Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | ALCOBRA LTD. |
Entity Central Index Key | 1566049 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Accelerated Filer |
Trading Symbol | ADHD |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | 20-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2014 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $2,176 | $22,095 | ||
Short-term bank deposits | 19,522 | 28,008 | ||
Receivables and prepaid expenses | 428 | 115 | ||
Total current assets | 22,126 | 50,218 | ||
LONG-TERM ASSETS: | ||||
Property and equipment, net | 97 | 49 | ||
Other long-term assets | 95 | 57 | ||
Total long-term assets | 192 | 106 | ||
TOTAL ASSETS | 22,318 | 50,324 | ||
CURRENT LIABILITIES: | ||||
Trade payables | 305 | 47 | ||
Accrued expenses and other liabilities | 2,070 | 1,589 | ||
Total current liabilities | 2,375 | 1,636 | ||
SHAREHOLDERS' EQUITY | ||||
Ordinary shares of NIS 0.01 par value - 50,000,000 shares authorized at December 31, 2014 and 2013; 14,007,046 and 13,941,033 issued shares at December 31, 2014 and 2013, respectively; 13,702,722 and 13,636,709 shares outstanding at December 31, 2014 and 2013, respectively | 39 | 39 | ||
Treasury shares - 304,324 ordinary shares at December 31, 2014 and 2013 | 0 | [1] | 0 | [1] |
Additional paid- in capital | 71,472 | 67,383 | ||
Accumulated deficit | -51,568 | -18,734 | ||
Total shareholders' equity | 19,943 | 48,688 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $22,318 | $50,324 | ||
[1] | Represents an amount less than $ 1. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (ILS) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 14,007,046 | 13,941,033 |
Common stock, shares outstanding | 13,702,722 | 13,636,709 |
Treasury stock, shares | 304,324 | 304,324 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and development expenses | $25,105 | $7,066 | $818 |
Pre commercialization expenses | 2,134 | 0 | 0 |
General and administrative expenses | 5,839 | 3,224 | 683 |
Operating loss | 33,078 | 10,290 | 1,501 |
Financial expenses (income), net | -227 | 197 | 78 |
Tax expenses (benefits) | -17 | 61 | 0 |
Net loss | $32,834 | $10,548 | $1,579 |
Basic and diluted net loss per share | ($2.40) | ($1.04) | ($0.20) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per share (in shares) | 13,674,818 | 10,177,786 | 7,791,932 |
STATEMENTS_OF_CHANGES_IN_SHARE
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit during Development Stage [Member] | ||
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $985 | $4 | $7,588 | ($6,607) | ||
Balance (in shares) at Dec. 31, 2011 | 8,096,109 | |||||
Share based compensation | 26 | 0 | 26 | 0 | ||
Exercise of options | 1 | 0 | [1] | 1 | 0 | |
Exercise of options (in shares) | 2,471 | |||||
Treasury shares | 0 | [1] | 0 | [1] | 0 | 0 |
Treasury shares (in shares) | -304,324 | |||||
Net loss | -1,579 | 0 | 0 | -1,579 | ||
Balance at Dec. 31, 2012 | -567 | 4 | 7,615 | -8,186 | ||
Balance (in shares) at Dec. 31, 2012 | 7,794,256 | |||||
Issuance of shares upon conversion of convertible notes | 980 | 0 | [1] | 980 | 0 | |
Issuance of shares upon conversion of convertible notes (in shares) | 123,553 | |||||
Share based compensation | 1,540 | 0 | 1,540 | 0 | ||
Exercise of options | 29 | 1 | 28 | 0 | ||
Exercise of options (in shares) | 208,708 | |||||
Issuance of shares upon cashless exercise of warrants | 0 | [1] | 0 | [1] | 0 | 0 |
Issuance of shares upon cashless exercise of warrants (in shares) | 85,192 | |||||
Issuance of shares upon initial public offering ($8 per share), net of $3,080 issuance expenses | 21,920 | 28 | 21,892 | 0 | ||
Issuance of shares upon initial public offering ($8 per share), net of $3,080 issuance expenses (in shares) | 3,125,000 | |||||
Issuance of shares upon secondary public offering ($16.5 per share),net of $2,616 issuance expenses | 35,334 | 6 | 35,328 | 0 | ||
Issuance of shares upon secondary public offering ($16.5 per share),net of $2,616 issuance expenses (in shares) | 2,300,000 | |||||
Net loss | -10,548 | 0 | 0 | -10,548 | ||
Balance at Dec. 31, 2013 | 48,688 | 39 | 67,383 | -18,734 | ||
Balance (in shares) at Dec. 31, 2013 | 13,636,709 | |||||
Share based compensation | 4,089 | 0 | 4,089 | 0 | ||
Exercise of options | 0 | [1] | 0 | [1] | 0 | 0 |
Exercise of options (in shares) | 1,174 | |||||
Issuance of shares upon cashless exercise of warrants | 0 | 0 | 0 | 0 | ||
Issuance of shares upon cashless exercise of warrants (in shares) | 64,389 | |||||
Net loss | -32,834 | 0 | 0 | -32,834 | ||
Balance at Dec. 31, 2014 | $19,943 | $39 | $71,472 | ($51,568) | ||
Balance (in shares) at Dec. 31, 2014 | 13,702,722 | |||||
[1] | Represents an amount less than $ 1. |
STATEMENTS_OF_CHANGES_IN_SHARE1
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Paranthetical) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
IPO [Member] | |
Equity Issuance Cost | $3,080 |
Share Price | $8 |
Secondary Public Offering [Member] | |
Equity Issuance Cost | $2,616 |
Share Price | $16.50 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net loss | ($32,834) | ($10,548) | ($1,579) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 31 | 8 | 7 |
Stock based compensation | 4,089 | 1,540 | 26 |
Gain from sale of property and equipment | 0 | 1 | 0 |
Decrease (increase) in receivables and prepaid expenses | -313 | -32 | 12 |
Decrease (increase) in other long-term assets | -38 | -54 | 2 |
Increase (decrease) in trade payables | 258 | 24 | -101 |
Increase (decrease) in accrued expenses and other liabilities | 481 | 1,505 | -12 |
Interest on convertible notes | 0 | 203 | 62 |
Net cash used in operating activities | -28,326 | -7,353 | -1,583 |
Cash flows from investing activities | |||
Purchase of property and equipment | -79 | -39 | 0 |
Proceeds from (investment in) short-term bank deposit | 8,486 | -28,008 | 517 |
Proceeds from restricted bank deposit | 0 | 0 | 507 |
Net cash provided by (used in) investing activities | 8,407 | -28,047 | 1,024 |
Cash flows from financing activities | |||
Proceeds from issuance of convertible notes | 0 | 115 | 600 |
Issuance of share capital upon public offering | 0 | 57,254 | 0 |
Exercise of options | 0 | 29 | 0 |
Issuance of shares, net | 0 | 0 | 1 |
Net cash provided by financing activities | 0 | 57,398 | 601 |
Increase (decrease) in cash and cash equivalents | -19,919 | 21,998 | 42 |
Cash and cash equivalents at the beginning of the year | 22,095 | 97 | 55 |
Cash and cash equivalents at the end of the year | 2,176 | 22,095 | 97 |
Non-cash transactions: | |||
Issuance of ordinary shares upon conversion of convertible notes | $0 | $980 | $0 |
GENERAL
GENERAL | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1:- | GENERAL | |
Alcobra Ltd. was incorporated in Israel and commenced its operation on February 7, 2008. During July 2013, a wholly- owned subsidiary was established in the state of Delaware named Alcobra Inc. (the "Subsidiary"). Alcobra Ltd. and its Subsidiary (collectively "the Company") are an emerging biopharmaceutical company primarily focused on the development and commercialization of a proprietary drug candidate, to treat Attention Deficit Hyperactivity Disorder, ("ADHD"), and other cognitive dysfunctions including Fragile X. The Company's objective is to conduct additional clinical trials for its drug called MDX (the "Drug") and, if those trials are successful, seek marketing approval from the U.S. Food and Drug Administration (the "FDA") and other worldwide regulatory bodies. | |||
The Company has not generated revenue from the sale of any product, and does not expect to generate significant revenue unless and until obtaining marketing approval and commercializing MDX. The Company has incurred losses in the amount of $ 32,834 during the year ended December 31, 2014. | |||
During January 2015, the company completed a public offering in the "NASDAQ Capital Market" and issued 7,475,000 ordinary shares in consideration of $27,936, net. | |||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies [Text Block] | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). | |||||||||||||
a. Use of estimates: | |||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
b. Financial statements in U.S. dollars: | |||||||||||||
The Company finances its operations in U.S. dollars. The majority of the Company's operations are currently conducted in Israel, a significant part of the Company's expenses are denominated and determined in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. | |||||||||||||
The Company's transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to U.S. dollars in accordance with ASC 830, "Foreign Currency Matters", of the Financial Accounting Standards Board ("FASB"). All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as financial income or expenses, as appropriate. | |||||||||||||
c. Principles of consolidation: | |||||||||||||
The consolidated financial statements include the accounts of Alcobra Ltd. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||
d. Cash equivalents: | |||||||||||||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. | |||||||||||||
e. Short-term bank deposits: | |||||||||||||
Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2014, the Company's bank deposits were in U.S. dollars and bore interest at a weighted average interest rate of 0.68%. | |||||||||||||
f. Property and equipment, net: | |||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | |||||||||||||
% | |||||||||||||
Computers and electronic equipment | 15-33 | ||||||||||||
Office furniture and equipment | 6 | ||||||||||||
Clinical and medical equipment | 15 | ||||||||||||
Leasehold improvement | The shorter of term of the lease or the | ||||||||||||
useful life of the asset | |||||||||||||
The Company's property and equipment 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 an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In 2014 and 2013, no impairment losses have been identified. | |||||||||||||
g. Long-term deposits: | |||||||||||||
Long-term deposits include long-term deposits for office lease prepaid deposit and motor vehicles under operating leases, presented at their cost. | |||||||||||||
h. Research and development expenses: | |||||||||||||
Research and development expenses are expensed as incurred. Those expenses include payments to third party clinical consultants, expenses related to conducting clinical and pre-clinical trials, salaries and related personnel expenses, travel expenses, and share based compensation expenses to research and development employees. During 2014, 2013 and 2012, no grants were received. | |||||||||||||
i. Severance pay: | |||||||||||||
The Company's liability for its Israeli employees regarding severance pay is pursuant to Section 14 of the Israeli severance pay law ("Section 14"). All the Israeli employees are included under this section, and entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in the employee's name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. The fund is made available to the employee at the time the employer-employee relationship is terminated, regardless of cause of termination. The severance pay liabilities and deposits under Section 14 are not reflected in the balance sheet as the severance pay risks have been irrevocably transferred to the severance funds. | |||||||||||||
Severance pay expense for the years ended December 31, 2014, 2013 and 2012, amounted to $ 102, $ 26 and $ 18, respectively. | |||||||||||||
j. 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, to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. | |||||||||||||
As of December 31, 2014 and 2013 the Company has not recorded a liability for uncertain tax positions. | |||||||||||||
k. Concentrations of credit risk: | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and short term bank deposits. | |||||||||||||
Cash and cash equivalents and short term bank deposits are invested in major banks in Israel and in the U.S.. Deposits in the U.S. may be in excess of insured limits and are not insured in other jurisdictions. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk . | |||||||||||||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||||||||||||
l. Fair value of financial instruments: | |||||||||||||
The Company has no financial instruments that are measured at fair value. | |||||||||||||
The carrying amounts of cash and cash equivalents, short term bank deposits, accounts receivable and accounts payable, approximate their fair value due to the short-term maturities of such instruments. | |||||||||||||
m. Basic and diluted net loss per share: | |||||||||||||
Basic net loss per share is computed based on the weighted average number of ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of ordinary shares outstanding during each year plus dilutive potential equivalent ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||||||||||
The total weighted average number of shares related to the outstanding options and warrants excluded from the calculations of diluted net loss per share, since they would have an anti-dilutive effect, was 1,053,055, 873,031 and 537,690 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
n. Accounting for stock-based compensation: | |||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718") that requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees and directors. 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 value of the option award is recognized as an expense over the requisite service periods in the Company's statements of operations based on the accelerated method. | |||||||||||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the fair value method for of its stock-options awards. The option-pricing model requires a number of assumptions as noted below: | |||||||||||||
Expected dividend yield - The expected dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||||||||||
Volatility - Since the Company's shares started trading in NASDAQ in May 2013, sufficient quoted prices of the Company's share are unavailable. Due to insufficient historical data for the Company, the expected volatility determination was based on similar companies' stock volatility. | |||||||||||||
Risk free interest rate - The risk free interest rate is based on the yield of U.S Treasury bonds with equivalent terms. | |||||||||||||
Expected term - ASC 718 provides the factors to consider when estimating the expected term of an option: An option's expected term must at least include the vesting period and the employees' historical exercise and post-vesting employment termination behavior for similar grants. It also determines that if the amount of past exercise data is limited, that data may not represent a sufficiently large sample on which to base a robust conclusion on expected exercise behavior. In that circumstance, it may be appropriate to consider external data or the SEC staff's "simplified" method for the expected term. Accordingly, The Company used the "simplified" method, meaning the expected life can be set as the average of the vesting period for each vested tranche of options and the contractual term for those options. | |||||||||||||
The Company used the Black-Scholes option-pricing model to determine the fair value of grants made in 2014, 2013 and 2012. The following assumptions were applied in determining the compensation cost: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 0.7-2.8% | 0.8-2.4% | - | ||||||||||
Expected option term | 3-10yrs | 5.3-10yrs | - | ||||||||||
Expected price volatility | 65-89% | 69-88% | - | ||||||||||
Dividend yield | - | - | - | ||||||||||
Weighted average grant date fair value | $ | 1.67 | $ | 7.76 | - | ||||||||
o. New accounting pronouncements: | |||||||||||||
In June 2014 the FASB issued ASU 2014-10 regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under U.S. GAAP, from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments' to ASU 2014-10 are effective for annual reporting periods beginning after December 15, 2014. The Company has applied the ASU in these financial statements. | |||||||||||||
In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The Company is currently evaluating the effect, if any, that the adoption of this guidance will have on the Company’s financial statements. | |||||||||||||
RECEIVABLES_AND_PREPAID_EXPENS
RECEIVABLES AND PREPAID EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables and Prepaid Expenses [Abstract] | ||||||||
Receivables and Prepaid Expenses [Text Block] | NOTE 3:- | RECEIVABLES AND PREPAID EXPENSES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Government authorities | $ | 117 | $ | 46 | ||||
Prepaid expenses | 311 | 69 | ||||||
$ | 428 | $ | 115 | |||||
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4: | PROPERTY AND EQUIPMENT, NET | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and electronic equipment | $ | 63 | $ | 32 | ||||
Office furniture and equipment | 41 | 23 | ||||||
Clinical and medical equipment | 14 | 19 | ||||||
Leasehold improvement | 39 | 5 | ||||||
157 | 79 | |||||||
Accumulated depreciation: | ||||||||
Computers and electronic equipment | 30 | 17 | ||||||
Office furniture and equipment | 3 | 2 | ||||||
Clinical and medical equipment | 10 | 10 | ||||||
Leasehold improvement | 17 | 1 | ||||||
60 | 30 | |||||||
Depreciated cost | $ | 97 | $ | 49 | ||||
Depreciation expenses for the years ended December 31, 2014, 2013 and 2012, were $ 31, $ 8 and $ 7, respectively. | ||||||||
ACCRUED_EXPENSES_AND_OTHER_LIA
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5:- | ACCRUED EXPENSES AND OTHER LIABILITIES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 308 | $ | 264 | ||||
Accrued expenses | 1,697 | 1,264 | ||||||
Government authorities | 65 | 61 | ||||||
$ | 2,070 | $ | 1,589 | |||||
CONVERTIBLE_NOTES
CONVERTIBLE NOTES | 12 Months Ended | |
Dec. 31, 2014 | ||
Debt Disclosure [Abstract] | ||
Debt Disclosure [Text Block] | NOTE 6:- | CONVERTIBLE NOTES |
During 2012 and 2013, the Company issued convertible promissory notes to certain investors for a total amount of $ 715. The convertible notes bore an annual interest rate of 6%. | ||
In connection with the Company's Initial Public Offering, ("IPO"), in May 2013, according to the terms of the convertible notes, in May 2013 the notes were automatically converted into 123,553 ordinary shares of the Company. Upon conversion of the convertible notes, the entire redemption amount was derecognized against additional paid in capital in the amount of $ 980. The financial expenses for the year ended December 31, 2013, amounted to $ 203. | ||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Tax Disclosure [Text Block] | NOTE 7:- INCOME TAXES | ||||||||||
a. | Tax laws applicable to Alcobra Ltd. and the Subsidiary: | ||||||||||
1 | Alcobra Ltd. is taxed under the Israeli income tax law. | ||||||||||
Taxable income of Israeli companies is subject to tax at the rate of 25% in 2012 and in 2013 and a rate of 26.5% in 2014 and afterwards. | |||||||||||
2 | The Subsidiary is taxed under U.S. tax law. The federal tax rates applicable to the Company whose place of incorporation is within the U.S. are corporate (progressive) tax at the rate of up to 35%, excluding state tax, which rates depend on the state in which the Subsidiary conducts its business. | ||||||||||
b. | Net operating losses carry forward: | ||||||||||
Alcobra Ltd. has accumulated losses for tax purposes in Israel as of December 31, 2014 in the amount of $ 28,661 which may be carried forward and offset against taxable income in the future for an indefinite period. | |||||||||||
c. | 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: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Operating loss carry forward | $ | 7,595 | $ | 2,713 | |||||||
Reserves and allowances | 5,073 | 1,358 | |||||||||
Deferred tax assets before valuation allowance | 12,668 | 4,071 | |||||||||
Valuation allowance | -12,668 | -4,071 | |||||||||
Net deferred tax assets | $ | - | $ | - | |||||||
All deferred taxes are domestic. Management currently believes that since the Company has a history of losses it is more likely than not that the deferred tax regarding the loss carry forward and other temporary differences will not be realized in the foreseeable future. | |||||||||||
d. | No liability for uncertain tax positions was recorded as of December 31, 2014 and 2013. | ||||||||||
e. | The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowances in respect of deferred taxes due to the uncertainty of the realization of such deferred taxes. | ||||||||||
f. | Net comprehensive loss (income) before taxes on income is comprised as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Domestic (Israel) | $ | 31,154 | $ | 10,505 | $ | 1,579 | |||||
Foreign (U.S) | 1,697 | -18 | - | ||||||||
$ | 32,851 | $ | 10,487 | $ | 1,579 | ||||||
g. | Taxes on income relate solely to the foreign Subsidiary. | ||||||||||
CONTINGENT_LIABILITIES_AND_COM
CONTINGENT LIABILITIES AND COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 8:- CONTINGENT LIABILITIES AND COMMITMENTS | ||||
a. | Legal Proceedings: | ||||
On November 19, 2014, a class action lawsuit was filed against the Company and certain of its current and former officers and directors in the United States District Court for the Southern District of New York. The case was filed on behalf of a putative class of investors who purchased or acquired the Company's publicly traded securities between March 28, 2014 and November 14, 2014. The complaint asserted violations of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5. The complaint alleged, among other things, that the Company's officers and directors made false or misleading statements relating to the results of Phase III study for its MDX drug candidate. The complaint sought an unspecified amount of damages, as well as other forms of relief. On December 16, 2014, another class action lawsuit was filed against the Company and certain of its current and former officers and directors in the United States District Court for the Southern District of New York. This complaint is largely identical to the earlier complaint and purports to bring the same claims on behalf of the same putative class. On December 23, 2014, the first plaintiff in the first action moved to voluntarily dismiss his case which motion was granted on December 30, 2014. On February 9, 2015, the court appointed a group of investors to act as lead plaintiff for the second action. The Company has not been served and at this preliminary stage cannot assess the exposure under such complaint. | |||||
b. | The Company is engaged in three operating lease agreements for its facilities. The rent expenses for the years ended December 31, 2014, 2013 and 2012, amounted to $ 149, $ 50 and $ 44, respectively. Future minimum payments under the leases are as follows: | ||||
Year ended December 31, | Total | ||||
2015 | $ | 157 | |||
2016 | 149 | ||||
2017 | 50 | ||||
$ | 356 | ||||
c. | In June 2013 the Company entered into a new operating lease agreement for its vehicles until 2016. The rent expenses for the year ended December 31, 2014, 2013 and 2012, amounted to $ 67, $ 51 and $ 18, respectively. Future minimum payments under the lease upon cancellation of the lease agreement as of December 31, 2014 amounted to $14. | ||||
d. | Royalty bearing Government grants: | ||||
The Company partially financed its research and development expenditures under programs sponsored by the Office of Chief Scientist ("OCS") for the support of certain research and development activities conducted in Israel. | |||||
In connection with its research and development, the Company received $ 106 of participation payments from the OCS through December 31, 2014. In return for the OCS's participation, the Company is committed to pay royalties at a rate of 3%-5% of sales of the developed product linked to U.S dollars, up to 100% of the amount of grants received (100% plus interest at LIBOR). The Company's total commitment for royalties payable with respect to future sales, based on OCS participations received or accrued, net of royalties paid or accrued, totaled approximately $ 117 as of December 31, 2014. In addition, the OCS may impose certain conditions on any arrangement under which it permits the Company to transfer technology or development out of Israel. | |||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||
Stockholders Equity Note Disclosure [Text Block] | NOTE 9:- SHAREHOLDERS' EQUITY | |||||||||||||
a. | Share capital: | |||||||||||||
The ordinary shares confer upon their holders the right to participate and vote in general shareholders meetings of the Company and to share in the distribution of dividends, if any declared by the Company. | ||||||||||||||
b. | Issuances of share: | |||||||||||||
1 | During May 2013, the Company completed an IPO and listed its ordinary shares on the "NASDAQ Capital Market" and issued 3,125,000 ordinary shares in consideration of $21,920, net. | |||||||||||||
Following the IPO and according to the terms of the convertible notes, the notes were automatically converted into 123,553 ordinary shares of the Company. In addition, 120,255 warrants were exercised into 85,192 ordinary shares of the Company, using the cashless exercise method. | ||||||||||||||
2. During October 2013, the Company completed a secondary public offering in the "NASDAQ Capital Market" and issued 2,300,000 ordinary shares in consideration of $35,334, net. | ||||||||||||||
c. | 2010 incentive option plan: | |||||||||||||
In February 2010, the Company authorized through its 2010 incentive option plan (the "2010 Plan") the grant of options to officers, directors, advisors, management and other key employees. The Company reserved for grants of options up to 2,118,531 of the Company's ordinary shares. The options granted have generally four year vesting terms and expire between five to ten years after the grant date. As of December 31, 2014, 292,531 options were still available for future grants under the Plan. | ||||||||||||||
A summary of the Company's options activity (for employees and directors) under the 2010 Plan is as follows: | ||||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted average exercise | Weighted average exercise | |||||||||||||
Number of options | price | Number of options | price | |||||||||||
Outstanding at beginning of year | 805,300 | $ | 6.86 | 461,118 | $ | 0.2 | ||||||||
Granted | 1,154,345 | $ | 11.29 | 552,890 | $ | 9.87 | ||||||||
Exercised | - | $ | - | -208,708 | $ | 0.14 | ||||||||
Cancelled | -372,345 | $ | 18.38 | - | ||||||||||
Forfeited | -46,431 | $ | 10.07 | - | ||||||||||
Outstanding at end of year | 1,540,869 | $ | 7.3 | 805,300 | $ | 6.86 | ||||||||
Vested and expected to vest | 1,540,869 | $ | 7.3 | 805,300 | $ | 6.86 | ||||||||
Options exercisable at the end of the year | 640,401 | $ | 6.24 | 308,909 | $ | 0.33 | ||||||||
As of December 31, 2014, the weighted-average remaining contractual term of the outstanding and exercisable options is 5.62 and 6.83 years, respectively; the aggregated intrinsic value of outstanding and exercisable options is $ 1,425 and $ 1,158, respectively. As of December 31, 2014, the unrecognized compensation cost is $ 2,878 to be recognized from 2015 through 2018, respectively, excluding cost of $903 for options with vesting subject to certain performance conditions, which are not probable. | ||||||||||||||
On December 16, 2014 the company granted to certain employees and officers options to purchase 604,845 of the Company's Ordinary Shares, subject to the cancellation of 372,345 unvested options to certain officers. The Company accounted for the cancellation of options, accompanied by the concurrent grant of options in accordance with ASC 718-20-35-8 and calculated the incremental compensation cost as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. | ||||||||||||||
d. | Options granted to consultants: | |||||||||||||
The Company granted options to certain service providers and accounted for these options in accordance with ASC 505-50, "Equity-Based payment to non-employees". | ||||||||||||||
The outstanding options granted to the Company's consultants are as follows: | ||||||||||||||
Exercise | ||||||||||||||
Grant date | Number of options | price | Expiration date | |||||||||||
28-Feb-10 | 8,805 | 2.184 | 28-Feb-20 | |||||||||||
17-Feb-11 | 3,804 | 0.0005 | 17-Feb-21 | |||||||||||
12,609 | ||||||||||||||
*) All options were fully vested on grant date. | ||||||||||||||
e. | Warrants granted to underwriters: | |||||||||||||
The outstanding options granted to the underwriters for the IPO are as follows: | ||||||||||||||
Exercise | ||||||||||||||
Grant date | Number of options | price | Expiration date | |||||||||||
28-May-13 | 15,306 | 12 | 28-May-15 | |||||||||||
28-May-13 | 52,083 | 16 | 28-Nov-15 | |||||||||||
28-May-13 | 52,084 | 20 | 28-May-16 | |||||||||||
119,473 | ||||||||||||||
f. | Share-based payment: | |||||||||||||
The share-based expense recognized in the consolidated financial statements for services received from employees and non-employees is shown in the following table: | ||||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Research and development, net | $ | 1,773 | $ | 430 | $ | *) - | ||||||||
Pre Commercialization expenses | 616 | - | - | |||||||||||
General and administrative expenses | 1,700 | 1,110 | 26 | |||||||||||
$ | 4,089 | $ | 1,540 | $ | 26 | |||||||||
*) Represents an amount less than $ 1. | ||||||||||||||
RELATED_PARTY_BALANCES_AND_TRA
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 10:- | RELATED PARTY BALANCES AND TRANSACTIONS | |||||||||
Balances with related parties: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Other accounts payable | $ | - | $ | 5 | |||||||
Related parties' expenses: | |||||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to: | |||||||||||
General and administrative expense | $ | 332 | $ | 268 | $ | 119 | |||||
Financial expense | $ | - | $ | - | $ | 60 | |||||
On March 1, 2008, the Company signed an agreement with a consultant, who is also one of the Company's shareholders, as a contractor to render management, finance and operation services. The Company paid the consultant an amount of $ 7 per month. During May 2013, the monthly fee was increased to an amount of $ 12. The amendment was effective upon consummation of the IPO in May 2013. In June 2013, and in connection with the consummation of the IPO, the Company granted the consultant a bonus in the amount of $50. | |||||||||||
In February 2014, the general meeting of the Company's shareholders approved the grant of an annual bonus to the consultant, in the amount of $200. The agreement was terminated in May 2014. | |||||||||||
FINANCIAL_EXPENSES_INCOME_NET
FINANCIAL EXPENSES (INCOME), NET | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Interest Income (Expense), Net [Abstract] | |||||||||||
Interest Income and Interest Expense Disclosure [Text Block] | NOTE 11:- | FINANCIAL EXPENSES (INCOME), NET | |||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Financial expenses: | |||||||||||
Interest expense | $ | - | $ | - | $ | 3 | |||||
Exchange rate | 2 | 7 | 15 | ||||||||
Bank fees | 10 | 9 | - | ||||||||
Interest on convertible notes | - | 203 | 62 | ||||||||
12 | 219 | 80 | |||||||||
Financial income: | |||||||||||
Exchange rate | 2 | - | - | ||||||||
Interest income | 237 | 22 | 2 | ||||||||
239 | 22 | 2 | |||||||||
Financial expenses (income), net | $ | -227 | $ | 197 | $ | 78 | |||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | a. Use of estimates: | ||||||||||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Financial Statements [Policy Text Block] | b. Financial statements in U.S. dollars: | ||||||||||||
The Company finances its operations in U.S. dollars. The majority of the Company's operations are currently conducted in Israel, a significant part of the Company's expenses are denominated and determined in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional and reporting currency of the Company is the U.S. dollar. | |||||||||||||
The Company's transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to U.S. dollars in accordance with ASC 830, "Foreign Currency Matters", of the Financial Accounting Standards Board ("FASB"). All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as financial income or expenses, as appropriate. | |||||||||||||
Consolidation, Policy [Policy Text Block] | c. Principles of consolidation: | ||||||||||||
The consolidated financial statements include the accounts of Alcobra Ltd. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | d. Cash equivalents: | ||||||||||||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. | |||||||||||||
Short Term Deposit [Policy Text Block] | e. Short-term bank deposits: | ||||||||||||
Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2014, the Company's bank deposits were in U.S. dollars and bore interest at a weighted average interest rate of 0.68%. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | f. Property and equipment, net: | ||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | |||||||||||||
% | |||||||||||||
Computers and electronic equipment | 15-33 | ||||||||||||
Office furniture and equipment | 6 | ||||||||||||
Clinical and medical equipment | 15 | ||||||||||||
Leasehold improvement | The shorter of term of the lease or the | ||||||||||||
useful life of the asset | |||||||||||||
The Company's property and equipment 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 an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In 2014 and 2013, no impairment losses have been identified. | |||||||||||||
Long Term Deposit [Policy Text Block] | g. Long-term deposits: | ||||||||||||
Long-term deposits include long-term deposits for office lease prepaid deposit and motor vehicles under operating leases, presented at their cost. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | h. Research and development expenses: | ||||||||||||
Research and development expenses are expensed as incurred. Those expenses include payments to third party clinical consultants, expenses related to conducting clinical and pre-clinical trials, salaries and related personnel expenses, travel expenses, and share based compensation expenses to research and development employees. During 2014, 2013 and 2012, no grants were received. | |||||||||||||
Severance Pay [Policy Text Block] | i. Severance pay: | ||||||||||||
The Company's liability for its Israeli employees regarding severance pay is pursuant to Section 14 of the Israeli severance pay law ("Section 14"). All the Israeli employees are included under this section, and entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in the employee's name with insurance companies. Payments in accordance with Section 14 release the Company from any future severance payments in respect of those employees. The fund is made available to the employee at the time the employer-employee relationship is terminated, regardless of cause of termination. The severance pay liabilities and deposits under Section 14 are not reflected in the balance sheet as the severance pay risks have been irrevocably transferred to the severance funds. | |||||||||||||
Severance pay expense for the years ended December 31, 2014, 2013 and 2012, amounted to $ 102, $ 26 and $ 18, respectively. | |||||||||||||
Income Tax, Policy [Policy Text Block] | j. 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, to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. | |||||||||||||
As of December 31, 2014 and 2013 the Company has not recorded a liability for uncertain tax positions. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | k. Concentrations of credit risk: | ||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and short term bank deposits. | |||||||||||||
Cash and cash equivalents and short term bank deposits are invested in major banks in Israel and in the U.S.. Deposits in the U.S. may be in excess of insured limits and are not insured in other jurisdictions. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk . | |||||||||||||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | l. Fair value of financial instruments: | ||||||||||||
The Company has no financial instruments that are measured at fair value. | |||||||||||||
The carrying amounts of cash and cash equivalents, short term bank deposits, accounts receivable and accounts payable, approximate their fair value due to the short-term maturities of such instruments. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | m. Basic and diluted net loss per share: | ||||||||||||
Basic net loss per share is computed based on the weighted average number of ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of ordinary shares outstanding during each year plus dilutive potential equivalent ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||||||||||
The total weighted average number of shares related to the outstanding options and warrants excluded from the calculations of diluted net loss per share, since they would have an anti-dilutive effect, was 1,053,055, 873,031 and 537,690 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | n. Accounting for stock-based compensation: | ||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718") that requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees and directors. 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 value of the option award is recognized as an expense over the requisite service periods in the Company's statements of operations based on the accelerated method. | |||||||||||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the fair value method for of its stock-options awards. The option-pricing model requires a number of assumptions as noted below: | |||||||||||||
Expected dividend yield - The expected dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||||||||||
Volatility - Since the Company's shares started trading in NASDAQ in May 2013, sufficient quoted prices of the Company's share are unavailable. Due to insufficient historical data for the Company, the expected volatility determination was based on similar companies' stock volatility. | |||||||||||||
Risk free interest rate - The risk free interest rate is based on the yield of U.S Treasury bonds with equivalent terms. | |||||||||||||
Expected term - ASC 718 provides the factors to consider when estimating the expected term of an option: An option's expected term must at least include the vesting period and the employees' historical exercise and post-vesting employment termination behavior for similar grants. It also determines that if the amount of past exercise data is limited, that data may not represent a sufficiently large sample on which to base a robust conclusion on expected exercise behavior. In that circumstance, it may be appropriate to consider external data or the SEC staff's "simplified" method for the expected term. Accordingly, The Company used the "simplified" method, meaning the expected life can be set as the average of the vesting period for each vested tranche of options and the contractual term for those options. | |||||||||||||
The Company used the Black-Scholes option-pricing model to determine the fair value of grants made in 2014, 2013 and 2012. The following assumptions were applied in determining the compensation cost: | |||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 0.7-2.8% | 0.8-2.4% | - | ||||||||||
Expected option term | 3-10yrs | 5.3-10yrs | - | ||||||||||
Expected price volatility | 65-89% | 69-88% | - | ||||||||||
Dividend yield | - | - | - | ||||||||||
Weighted average grant date fair value | $ | 1.67 | $ | 7.76 | - | ||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | o. New accounting pronouncements: | ||||||||||||
In June 2014 the FASB issued ASU 2014-10 regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under U.S. GAAP, from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments' to ASU 2014-10 are effective for annual reporting periods beginning after December 15, 2014. The Company has applied the ASU in these financial statements. | |||||||||||||
In 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The Company is currently evaluating the effect, if any, that the adoption of this guidance will have on the Company’s financial statements. | |||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | ||||||||||||
% | |||||||||||||
Computers and electronic equipment | 15-33 | ||||||||||||
Office furniture and equipment | 6 | ||||||||||||
Clinical and medical equipment | 15 | ||||||||||||
Leasehold improvement | The shorter of term of the lease or the | ||||||||||||
useful life of the asset | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | The following assumptions were applied in determining the compensation cost: | ||||||||||||
Year ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate | 0.7-2.8% | 0.8-2.4% | - | ||||||||||
Expected option term | 3-10yrs | 5.3-10yrs | - | ||||||||||
Expected price volatility | 65-89% | 69-88% | - | ||||||||||
Dividend yield | - | - | - | ||||||||||
Weighted average grant date fair value | $ | 1.67 | $ | 7.76 | - | ||||||||
RECEIVABLES_AND_PREPAID_EXPENS1
RECEIVABLES AND PREPAID EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables and Prepaid Expenses [Abstract] | ||||||||
Schedule of Receivables and Prepaid Expenses, Current [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Government authorities | $ | 117 | $ | 46 | ||||
Prepaid expenses | 311 | 69 | ||||||
$ | 428 | $ | 115 | |||||
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and electronic equipment | $ | 63 | $ | 32 | ||||
Office furniture and equipment | 41 | 23 | ||||||
Clinical and medical equipment | 14 | 19 | ||||||
Leasehold improvement | 39 | 5 | ||||||
157 | 79 | |||||||
Accumulated depreciation: | ||||||||
Computers and electronic equipment | 30 | 17 | ||||||
Office furniture and equipment | 3 | 2 | ||||||
Clinical and medical equipment | 10 | 10 | ||||||
Leasehold improvement | 17 | 1 | ||||||
60 | 30 | |||||||
Depreciated cost | $ | 97 | $ | 49 | ||||
ACCRUED_EXPENSES_AND_OTHER_LIA1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 308 | $ | 264 | ||||
Accrued expenses | 1,697 | 1,264 | ||||||
Government authorities | 65 | 61 | ||||||
$ | 2,070 | $ | 1,589 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Operating loss carry forward | $ | 7,595 | $ | 2,713 | |||||||
Reserves and allowances | 5,073 | 1,358 | |||||||||
Deferred tax assets before valuation allowance | 12,668 | 4,071 | |||||||||
Valuation allowance | -12,668 | -4,071 | |||||||||
Net deferred tax assets | $ | - | $ | - | |||||||
Comprehensive Income (Loss) [Table Text Block] | Net comprehensive loss (income) before taxes on income is comprised as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Domestic (Israel) | $ | 31,154 | $ | 10,505 | $ | 1,579 | |||||
Foreign (U.S) | 1,697 | -18 | - | ||||||||
$ | 32,851 | $ | 10,487 | $ | 1,579 | ||||||
CONTINGENT_LIABILITIES_AND_COM1
CONTINGENT LIABILITIES AND COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments under the leases are as follows: | ||||
Year ended December 31, | Total | ||||
2015 | $ | 157 | |||
2016 | 149 | ||||
2017 | 50 | ||||
$ | 356 | ||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company's options activity (for employees and directors) under the 2010 Plan is as follows: | |||||||||||||
Year ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Weighted average exercise | Weighted average exercise | |||||||||||||
Number of options | price | Number of options | price | |||||||||||
Outstanding at beginning of year | 805,300 | $ | 6.86 | 461,118 | $ | 0.2 | ||||||||
Granted | 1,154,345 | $ | 11.29 | 552,890 | $ | 9.87 | ||||||||
Exercised | - | $ | - | -208,708 | $ | 0.14 | ||||||||
Cancelled | -372,345 | $ | 18.38 | - | ||||||||||
Forfeited | -46,431 | $ | 10.07 | - | ||||||||||
Outstanding at end of year | 1,540,869 | $ | 7.3 | 805,300 | $ | 6.86 | ||||||||
Vested and expected to vest | 1,540,869 | $ | 7.3 | 805,300 | $ | 6.86 | ||||||||
Options exercisable at the end of the year | 640,401 | $ | 6.24 | 308,909 | $ | 0.33 | ||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | The outstanding options granted to the Company's consultants are as follows: | |||||||||||||
Exercise | ||||||||||||||
Grant date | Number of options | price | Expiration date | |||||||||||
28-Feb-10 | 8,805 | 2.184 | 28-Feb-20 | |||||||||||
17-Feb-11 | 3,804 | 0.0005 | 17-Feb-21 | |||||||||||
12,609 | ||||||||||||||
*) All options were fully vested on grant date. | ||||||||||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | The outstanding options granted to the underwriters for the IPO are as follows: | |||||||||||||
Exercise | ||||||||||||||
Grant date | Number of options | price | Expiration date | |||||||||||
28-May-13 | 15,306 | 12 | 28-May-15 | |||||||||||
28-May-13 | 52,083 | 16 | 28-Nov-15 | |||||||||||
28-May-13 | 52,084 | 20 | 28-May-16 | |||||||||||
119,473 | ||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The share-based expense recognized in the consolidated financial statements for services received from employees and non-employees is shown in the following table: | |||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Research and development, net | $ | 1,773 | $ | 430 | $ | *) - | ||||||||
Pre Commercialization expenses | 616 | - | - | |||||||||||
General and administrative expenses | 1,700 | 1,110 | 26 | |||||||||||
$ | 4,089 | $ | 1,540 | $ | 26 | |||||||||
*) Represents an amount less than $ 1. | ||||||||||||||
RELATED_PARTY_BALANCES_AND_TRA1
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | Balances with related parties: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Other accounts payable | $ | - | $ | 5 | |||||||
Related parties' expenses: | |||||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to: | |||||||||||
General and administrative expense | $ | 332 | $ | 268 | $ | 119 | |||||
Financial expense | $ | - | $ | - | $ | 60 | |||||
FINANCIAL_EXPENSES_INCOME_NET_
FINANCIAL EXPENSES (INCOME), NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Interest Income (Expense), Net [Abstract] | |||||||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | Year ended | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Financial expenses: | |||||||||||
Interest expense | $ | - | $ | - | $ | 3 | |||||
Exchange rate | 2 | 7 | 15 | ||||||||
Bank fees | 10 | 9 | - | ||||||||
Interest on convertible notes | - | 203 | 62 | ||||||||
12 | 219 | 80 | |||||||||
Financial income: | |||||||||||
Exchange rate | 2 | - | - | ||||||||
Interest income | 237 | 22 | 2 | ||||||||
239 | 22 | 2 | |||||||||
Financial expenses (income), net | $ | -227 | $ | 197 | $ | 78 | |||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Net comprehensive loss | $32,834 | $10,548 | $1,579 | |
Common Stock, Shares, Issued | 14,007,046 | 13,941,033 | ||
Common Stock, Value, Issued | 39 | 39 | ||
Subsequent Event [Member] | NASDAQ CAPITAL MARKET [Member] | ||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Common Stock, Shares, Issued | 7,475,000 | |||
Common Stock, Value, Issued | $27,936 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Salvage Value, Percentage | 15.00% |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Salvage Value, Percentage | 33.00% |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Salvage Value, Percentage | 6.00% |
Clinical and Medical Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Salvage Value, Percentage | 15.00% |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | The shorter of term of the lease or the useful life of the asset |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk-free interest rate | 0.00% | ||
Expected option term | 0 years | ||
Expected price volatility | 0.00% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average grant date fair value | $1.67 | $7.76 | $0 |
Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk-free interest rate | 2.80% | 2.40% | |
Expected option term | 10 years | 10 years | |
Expected price volatility | 89.00% | 88.00% | |
Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk-free interest rate | 0.70% | 0.80% | |
Expected option term | 3 years | 5 years 3 months 18 days | |
Expected price volatility | 65.00% | 69.00% |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Line Items] | |||
Short Term Deposit Weighted Average Interest Rate | 0.68% | ||
Percentage of Severance Pay | 8.33% | ||
Severance Costs | $102 | $26 | $18 |
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent, Total | 50.00% | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,053,055 | 873,031 | 537,690 |
RECEIVABLES_AND_PREPAID_EXPENS2
RECEIVABLES AND PREPAID EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables And Prepaid Expenses [Line Items] | ||
Government authorities | $117 | $46 |
Prepaid expenses | 311 | 69 |
Receivables And Prepaid Expenses Current | $428 | $115 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $157 | $79 |
Accumulated Depreciation, Property, Plant, and Equipment | 60 | 30 |
Depreciated cost | 97 | 49 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 63 | 32 |
Accumulated Depreciation, Property, Plant, and Equipment | 30 | 17 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 41 | 23 |
Accumulated Depreciation, Property, Plant, and Equipment | 3 | 2 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 39 | 5 |
Accumulated Depreciation, Property, Plant, and Equipment | 17 | 1 |
Clinical and Medical Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 14 | 19 |
Accumulated Depreciation, Property, Plant, and Equipment | $10 | $10 |
PROPERTY_AND_EQUIPMENT_NET_Det1
PROPERTY AND EQUIPMENT, NET (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $31 | $8 | $7 |
ACCRUED_EXPENSES_AND_OTHER_LIA2
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Line Items] | ||
Employees and payroll accruals | $308 | $264 |
Accrued expenses | 1,697 | 1,264 |
Government authorities | 65 | 61 |
Accounts Payable, Other, Current | $2,070 | $1,589 |
CONVERTIBLE_NOTES_Details_Text
CONVERTIBLE NOTES (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 |
Short-term Debt [Line Items] | ||||
Proceeds from Convertible Debt | $0 | $115 | $600 | |
Debt Instrument, Interest Rate During Period | 6.00% | |||
Interest Expense, Debt | 203 | |||
Convertible Notes Payable [Member] | ||||
Short-term Debt [Line Items] | ||||
Proceeds from Convertible Debt | 715 | 715 | ||
IPO [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 123,553 | |||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $980 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Line Items] | ||
Operating loss carry forward | $7,595 | $2,713 |
Reserves and allowances | 5,073 | 1,358 |
Deferred tax assets before valuation allowance | 12,668 | 4,071 |
Valuation allowance | -12,668 | -4,071 |
Net deferred tax assets | $0 | $0 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Net comprehensive loss (income) before taxes | $32,851 | $10,487 | $1,579 |
Domestic (Israel) [Member] | |||
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Net comprehensive loss (income) before taxes | 31,154 | 10,505 | 1,579 |
Foreign (U.S) [Member] | |||
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Net comprehensive loss (income) before taxes | $1,697 | ($18) | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 26.50% | 25.00% | 25.00% |
Operating Loss Carryforwards | $28,661 | ||
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 35.00% |
CONTINGENT_LIABILITIES_AND_COM2
CONTINGENT LIABILITIES AND COMMITMENTS (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $157 |
2016 | 149 |
2017 | 50 |
Operating Leases, Future Minimum Payments Due | $356 |
CONTINGENT_LIABILITIES_AND_COM3
CONTINGENT LIABILITIES AND COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Liabilities And Commitments [Line Items] | |||
Operating Leases, Rent Expense, Net | $149 | $50 | $44 |
Description of Grant Received | up to 100% of the amount of grants received (100% plus interest at LIBOR). | ||
Accrued Royalties | 117 | ||
Operating Leases, Future Minimum Payments Due | 356 | ||
New Operating Lease Agreement [Member] | |||
Contingent Liabilities And Commitments [Line Items] | |||
Operating Leases, Rent Expense, Net | 67 | 51 | 18 |
Operating Leases, Future Minimum Payments Due | 14 | ||
Office of Chief Scientist [Member] | Research and Development Expense [Member] | |||
Contingent Liabilities And Commitments [Line Items] | |||
Receipts For Participation Payments | $106 | ||
Office of Chief Scientist [Member] | Maximum [Member] | |||
Contingent Liabilities And Commitments [Line Items] | |||
Royalties percentage | 5.00% | ||
Office of Chief Scientist [Member] | Minimum [Member] | |||
Contingent Liabilities And Commitments [Line Items] | |||
Royalties percentage | 3.00% |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (Employees and Directors [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employees and Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, Outstanding at beginning of year | 805,300 | 461,118 |
Number of options, Granted | 1,154,345 | 552,890 |
Number of options, Exercised | 0 | -208,708 |
Number of options, Cancelled | -372,345 | 0 |
Number of options, Forfeited | -46,431 | 0 |
Number of options, Outstanding at end of year | 1,540,869 | 805,300 |
Number of options, Vested and expected to vest | 1,540,869 | 805,300 |
Number of options, Options exercisable at the end of the period | 640,401 | 308,909 |
Weighted average exercise price, Outstanding at beginning of year | $6.86 | $0.20 |
Weighted average exercise price, Granted | $11.29 | $9.87 |
Weighted average exercise price, Exercised | $0 | $0.14 |
Weighted average exercise price, Cancelled | $18.38 | |
Weighted average exercise price, Forfeited | $10.07 | |
Weighted average exercise price, Outstanding at end of year | $7.30 | $6.86 |
Weighted average exercise price, Vested and expected to vest | $7.30 | $6.86 |
Weighted average exercise price, Options exercisable at the end of the period | $6.24 | $0.33 |
SHAREHOLDERS_EQUITY_Details_1
SHAREHOLDERS' EQUITY (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | ||
Granted to Consultants on February 28, 2010 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options | 8,805 | |
Exercise price | $2.18 | |
Expiration date | 28-Feb-20 | |
Granted to Consultants on February 17, 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options | 3,804 | |
Exercise price | $0.00 | |
Expiration date | 17-Feb-21 | |
Granted to Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options | 12,609 | [1] |
[1] | All options were fully vested on grant date. |
SHAREHOLDERS_EQUITY_Details_2
SHAREHOLDERS' EQUITY (Details 2) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Granted1 to Underwriters on May 28, 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options | 15,306 |
Exercise price | $12 |
Expiration date | 28-May-15 |
Granted2 to Underwriters on May 28, 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options | 52,083 |
Exercise price | $16 |
Expiration date | 28-Nov-15 |
Granted3 to Underwriters on May 28, 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options | 52,084 |
Exercise price | $20 |
Expiration date | 28-May-16 |
Granted3 to Underwriters [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options | 119,473 |
SHAREHOLDERS_EQUITY_Details_3
SHAREHOLDERS' EQUITY (Details 3) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Benefits and Share-based Compensation, Total | $4,089 | $1,540 | $26 | |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Benefits and Share-based Compensation, Total | 1,773 | 430 | 0 | [1] |
Pre Commercialization Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Benefits and Share-based Compensation, Total | 616 | 0 | 0 | |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Benefits and Share-based Compensation, Total | $1,700 | $1,110 | $26 | |
[1] | Represents an amount less than $ 1. |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 16, 2014 | 31-May-13 | Feb. 28, 2010 |
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Value, New Issues | $21,920 | |||||
Stock Issued During Period Value New Issues One | 35,334 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 13 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 9 months 29 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,425 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1,158 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,878 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 903 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 3,125,000 | |||||
Stock Issued During Period, Value, New Issues | 28 | |||||
Stock Issued During Period Shares New Issues One | 2,300,000 | 2,300,000 | ||||
Stock Issued During Period Value New Issues One | 6 | 35,334 | ||||
Incentive Option Plan 2010 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 292,531 | 2,118,531 | ||||
Incentive Option Plan 2010 [Member] | Employees And Officers [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Purchased for Award | 604,845 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 372,345 | |||||
IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 3,125,000 | |||||
Stock Issued During Period, Value, New Issues | $21,920 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 123,553 | |||||
Number of Warrants Exercised | 120,255 | |||||
Common Shares Issued, Warrants Exercised | 85,192 | |||||
Maximum [Member] | Incentive Option Plan 2010 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Minimum [Member] | Incentive Option Plan 2010 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
RELATED_PARTY_BALANCES_AND_TRA2
RELATED PARTY BALANCES AND TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Other accounts payable | $0 | $5 | |
Amounts charged to: | |||
General and administrative expense | 332 | 268 | 119 |
Financial expense | $0 | $0 | $60 |
RELATED_PARTY_BALANCES_AND_TRA3
RELATED PARTY BALANCES AND TRANSACTIONS (Details Textual) (USD $) | 1 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2013 | 31-May-13 | Mar. 31, 2008 | Feb. 28, 2014 |
Related Party Transaction [Line Items] | ||||
Agreement Expiration For Finance And Operation Services | 31-May-14 | |||
Consultant [Member] | ||||
Related Party Transaction [Line Items] | ||||
General Contractor Costs | $12 | $7 | ||
Consultant [Member] | Deferred Bonus [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 50 | |||
Consultant [Member] | Deferred Bonus [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $200 |
FINANCIAL_EXPENSES_INCOME_NET_1
FINANCIAL EXPENSES (INCOME), NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial expenses: | |||
Interest expense | $0 | $0 | $3 |
Exchange rate | 2 | 7 | 15 |
Bank fees | 10 | 9 | 0 |
Interest on convertible notes | 0 | 203 | 62 |
Interest Expense, Total | 12 | 219 | 80 |
Financial income: | |||
Exchange rate | 2 | 0 | 0 |
Interest income | 237 | 22 | 2 |
Interest Income, Securities, Operating | 239 | 22 | 2 |
Financial expenses (income), net | ($227) | $197 | $78 |