Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 02, 2015 | Dec. 31, 2014 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Entity Registrant Name | PLURISTEM THERAPEUTICS INC | ||
Entity Central Index Key | 1,158,780 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 79,106,381 | ||
Entity Public Float | $ 164,533,166 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 22,626 | $ 4,493 |
Short-term bank deposits | 7,167 | 19,451 |
Restricted cash and short term bank deposits | 1,076 | 4,914 |
Marketable securities | 22,250 | 29,961 |
Account receivable from OCS | 1,691 | 2,263 |
Other current assets | 2,058 | 905 |
Total current assets | 56,868 | 61,987 |
LONG-TERM ASSETS: | ||
Long-term deposits and restricted deposits | 360 | 304 |
Severance pay fund | 753 | 901 |
Property and equipment, net | 10,173 | 10,823 |
Other long term assets | 1 | 8 |
Total long-term assets | 11,287 | 12,036 |
Total assets | 68,155 | 74,023 |
CURRENT LIABILITIES | ||
Trade payables | 3,268 | 3,465 |
Accrued expenses | 910 | 915 |
Deferred revenues | 379 | 379 |
Advance payment from United | 93 | 247 |
Other accounts payable | 1,533 | 2,391 |
Total current liabilities | 6,183 | 7,397 |
LONG-TERM LIABILITIES | ||
Deferred revenues | 2,468 | 2,847 |
Accrued severance pay | 859 | 1,068 |
Other long term liabilities | 502 | 588 |
Total long term liabilities | $ 3,829 | $ 4,503 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Share capital: Common stock $0.00001 par value per share: Authorized: 200,000,000 shares Issued and outstanding: 78,771,905 shares as of June 30, 2015, 68,601,452 shares as of June 30, 2014; | $ 1 | |
Additional paid-in capital | 195,303 | $ 172,998 |
Accumulated deficit | (138,511) | $ (113,834) |
Receivables on account of shares | (790) | |
Other comprehensive income | 2,140 | $ 2,959 |
Total stockholders' equity | 58,143 | 62,123 |
Total liabilities and stockholders' equity | $ 68,155 | $ 74,023 |
[1] | Less than $1. |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 78,771,905 | 68,601,452 |
Common stock, shares outstanding | 78,771,905 | 68,601,452 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Revenues | $ 379 | $ 379 | $ 679 |
Cost of revenues | (13) | (11) | (20) |
Gross profit | 366 | 368 | 659 |
Research and development expenses | (23,416) | (24,938) | (19,906) |
Less participation by the Office of the Chief Scientist and other parties | 4,243 | 5,396 | 2,673 |
Research and development expenses, net | (19,173) | (19,542) | (17,233) |
General and administrative expenses | (6,460) | (8,676) | (5,649) |
Operating loss | (25,267) | (27,850) | (22,223) |
Financial income, net | 590 | 918 | 1,068 |
Net loss | $ (24,677) | $ (26,932) | $ (21,155) |
Loss per share: | |||
Basic and diluted net loss per share | $ (0.35) | $ (0.42) | $ (0.38) |
Weighted average number of shares used in computing basic and diluted net loss per share | 70,284,337 | 63,514,405 | 55,481,357 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | |||
Net loss | $ (24,677) | $ (26,932) | $ (21,155) |
Other comprehensive income (loss), net: | |||
Unrealized gain (loss) on derivative instruments | 285 | (25) | |
Unrealized gain (loss) on available-for-sale marketable securities, net | (1,132) | 3,404 | $ 415 |
Reclassification adjustment of derivative instruments gains (losses) realized in net loss, net | (262) | 48 | |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | 290 | (727) | $ (26) |
Total comprehensive loss | $ (25,496) | $ (24,232) | $ (20,766) |
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Receivables on account of shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2012 | $ 37,742 | $ 103,619 | $ (130) | $ (65,747) | ||
Balance, shares at Jun. 30, 2012 | 46,448,051 | |||||
Issuance of common stock and warrants, net of issuance costs | 34,106 | 34,106 | ||||
Issuance of common stock and warrants, net of issuance costs, shares | 9,200,000 | |||||
Exercise of options and warrants by employees and non-employee consultants | 176 | 176 | ||||
Exercise of options and warrants by employees and non-employee consultants, shares | 176,867 | |||||
Exercise of warrants by investors and finders | 2,009 | 2,009 | ||||
Exercise of warrants by investors and finders, shares | 1,621,359 | |||||
Stock based compensation to employees, directors and non-employee consultants | 2,799 | 2,799 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,750,340 | |||||
Stock based compensation to contractor | 1,400 | $ 1,400 | ||||
Stock based compensation to contractor, shares | ||||||
Other comprehensive income (loss), net | 389 | $ 389 | ||||
Net loss | (21,155) | $ (21,155) | ||||
Balance at Jun. 30, 2013 | 57,466 | $ 144,109 | $ 259 | $ (86,902) | ||
Balance, shares at Jun. 30, 2013 | 59,196,617 | |||||
Issuance of common stock and warrants, net of issuance costs | $ 10,644 | 10,644 | ||||
Issuance of common stock and warrants, net of issuance costs, shares | 2,596,032 | 2,596,032 | ||||
Exercise of options and warrants by employees and non-employee consultants | $ 12 | 12 | ||||
Exercise of options and warrants by employees and non-employee consultants, shares | 53,470 | |||||
Exercise of warrants by investors and finders | 1,968 | 1,968 | ||||
Exercise of warrants by investors and finders, shares | 2,902,168 | |||||
Stock based compensation to employees, directors and non-employee consultants | 5,851 | 5,851 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,353,165 | |||||
Issuance of common stock under CHA Agreement (Note 1d) | 10,414 | $ 10,414 | ||||
Issuance of common stock under CHA Agreement (Note 1d), shares | 2,500,000 | |||||
Other comprehensive income (loss), net | 2,700 | $ 2,700 | ||||
Net loss | (26,932) | $ (26,932) | ||||
Balance at Jun. 30, 2014 | $ 62,123 | $ 172,998 | $ 2,959 | $ (113,834) | ||
Balance, shares at Jun. 30, 2014 | 68,601,452 | 68,601,452 | ||||
Issuance of common stock and warrants, net of issuance costs | $ 15,800 | $ 1 | 15,799 | |||
Issuance of common stock and warrants, net of issuance costs, shares | 6,800,000 | |||||
Exercise of options and warrants by employees and non-employee consultants | 11 | 11 | ||||
Exercise of options and warrants by employees and non-employee consultants, shares | 39,000 | |||||
Exercise of warrants by investors and finders | 276 | 276 | ||||
Exercise of warrants by investors and finders, shares | 1,134,043 | |||||
Stock based compensation to employees, directors and non-employee consultants | 4,052 | 4,052 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,397,406 | |||||
Issuance of common stock in a private placement | 1,114 | 1,904 | $ (790) | |||
Issuance of common stock in a private placement, shares | 700,000 | |||||
Stock based compensation to contractor | 263 | $ 263 | ||||
Stock based compensation to contractor, shares | 100,004 | |||||
Other comprehensive income (loss), net | (819) | $ (819) | ||||
Net loss | (24,677) | $ (24,677) | ||||
Balance at Jun. 30, 2015 | $ 58,143 | $ 1 | $ 195,303 | $ (790) | $ 2,140 | $ (138,511) |
Balance, shares at Jun. 30, 2015 | 78,771,905 | 78,711,905 | ||||
[1] | Less than $1 |
STATEMENTS OF CHANGES IN EQUIT7
STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
STATEMENTS OF CHANGES IN EQUITY [Abstract] | ||||
Issuance of common stock and warrants, issuance costs | $ 1,200 | $ 1,200 | $ 195 | $ 2,694 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (24,677) | $ (26,932) | $ (21,155) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2,074 | 1,902 | 1,033 |
Loss on property and equipment | 20 | 85 | |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 213 | 1,282 | 154 |
Loss (gain) from sale of investments of available-for-sale marketable securities | 290 | (727) | (26) |
Stock-based compensation to employees, directors and non-employees consultants | 4,052 | 5,851 | 2,799 |
Decrease (increase) in OCS receivables | 572 | (1,990) | (70) |
Increase in other current assets and other long-term assets | (1,129) | (251) | (470) |
Increase (decrease) in trade payables | (566) | 1,257 | 1,335 |
Increase (decrease) in other accounts payable, accrued expenses and other long-term liabilities | (949) | 902 | 1,556 |
Decrease in deferred revenues | (379) | (379) | (679) |
Decrease in advance payment from United | (154) | (146) | (1,183) |
Decrease (increase) in interest receivable on short-term deposits | 35 | (36) | (140) |
Linkage differences and interest on short and long-term deposits and restricted bank deposits | 54 | 12 | (30) |
Accrued severance pay, net | (61) | 49 | (11) |
Net cash used in operating activities | (20,605) | (19,121) | (16,887) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (831) | $ (1,573) | $ (4,309) |
Proceeds from sale of property and equipment | 19 | ||
Repayment of (investment in) short-term deposits | 16,061 | $ 7,421 | $ (10,202) |
Repayment of (investment in) long-term deposits and restricted bank deposits | (78) | 119 | 869 |
Proceeds from sale of available-for-sale marketable securities | 10,635 | 6,113 | 1,848 |
Proceeds from redemption of available-for-sale marketable securities | 634 | 754 | 529 |
Investment in available-for-sale marketable securities | (4,903) | (10,851) | (8,534) |
Net cash provided by (used in) investing activities | 21,537 | 1,983 | (19,799) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of common stock and warrants, net of issuance costs | 16,914 | 10,644 | 34,106 |
Exercise of warrants and options | 287 | 1,980 | 2,198 |
Net cash provided by financing activities | 17,201 | 12,624 | 36,304 |
Increase (decrease) in cash and cash equivalents | 18,133 | (4,514) | (382) |
Cash and cash equivalents at the beginning of the period | 4,493 | 9,007 | 9,389 |
Cash and cash equivalents at the end of the period | 22,626 | 4,493 | 9,007 |
Supplemental disclosure of cash flow activities: | |||
Taxes paid due to non-deductible expenses | 54 | 48 | 18 |
Supplemental disclosure of non-cash activities: | |||
Purchase of property and equipment in credit | 612 | $ 243 | 872 |
Share consideration to constructor | $ 263 | $ 1,400 | |
Issuance of common stock under CHA Agreement (Note 1d) | $ 10,414 | ||
Receivables on account of shares | $ 790 |
GENERAL
GENERAL | 1 Months Ended |
Dec. 31, 2013 | |
GENERAL [Abstract] | |
GENERAL | NOTE 1:-GENERAL a. Pluristem Therapeutics Inc., a Nevada corporation, was incorporated on May 11, 2001. Pluristem Therapeutics Inc. has a wholly owned subsidiary, Pluristem Ltd. (the “Subsidiary”), which is incorporated under the laws of the State of Israel. Pluristem Therapeutics Inc. and the Subsidiary are referred to as the “Company” or “Pluristem” . b. The Company is a bio-therapeutics company developing off-the-shelf allogeneic cell therapy products for the treatment of multiple ischemic and inflammatory conditions . The Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company's accumulated losses aggregated to $ 138 , 511 through June 30, 2015 and incurred a net loss of $ 24 , 677 for the year ended June 30, 2015 . The Company plans to continue to finance its operations with sales of equity securities, entering into licensing technology agreements such as the United Therapeutics Corporation ( “United” ) and CHA Biotech (“ CHA ”) agreements, and from grants to support its research and development activity. In the longer term, the Company plans to finance its operations from revenues from sales of products. The Company's shares of common stock are traded on the NASDAQ Capital Market under the symbol “PSTI”, and on the Tel-Aviv Stock Exchange under the symbol “Pltr”. License Agreements: United Agreement On June 19, 2011, the Company entered into an exclusive license agreement (the “United Agreement”) with United for the use of the Company's PLX cells to develop and commercialize a cell-based product for the treatment of Pulmonary Hypertension (“PAH”). The United Agreement provides that United will receive exclusive worldwide license rights for the development and commercialization of the Company's PLX cell-based product to treat PAH. The United Agreement further provides for the following consideration payable to the Company: (i) an upfront payment of $ 7,000 5,000 2,000 37,500 10,000 The United Agreement became effective on August 2, 2011, and will continue until the later of a few events, including termination of all patents relating to the collaboration, upon certain government action or if the parties do not develop any product under the United Agreement. United may unilaterally terminate the United Agreement at any time and without cause. In such event, United shall pay the Company certain costs and expenses of winding down any non-cancellable commitments made by the Company prior to the date of termination and cease all development activities in connection with the United Agreement. CHA Agreement On June 26, 2013, Pluristem entered into an exclusive license and commercialization agreement (the “CHA Agreement”) with CHA, for conducting clinical trials and commercialization of Pluristem's PLX-PAD product in South Korea in connection with two indications: the treatment of Critical Limb Ischemia, and Intermediate Claudication (the “Indications”). Under the terms of the CHA Agreement, CHA will receive exclusive rights in South Korea for conducting clinical trials with respect to the Indications , and the Company will continue to retain rights to its proprietary manufacturing technology and cell-related intellectual property. The first clinical study as part of the CHA A greement is a Phase II trial in Intermittent Claudication. South Korea's Ministry of Food and Drug Safety approved this study in November 2013. Upon the first regulatory approval for a PLX product in South Korea, for the specified indications, Pluristem and CHA will establish an equally owned joint venture. The purpose of the joint venture will be to commercialize PLX cell products in South Korea. Pluristem will be able to use the data generated by CHA to pursue the development of PLX product candidates outside of South Korea. The CHA Agreement contains customary termination provisions, including in the event the parties do not reach an agreement upon development plan for conducting the clinical trials. Upon termination of this CHA Agreement, the license granted thereunder will terminate and all rights included therein will revert to the Company, whereupon the Company will be free to enter into agreements with any other third parties for the granting of a license in or outside South Korea or to deal in any other manner with such rights as it shall see fit at its sole discretion. In addition, and as contemplated by the CHA Agreement, in December 2013, Pluristem and CHA executed the mutual investment pursuant to which Pluristem issued 2,500,000 1,011,504 10,414 The parties also agreed to give an irrevocable proxy to the other party's management with respect to the voting power of the shares issued. During March 2015, the Company sold a portion of the CHA shares received in December 2013, resulting in net proceeds of $ 5,717 282 in “ Financial income, net”. The remain ing investment in CHA shares is presented as “Marketable Securities” and classified as available-for-sale in accordance with ASC 320 , “Investments - Debt and Equity Securities” . The fair value of the remaining investment as of June 30, 2015 is $ 5, 982 . |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:-SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") applied on consistent basis. a. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. b. Functional currency of the Subsidiary The Subsidiary's revenues are generated and determined in U.S. Dollars ("dollars"). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believe that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. c. Principles of consolidation The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash and cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less at the date acquired. e. Short-term bank deposit Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. f. Restricted cash and short-term deposits Short-term restricted deposits and restricted cash used to secure derivative and hedging transactions and the Company's credit line are presented at cost which approximates market values including accrued interest. g. Long-term restricted deposits Long-term restricted deposits with maturities of more than one year used to secure operating lease agreement are presented at cost which approximates market values including accrued interest. h. Marketable Securities The Company accounts for its investments in marketable securities in accordance with ASC 320,"Investments – Debt and Equity Securities". The Company determines the classification of marketable securities at the time of purchase and re-evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "accumulated other comprehensive income (loss)" in the statement of changes in equity. Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "Financial income, net". The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investment's financial condition and the near-term prospects of the issuer. ASC 320-10-35, “Investments - Debt and Equity Securities”, requires another-than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than-temporarily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). During 2015, 2014 and 2013, no impairment losses been identified. i. Revenue Recognition from the license Agreement with United The Company recognizes revenue pursuant to the License Agreement with United in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". Pursuant to ASC 605-25, each 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. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. The Company received an up-front, non-refundable license payment of $5,000. Additional payments totaling $37,500 are subject to the achievement of certain regulatory milestones by United. Since the deliverables in the United Agreement do not have stand-alone value, none of them qualifies as a separate unit of accounting. Accordingly, the non-refundable upfront license fee of $5,000 is deferred and recognized on a straight line basis over the related performance period which is the development period in accordance with Staff Accounting Bulletin (“SAB”) 104, "Revenue Recognition". The remaining performance period is 7.5 years as of June 30, 2015. The additional regulatory milestones payments will be recognized upon the achievement of futures events by United, in accordance with ASC 450-30-25, “Gain Contingencies". As of June 30, 2015, no regulatory milestones were achieved. The Company also received an advanced payment for the development, of $2,000 that is deductible against development expenses as it incurred. The upfront payment which was received and has not yet fully recognized in the statement of operations, is included in the balance sheet as advance payment. Part of the expenses related to the development, on a cost basis, shall be repaid to the Company by United according to the applicable license agreement. The Company is deducting the payments from its research and development expenses in accordance with ASC 730-20, "Research and Development Agreements". As of June 30, 2015, the Company deducted an aggregate amount of approximately $1,907. j. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Laboratory equipment 10-15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. k. Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 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 the assets 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 2015, 2014 and 2013, no impairment losses been identified. l. Accounting for stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718- "Compensation-Stock Compensation" (“ASC 718”) and ASC 505-50 -"Equity-Based Payments to Non-Employees" (“ASC505-50”). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employee's share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. The Company elected to recognize compensation cost for an award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach. During fiscal years 2015, 2014 and 2013 there were no options grantedto employees or directors. The assumptions below are relevant to restricted stock units granted in 2015, 2014 and 2013: In accordance with ASC 718 The fair value of all restricted shares and restricted stock units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of share granted during years 2015, 2014 and 2013 was $2.70, $3.53 and $3.43, respectively. m. Research and Development expenses and grants Research and development expenses, net of participations, are charged to the statement of operations as incurred. Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. n. Loss per share Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. o. Income taxes The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" (“ASC 740”). This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. p. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits, restricted deposits and marketable securities. The majority of the Company's cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines, approved by the Company's Investment Committee, relating to diversification and maturities to maintain safety and liquidity of the investments. The Company holds an investment portfolio consisting of corporate bonds, government bonds, stocks and index linked notes. The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity; accordingly, as of June 30, 2015, the Company believes the losses associated with its investments are temporary and no impairment loss was recognized during 2015. However, the Company can provide no assurance that it will recover declines in the market value of its investments. q. Severance pay The Company's agreements with employees in Israel, are subject to Section 14 of the Israeli Severance Pay Law, 1963 (“Severance Pay Law”). The Company's contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee's monthly salary for each year of employment, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. For some employees, which their agreement is not subject to Section 14 of the Severance Pay Law,the Subsidiary's liability for severance pay is calculated pursuant to Israeli Severance Pay Law, based on the most recent salary of the employees 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 Company's liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to the Severance Pay Law or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. Severance expenses for the years ended June 30, 2015, 2014 and 2013, were $441, $534 and $329, respectively. r. Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Level 2 Level 3 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy. s. Derivative financial instruments The Company uses forward contracts and options strategies (“derivative instruments”) primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and Hedging” (“ASC 815”). ASC 815 requires the Company to recognize all derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of derivative instruments depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. If the derivative instruments meet the definition of a hedge and are so designated, depending on the nature of the hedge, changes in the fair value of such derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in the statement of operations. The ineffective portion of a derivative's change in fair value is recognized in the statement of operations. Cash Flow Hedges As of June 30, 2015, the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $1,560, with fair value of approximately $52 presented in “other current assets”. The net unrealized gain on the effective portion of these cash flow hedges was $23. The net gain (loss) realized in statement of operations during the year ended June 30, 2015, and 2014 resulting from the cash flow hedge transactions, amounted to approximately ($269) and $48, respectively . The forward contracts on the Company's future NIS payroll and related expenses will settle by October 2015. Fair Value Hedges Other Derivatives t. Comprehensive income (loss): The Company accounts for comprehensive income (loss) in accordance with ASC No. 220, “Comprehensive Income”. Comprehensive income generally represents all changes in shareholders' equity during the period except those resulting from investments by, or distributions to, shareholders. The Company determined that its items of other comprehensive income (loss) relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. Year ended June 30, 2015 Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ 2,936 $ 23 $ 2,959 Other comprehensive income before reclassifications (1,132 ) 292 (1,109 ) Amounts reclassified from accumulated other comprehensive loss 290 (269 ) 290 Net current-period other comprehensive income (loss) (842 ) 23 (819 ) Ending balance $ 2,094 $ 46 $ 2,140 u. Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board ) In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" (“ASU 2014-15”), which establishes management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 provides a definition of the term "substantial doubt" and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is in the process of evaluating the impact the new guidance will have on its consolidated financial statements disclosures. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Jun. 30, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 :- MARKETABLE SECURITIES As of June 30, 2015 , all of the Company's marketable securities were classified as available-for-sale. June 30, 2015 June 30, 2014 Amortized cost Gross unrealized gain Gross unrealized loss Fair value Amortized cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 12,305 $ 2,083 $ (72 ) $ 14,316 $ 18,881 $ 2,522 $ (23 ) $ 21,380 Government debentures – fixed interest rate 287 1 (10 ) 278 97 9 - 106 Corporate debentures – fixed interest rate 939 26 (52 ) 913 452 54 - 506 $ 13,531 $ 2,110 $ (134 ) $ 15,507 $ 19,430 $ 2,585 $ (23 ) $ 21,992 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate 2,033 40 (9 ) 2,064 2,595 98 (1 ) 2,692 Corporate debentures – fixed interest rate 4,436 97 (17 ) 4,516 4,906 263 (5 ) 5,164 $ 6,469 $ 137 $ (26 ) $ 6,580 $ 7,501 $ 361 $ (6 ) $ 7,856 Available-for-sale - matures after five year s through ten years: Corporate debentures – fixed interest rate 156 8 (1 ) 163 94 19 - 113 $ 156 $ 8 $ (1 ) $ 163 $ 94 $ 19 $ - $ 113 Total $ 20,156 $ 2,255 $ (161 ) $ 22,250 $ 27,025 $ 2,965 $ (29 ) $ 29,961 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of June 30, 2015 and June 30, 2014 , and the length of time that those investments have been in a continuous loss position: Less than 12 months 12 months or greater Fair Value Gross unrealized loss Fair Value Gross unrealized loss As of June 30, 2015 $ 2,535 $ (107 ) $ 524 $ (54 ) As of June 30, 2014 $ 851 $ (17 ) $ 463 $ (12 ) The Company typically invests in highly-rated securities . When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. Based on the above factors, the Company concluded that unrealized losses on all available-for-sale securities were not other-than-temporary and no June 30, 2015 . As of June 30, 2015 and 2014 , interest receivable amounted to $ 105 and $ 98 respectively . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2015 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4 :- FAIR VALUE OF FINANCIAL INSTRUMENTS June 30, 2015 June 30, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Marketable securities $ 12,650 $ 9,600 - $ 20,530 $ 9,431 - Foreign currency derivative instruments - 322 - - (842 ) - Total $ 12,650 $ 9,922 $ - $ 20,530 $ 8,589 $ - June 30, 2015 June 30, 2014 Balance Sheet location Fair Value Balance Sheet location Fair Value Derivatives designated as cash flow hedge instruments Other current assets $ 52 Other current assets $ 24 Derivatives not designated as hedge instruments Other current assets $ 270 Other current assets $ 23 Derivatives designated as fair value hedge instruments - Other current liabilities $ (889 ) Total $ 322 $ (842 ) |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2015 | |
OTHER CURRENT ASSETS [Abstract] | |
OTHER CURRENT ASSETS | NOTE 5 :- OTHER CURRENT ASSETS June 30, 2015 2014 Prepaid expenses $ 919 $ 382 Accounts receivable form the Ministry of Economy 44 - Derivatives designated as cash flow hedge instruments 52 24 Derivatives not designated as hedge instruments 270 23 VAT receivables 152 459 Other receivables 621 17 Total $ 2,058 $ 905 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Jun. 30, 2015 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 6 :-PROPERTY AND EQUIPMENT, NET June 30, 2015 2014 Cost: Laboratory equipment $ 6,096 $ 6,088 Computers and peripheral equipment 933 708 Office furniture and equipment 617 611 Leasehold improvements 8,514 7,453 Vehicles 95 95 Total Cost 16,255 14,955 Accumulated depreciation: Laboratory equipment 2,805 2,042 Computers and peripheral equipment 617 430 Office furniture and equipment 262 176 Leasehold improvements 2,375 1,475 Vehicles 23 9 Total accumulated depreciation 6,082 4,132 Property and equipment, net $ 10,173 $ 10,823 Depreciation expenses amounted to $ 2 , 074 , $ 1,902 and $ 1,033 the years ended June 30, 2015 , 2014 and 2013 , respectively. S ee Note 9. i.d. |
OTHER ACCOUNTS PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Jun. 30, 2015 | |
OTHER ACCOUNTS PAYABLE [Abstract] | |
OTHER ACCOUNTS PAYABLE | NOTE 7 :-OTHER ACCOUNTS PAYABLE June 30, 2015 2014 Accrued payroll $ 395 $ 424 Payroll institutions 293 302 Accrued vacation 748 673 Derivatives designated as a fair value hedge instruments - 889 Other payables 97 103 Total $ 1,533 $ 2,391 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 :-COMMITMENTS AND CONTINGENCIES In February 2015, the Company signed an addendum to its facility operating lease agreement (the “Addendum”) with the lessor, which extended the rent period to December 2021. Under the Addendum, the Company leased additional facility space that will be used for new laboratories and offices. The delivery date o f the additional facility space is June 15, 2015. The Company will pay the lessor monthly rent fees for the additional facility space commencing at the earliest of the completion of the leasehold improvements, or September 15, 2015. The lessor agreed to pay a non-refundable leasehold improvement participation payment, of approximately $ 925 . In January 2013 the Subsidiary received from the lessor a non-refundable payment, which payment represents the lessor participation in the leasehold improvements, of approximately $816. The payment is deductible against lease expenses as it is incurred. The lessor upfront payment is included the in balance sheet as advance payment and recognized as a deduction from lease expenses over the lease term. The Company recognizes rent expense, net of lessor participation, under such arrangements on a straight-line basis over the lease term. As of June 30, 2015, aggregate minimum lease commitments under the operating lease agreement s are as follows: Year ending June 30, 2016 $ 945 2017 1,038 2018 1,038 2019 1,038 2020 and thereafter 2,876 Total $ 6,935 Lease expenses, net of lessor participation amounted to $ 704 , $ 720 and $ 678 for the years ended June 30, 2015 , 2014 and 2013 , respectively. The Subsidiary has issued a bank guarantee in favor of the lessors in the amount of approximately $ 353 . The Subsidiary leases several motor vehicles under operating lease agreements, which expire in various dates during years 2015 through June 2018 . As of June 30, 2015 , future aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: Year ending June 30, 2016 $ 149 2017 104 2018 47 Total $ 300 amounted to $ 218 , $ 244 and $ 215 June 30, 2015 , 2014 and 2013 , respectively. A n amount of $ 1 , 076 of cash and deposits was pledged by the Subsidiary to secure the derivative s and hedging transactions , credit line and b ank guarantee s . Under the Law for the Encouragement of Industrial Research and Development, 1984, (the “Research Law”), research and development programs that meet specified criteria and are approved by a governmental committee of the OCS are eligible for grants of up to 50 3 4 100 no 12 LIBOR no Through June 30, 2015, total grants obtained aggregated to approximately $ 18,642 66 . As of June 30, 2015, the Company's contingent liability in respect to royalties to the OCS amounted $ 18 , 5 76 including LIBOR interest as described above. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 9 : - STOCKHOLDERS' EQUITY The Company's authorized common stock consists of 200 ,000,000 shares with a par value of $ 0.00001 one no The Company's authorized preferred stock consists of 10,000,000 0.00001 No From July 2012 through June 2013 , 682 ,213 warrants were exercised via “cashless” exercise, resulting in the issuance of 420 shares of common stock to investors of the Company. 1,201 , 160 1,201 , 160 $ 2,009 . In August, 2012, a total of 36 , 000 warrants were exercised via a “cashless” exercise, resulting in the issuance of 26 shares of common stock to consultants of the C ompany . From July 2013 2,517,907 1,469,584 1,432, 584 1,432, 584 1,968 65,000 36 shares of common stock to a consultant of the Company. From July 2014 through June 201 5 , total of 2 , 081 , 303 warrants were exercised via “cashless” exercise, resulting in the issuance of 963 , 876 shares of common stock to investors of the Company. 170 , 167 cash and resulted in the issuance of 170 , 167 276 . In December 2013, a s part of the CHA A greement, Pluristem and CHA executed the mutual investment pursuant to which Pluristem issued 2,500,000 for 1,011,504 10,414 ( see Note 1 d ) . On September 19, 2012, the Company closed a firm commitment underwritten public offering of 8,000,000 at a purchase price of $ 4.00 one one 0.35 5.00 became exercisable on March 19, 2013 and expir e on September 19, 2017. The Company has also granted the underwriters a 30 1,200,000 420,000 the underwriters fully exercised their option. The aggregate net proceeds to the Company from the offering, including from the exercise in full of the option, were $ 34,106 before the exercise of any warrants and after deducting underwriting commissions and discounts and offering expenses of the C ompany. The warrants can be exercised only for full shares of common stock. As to any fraction of a share which the warrant holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the fair market value less the exercise price. Following a shelf registration on Form S -3 filed and declared effective in October 2011, the Company entered in December 2012 into an At Market Issuance Sales Agreement ( “ ATM Agreement” ) with an underwriter , which provides that, upon the terms and subject to the conditions and limitations set forth in the ATM Agreement, the Company may elect , from time to time, to issue and sell shares of common stock having an aggregate offering price of up to $ 95 ,000 through the underwriter as a sales agent. The Company was not obligated to make any sales of common stock under the ATM Agreement. During the year ended June 30, 2014 , the Company issued 2,596,032 shares of common stock for aggregate consideration of approximately $ 10, 644 , net of issuance costs of $ 195 , under the ATM Agreement. On September 11, 2014, the Company notified the underwriter of the termination of the ATM Agreement. g. From October 2014 through May 2015 the Company issued shares of common stock in private placements to an investor. In October 2014, the Company issued 200,000 for an . aggregate cash consideration received of $ 528 the Company issued additional 200,000 for an aggregate cash consideration received of $ 586 the Company issued an additional 300,000 , which consideration in the amount of $ 790 stockholders ' equity. The Company expects to receive the consideration by the end of September 2015. h. On June 25, 2015, the Company entered into definitive agreements to sell 6,800,000 4,080,000 2.50 (the "Offering") . The gross proceeds from the O ffe rin g were $ 17 ,000 . Issuance costs amounted to $ 1, 200 . The warrants have an exercise price of $ 2.85 5 O ffering . The Offering was closed on June 30, 2015. i. Options, warrants and restricted stock units to employees, directors and consultants: The Company has approved incentive option plan from 2005 (the “Pla n ” ). Under the Plan, options, restricted stock and restricted stock units (the “Awards”) may be granted to the Company's officers, directors, employees and consultants. Any Awar ds that are cancelled or forfeited before expiratio n become available for futur grants. As of June 30, 2015 , the number of shares of common stock authorized for issuance under the Plan amounted to 15 , 193 , 210 . As of June 30, 2015 , 1, 50 8 , 579 shares are available for future grant under the Plan . a. Options to employees and directors: The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718 . A summary of the Company's share option activity for options granted to employees and directors under the Plan is as follows: Year ended June 30, 2015 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,862,099 $ 3.73 Options exercised (14,000 ) $ 0.77 Options forfeited (11,199 ) $ 7.79 Options outstanding at end of the period 1,836,900 $ 3.72 2.14 $ 768 Options exercisable at the end of the period 1,836,900 $ 3.72 2.14 $ 768 Options vested 1,836,900 $ 3.72 2.14 $ 768 Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on June 30, 2015 . This amount changes based on the fair market value of the Company's common stock. b. Options and warrants to non-employees: A summary of the Company's activity related to options and warrants to consultants is as follows: Year ended June 30, 2015 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at beginning of period 252,000 $ 5.19 Options granted 1,000 $ 0.00 Options and warrants exercised (25,000 ) $ 0.00 Options and warrants outstanding at end of the period 228,000 $ 5.73 2.87 $ 204 Options and warrants exercisable at the end of the period 227,000 $ 5.76 2.84 $ 201 Options and warrants vested and expected to vest 1,000 $ 0.00 9.53 $ 3 Compensation expenses related to options and warrants granted to consultants were recorded as follows: Year ended June 30, 2015 2014 2013 Research and development expenses $ 1 $ 11 $ 26 General and administrative expenses 1 - - $ 2 $ 11 $ 26 Future expenses related to options and warrants granted to consultants for an average time of approximately 1.5 years are $ 1 . c. Restricted stock units to employees and directors: The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the year ended June 30, 2015 : Number Unvested at the beginning of period 1,589,432 Granted 1,459,153 Forfeited (22,676 ) Vested (1,293,526 ) Unvested at the end of the period 1,732,383 Expected to vest after June 30, 2015 1,673,516 Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: Year ended June 30, 2015 2014 2013 Research and development expenses $ 2,277 $ 1,172 $ 711 General and administrative expenses 1,469 4,390 1,529 $ 3,746 $ 5,562 $ 2,240 Future expenses related to restricted stock units granted to employees and directors for an average time of approximately two 2 , 473 . d. Restricted stock units to consultants: The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the year ended June 30, 2015 : Number Unvested at the beginning of period 15,250 Granted 117,015 Vested (103,880 ) Unvested at the end of the period 28,385 Compensation expenses related to restricted stock units granted to consultants were recorded as follows: Year ended June 30, 2015 2014 2013 Research and development expenses $ 131 $ 201 $ 255 General and administrative expenses 173 77 278 $ 304 $ 278 $ 533 In February 2015 the Company 's subsidiary entered into an agreement with a contractor for the construction of its new laboratories facility for a consideration of approximately NIS 3.3 million (approximately $ 841 ) . Under the terms of the agreement, the Company 's subsidiary shall pay part of the NIS 3.3 million consideration using 100,004 restricted shares of common stock of the Company , linked to the performance milestones with respect to the new laboratories construction and which serve as guarantee . These restricted shares shall be released to the contractor only upon the successful completion of the construction . The restricted shares were issued in December 201 4 . In May 2015 , the Company 's subsidiary entered into an addendum to the agreement with the contractor for the design and construction of additional office space renovations in the Company's subsidiary's leased facility for additional consideration of approximately NIS 4 million (approximately $ 1,032 ) which comprised of NIS 3 million (approximately $ 774 ) in cash and 90,000 restricted shares which will be issued to the contractor only upon the successful completion of the construction by the contractor. The Company account s for the abovementioned share based payment awards to the contractor in accordance with ASC 505-50. As p erformance by the contractor is not complete if the awards are forfeitable (or not issued) in the event performance not completed, the Company measures the fair value of the awards at each reporting period through the performance completion date (until completion of the construction work). The construction work was initiated in June 2015 . As of June 30, 2015, the contractor completed approximately 55 As a result, the Company recognized the relative fair value of the share-based payments awards, pro-rata to the construction completion phase , using the fair value of the Company's share on June 30, 2015, totaling approximately $ 263 " additional paid-in capital " with a corresponding amount included in " property and equipment , net" . j. Summary of warrants and options: Warrants / Options Exercise Price per Share Options and Warrants for Common Stock Options and Warrants Exercisable Weighted Average Remaining Contractual Terms (in years) Warrants: $ 2.85 4,080,000 4,080,000 5.00 $ 4.20 5,060,000 5,060,000 1.09 $ 5.00 3,219,983 3,219,983 2.22 Total warrants 12,359,983 12,359,983 Options: $ 0.00 77,000 76,000 4.67 $ 0.62 389,500 389,500 3.29 $ 1.04 25,000 25,000 3.16 $ 2.97 20,000 20,000 2.86 $ 3.50 900,000 900,000 1.58 $ 3.72 15,000 15,000 1.49 $ 3.80 16,050 16,050 1.53 $ 4.00 42,500 42,500 1.30 $ 4.38 372,500 372,500 2.47 $ 4.40 43,600 43,600 0.56 $ 6.80 36,250 36,250 2.37 $ 8.20 20,000 20,000 2.16 $ 20.00 107,500 107,500 1.88 Total options 2,064,900 2,063,900 Total warrants and options 14,424,883 14,423,883 The following table sets forth a summary of all the warrants and options outstanding as of June 30, 2015 : This summary does not include 1, 760 , 768 restricted stock units that are not vested as of June 30, 2015 . |
FINANCIAL INCOME, NET
FINANCIAL INCOME, NET | 12 Months Ended |
Jun. 30, 2015 | |
FINANCIAL INCOME, NET [Abstract] | |
FINANCIAL INCOME, NET | NOTE 10 :-FINANCIAL INCOME, NET Year ended June 30, 2015 2014 2013 Foreign currency translation differences, net $ (1,109 ) $ 407 $ 497 Bank commissions (37 ) (36 ) (29 ) Interest income on deposits 112 246 539 Gain (Loss) related to marketable securities 1,229 384 (79 ) Gain (loss) from derivatives and Fair value hedge derivatives 395 (83 ) 140 $ 590 $ 918 $ 1,068 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Jun. 30, 2015 | |
TAXES ON INCOME [Abstract] | |
TAXES ON INCOME | NOTE 11 :-TAXES ON INCOME A. Tax laws applicable to the companies: Pluristem Therapeutics Inc. is taxed under U.S. tax laws. Pluristem Ltd. is taxed under Israeli tax laws. B. Tax assessments: The S ubsidiary has not received final tax assessments since its incorporation; however, the assessments of the Subsidiary are deemed final through 2010 . C. Tax rates applicable to the Company: - Pluristem Therapeutics Inc.: The tax rates applicable to Pluristem Therapeutics Inc., a Nevada corporation, are corporate (progressive) tax at the rate of up to 35%, excluding state tax and local tax if any, which rates depend on the state and city in which Pluristem Therapeutics Inc. conducts its business. The Subsidiary: Taxable income of Israeli companies is subject to tax at the rate of 26.5 % in 2015 and 2014 and 2 5 % in 201 3 . Tax Benefits Under the Law for Encouragement of Capital Investments . According to the Law for Encouragement of Capital Investments, 1959 (the "Encouragement Law ") , the Subsidiary is entitled to various tax benefits due to " B eneficiary E nterprise" status granted to its enterprise, as implied by the Encouragement Law. The principal benefits by virtue of the Encouragement Law are: Tax benefits and reduced tax rates: On July 7, 2010, the Subsidiary has received a letter of approval (the "Ruling") from the Israeli Tax Authority. According to the Ruling, the Subsidiary's expansion program of its plant was granted the status of a "Beneficiary Enterprise" under the "Alternative Track" (the "2007 Program"). The Subsidiary chose the year 2007 as the election year of the 2007 Program. Under the 2007 Program "Alternative Track" , the Subsidiary, which was located in a National Priority Zone "B" with respect to the year 2007, is tax exempt in the first six years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of one to four years for the remaining benefit period (dependent on the level of foreign investments). On June 6, 2013, the Subsidiary informed the Israeli Tax Authority that it has chosen the year 2012 as an election year to the expansion of its " Beneficiary Enterprise " program (the "2012 Program"). Under the 2012 Program, the Subsidiary, which was located in the "Other National Priority Zone " with respect to the year 2012, would be tax exempt in the first two years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of five to eight years for the remaining benefit period (dependent on the level of foreign investments). Following the enactment of Amendment No. 60 to the Encouragement Law, subsequent to April 1, 2005, companies whose election year entitled them to a B eneficiary E nterprise status are required, among others, to make a minimum qualifying investment. This condition requires an investment in the acquisition of productive assets such as machinery and equipment, which must be carried out within three years. The minimum qualifying investment required for setting up a plant is NIS 300,000, linked to the Israeli CPI in accordance with the guidelines of the Israeli tax authorities. As for plant expansion, the minimum qualifying investment is the higher of NIS 300,000, linked to the Israeli CPI as stated above, and an amount equivalent to the "qualifying percentage" of the value of the productive assets. Productive assets that are used by the plant but not owned by it will also be viewed as productive assets. The qualifying percentage of the value of the productive assets is as follows: The value of productive assets before the expansion (NIS in millions) The new proportion that the required investment bears to the value of productive assets Up to NIS 140 12 % NIS 140 500 7 % More than NIS 500 5 % The income qualifying for tax benefits under the alternative track is the taxable income of a “beneficiary company” that has met certain conditions as determined by the Encouragement Law, and which is derived from an industrial enterprise. The Encouragement Law specifies the types of qualifying income that is entitled to tax benefits under the alternative track both in respect of an industrial enterprise and of a hotel, whereby income from an industrial enterprise includes, among others, revenues from the production and development of software products and revenues from industrial research and development activities performed for a foreign resident (and approved by the Head of the Administration of Industrial Research and Development). As stated above, the Subsidiary's 2007 Program and 2012 Program were granted the status of a " B eneficiary E nterprise", in accordance with the Encouragement Law, under the alternative benefits track. Accordingly, income derived from the B eneficiary E nterprise is subject to the benefits and conditions stated above. In respect of expansion programs pursuant to Amendment No. 60 to the Encouragement Law, the benefit period starts at the later of the election year and the first year the Company earns taxable income provided that 12 years have not passed since the beginning of the election year and for companies in National Priority Zone A - 14 years since the beginning of the election year. The benefit period for the S ubsidiary's 2007 Program will expire in 2018 (12 years since the beginning of the election year– 2007).The benefit period for the Subsidiary's 2012 Program would expire in 2023 (12 years since the beginning of the election year – 2012). If a dividend is distributed out of tax exempt profits, as above, the Subsidiary will become liable for tax at the rate applicable to its profits from the B eneficiary E nterprise in the year in which the income was earned, (tax at the rate of 10- 25%, dependent on the level of foreign investments) and to a withholding tax rate of 15% (or lower, under an applicable tax treaty) . As for " B eneficiary E nterprises " pursuant to Amendment No. 60 to the Encouragement Law, the basic condition for receiving the benefits under this track is that the enterprise contributes to Israeli economic growth and is a competitive factor for the g ross d omestic p roduct. In order to comply with this condition, the Encouragement Law prescribes various requirements regarding industrial enterprises. As for industrial enterprises, in each tax year during the benefit period, one of the following conditions must be met: The industrial enterprise's main field of activity is biotechnology or nanotechnology as approved by the Head of the Administration of Industrial Research and Development, prior to the approval of the relevant program. The industrial enterprise's sales revenues in a specific market during the tax year do not exceed 75% of its total sales for that tax year. A "market" is defined as a separate country or customs territory. At least 25% of the industrial enterprise's overall revenues during the tax year were generated from the enterprise's sales in a specific market with a population of at least 12 million. Accelerated depreciation: The Subsidiary is eligible for deduction of accelerated depreciation on buildings, machinery and equipment used by the "B eneficiary E nterprise " at a rate of 200% (or 400% for buildings) from the first year of the asset's operation. Conditions for the entitlement to the benefits: The abovementioned benefits are conditional upon the fulfillment of the conditions stipulated by the Encouragement Law, regulations promulgated thereunder, and the Ruling with respect to the beneficiary enterprise . Non-compliance with the conditions may cancel all or part of the benefits and refund of the amount of the benefits, including interest. The management believes that the Subsidiary is meeting the aforementioned conditions. Amendment to the Encouragement Law : Effective January 2011, the Knesset (Israeli parliament) enacted a reform to the Encouragement Law. According to the reform a flat rate tax would apply to companies eligible for the “ Preferred Enterprise ” status. In order to be eligible for a " Preferred Enterprise " status, a company must meet minimum requirements to establish that it contributes to the country ' s economic growth and is a competitive factor for the Gross Domestic Product (a competitive enterprise). Israeli companies which currently benefit from an Approved or Privileged Enterprise status and meet the criteria for qualification as a " Preferred Enterprise " can elect to apply the new " Preferred Enterprise " benefits by waiving their benefits under the " Approved " and "Beneficiary Enterprise " status. Benefits granted to a " Preferred Enterprise " include reduced tax rates. Following the enactment of the National Priorities Law, effective January 1, 2014, the reduced tax rate is 9% in the Development Area A regions and 16% in other regions. " Preferred Enterprises " in peripheral regions are also eligible for Israeli government Investment Center grants, as well as the applicable reduced tax rates. A distribution from a " Preferred Enterprise " out of the " Preferred Income " through December 31, 2013, was subject to 15% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates) and effective January 1, 2014, subject to 20% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates). A distribution from a " Preferred Enterprise " out of the “ Preferred Income ” would be exempt from withholding tax for an Israeli-resident company. T he Subsidiary did not apply the Amendment to the Encouragement Law with respect to the Privileged Enterprise status, but may choose to apply the Amendment in the future . Carryforward losses for tax purposes As of June 30, 2015 , the Company had U.S. federal net operating loss carryforward for income tax purposes in the amount of approximately $ 26 loss carryforward arising in taxable years against taxable income for 20 years and expiring between 2022 and 203 Utilization of U.S. net operating losses may be subject to substantial annual limitations due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. The Subsidiary in Israel has accumulated losses for tax purposes as of June 30, 2015 , in the amount of approximately $ 75 , which may be carried forward and offset against taxable business income and business capital gain in the future for an indefinite period. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: June 30, 2015 2014 Deferred tax assets: U.S. net operating loss carryforward $ 9,132 $ 7,955 Israeli net operating loss carryforward 19,880 12,810 Allowances and reserves 226 237 Total deferred tax assets before valuation allowance 29,238 21,002 Valuation allowance (29,238 ) (21,002 ) Net deferred tax asset $ - $ - As of June 30, 2015 and 2014 , the Company has provided full valuation allowances in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences, since they have a history of operating losses and current uncertainty concerning its ability to realize these deferred tax assets in the future. The Company accounts for its income tax uncertainties in accordance with ASC 740 which clarifies the accounting for uncertainties in income taxes recognized in a Company's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of June 30, 2015 and 2014 , there were no unrecognized tax benefits that if recognized would affect the annual effective tax rate. Reconciliation of the theoretical tax expense (benefit) to the actua l tax expense (benefit): In 2015 , 201 4 and 201 3 , the main reconciling item of the statutory tax rate of the Company ( 25 35 2015 , 2014 and 201 3 ) to the effective tax rate ( 0 s tock -based compensation and other deferred tax assets for which a full valuation allowance was provided. |
SIGNIFICANT ACCOUNTING POLICI20
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Use of estimates | a. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information availa ble at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Functional currency of the Subsidiary | b. Functional currency of the Subsidiary T he Subsidiary's revenues are generated and determined in U.S. Dollars ("dollars"). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believe that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. |
Principles of consolidation | c. Principles of consolidation The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and cash equivalents | d. Cash and cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of |
Short-term bank deposit | Short-term bank deposit Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. |
Restricted cash and short-term deposits | Restricted cash and s hort-term deposits S h ort-term restricted deposits and restricted cash used to secure derivative and hedging transactions and the Company's credit line are presented at cost which approximates market values including accrued interest . |
Long-term restricted deposits | Long-term restricted deposit s Long-term restricted deposit s with maturities of more than one year used to secure operating lease agreement are presented at cost including accrued interest . |
Marketable Securities | Marketable Securities The Company accounts for its investments in marketable securities in accordance with ASC 320 ," Investments – Debt and Equity Securities" . The Company determines the classification of marketable securities at the time of purchase and re - evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "accumulated other comprehensive income (loss)" in the statement of changes in equity . Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "F inancial incom e , net " . The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investment's financial condition and the near-term prospects of the issuer. ASC 320-10- 3 5 , “Investments - Debt and Equity Securities” , requires another -than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than- tempora rily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). During 2015 , 2014 and 2013 , no |
Revenue Recognition from the license Agreement with United | Revenue Recognition from the license Agreement with United The Company recognizes revenue pursuant to the License Agreement with United in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". Pursuant to ASC 605-25, each 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. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. The Company received an up-front, non-refundable license payment of $ 5,000 37,500 achievement of certain regulatory milestones by United. Since the deliverables in the United Agreement do not have stand-alone value, none of them qualifies as a separate unit of accounting . Accordingly, the non-refundable upfront license fee of $5,000 is deferred and recognized on a straight line basis over the related performance period which is the development period in accordance with Staff Accounting Bulletin (“ SAB ”) 104, "Revenue Recognition". The remaining performance period is 7 .5 years as of June 30, 2015 . The additional regulatory milestones payments will be recognized upon the achievement of futures events by United , in accordance with ASC 450-30-25 , “ Gain Contingencies ". As of June 30, 2015 , no regulatory mil e stones were achieved. The Company also received a n advance d payment for the development, of $ 2,000 is deductible against development expenses as it incurred . The upfront payment which was received and has not yet fully recognized in the statement of operations, is included in the balance sheet as advance payment. Part of the expenses related to the development, on a cost basis, shall be repaid to the Company by United according to the applicable l icense a greement . The Company is deducting the payments from its research and development expenses in accordance with ASC 730 -20 , "Research and Development Agreements ". As of June 30, 2015 , the Company deducted an aggregate amount of approximately $ 1, 907 . |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Laboratory equipment 10 15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. |
Impairment of long-lived assets | Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 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 the assets 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 2015, 2014 and 2013 , no |
Accounting for stock-based compensation | Accounting for stock-based compensation The Company accounts for stock-based compensa tion in accordance with ASC 718- "Compensation-Stock Compensation " ( “ ASC 718”) and ASC 505-50 - "Equity-Based Payments to Non-Employees" (“ASC505-50”) . ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model . The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employee's share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach . D uring fiscal years 2015 , 2014 and 2013 there were no ed to employees or directors . The assumptions below are relevant to restricted stock units granted in 2015 , 201 4 and 201 3 : In accordance with ASC 718 , restricted stock units are measured at their fair value. All restricted stock units to employees , directors and non-employees granted in 2015, 2014 and 2013 were granted for no therefore, their fair value was equal to the share price at the date of grant. The fair value of all restricted shares and restricted stock units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of share granted during years 2015 , 2014 and 2013 was $ 2 . 70 , $ 3. 5 3 and $ 3 . 43 , respectively . |
Research and Development expenses and grants | Research and Development expenses and grants Research and development expenses, net of participations , are charged to the s tatement of o perations as incurred. Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. |
Loss per share | Loss per share Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. |
Income taxes | Income taxes The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" (“ASC 740”) . This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits , restricted deposits and marketable securities . The majority of the Company's cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel and in the United States . Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines , approved by the Company's Investment Committee , relating to diversification and maturities to maintain safety and liquidity of the investments. The Company holds an investment portfolio consisting of corporate bonds, g overnment bonds , stocks and index linked notes . The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity; accordingly, as of June 30, 2015 , the Company believes the losses associated with its investments are temporary and no 2015 . However, the Company can provide no assurance that it will recover declines in the market value of its investments. |
Severance pay | Severance pay T he Company's agreements with employees in Israel, are subject to Section 14 of the Israeli Severance Pay Law , 1963 ( “Severance Pay Law”) . The Company's contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee's monthly salary for each year of employment, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee . Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. For some employees, which their agreement is not subject to Section 14 of the Severance Pay Law , the Subsidiary's liability for severance pay is calculated pursuant to Israeli S everance P ay L aw , based on the most recent salary of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one The Company ' s liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to the S everance P ay L aw or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. Severance expenses for the years ended June 30 , 2015 , 2014 and 2013, were $ 441 534 and $ 329 , respectively. |
Fair value of financial instruments | Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 - Unobservable inputs for the asset or liability. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy. |
Derivative financial instruments | Derivative financial instruments The Company uses forward contracts and options strategies (“derivative instruments”) primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and Hedging” (“ASC 815”). ASC 815 requires the Company to recognize all derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of derivative instruments depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. If the derivative instruments meet the definition of a hedge and are so designated, depending on the nature of the hedge, changes in the fair value of such derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in the statement of operations. The ineffective portion of a derivative's change in fair value is recognized in the statement of operations. Cash Flow Hedges . The Company entered into forward and option contracts to hedge against the risk of overall changes in future cash flow from payments of payroll and related expenses denominated in New Israeli Shekels (“NIS”) . The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). The gain or loss on the effective portion of a cash flow hedge is initially reported as a component of accumulated other comprehensive income and subsequently reclassified into operating expenses in the same period or periods in which the payroll and related expenses are recognized, or reclassified into “ F inancial income, net” , if the hedged transaction becomes probable of not occurring. Any gain or loss after a hedge is no longer designated, because it is no longer probable of occurring or it is related to an ineffective portion of a cash flow hedge is recognized in the statement of operations immediately. As of June 30, 2015 , the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $ 1 , 560 , with fair value of approximately $ 52 presented in “other current assets ” . T he net unrealized gain on the effective portion of these cash flow hedges was $ 23 . The net gain (loss) realized in statement of operations during the year ended June 30, 2015 , and 2014 resulting from the cash flow hedge transactions, amounted to approximately ( $ 269 and $ 48 . The forward contracts on the Company's future NIS payroll and related expenses will settle by October 2015 . Fair Value Hedges . The Company entered into forward contracts designated as fair value hedges to hedge foreign currency risks for its investment denominated in currencies other than the U.S. dollar. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). Gains and losses on these contracts are recognized in " F inancial income, net", along with the offsetting losses and gains of the related hedged items. In connection with the investment in CHA shares (see Note 1d), an available-for-sale marketable security denominated in Korean Won, the Company ente red into a forward contract to hedge against the foreign currency risk between the Korean Won and the U.S. dollar. The notional principal of this contract was $ 11,000 . The forward contract expired on December 26, 2014, resulting in net gain of $ 59 Other Derivatives . Other derivatives that are non-designated consist primarily of options strategies to minimize the risk associated with the foreign exchange effects of monetary assets and liabilities denominated in NIS . The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). The fair value of approximately $ 270 presented in “other current assets ” and t he net gains (losses) recognized in “ F inancial income, net” during the year ended June 30, 2015 , 2014 and 2013 were $ 248 , ($ 70 and $ 231 , respectively . |
Comprehensive income (loss) | Comprehensive income (loss) : The Company accounts for comprehensive income (loss) in accordance with ASC No. 220, “Comprehensive Income”. Comprehensive income generally represents all changes in shareholders' equity during the period except those resulting from investments by, or distributions to, shareholders. The Company determined that its items of other comprehensive income (loss) relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. Year ended June 30, 2015 Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ 2,936 $ 23 $ 2,959 Other comprehensive income before reclassifications (1,132 ) 292 (1,109 ) Amounts reclassified from accumulated other comprehensive loss 290 (269 ) 290 Net current-period other comprehensive income (loss) (842 ) 23 (819 ) Ending balance $ 2,094 $ 46 $ 2,140 |
Recent Accounting Pronouncement | Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board )“ FASB ” , "Revenue from Contracts with Customers" (“ASU 2014-09”) . ASU 2014-09 supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605)”, and requires entities to recogn ize revenue when it transfers promised goods or services to customers in an amount th at reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016 , including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. In August 2015, the FASB issued an Accounting Standards Update to defer by one year the effective dates of its new revenue recognition standard until annual reporting periods beginning after January December 15, 2017 (2018 for calendar-year public entities) and interim periods therein. In August 2014, the FASB issued ASU 2014-15, " Presentation of Financial Statements - Going Concern, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern " (“ ASU 2014-15 ”) , which establishes management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and, if so, to provide related footnote disclosures. ASU 2014-15 pro vides a definition of the term " subs tantial doubt " and requires an assessment for a period of one year after the date that the financial statements are issued or available to be issued. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for the annual periods ending after December 15, 2016 and interim periods thereafter with early adoption permitted. The Company is in the process of evaluating the impact the new guidance will have on its consolidated financial statements disclosures. |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Property and Equipment, Estimated Useful Lives, Annual Rate | % Laboratory equipment 10 15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. |
Schedule of Comprehensive Income | Year ended June 30, 2015 Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ 2,936 $ 23 $ 2,959 Other comprehensive income before reclassifications (1,132 ) 292 (1,109 ) Amounts reclassified from accumulated other comprehensive loss 290 (269 ) 290 Net current-period other comprehensive income (loss) (842 ) 23 (819 ) Ending balance $ 2,094 $ 46 $ 2,140 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
Schedule of Available-for-sale Marketable Securities | June 30, 2015 June 30, 2014 Amortized cost Gross unrealized gain Gross unrealized loss Fair value Amortized cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 12,305 $ 2,083 $ (72 ) $ 14,316 $ 18,881 $ 2,522 $ (23 ) $ 21,380 Government debentures – fixed interest rate 287 1 (10 ) 278 97 9 - 106 Corporate debentures – fixed interest rate 939 26 (52 ) 913 452 54 - 506 $ 13,531 $ 2,110 $ (134 ) $ 15,507 $ 19,430 $ 2,585 $ (23 ) $ 21,992 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate 2,033 40 (9 ) 2,064 2,595 98 (1 ) 2,692 Corporate debentures – fixed interest rate 4,436 97 (17 ) 4,516 4,906 263 (5 ) 5,164 $ 6,469 $ 137 $ (26 ) $ 6,580 $ 7,501 $ 361 $ (6 ) $ 7,856 Available-for-sale - matures after five year s through ten years: Corporate debentures – fixed interest rate 156 8 (1 ) 163 94 19 - 113 $ 156 $ 8 $ (1 ) $ 163 $ 94 $ 19 $ - $ 113 Total $ 20,156 $ 2,255 $ (161 ) $ 22,250 $ 27,025 $ 2,965 $ (29 ) $ 29,961 |
Schedule of Investments in Continuous Unrealized Loss Position | Less than 12 months 12 months or greater Fair Value Gross unrealized loss Fair Value Gross unrealized loss As of June 30, 2015 $ 2,535 $ (107 ) $ 524 $ (54 ) As of June 30, 2014 $ 851 $ (17 ) $ 463 $ (12 ) |
FAIR VALUE OF FINANCIAL INSTR23
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Fair Value of Financial Instruments | June 30, 2015 June 30, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Marketable securities $ 12,650 $ 9,600 - $ 20,530 $ 9,431 - Foreign currency derivative instruments - 322 - - (842 ) - Total $ 12,650 $ 9,922 $ - $ 20,530 $ 8,589 $ - |
Schedule of Derivative Hedging Activity and Balance Sheet Location | June 30, 2015 June 30, 2014 Balance Sheet location Fair Value Balance Sheet location Fair Value Derivatives designated as cash flow hedge instruments Other current assets $ 52 Other current assets $ 24 Derivatives not designated as hedge instruments Other current assets $ 270 Other current assets $ 23 Derivatives designated as fair value hedge instruments - Other current liabilities $ (889 ) Total $ 322 $ (842 ) |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
OTHER CURRENT ASSETS [Abstract] | |
Schedule of Other Current Assets | June 30, 2015 2014 Prepaid expenses $ 919 $ 382 Accounts receivable form the Ministry of Economy 44 - Derivatives designated as cash flow hedge instruments 52 24 Derivatives not designated as hedge instruments 270 23 VAT receivables 152 459 Other receivables 621 17 Total $ 2,058 $ 905 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
Schedule of Property and Equipment, Net | June 30, 2015 2014 Cost: Laboratory equipment $ 6,096 $ 6,088 Computers and peripheral equipment 933 708 Office furniture and equipment 617 611 Leasehold improvements 8,514 7,453 Vehicles 95 95 Total Cost 16,255 14,955 Accumulated depreciation: Laboratory equipment 2,805 2,042 Computers and peripheral equipment 617 430 Office furniture and equipment 262 176 Leasehold improvements 2,375 1,475 Vehicles 23 9 Total accumulated depreciation 6,082 4,132 Property and equipment, net $ 10,173 $ 10,823 |
OTHER ACCOUNTS PAYABLE (Tables)
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
OTHER ACCOUNTS PAYABLE [Abstract] | |
Schedule of Other Accounts Payable | June 30, 2015 2014 Accrued payroll $ 395 $ 424 Payroll institutions 293 302 Accrued vacation 748 673 Derivatives designated as a fair value hedge instruments - 889 Other payables 97 103 Total $ 1,533 $ 2,391 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Leased Facilities [Member] | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Commitments | Year ending June 30, 2016 $ 945 2017 1,038 2018 1,038 2019 1,038 2020 and thereafter 2,876 Total $ 6,935 |
Automobiles [Member] | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Commitments | Year ending June 30, 2016 $ 149 2017 104 2018 47 Total $ 300 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Schedule of Stock Option Activity | Year ended June 30, 2015 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,862,099 $ 3.73 Options exercised (14,000 ) $ 0.77 Options forfeited (11,199 ) $ 7.79 Options outstanding at end of the period 1,836,900 $ 3.72 2.14 $ 768 Options exercisable at the end of the period 1,836,900 $ 3.72 2.14 $ 768 Options vested 1,836,900 $ 3.72 2.14 $ 768 |
Schedule of Stock Option and Warrant Activity | Year ended June 30, 2015 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at beginning of period 252,000 $ 5.19 Options granted 1,000 $ 0.00 Options and warrants exercised (25,000 ) $ 0.00 Options and warrants outstanding at end of the period 228,000 $ 5.73 2.87 $ 204 Options and warrants exercisable at the end of the period 227,000 $ 5.76 2.84 $ 201 Options and warrants vested and expected to vest 1,000 $ 0.00 9.53 $ 3 |
Summary of Options and Warrants Outstanding | Warrants / Options Exercise Price per Share Options and Warrants for Common Stock Options and Warrants Exercisable Weighted Average Remaining Contractual Terms (in years) Warrants: $ 2.85 4,080,000 4,080,000 5.00 $ 4.20 5,060,000 5,060,000 1.09 $ 5.00 3,219,983 3,219,983 2.22 Total warrants 12,359,983 12,359,983 Options: $ 0.00 77,000 76,000 4.67 $ 0.62 389,500 389,500 3.29 $ 1.04 25,000 25,000 3.16 $ 2.97 20,000 20,000 2.86 $ 3.50 900,000 900,000 1.58 $ 3.72 15,000 15,000 1.49 $ 3.80 16,050 16,050 1.53 $ 4.00 42,500 42,500 1.30 $ 4.38 372,500 372,500 2.47 $ 4.40 43,600 43,600 0.56 $ 6.80 36,250 36,250 2.37 $ 8.20 20,000 20,000 2.16 $ 20.00 107,500 107,500 1.88 Total options 2,064,900 2,063,900 Total warrants and options 14,424,883 14,423,883 |
Options and warrants [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2015 2014 2013 Research and development expenses $ 1 $ 11 $ 26 General and administrative expenses 1 - - $ 2 $ 11 $ 26 |
Restricted stock units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 1,589,432 Granted 1,459,153 Forfeited (22,676 ) Vested (1,293,526 ) Unvested at the end of the period 1,732,383 Expected to vest after June 30, 2015 1,673,516 |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2015 2014 2013 Research and development expenses $ 2,277 $ 1,172 $ 711 General and administrative expenses 1,469 4,390 1,529 $ 3,746 $ 5,562 $ 2,240 |
Consultant restricted stock units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 15,250 Granted 117,015 Vested (103,880 ) Unvested at the end of the period 28,385 |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2015 2014 2013 Research and development expenses $ 131 $ 201 $ 255 General and administrative expenses 173 77 278 $ 304 $ 278 $ 533 |
FINANCIAL INCOME, NET (Tables)
FINANCIAL INCOME, NET (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
FINANCIAL INCOME, NET [Abstract] | |
Schedule of Financial Expenses (Income), Net | Year ended June 30, 2015 2014 2013 Foreign currency translation differences, net $ (1,109 ) $ 407 $ 497 Bank commissions (37 ) (36 ) (29 ) Interest income on deposits 112 246 539 Gain (Loss) related to marketable securities 1,229 384 (79 ) Gain (loss) from derivatives and Fair value hedge derivatives 395 (83 ) 140 $ 590 $ 918 $ 1,068 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
TAXES ON INCOME [Abstract] | |
Qualifying Percentage of Value of Productive Assets | The value of productive assets before the expansion (NIS in millions) The new proportion that the required investment bears to the value of productive assets Up to NIS 140 12 % NIS 140 500 7 % More than NIS 500 5 % |
Schedule of Deferred Tax Assets | June 30, 2015 2014 Deferred tax assets: U.S. net operating loss carryforward $ 9,132 $ 7,955 Israeli net operating loss carryforward 19,880 12,810 Allowances and reserves 226 237 Total deferred tax assets before valuation allowance 29,238 21,002 Valuation allowance (29,238 ) (21,002 ) Net deferred tax asset $ - $ - |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2013 | Aug. 31, 2011 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
GENERAL [Abstract] | ||||||
Accumulated deficit | $ 138,511 | $ 113,834 | ||||
Net loss | 24,677 | 26,932 | $ 21,155 | |||
Upfront payment received | $ 7,000 | |||||
Nonrefundable payments received | 5,000 | |||||
Advance payment on the development | $ 2,000 | |||||
Milestone revenue receivable | 37,500 | |||||
Reimbursement revenue receivable | $ 10,000 | |||||
Issuance of common stock under CHA agreement | 2,500,000 | |||||
CHA shares classified as marketable securities | 1,011,504 | |||||
Total consideration reflected under the CHA agreement | $ 10,414 | 10,414 | ||||
Net proceeds from sale of portion of the CHA shares | $ 5,717 | $ 10,635 | 6,113 | 1,848 | ||
Net gain from sale of portion of the CHA shares | $ 282 | (290) | $ 727 | $ 26 | ||
Fair value of the remaining investment in CHA shares | $ 5,982 |
SIGNIFICANT ACCOUNTING POLICI32
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, weighted-average grant date fair value | $ 2.70 | $ 3.53 | $ 3.43 |
Severance expenses | $ 441 | $ 534 | $ 329 |
Gain (loss) on other derivatives | 248 | (70) | $ 231 |
Fair value of cash flow hedge derivatives | 52 | 24 | |
Fair value of other derivatives | 270 | 23 | |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue | 5,000 | ||
Contingent consideration receivable if certain regulatory milestones are reached | $ 37,500 | ||
Remaining revenue recognition period | 7 years 6 months | ||
Advance payment for development costs | $ 2,000 | ||
Total deduction from advanced payment | 1,907 | ||
Korean Won [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Net gain (loss) realized on derivatives | 59 | ||
Forward contracts [Member] | Designated as Hedging Instrument [Member] | Israel, New Shekels [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Notional amount | 1,560 | ||
Net unrealized gain on the effective portion | 23 | ||
Net gain (loss) realized on derivatives | (269) | $ 48 | |
Fair value of cash flow hedge derivatives | 52 | ||
Forward contracts [Member] | Designated as Hedging Instrument [Member] | Korean Won [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Notional amount | $ 11,000 |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property and Equipment Depreciation Rate) (Details) - 12 months ended Jun. 30, 2015 | Total |
Laboratory equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 10.00% |
Laboratory equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Computers and peripheral equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 33.00% |
Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation, leasehold | The shorter of the expected useful life or the reasonable assumed term of the lease. |
SIGNIFICANT ACCOUNTING POLICI34
SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 2,959 | ||
Other comprehensive income before reclassifications | (1,109) | ||
Amounts reclassified from accumulated other comprehensive loss | 290 | ||
Net current-period other comprehensive income (loss) | (819) | $ 2,700 | $ 389 |
Ending balance | 2,140 | 2,959 | |
Unrealized gains (losses) on marketable securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 2,936 | ||
Other comprehensive income before reclassifications | (1,132) | ||
Amounts reclassified from accumulated other comprehensive loss | 290 | ||
Net current-period other comprehensive income (loss) | (842) | ||
Ending balance | 2,094 | 2,936 | |
Unrealized gains (losses) on cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 23 | ||
Other comprehensive income before reclassifications | 292 | ||
Amounts reclassified from accumulated other comprehensive loss | (269) | ||
Net current-period other comprehensive income (loss) | 23 | ||
Ending balance | $ 46 | $ 23 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 20,156 | $ 27,025 |
Gross unrealized gain | 2,255 | 2,965 |
Gross unrealized loss | (161) | (29) |
Fair value | 22,250 | 29,961 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 13,531 | 19,430 |
Gross unrealized gain | 2,110 | 2,585 |
Gross unrealized loss | (134) | (23) |
Fair value | 15,507 | 21,992 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,469 | 7,501 |
Gross unrealized gain | 137 | 361 |
Gross unrealized loss | (26) | (6) |
Fair value | 6,580 | 7,856 |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 156 | 94 |
Gross unrealized gain | 8 | $ 19 |
Gross unrealized loss | (1) | |
Fair value | 163 | $ 113 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 12,305 | 18,881 |
Gross unrealized gain | 2,083 | 2,522 |
Gross unrealized loss | (72) | (23) |
Fair value | 14,316 | 21,380 |
Government Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 287 | 97 |
Gross unrealized gain | 1 | $ 9 |
Gross unrealized loss | (10) | |
Fair value | 278 | $ 106 |
Government Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,033 | 2,595 |
Gross unrealized gain | 40 | 98 |
Gross unrealized loss | (9) | (1) |
Fair value | 2,064 | 2,692 |
Corporate Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 939 | 452 |
Gross unrealized gain | 26 | $ 54 |
Gross unrealized loss | (52) | |
Fair value | 913 | $ 506 |
Corporate Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 4,436 | 4,906 |
Gross unrealized gain | 97 | 263 |
Gross unrealized loss | (17) | (5) |
Fair value | 4,516 | 5,164 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 156 | 94 |
Gross unrealized gain | 8 | $ 19 |
Gross unrealized loss | (1) | |
Fair value | $ 163 | $ 113 |
MARKETABLE SECURITIES (Schedu36
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
MARKETABLE SECURITIES [Abstract] | ||
Less than 12 months, fair value | $ 2,535 | $ 851 |
Less than 12 months, gross unrealized loss | (107) | (17) |
12 months or greater, fair value | 524 | 463 |
12 months or greater, gross unrealized loss | (54) | (12) |
Interest receivable | $ 105 | $ 98 |
FAIR VALUE OF FINANCIAL INSTR37
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 22,250 | $ 29,961 |
Foreign currency derivative instruments | 322 | (842) |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 12,650 | $ 20,530 |
Foreign currency derivative instruments | ||
Total | $ 12,650 | $ 20,530 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,600 | 9,431 |
Foreign currency derivative instruments | 322 | (842) |
Total | $ 9,922 | $ 8,589 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | ||
Foreign currency derivative instruments | ||
Total |
FAIR VALUE OF FINANCIAL INSTR38
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | $ 322 | $ (842) |
Derivatives designated as hedge instruments [Member] | Other current assets [Member] | Cash flow [Member] | ||
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | $ 52 | 24 |
Derivatives designated as hedge instruments [Member] | Other current liabilities [Member] | Fair value [Member] | ||
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | (889) | |
Derivatives not designated as hedge instruments [Member] | Other current assets [Member] | ||
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | $ 270 | $ 23 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
OTHER CURRENT ASSETS [Abstract] | ||
Prepaid expenses | $ 919 | $ 382 |
Accounts receivable from the Ministry of Economy | 44 | |
Derivatives designated as cash flow hedge instruments | 52 | $ 24 |
Derivatives not designated as hedge instruments | 270 | 23 |
VAT receivables | 152 | 459 |
Other receivables | 621 | 17 |
Total | $ 2,058 | $ 905 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | $ 16,255 | $ 14,955 | |
Property and equipment, accumulated depreciation | 6,082 | 4,132 | |
Property and equipment, net | 10,173 | 10,823 | |
Depreciation | 2,074 | 1,902 | $ 1,033 |
Laboratory equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 6,096 | 6,088 | |
Property and equipment, accumulated depreciation | 2,805 | 2,042 | |
Computers and peripheral equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 933 | 708 | |
Property and equipment, accumulated depreciation | 617 | 430 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 617 | 611 | |
Property and equipment, accumulated depreciation | 262 | 176 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 8,514 | 7,453 | |
Property and equipment, accumulated depreciation | 2,375 | 1,475 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 95 | 95 | |
Property and equipment, accumulated depreciation | $ 23 | $ 9 |
OTHER ACCOUNTS PAYABLE (Details
OTHER ACCOUNTS PAYABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
OTHER ACCOUNTS PAYABLE [Abstract] | ||
Accrued payroll | $ 395 | $ 424 |
Payroll institutions | 293 | 302 |
Accrued vacation | $ 748 | 673 |
Derivatives designated as a fair value hedge instruments | 889 | |
Other payables | $ 97 | 103 |
Total | $ 1,533 | $ 2,391 |
COMMITMENTS AND CONTINGENCIES42
COMMITMENTS AND CONTINGENCIES (Operating Lease) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Leased Assets [Line Items] | |||
Pledged cash and deposits | $ 1,076 | ||
Leased Facilities [Member] | |||
Operating Leased Assets [Line Items] | |||
Participation from lessor | 925 | ||
Lessor favored bank guarantee | 353 | ||
Lease expenses | 704 | $ 720 | $ 678 |
Year ending June 30, 2016 | 945 | ||
Year ending June 30, 2017 | 1,038 | ||
Year ending June 30, 2018 | 1,038 | ||
Year ending June 30, 2019 | 1,038 | ||
Year ending June 30, 2020 and thereafter | 2,876 | ||
Total | 6,935 | ||
Cars [Member] | |||
Operating Leased Assets [Line Items] | |||
Lease expenses | 218 | $ 244 | $ 215 |
Year ending June 30, 2016 | 149 | ||
Year ending June 30, 2017 | 104 | ||
Year ending June 30, 2018 | 47 | ||
Total | $ 300 |
COMMITMENTS AND CONTINGENCIES43
COMMITMENTS AND CONTINGENCIES (Other) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Other Commitments [Line Items] | |
Grants received | $ 18,642 |
Percentage of qualified expenditures eligible for grant | 50.00% |
Royalty payable based on grants received | 100.00% |
Accrued and paid royalties | $ 66 |
Contingent liability amount | $ 18,576 |
Minimum [Member] | |
Other Commitments [Line Items] | |
Royalty rate | 3.00% |
Maximum [Member] | |
Other Commitments [Line Items] | |
Royalty rate | 4.00% |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) $ / shares in Units, $ in Thousands, ₪ in Millions | Jun. 30, 2015USD ($)$ / sharesshares | Sep. 19, 2012USD ($)$ / sharesshares | May. 31, 2015USD ($)shares | May. 31, 2015ILS (₪)shares | Feb. 28, 2015USD ($)shares | Feb. 28, 2015ILS (₪)shares | Oct. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Aug. 31, 2012shares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2013USD ($)shares |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Common stock, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||||||||
Preferred stock, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||||||||||
Issuance of common stock and warrants, issuance costs | $ | $ 1,200 | $ 1,200 | $ 195 | $ 2,694 | ||||||||
Issuance of common stock under CHA agreement | 2,500,000 | |||||||||||
Stock based compensation to contractor, shares | 90,000 | 90,000 | 100,004 | 100,004 | ||||||||
CHA shares classified as marketable securities | 1,011,504 | 1,011,504 | ||||||||||
Issuance of common stock under CHA Agreement (Note 1d) | $ | $ 10,414 | $ 10,414 | ||||||||||
Issuance of common stock and warrants, net of issuance costs, shares | 6,800,000 | 8,000,000 | 2,596,032 | |||||||||
Issuance of common stock and warrants, net of issuance costs | $ | $ 17,000 | $ 15,800 | $ 10,644 | 34,106 | ||||||||
Offering price per unit | $ / shares | $ 2.50 | $ 4 | $ 2.50 | |||||||||
Warrants for common stock | 4,080,000 | 4,080,000 | ||||||||||
Proceeds from issuance of stock | $ | $ 34,106 | $ 16,914 | $ 10,644 | 34,106 | ||||||||
Issuance of common stock in a private placement | $ | $ 790 | $ 586 | $ 528 | 1,114 | ||||||||
Issuance of common stock in a private placement, shares | 300,000 | 300,000 | 200,000 | 200,000 | 200,000 | |||||||
Aggregate offering price under ATM agreement | $ | $ 95,000 | 95,000 | ||||||||||
Stock based compensation to contractor | $ 841 | ₪ 3.3 | $ 263 | $ 1,400 | ||||||||
Costs paid to construction contractor | $ 1,032 | ₪ 4 | ||||||||||
Cash paid to construction contractor | $ 774 | ₪ 3 | ||||||||||
Percentage of construction milestones completed | 55.00% | 55.00% | ||||||||||
Amount of share-based compensation included in additional paid-in capital and property and equipment | $ | $ 263 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Options authorized | 15,193,210 | 15,193,210 | ||||||||||
Options available for future grant | 1,508,579 | 1,508,579 | ||||||||||
Investor Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants exercised via cashless exercise | 2,081,303 | 2,517,907 | 682,213 | |||||||||
Warrants exercised via cashless exercise, shares issued | 963,876 | 1,469,584 | 420,199 | |||||||||
Warrants exercised for cash | 170,167 | 1,432,584 | 1,201,160 | |||||||||
Aggregate cash consideration received | $ | $ 276 | $ 1,968 | $ 2,009 | |||||||||
Number of warrants exercised | 170,167 | 1,432,584 | 1,201,160 | |||||||||
Shares covered by each warrant | 0.35 | |||||||||||
Warrant exercise price | $ / shares | $ 5 | |||||||||||
Underwriters Option [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants for common stock | 1,200,000 | |||||||||||
Underwriter Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants for common stock | 420,000 | |||||||||||
Consultant Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants exercised via cashless exercise | 36,000 | 65,000 | ||||||||||
Warrants exercised via cashless exercise, shares issued | 26,299 | 36,970 | ||||||||||
Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant exercise price | $ / shares | $ 2.85 | $ 2.85 | ||||||||||
Expiration period of warrants | 5 years |
STOCKHOLDERS' EQUITY (Summary o
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Number | |
Options outstanding at beginning of period | 1,862,099 |
Options exercised | (14,000) |
Options forfeited | (11,199) |
Options outstanding at end of the period | 1,836,900 |
Options exercisable at the end of the period | 1,836,900 |
Options vested | 1,836,900 |
Weighted average exercise price | |
Options outstanding at beginning of period | $ 3.73 |
Options exercised | 0.77 |
Options forfeited | 7.79 |
Options outstanding at end of the period | 3.72 |
Options exercisable at the end of the period | 3.72 |
Options vested | $ 3.72 |
Weighted average remaining contractual term | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 1 month 20 days |
Options exercisable at the end of the period | 2 years 1 month 20 days |
Options vested | 2 years 1 month 20 days |
Aggregate intrinsic value price | |
Options outstanding at end of the period | $ 768 |
Options exercisable at the end of the period | 768 |
Options vested | $ 768 |
STOCKHOLDERS' EQUITY (Summary46
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Number | |
Options and warrants outstanding at beginning of period | 252,000 |
Options granted | 1,000 |
Options and warrants exercised | (25,000) |
Options and warrants outstanding at end of the period | 228,000 |
Options and warrants exercisable at the end of the period | 227,000 |
Options and warrants vested and expected to vest | 1,000 |
Weighted average exercise price | |
Options and warrants outstanding at beginning of period | $ 5.19 |
Options granted | 0 |
Options and warrants exercised | 0 |
Options and warrants outstanding at end of the period | 5.73 |
Options and warrants exercisable at the end of the period | 5.76 |
Options and warrants vested and expected to vest | $ 0 |
Weighted average remaining contractual term | |
Options and warrants outstanding at end of the period | 2 years 10 months 13 days |
Options and warrants exercisable at the end of the period | 2 years 10 months 2 days |
Options and warrants vested and expected to vest | 9 years 6 months 11 days |
Aggregate intrinsic value price | |
Options and warrants outstanding at end of the period | $ 204 |
Options and warrants exercisable at the end of the period | 201 |
Options and warrants vested and expected to vest | $ 3 |
STOCKHOLDERS' EQUITY (Summary47
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) - Jun. 30, 2015 - shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the end of the period | 1,760,768 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 1,589,432 |
Granted | 1,459,153 |
Forfeited | (22,676) |
Vested | (1,293,526) |
Unvested at the end of the period | 1,732,383 |
Expected to vest | 1,673,516 |
STOCKHOLDERS' EQUITY (Summary48
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) | 12 Months Ended |
Jun. 30, 2015shares | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the end of the period | 1,760,768 |
Consultants [Member] | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 15,250 |
Granted | 117,015 |
Vested | (103,880) |
Unvested at the end of the period | 28,385 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Consultants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | $ 304 | $ 278 | $ 533 |
Options and warrants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | 2 | 11 | 26 |
Unrecognized compensation expense | $ 1 | ||
Unrecognized compensation expense, recognition period | 1 year 6 months | ||
Restricted stock units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | $ 3,746 | 5,562 | 2,240 |
Unrecognized compensation expense | $ 2,473 | ||
Unrecognized compensation expense, recognition period | 2 years | ||
Research and development expenses [Member] | Options and warrants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | $ 1 | 11 | 26 |
Research and development expenses [Member] | Restricted stock units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | 2,277 | 1,172 | 711 |
Research and development expenses [Member] | Restricted stock units [Member] | Consultants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | 131 | $ 201 | $ 255 |
General and administrative expenses [Member] | Options and warrants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | 1 | ||
General and administrative expenses [Member] | Restricted stock units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | 1,469 | $ 4,390 | $ 1,529 |
General and administrative expenses [Member] | Restricted stock units [Member] | Consultants [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Compensation expenses | $ 173 | $ 77 | $ 278 |
STOCKHOLDERS' EQUITY (Summary50
STOCKHOLDERS' EQUITY (Summary of Warrants and Options) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 3.72 | $ 3.73 |
Options and Warrants for Common Stock | 14,424,883 | |
Options and Warrants Exercisable | 14,423,883 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 1 month 20 days | |
Restricted stock not included in summary of options and warrants | 1,760,768 | |
Warrant [Member] | ||
Stockholders Equity Note [Line Items] | ||
Options and Warrants for Common Stock | 12,359,983 | |
Options and Warrants Exercisable | 12,359,983 | |
Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Options and Warrants for Common Stock | 2,064,900 | |
Options and Warrants Exercisable | 2,063,900 | |
$0.00 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 0 | |
Options and Warrants for Common Stock | 77,000 | |
Options and Warrants Exercisable | 76,000 | |
Weighted Average Remaining Contractual Terms (in years) | 4 years 8 months 1 day | |
$0.62 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 0.62 | |
Options and Warrants for Common Stock | 389,500 | |
Options and Warrants Exercisable | 389,500 | |
Weighted Average Remaining Contractual Terms (in years) | 3 years 3 months 14 days | |
$1.04 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 1.04 | |
Options and Warrants for Common Stock | 25,000 | |
Options and Warrants Exercisable | 25,000 | |
Weighted Average Remaining Contractual Terms (in years) | 3 years 1 month 28 days | |
$2.85 [Member] | Warrant [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 2.85 | |
Options and Warrants for Common Stock | 4,080,000 | |
Options and Warrants Exercisable | 4,080,000 | |
Weighted Average Remaining Contractual Terms (in years) | 5 years | |
$2.97 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 2.97 | |
Options and Warrants for Common Stock | 20,000 | |
Options and Warrants Exercisable | 20,000 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 10 months 10 days | |
$3.50 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 3.50 | |
Options and Warrants for Common Stock | 900,000 | |
Options and Warrants Exercisable | 900,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 6 months 29 days | |
$3.72 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 3.72 | |
Options and Warrants for Common Stock | 15,000 | |
Options and Warrants Exercisable | 15,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 5 months 26 days | |
$3.80 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 3.80 | |
Options and Warrants for Common Stock | 16,050 | |
Options and Warrants Exercisable | 16,050 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 6 months 11 days | |
$4.00 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 4 | |
Options and Warrants for Common Stock | 42,500 | |
Options and Warrants Exercisable | 42,500 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 3 months 18 days | |
$4.20 [Member] | Warrant [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 4.20 | |
Options and Warrants for Common Stock | 5,060,000 | |
Options and Warrants Exercisable | 5,060,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 1 month 2 days | |
$5.00 [Member] | Warrant [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 5 | |
Options and Warrants for Common Stock | 3,219,983 | |
Options and Warrants Exercisable | 3,219,983 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 2 months 19 days | |
$4.38 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 4.38 | |
Options and Warrants for Common Stock | 372,500 | |
Options and Warrants Exercisable | 372,500 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 5 months 19 days | |
$4.40 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 4.40 | |
Options and Warrants for Common Stock | 43,600 | |
Options and Warrants Exercisable | 43,600 | |
Weighted Average Remaining Contractual Terms (in years) | 6 months 22 days | |
$6.80 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 6.80 | |
Options and Warrants for Common Stock | 36,250 | |
Options and Warrants Exercisable | 36,250 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 4 months 13 days | |
$8.20 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 8.20 | |
Options and Warrants for Common Stock | 20,000 | |
Options and Warrants Exercisable | 20,000 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 1 month 28 days | |
$20.00 [Member] | Employee Stock Option [Member] | ||
Stockholders Equity Note [Line Items] | ||
Exercise Price per Share | $ 20 | |
Options and Warrants for Common Stock | 107,500 | |
Options and Warrants Exercisable | 107,500 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 10 months 17 days |
FINANCIAL INCOME, NET (Details)
FINANCIAL INCOME, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
FINANCIAL INCOME, NET [Abstract] | |||
Foreign currency translation differences, net | $ (1,109) | $ 407 | $ 497 |
Bank commissions | (37) | (36) | (29) |
Interest income on deposits | 112 | 246 | 539 |
Gain (Loss) related to marketable securities | 1,229 | 384 | (79) |
Gain (loss) from derivatives and Fair value hedge derivatives | 395 | (83) | 140 |
Financial income, net | $ 590 | $ 918 | $ 1,068 |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Applicable Tax Rates: | |||
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Applicable Tax Rates: | |||
Statutory tax rate | 25.00% | 25.00% | 25.00% |
Maximum [Member] | |||
Applicable Tax Rates: | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Israel Tax Authority [Member] | |||
Carryforward Losses: | |||
Net operating loss carryforwards | $ 75,873 | ||
Internal Revenue Service (IRS) [Member] | |||
Carryforward Losses: | |||
Net operating loss carryforwards | $ 26,090 | ||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Carryforward Losses: | |||
Net federal operating loss carry forward expiration date | Dec. 31, 2022 | ||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Carryforward Losses: | |||
Net federal operating loss carry forward expiration date | Dec. 31, 2035 |
TAXES ON INCOME (Schedule of Si
TAXES ON INCOME (Schedule of Significant Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
TAXES ON INCOME [Abstract] | ||
U.S. net operating loss carryforward | $ 9,132 | $ 7,955 |
Israeli net operating loss carryforward | 19,880 | 12,810 |
Allowances and reserves | 226 | 237 |
Total deferred tax assets before valuation allowance | 29,238 | 21,002 |
Valuation allowance | $ (29,238) | $ (21,002) |
Net deferred tax asset |