) | |||
Balance at March 31, 2015 (unaudited) | $ | — | |||
*)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. | |||||
**)Classification of 10,191 warrants to purchase Convertible Preferred Shares converted into 10,191 warrants to purchase Ordinary Shares. | |||||
SHAREHOLDERS_EQUITY_DEFICIT_Ta
SHAREHOLDERS' EQUITY (DEFICIT) (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Shareholders' Equity (Deficit) | ||||||||||
Schedule of stock options rollforward | Number of | Weighted | Weighted | Aggregate | ||||||
average | average | intrinsic | ||||||||
exercise | remaining | value | ||||||||
price | contractual | |||||||||
life | ||||||||||
options | $ | (years) | $ | |||||||
Options outstanding at January 1, 2015 | 919,744 | 3.54 | 5.67 | 2,183 | ||||||
Options granted during quarter | 248,798 | 5.84 | ||||||||
Options exercised during quarter | (51,716 | ) | 2.86 | |||||||
Options outstanding at end of quarter | 1,116,826 | 4.06 | 5.72 | 4,880 | ||||||
Options vested and expected to be vested at end of quarter | 1,089,656 | 4.81 | 5.76 | 4,806 | ||||||
Exercisable at end of quarter | 404,884 | 5.47 | 4.74 | 2,005 | ||||||
Schedule of total compensation cos related to all of the Company's equity-based awards | Three months ended | |||||||||
March 31, | ||||||||||
2015 | 2014 | |||||||||
Research and development | $ | 24 | $ | — | ||||||
Marketing | 4 | — | ||||||||
General and administrative | 63 | 2 | ||||||||
$ | 91 | $ | 2 | |||||||
SELECTED_STATEMENTS_OF_COMPREH1
SELECTED STATEMENTS OF COMPREHENSIVE LOSS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
SELECTED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||
Schedule of financial income, net | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Interest expense and bank fees | $ | 26 | $ | 29 | ||||
Revaluation of fair value of warrants to purchase Convertible Preferred Shares | (40 | ) | (113 | ) | ||||
Foreign currency translation adjustments | (89 | ) | 3 | |||||
$ | (103 | ) | $ | (81 | ) | |||
Schedule of weighted average number of shares | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net loss | $ | 5,556 | $ | 2,797 | ||||
Dividends accumulated for the period (*) | 988 | 587 | ||||||
Net loss available to shareholders of Ordinary shares | $ | 6,544 | $ | 3,384 | ||||
Denominator: | ||||||||
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share | 1,503,708 | 501,828 | ||||||
(*)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 applicable article of association under the liquidation preference right prior to the closing of the IPO event as mentioned in Note 1c. | ||||||||
GENERAL_Details
GENERAL (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
product | ||
General | ||
Number of products in development | 2 | |
Shareholders' equity (deficit) | $46,253 | ($36,321) |
GENERAL_Details_2
GENERAL (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 25, 2015 | Mar. 19, 2015 | Mar. 31, 2015 | Mar. 25, 2015 | Dec. 31, 2014 |
Initial Public Offering | |||||
Aggregate net proceeds received from IPO offering, net of underwriting discounts and commissions and offering expenses | $34,787 | ||||
Warrants Disclosures | |||||
Warrants outstanding (in shares) | 10,191 | 711,120 | |||
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 | 3,486 | |||
Number of Warrants for Convertible Preferred Shares automatically converted into warrants for Ordinary Shares (in shares) | 10,191 | 10,191 | |||
IPO | |||||
Initial Public Offering | |||||
Common stock issued (in shares) | 4,700,000 | ||||
Share Price (in dollars per share) | 8.5 | $8.50 | |||
Aggregate net proceeds received from IPO offering, net of underwriting discounts and commissions and offering expenses | $34,787 | ||||
Conversion of Convertible Preferred Shares into Ordinary Shares upon IPO (in shares) | 7,464,320 |
LOAN_Details
LOAN (Details) (USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 20, 2013 |
installment | |
Loan Agreement | |
Debt Instrument [Line Items] | |
Amount borrowed | $1,500 |
Minimum variable annual rate | 5.25% |
Variable rate basis | three-year constant maturity treasury rate |
Basis spread on variable rate | 5.00% |
Number of installments for repayment | 32 |
Minimum percentage of outstanding loan principal to be maintained as cash balance | 125.00% |
Percentage of aggregate amount of cash of consolidated entities to be held by entity that signed debt agreement | 90.00% |
Bank | Series D preferred stock | |
Debt Instrument [Line Items] | |
Warrants issued to purchase preferred stock | 7,332 |
Exercise price of warrants | 6.14 |
Expiration term of warrants | 10 years |
WARRANTS_TO_PURCHASE_CONVERTIB2
WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES (Details) | 0 Months Ended | 3 Months Ended | ||
Mar. 25, 2015 | Mar. 19, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Warrants Disclosures | ||||
Warrants outstanding (in shares) | 10,191 | 711,120 | ||
Number of warrants voluntarily exercised (in shares) | 700,929 | |||
Conversion of warrants to purchase Convertible Preferred Shares into Ordinary Shares (in shares) | 697,443 | |||
Number of Warrants for Convertible Preferred Shares exercised on cashless basis (in shares) | 405,232 | |||
Number of Warrants for Convertible Preferred Shares cancelled (in shares) | 3,486 | 3,486 | ||
Number of Warrants for Convertible Preferred Shares automatically converted into warrants for Ordinary Shares (in shares) | 10,191 | 10,191 |
WARRANTS_TO_PURCHASE_CONVERTIB3
WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Warrants to purchase convertible preferred shares | |
Balance, beginning | $6,072 |
Revaluation of fair value of warrants to purchase Convertible Preferred Shares | -40 |
Classification to Equity upon conversion of warrants | -5,945 |
Classification to Equity upon automatic conversion into warrants to purchase Ordinary Shares | ($87) |
WARRANTS_TO_PURCHASE_CONVERTIB4
WARRANTS TO PURCHASE CONVERTIBLE PREFERRED SHARES (Details 3) | 0 Months Ended | 3 Months Ended | ||
Mar. 25, 2015 | Mar. 19, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Warrants Disclosures | ||||
Warrants outstanding (in shares) | 10,191 | 711,120 | ||
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 | 3,486 | ||
Number of Warrants for Convertible Preferred Shares automatically converted into warrants for Ordinary Shares (in shares) | 10,191 | 10,191 |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Details) | 0 Months Ended | |
Jul. 01, 2012 | Sep. 30, 2013 | |
Israel | ||
Operating lease agreement | ||
Lease term | 36 months | |
Lease extension term | 6 months | |
Inc. (Subsidiary) | US | ||
Operating lease agreement | ||
Lease term | 17 months |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2006 |
OCS | ||||
Royalties | ||||
Royalties to be paid as percentage of amount received, maximum at base (as a percent) | 100.00% | |||
Royalties to be paid as percentage of amount received, maximum if transfer manufacturing out of Israel (as a percent) | 300.00% | |||
Royalties to be paid as percentage of amount received, maximum if transfer Intellectual Property Rights (as a percent) | 600.00% | |||
Additional obligations incurred per grant terms | $0 | $0 | ||
Aggregate contingent obligation per grant terms | 367 | |||
RAD BioMed Ltd | ||||
Royalties | ||||
Royalties to be paid as percentage of amount received, maximum if transfer manufacturing out of Israel (as a percent) | 300.00% | |||
Royalties to be paid as percentage of amount received, maximum if transfer Intellectual Property Rights (as a percent) | 600.00% | |||
Grants received | $280 | |||
Minimum | OCS | ||||
Royalties | ||||
Royalties commitment on future revenues (as a percent) | 3.00% | |||
Maximum | OCS | ||||
Royalties | ||||
Royalties commitment on future revenues (as a percent) | 5.00% |
SHAREHOLDERS_EQUITY_DEFICIT_De
SHAREHOLDERS' EQUITY (DEFICIT) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 01, 2015 | Mar. 31, 2015 | Jan. 24, 2015 |
SHAREHOLDERS' Equity (Deficit) | |||
Stock split ratio | 7.75 | ||
Proceeds from Issuance of Convertible Preferred Stock | $11,406 | ||
Series E preferred stock | |||
SHAREHOLDERS' Equity (Deficit) | |||
Proceeds from Issuance of Convertible Preferred Stock | $11,406 | ||
Convertible Preferred Stock issued (in shares) | 1,445,966 | ||
Share Price (in dollars per share) | $8.49 |
SHAREHOLDERS_EQUITY_DEFICIT_De1
SHAREHOLDERS' EQUITY (DEFICIT) (Details 2) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Mar. 25, 2015 | Mar. 25, 2015 | |
Initial Public Offering | |||
Stock issuance costs | $5,163,000 | ||
IPO | |||
Initial Public Offering | |||
Gross consideration from issuance of Ordinary Shares | 40,000,000 | ||
Common stock issued (in shares) | 4,700,000 | ||
Share Price (in dollars per share) | $8.50 | $8.50 | |
Stock issuance costs | $5,200,000 |
SHAREHOLDERS_EQUITY_DEFICIT_De2
SHAREHOLDERS' EQUITY (DEFICIT) (Details 3) (Stock options, USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Jan. 24, 2015 | Jun. 18, 2009 |
Number of options | ||||
Options outstanding at beginning of 2015 | 919,744 | |||
Options granted | 248,798 | |||
Options exercised | -51,716 | |||
Options outstanding at end of quarter | 1,116,826 | 919,744 | ||
Options vested and expected to be vested at end of quarter | 1,089,656 | |||
Exercisable at end of quarter | 404,884 | |||
Weighted average exercise price per share | ||||
Options outstanding at beginning of 2015 | $3.54 | |||
Exercise price, options granted | $5.84 | |||
Options exercised (in dollars per share) | $2.86 | |||
Options outstanding at end of quarter | $4.06 | $3.54 | ||
Options vested and expected to be vested at end of quarter | $4.81 | |||
Exercisable at end of quarter | $5.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Weighted average remaining contractual life, Outstanding | 5 years 8 months 19 days | 5 years 8 months 1 day | ||
Weighted average remaining contractual life, vested and expected to vest | 5 years 9 months 4 days | |||
Weighted average remaining contractual life, exercisable | 4 years 8 months 27 days | |||
Aggregate intrinsic value, Outstanding | $4,880 | $2,183 | ||
Aggregate intrinsic value, vested and expected to vest | 4,806 | |||
Aggregate intrinsic value, Outstanding, exercisable | $2,005 | |||
Weighted average grant date fair value of options granted | $2.86 | |||
2009 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for issue under the plan | 978,655 | 55,971 | ||
Vesting period | 3 years | |||
Expiration period | 7 years | |||
Additional shares authorized | 1,072,879 | |||
Shares available for future grant | 882,597 | |||
Number of options | ||||
Options granted | 248,798 | |||
Weighted average exercise price per share | ||||
Exercise price, options granted | $5.84 |
SHAREHOLDERS_EQUITY_DEFICIT_De3
SHAREHOLDERS' EQUITY (DEFICIT) (Details 4) (Stock options, USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Jul. 07, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Stock options | |||
Total unrecognized compensation cost related to non-vested stock option awards | $1,281,000 | ||
Weighted-average period over which unrecognized compensation cost will be recognized | 3 years 3 months 15 days | ||
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 | $2,500 | $44,000 |
SHAREHOLDERS_EQUITY_DEFICIT_De4
SHAREHOLDERS' EQUITY (DEFICIT) (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | $91 | $2 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | 24 | |
Marketing | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | 4 | |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated share based compensation expense | $63 | $2 |
SELECTED_STATEMENTS_OF_COMPREH2
SELECTED STATEMENTS OF COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financial expense (income), net: | ||
Interest expense and bank fees | $26 | $29 |
Fair Value Adjustment of Warrants | -40 | -113 |
Foreign currency translation adjustments and others | -89 | 3 |
Financial income, net | -103 | -81 |
Numerator: | ||
Net loss | 5,556 | 2,797 |
Dividends accumulated for the period | 988 | 587 |
Net loss applicable to common stockholders | $6,544 | $3,384 |
Denominator: | ||
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share | 1,503,708 | 501,828 |
Preferred stock dividend rate (as a percent) | 8.00% |
SUBSEQUENT_EVENT_NOTE_Details
SUBSEQUENT EVENT NOTE (Details) (Subsequent event, Underwriters Overallotment Option Exercise, USD $) | 0 Months Ended |
In Thousands, except Share data, unless otherwise specified | Apr. 22, 2015 |
Subsequent event | Underwriters Overallotment Option Exercise | |
Subsequent events | |
Common stock issued (in shares) | 165,452 |
Net proceeds from the issuance of common stock | $1,308 |