NovoCure Limited (NVCR) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 26, 2016
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	NVCR
Entity Registrant Name	Novocure Ltd
Entity Central Index Key	1,645,113
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		85,774,774

CONDENSED INTERIM CONSOLIDATED

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 80,871	$ 119,423
Short-term investments	119,979	150,001
Restricted cash	99	87
Receivables and prepaid expenses	12,534	10,799
Inventories	21,215	13,594
Total current assets	234,698	293,904
LONG-TERM ASSETS:
Property and equipment, net	8,813	6,552
Field equipment, net	5,850	6,029
Severance pay fund	82	79
Other long-term assets	1,076	772
Total long-term assets	15,821	13,432
TOTAL ASSETS	250,519	307,336
CURRENT LIABILITIES:
Trade payables	22,007	16,755
Other payables and accrued expenses	12,611	11,872
Total current liabilities	34,618	28,627
LONG-TERM LIABILITIES:
Long-term loan, net of discount and issuance costs	23,292	23,097
Employee benefit liabilities	2,592	2,057
Other long-term liabilities	3,371	2,735
Total long-term liabilities	29,255	27,889
TOTAL LIABILITIES	63,873	56,516
COMMITMENTS AND CONTINGENCIES	0	0
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 85,774,774 shares and 83,778,581 shares at June 30, 2016 and December 31, 2015, respectively	0	0
Additional paid-in capital	652,460	640,406
Accumulated other comprehensive loss	(1,684)	(1,505)
Accumulated deficit	(464,130)	(388,081)
Total shareholders' equity	186,646	250,820
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 250,519	$ 307,336

CONDENSED INTERIM CONSOLIDATED3

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	85,774,774	83,778,581
Common stock, shares outstanding	85,774,774	83,778,581

CONDENSED INTERIM CONSOLIDATED4

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Income Statement [Abstract]
Net revenues	$ 17,919	$ 6,543	$ 30,972	$ 11,751	$ 33,087
Cost of revenues	9,797	4,750	17,779	8,647	20,610
Impairment of field equipment	6,412		6,412
Gross profit	1,710	1,793	6,781	3,104	12,477
Operating costs and expenses:
Research, development and clinical trials	11,318	12,765	22,763	22,692	43,748
Sales and marketing	14,598	8,866	27,906	15,221	38,861
General and administrative	13,031	7,368	25,287	14,343	33,864
Total operating costs and expenses	38,947	28,999	75,956	52,256	116,473
Operating loss	(37,237)	(27,206)	(69,175)	(49,152)	(103,996)
Financial expenses, net	555	876	1,104	1,467	3,151
Loss before income tax expense	(37,792)	(28,082)	(70,279)	(50,619)	(107,147)
Income tax expense	2,820	1,275	5,770	2,011	4,434
Net loss	$ (40,612)	$ (29,357)	$ (76,049)	$ (52,630)	$ (111,581)
Basic and diluted net loss per ordinary share	$ (0.48)	$ (2.36)	$ (0.90)	$ (4.12)	$ (3.67)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	85,274,683	12,427,442	84,843,028	12,783,881	30,401,603

CONSOLIDATED INTERIM STATEMENTS

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (40,612)	$ (29,357)	$ (76,049)	$ (52,630)	$ (111,581)
Other comprehensive loss, net of tax :
Change in foreign currency translation adjustments	56		56
Pension benefit plan	235		(235)		(1,505)
Total comprehensive loss	$ (40,321)	$ (29,357)	$ (76,228)	$ (52,630)	$ (113,086)

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Over-Allotment	[1]	Series J Preferred Stock	[2]	Ordinary Shares	Ordinary SharesOver-Allotment	Preferred Shares	Preferred SharesSeries J Preferred Stock	Additional Paid-in Capital	Additional Paid-in CapitalOver-Allotment	[1]	Additional Paid-in CapitalSeries J Preferred Stock	[2]	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2014	$ 97,875									$ 374,375						$ (276,500)
Balance (in shares) at Dec. 31, 2014						13,431,414		58,676,017
Share-based compensation to employees	11,860									11,860
Exercise of options and warrants	2,038									2,038
Exercise of options and warrants (in shares)						731,665
Issuance of shares, net		$ 157,534		$ 94,599							$ 157,534		$ 94,599
Issuance of shares, net (in shares)							7,876,195		4,068,500
Issuance of shares and options in respect of settlement, net of fair value of shares provided as indemnification (in shares)						(1,005,210)
Conversion of preferred shares to ordinary shares						62,744,517		(62,744,517)
Other comprehensive loss, net of tax benefit	(1,505)														$ (1,505)
Net loss	(111,581)															(111,581)
Balance at Dec. 31, 2015	250,820									640,406					(1,505)	(388,081)
Balance (in shares) at Dec. 31, 2015						83,778,581
Share-based compensation to employees	11,093									11,093
Exercise of options and warrants	961									961
Exercise of options and warrants (in shares)						1,996,193
Other comprehensive loss, net of tax benefit	(179)														(179)
Net loss	(76,049)															(76,049)
Balance at Jun. 30, 2016	$ 186,646									$ 652,460					$ (1,684)	$ (464,130)
Balance (in shares) at Jun. 30, 2016						85,774,774
[1]	Net of issuance expenses (including underwriter fees) of $15,742
[2]	Net of issuance expenses of $319

CONDENSED INTERIM STATEMENTS O7

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Series J Preferred Stock
Share issuance expenses	$ 319
Over-Allotment
Share issuance expenses	$ 15,742

CONDENSED INTERIM CONSOLIDATED8

CONDENSED INTERIM CONSOLIDATED CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (40,612)	$ (29,357)	$ (76,049)	$ (52,630)	$ (111,581)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,407	588	2,510	1,112	3,153
Asset write-downs and impairment of field equipment	6,425	11	6,430	42	46
Accrued interest expense	(637)	307		719	672
Share-based compensation to employees	5,637	2,632	11,093	4,444	11,860
Amortization of discount (premium)	(39)	88	(56)	143	329
Increase in receivables and prepaid expenses	(1,672)	(2,079)	(2,208)	(3,026)	(5,088)
Increase in inventories	(4,769)	(1,415)	(7,621)	(5,147)	(10,148)
Increase in other long-term assets	(111)	(161)	(278)	(171)	(381)
Increase in trade payables	2,321	3,757	4,144	3,085	6,961
Increase in other payables and accrued expenses	2,399	3,237	756	518	3,579
Increase in employee benefit liabilities, net	32		270	7	133
Increase (decrease) in other long-term liabilities	225	(799)	638	(753)	581
Net cash used in operating activities	(29,394)	(23,191)	(60,371)	(51,657)	(99,884)
Cash flows from investing activities:
Purchase of property and equipment	(2,338)	(1,808)	(3,340)	(2,417)	(4,667)
Purchase of field equipment	(4,274)	(1,142)	(6,100)	(2,180)	(5,604)
Decrease (increase) in restricted cash	(13)	40	(12)	(33)	(26)
Proceeds from maturity of short-term investments		2,000	150,000	47,000	104,000
Purchase of short-term investments		(36,995)	(119,728)	(58,992)	(208,998)
Net cash provided by (used in) investing activities	(6,625)	(37,905)	20,820	(16,622)	(115,295)
Cash flows from financing activities:
Proceeds from issuance of shares, net		94,599		94,599	252,133
Proceeds from long-term loan, net	17	(920)	17	22,886	22,886
Deferred IPO costs		(294)		(294)
Repayment of other long-term loan	(19)	(15)	(35)	(31)	(63)
Purchase of shares in respect of settlement				(5)	(5)
Exercise of options and warrants	904	16	961	19	2,038
Net cash provided by financing activities	902	93,386	943	117,174	276,989
Effect of exchange rate changes on cash and cash equivalents	56		56
Increase (decrease) in cash and cash equivalents	(35,061)	32,290	(38,552)	48,895	61,810
Cash and cash equivalents at the beginning of the period	115,932	74,218	119,423	57,613	57,613
Cash and cash equivalents at the end of the period	80,871	106,508	80,871	106,508	119,423
Cash paid during the period for:
Income taxes	1,587	171	3,169	266	1,489
Interest	$ 1,269	$ 422	$ 1,933	$ 428	$ 1,688

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization . NovoCure Limited (including its consolidated subsidiaries, the “Company”) was incorporated in Jersey and is principally engaged in the development, manufacture and commercialization of TTFields for the treatment of solid tumors. Since inception, the Company has devoted substantially all of its efforts to developing and commercializing a family of products to deliver TTFields for a variety of solid tumor indications, raising capital and recruiting personnel. The Company has regulatory approvals and clearances in certain countries for Optune, its first TTFields delivery system, to treat glioblastoma (“GBM”). The Company commenced marketing Optune in the United States at the end of 2011, in certain countries in Europe in 2014 and in Japan in 2015. Financial statement preparation . The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the “2015 10-K”) filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2016. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2015 10-K are applied consistently in these unaudited interim consolidated financial statements. Recently Issued Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. 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. ASC 842 supersedes the previous leases standard, ASC 840. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Short-Term Investments

Short-Term Investments	6 Months Ended
	Jun. 30, 2016
Marketable Securities Current [Abstract]
Short-Term Investments	NOTE 2: SHORT-TERM INVESTMENTS The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments in the amount of $119,979 and $150,001 as of June 30, 2016 and December 31, 2015, respectively, and their estimated fair value as of June 30, 2016 and December 31, 2015 was $119,845 and $149,978, respectively.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	NOTE 3: INVENTORIES Inventories are stated at the lower of cost or market. The weighted average methodology is applied to determine cost. As of June 30, 2016 and December 31, 2015, the Company’s inventories were composed of: June 30, December 31, 2016 2015 Unaudited Audited Raw materials $ 3,192 $ 3,518 Work in progress 5,031 4,618 Finished products 12,992 5,458 Total $ 21,215 $ 13,594

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	NOTE 4: COMMITMENTS AND CONTINGENT LIABILITIES The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2023. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2019. As of June 30, 2016 and December 31, 2015, the Company pledged bank deposits of $381 and $133, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained guarantees by the bank for the fulfillment of the Company’s lease commitments of $532 and $283, respectively.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2016
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Share Capital	NOTE 5: SHARE CAPITAL For the six months ended June 30, 2016, warrants to purchase 220,316 ordinary shares with an exercise price of $3.59 were exercised, resulting in the issuance of 220,316 ordinary shares, and warrants to purchase 975,644and 888,219 ordinary shares with exercise prices of $18.09 and $3.59 per share, respectively, were cashlessly exercised, resulting in the issuance of 950,637 ordinary shares. For the six months ended June 30, 2016, options to purchase 825,240 ordinary shares were exercised, resulting in the issuance of 825,240 ordinary shares. For additional information on option exercises, please see Note 6.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plan	NOTE 6: EQUITY INCENTIVE PLAN In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). The 2015 Plan replaced the 2013 Share Option Plan. Under the 2015 Plan, the Company can issue various types of equity compensation awards such as restricted shares, performance shares, restricted stock units, performance units, long-term cash award and other share-based awards. The options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are cancelled or forfeited before expiration become available for future grant. As of June 30, 2016, 12,898,636 ordinary shares were available for grant under the 2015 Plan. A summary of the status of the Company’s option plans as of June 30, 2016 and changes during the period then ended is presented below: Six months ended June 30, 2016 Unaudited Number of options Weighted average exercise price Outstanding at beginning of year 10,134,829 $ 8.20 Granted 2,127,275 13.86 Exercised (825,240 ) 0.21 Forfeited and cancelled (78,243 ) 17.86 Outstanding as of June 30, 2016 11,358,621 9.77 Exercisable options 5,586,108 4.86 Vested and expected to vest 11,157,637 $ 9.71 The fair value of share-based awards was estimated using the Black-Scholes option-pricing model for all grants with the following underlying assumptions: Six months ended June 30, Year ended December 31, 2016 2015 2015 Unaudited Audited Expected term (years) 6.25 6.25 6.25 Expected volatility 59.80%-61.65% 62.5% - 65.8% 59.00%-65.80% Risk-free interest rate 1.23%-1.88% 1.75% - 1.9% 1.74%-2.05% Dividend yield 0% 0% 0% The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and six months ended June 30, 2016 and 2015 and the year ended December 31, 2015 was: Three months ended June 30, Six months ended June 30, Year ended December 31, 2016 2015 2016 2015 2015 Unaudited Unaudited Audited Cost of revenues $ 170 $ 6 $ 311 $ 19 $ 174 Research, development and clinical trials 839 628 1,602 1,049 2,529 Sales and marketing 1,349 571 2,639 979 2,496 General and administrative 3,279 1,427 6,541 2,397 6,661 Total share-based compensation expense $ 5,637 $ 2,632 $ 11,093 $ 4,444 $ 11,860 In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP will be construed in a manner consistent with the requirements of such section. The Company intends to begin offerings under the ESPP on August 1, 2016. As of June 30, 2016, 1,667,785 ordinary shares were available to be purchased by eligible employees under the ESPP and no shares have been offered under the ESPP.

Supplemental Information

Supplemental Information	6 Months Ended
	Jun. 30, 2016
Geographic Areas Long Lived Assets [Abstract]
Supplemental Information	NOTE 7: SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location: June 30, December 31, 2016 2015 Unaudited Audited United States $ 5,959 $ 6,600 Switzerland 6,385 4,204 Israel 1,862 1,376 Others 457 401 Total $ 14,663 $ 12,581 The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2016 2015 2016 2015 2015 Unaudited Unaudited Audited United States $ 16,122 $ 6,190 $ 28,135 $ 11,164 $ 30,961 Europe, Japan and others 1,797 353 2,837 587 2,126 Total $ 17,919 $ 6,543 $ 30,972 $ 11,751 $ 33,087

Long-Term Loan, Net of Discount

Long-Term Loan, Net of Discount and Issuance Costs	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Loan, Net of Discount and Issuance Costs	NOTE 8: LONG-TERM LOAN, NET OF DISCOUNT AND ISSUANCE COSTS In January 2015, the Company entered into a five-year term loan agreement and related documents (the “Term Loan Credit Facility”) with a lender to draw up to $100,000. In January 2015, the Company drew $25,000 from the lender. The Company had the option to draw the remaining $75,000 at its option at any time through June 30, 2016. On June 30, 2016, the Company provided to the lender a drawdown notice for the remaining $75,000, and it received funds in July 2016. Following the July 2016 closing, our material outstanding indebtedness under the Term Loan Credit Facility is Interest on the outstanding loan is 10% annually, payable quarterly in arrears. In addition, there is a 1.5% funding fee payable on the amount drawn on the funding date, a 0.75% pay-down fee on all principal amount repayments to be paid on the date such payments of principal are made and a pre-payment fee of 3.0%, 2.0% or 1.0% if the Company prepays outstanding loan amounts prior to the first, second or third year, respectively, from the initial funding date. The entire outstanding principal loan is due on January 2020. The loan is secured by a first priority security interest in substantially all assets of the Company. The Term Loan Credit Facility sets forth certain affirmative and negative covenants with which the Company must comply on a quarterly basis through the term of the loan. As of June 30, 2016, the Company was in compliance with such covenants. The total discount of $491 and additional issuance costs of $1,739 are presented net of the loan and are amortized to interest expense over the five year term of the loan using the effective interest method.

Impairment of Field Equipment

Impairment of Field Equipment	6 Months Ended
	Jun. 30, 2016
Impairment Or Disposal Of Tangible Assets Disclosure [Abstract]
Impairment of Field Equipment	NOTE 9: IMPAIRMENT OF FIELD EQUIPMENT The Company received U.S. Food and Drug Administration approval on its premarket approval supplement application to market its second generation Optune System in the United States on July 13, 2016. The Company has begun converting patients in the United States from the first generation Optune System to the second generation Optune System and expects to complete the conversion over the next few months. Manufacturing of the first generation Optune System has been terminated. For the three and six months ended June 30, 2016, the Company recorded an impairment loss with respect to the write-off of first generation Optune System field equipment (finished goods and production stage) in the amount of $6,412, including advances for materials purchased and liabilities incurred to vendors of $1,582 that are not recoverable, presented in cost of revenues. The Company does not expect the conversion to result in an additional material impairment charge in the future

Organization and Basis of Pre18

Organization and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recently Issued Accounting Pronouncement	Recently Issued Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. 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. ASC 842 supersedes the previous leases standard, ASC 840. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost or market. The weighted average methodology is applied to determine cost. As of June 30, 2016 and December 31, 2015, the Company’s inventories were composed of: June 30, December 31, 2016 2015 Unaudited Audited Raw materials $ 3,192 $ 3,518 Work in progress 5,031 4,618 Finished products 12,992 5,458 Total $ 21,215 $ 13,594

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Plans	A summary of the status of the Company’s option plans as of June 30, 2016 and changes during the period then ended is presented below: Six months ended June 30, 2016 Unaudited Number of options Weighted average exercise price Outstanding at beginning of year 10,134,829 $ 8.20 Granted 2,127,275 13.86 Exercised (825,240 ) 0.21 Forfeited and cancelled (78,243 ) 17.86 Outstanding as of June 30, 2016 11,358,621 9.77 Exercisable options 5,586,108 4.86 Vested and expected to vest 11,157,637 $ 9.71
Schedule of Fair Value of Share Based Awards Using Black-Scholes Option Pricing Model	The fair value of share-based awards was estimated using the Black-Scholes option-pricing model for all grants with the following underlying assumptions: Six months ended June 30, Year ended December 31, 2016 2015 2015 Unaudited Audited Expected term (years) 6.25 6.25 6.25 Expected volatility 59.80%-61.65% 62.5% - 65.8% 59.00%-65.80% Risk-free interest rate 1.23%-1.88% 1.75% - 1.9% 1.74%-2.05% Dividend yield 0% 0% 0%
Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards	The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three and six months ended June 30, 2016 and 2015 and the year ended December 31, 2015 was: Three months ended June 30, Six months ended June 30, Year ended December 31, 2016 2015 2016 2015 2015 Unaudited Unaudited Audited Cost of revenues $ 170 $ 6 $ 311 $ 19 $ 174 Research, development and clinical trials 839 628 1,602 1,049 2,529 Sales and marketing 1,349 571 2,639 979 2,496 General and administrative 3,279 1,427 6,541 2,397 6,661 Total share-based compensation expense $ 5,637 $ 2,632 $ 11,093 $ 4,444 $ 11,860

Supplemental Information (Table

Supplemental Information (Tables)	6 Months Ended
	Jun. 30, 2016
Geographic Areas Long Lived Assets [Abstract]
Schedule of Long-Lived Assets by Location	The following table presents long-lived assets by location: June 30, December 31, 2016 2015 Unaudited Audited United States $ 5,959 $ 6,600 Switzerland 6,385 4,204 Israel 1,862 1,376 Others 457 401 Total $ 14,663 $ 12,581
Schedule of Revenues by Geographic Region	The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended June 30, Six months ended June 30, Year ended December 31, 2016 2015 2016 2015 2015 Unaudited Unaudited Audited United States $ 16,122 $ 6,190 $ 28,135 $ 11,164 $ 30,961 Europe, Japan and others 1,797 353 2,837 587 2,126 Total $ 17,919 $ 6,543 $ 30,972 $ 11,751 $ 33,087

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Short-term investments	$ 119,979	$ 150,001
Estimated fair value of short-term investments	$ 119,845	$ 149,978

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 3,192	$ 3,518
Work in progress	5,031	4,618
Finished products	12,992	5,458
Total	$ 21,215	$ 13,594

Commitments and Contingent Li24

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Operating lease expiration description	The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2023.
Pledged bank deposits	$ 381	$ 133
Operating Lease Commitments	$ 532	$ 283
Motor Vehicles
Loss Contingencies [Line Items]
Operating lease expiration description	The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2019.
Maximum
Loss Contingencies [Line Items]
Operating lease agreements, expiration year	2,023
Maximum | Motor Vehicles
Loss Contingencies [Line Items]
Operating lease agreements, expiration year	2,019

Share Capital - Additional Info

Share Capital - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share Capital [Line Items]
Options issued to purchase ordinary shares	825,240
Ordinary shares issued upon option exercise	825,240
Warrants to Purchase 220,316 Ordinary Shares
Share Capital [Line Items]
Warrants issued to purchase of ordinary shares	220,316
Warrants exercise price | $ / shares	$ 3.59
Warrants exercised to ordinary shares	220,316
Warrants to Purchase 975,644 Ordinary Shares
Share Capital [Line Items]
Warrants issued to purchase of ordinary shares	975,644
Warrants exercise price | $ / shares	$ 18.09
Warrants to Purchase 888,219 Ordinary Shares
Share Capital [Line Items]
Warrants issued to purchase of ordinary shares	888,219
Warrants exercise price | $ / shares	$ 3.59
Warrant
Share Capital [Line Items]
Warrants exercised to ordinary shares	950,637

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)	6 Months Ended
	Jun. 30, 2016shares
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares available for grants	1,667,785
Shares offered under plan	0
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option granted vesting period	4 years
Option granted expiration period	10 years
Ordinary shares available for grants	12,898,636

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of Stock Option Plan (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Number of options
Number of options, Outstanding at beginning of year | shares	10,134,829
Number of options, Granted | shares	2,127,275
Number of options, Exercised | shares	(825,240)
Number of options, Forfeited and cancelled | shares	(78,243)
Number of options, Outstanding at ending of year | shares	11,358,621
Number of options, Exercisable options | shares	5,586,108
Number of options, Vested and expected to vest | shares	11,157,637
Weighted average exercise price
Weighted average exercise price, Outstanding at beginning of year | $ / shares	$ 8.20
Weighted average exercise price, Granted | $ / shares	13.86
Weighted average exercise price, Exercised | $ / shares	0.21
Weighted average exercise price, Forfeited and cancelled | $ / shares	17.86
Weighted average exercise price, Outstanding at end of year | $ / shares	9.77
Weighted average exercise price, Exercisable options | $ / shares	4.86
Weighted average exercise price, Vested and expected to vest | $ / shares	$ 9.71

Equity Incentive Plan - Sched28

Equity Incentive Plan - Schedule of Fair Value of Share Based Awards Using Black-Scholes Option Pricing Model (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (years)	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility, minimum	59.80%	62.50%	59.00%
Expected volatility, maximum	61.65%	65.80%	65.80%
Risk-free interest rate, minimum	1.23%	1.75%	1.74%
Risk-free interest rate, maximum	1.88%	1.90%	2.05%
Dividend yield	0.00%	0.00%	0.00%

Equity Incentive Plan - Sched29

Equity Incentive Plan - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 5,637	$ 2,632	$ 11,093	$ 4,444	$ 11,860
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	170	6	311	19	174
Research, Development and Clinical Trials
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	839	628	1,602	1,049	2,529
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,349	571	2,639	979	2,496
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,279	$ 1,427	$ 6,541	$ 2,397	$ 6,661

Supplemental Information - Sche

Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	$ 14,663	$ 12,581
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	5,959	6,600
Switzerland
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	6,385	4,204
Israel
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	1,862	1,376
Others
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	$ 457	$ 401

Supplemental Information - Sc31

Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	$ 17,919	$ 6,543	$ 30,972	$ 11,751	$ 33,087
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	16,122	6,190	28,135	11,164	30,961
Europe, Japan and others
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	$ 1,797	$ 353	$ 2,837	$ 587	$ 2,126

Long-Term Loan, Net of Discou32

Long-Term Loan, Net of Discount and Issuance Costs - Additional Information (Details) - Term Loan - USD ($)	1 Months Ended	6 Months Ended
	Jan. 31, 2015	Jun. 30, 2016
Line Of Credit Facility [Line Items]
Term loan agreement, maturity period	5 years
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Line of credit facility, current borrowing capacity	$ 25,000,000
Line of credit facility, remaining borrowing capacity		$ 75,000,000
Line of credit facility, drawdown received date		2016-07
Term loan credit facility, outstanding		$ 100,000,000
Interest on the outstanding loan		10.00%
Funding fees payable		1.50%
Prepayment fee percent		0.75%
Due date of outstanding principal loan		Jan. 31, 2020
Frequency of payments		Quarterly
Other Long-term Assets
Line Of Credit Facility [Line Items]
Total discount		$ 491,000
Additional deferred issuance costs		$ 1,739,000
First Year
Line Of Credit Facility [Line Items]
Prepayment fee percent		3.00%
Second Year
Line Of Credit Facility [Line Items]
Prepayment fee percent		2.00%
Third Year
Line Of Credit Facility [Line Items]
Prepayment fee percent		1.00%

Impairment of Field Equipment -

Impairment of Field Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of field equipment	$ 6,412	$ 6,412
First Generation Optune System Field Equipment | Cost of Revenues
Impaired Long Lived Assets Held And Used [Line Items]
Impairment of field equipment	6,412	6,412
Advances for materials purchased and liabilities incurred to vendors	$ 1,582	$ 1,582