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SHARE CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2015
SHARE CAPITAL [Abstract] |
Schedule of Options and Restricted Stocks Granted | Below is a table summarizing all of the options and restricted stock grants to employees for each year of the three-year period ended December 31, 2015:
|  |  |  |  |  |  |  | Fair value |  |  |
|  |  |  |  |  |  |  | at grant |  |  |
|  |  |  |  |  |  |  | (U.S. |  |  |
Year of |  | No. of options |  | Exercise |  |  |  | dollars in |  | Expiration |
grant |  | granted |  | price |  | Vesting period |  | thousands) |  | period |
2014 |  |  | 900,000 |  | $ | 2.37 |  |  | 4 years |  | $ | 1,007 |  |  | 10 years |
2015 |  |  | 1,909,000 |  | $ | 1.72 |  |  | 4 years |  | $ | 1,900 |  |  | 10 years |
|  |  | 2,809,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Summary of Stock Option Activity - Options Granted to Employees | Options granted to employees:
| Year ended December 31, |
| 2013 | 2014 | 2015 |
|  |  | Weighted |  |  | Weighted |  |  | Weighted |
| Number |  | average | Number |  | average | Number |  | average |
| of |  | exercise | of |  | exercise | of |  | exercise |
| options |  | price | options |  | price | options |  | price |
Outstanding at beginning of year |  |  | 5,253,579 |  | $ | 3.923 |  |  | 5,153,898 |  | $ | 3.951 |  |  | 5,870,309 |  | $ | 3.770 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  |  |  |  |  | 900,000 |  |  | 2.370 |  |  | 1,909,000 |  |  | 1.72 |
Forfeited and expired |  |  | 20,558 |  |  | 6.603 |  |  | 44,201 |  |  | 6.833 |  |  | 277,016 |  |  | 5.395 |
Exercised (*) |  |  | 79,123 |  |  | 1.418 |  |  | 139,388 |  |  | 0.446 |  |  | 550,000 |  |  | 0.972 |
Outstanding at end of year |  |  | 5,153,898 |  | $ | 3.951 |  |  | 5,870,309 |  | $ | 3.770 |  |  | 6,952,293 |  | $ | 3.363 |
Exercisable at end of year |  |  | 4,614,148 |  | $ | 3.591 |  |  | 4,905,559 |  | $ | 3.933 |  |  | 4,477,043 |  | $ | 4.182 |
(*) The total intrinsic value of options exercised during the years ended December 31, 2013, 2014 and 2015, was approximately $306,000, $447,000 and $675,000, respectively.
Summary of Restricted Stock Activity - Options Granted to Employees | Restricted stock granted to employees:
|  | Year ended December 31, |
|  | 2013 |  | 2014 |  | 2015 |
|  | Number of Restricted Shares |
Outstanding at beginning of year |  |  | 1,394,708 |  |  | 970,208 |  |  | 386,124 |
Changes during the year: |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  |  |  |  |  |  |
Vested |  |  | 406,666 |  |  | 398,375 |  |  | 255,749 |
Forfeited |  |  | 17,834 |  |  | 185,709 |  |  | 2,501 |
Outstanding at end of year |  |  | 970,208 |  |  | 386,124 |  |  | 127,874 |
Schedule of Options Granted to Service Providers | Options and restricted stocks granted to consultants, directors, and other service providers:
|  | Year ended December 31, |
|  | 2013 |  | 2014 |  | 2015 |
|  | Number |  |  |  | Number |  |  |  | Number |  |  |
|  | of |  | Weighted |  | of |  | Weighted |  | of |  | Weighted |
|  | Options/ |  | average |  | options/ |  | average |  | options/ |  | average |
|  | restricted |  | exercise |  | restricted |  | exercise |  | restricted |  | exercise |
|  | stock |  | price |  | stock |  | price |  | stock |  | price |
Outstanding at beginning of year |  |  | 912,425 |  | $ | 7.259 |  |  | 912,425 |  | $ | 7.259 |  |  | 1,208,592 |  | $ | 6.136 |
Changes during the year- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  |  |  |  |  |  |  | 296,167 |  |  | 2.678 |  |  |  |  |  |  |
Expired |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 466,883 |  |  | 0.001 |
Vested restricted stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104,500 |  |  | - |
Outstanding at end of year |  |  | 912,425 |  | $ | 7.259 |  |  | 1,208,592 |  |  | 6.136 |  |  | 637,209 |  |  | 11.638 |
Exercisable at end of year |  |  | 912,425 |  | $ | 7.259 |  |  | 912,425 |  | $ | 7.259 |  |  | 549,709 |  | $ | 12.954 |
Schedule of Information about Share Options Outstanding | The following tables summarize information concerning outstanding and exercisable options and restricted stock as of December 31, 2015:
December 31, 2015 |
Options and restricted stock |  |  |
outstanding |  | Options exercisable |
|  | Number of |  |  |  |  |  |  |
|  | options and |  | Weighted |  |  |  | Weighted |
|  | restricted stock |  | average |  |  |  | average |
|  | outstanding |  | remaining |  | Number of |  | remaining |
Exercise |  | at end of |  | contractual |  | options |  | contractual |
prices |  | year |  | life |  | exercisable |  | life |
| n/a (*) |  |  | 127,874 |  |  | n/a |  |  | n/a |  |  | n/a |
$ | 0.001 |  |  | 252,324 |  |  | 0.53 |  |  | 252,324 |  |  | 0.53 |
$ | 0.120 |  |  | 308,801 |  |  | 1.00 |  |  | 308,801 |  |  | 1.00 |
$ | 0.972 |  |  | 445,853 |  |  | 0.47 |  |  | 445,853 |  |  | 0.47 |
$ | 1.720 |  |  | 1,856,500 |  |  | 9.22 |  |  | — |  |  | — |
$ | 2.350 |  |  | 40,000 |  |  | 2.82 |  |  | 40,000 |  |  | 2.82 |
$ | 2.370 |  |  | 900,000 |  |  | 8.75 |  |  | 281,250 |  |  | 8.75 |
$ | 2.650 |  |  | 336,482 |  |  | 2.47 |  |  | 336,482 |  |  | 2.47 |
$ | 3.020 |  |  | 50,000 |  |  | 2.10 |  |  | 50,000 |  |  | 2.10 |
$ | 3.370 |  |  | 150,000 |  |  | 8.56 |  |  | 62,500 |  |  | 8.56 |
$ | 5.000 |  |  | 1,658,000 |  |  | 1.65 |  |  | 1,658,000 |  |  | 1.65 |
$ | 6.900 |  |  | 976,000 |  |  | 3.31 |  |  | 976,000 |  |  | 3.31 |
$ | 7.550 |  |  | 160,000 |  |  | 4.66 |  |  | 160,000 |  |  | 4.66 |
$ | 9.660 |  |  | 68,000 |  |  | 4.83 |  |  | 68,000 |  |  | 4.83 |
$ | 16.700 |  |  | 387,542 |  |  | 0.99 |  |  | 387,542 |  |  | 0.99 |
|  |  |  | 7,717,376 |  |  |  |  |  | 5,026,752 |  |  |  |
(*) Represents restricted stock.
Schedule of Stock-Based Compensation Expense in Statement of Operations | The following table illustrates the effect of share-based compensation on the statement of operations:
|  | Year ended December 31, |
(U.S. dollars in thousands) |  | 2013 |  | 2014 |  | 2015 |
Research and development expenses |  | $ | 2,655 |  | $ | 936 |  | $ | 904 |
Marketing, general and administrative expenses |  |  | 1,434 |  |  | 306 |  |  | 898 |
|  | $ | 4,089 |  | $ | 1,242 |  | $ | 1,802 |

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