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SHARE CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2016
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 two-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, |
|  | 2014 |  | 2015 |  | 2016 |
|  |  |  | 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 |  |  | 5,153,898 |  | $ | 3.951 |  |  | 5,870,309 |  | $ | 3.770 |  |  | 6,952,293 |  | $ | 3.363 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 900,000 |  |  | 2.370 |  |  | 1,909,000 |  |  | 1.72 |  |  |  |  |  |  |
Forfeited and Expired |  |  | 44,201 |  |  | 6.833 |  |  | 277,016 |  |  | 5.395 |  |  | 1,514,957 |  |  | 3.748 |
Exercised (*) |  |  | 139,388 |  |  | 0.446 |  |  | 550,000 |  |  | 0.972 |  |  | 553,125 |  |  | 0.067 |
Outstanding at end of year |  |  | 5,870,309 |  | $ | 3.770 |  |  | 6,952,293 |  | $ | 3.363 |  |  | 4,884,211 |  | $ | 3.617 |
Exercisable at end of year |  |  | 4,905,559 |  | $ | 3.933 |  |  | 4,477,043 |  | $ | 4.182 |  |  | 3,498,492 |  | $ | 4.296 |
| (*) | The total intrinsic value of options exercised during the years ended December 31, 2014, 2015 and 2016, was approximately $447,000, $675,000 and $213,000, respectively.
Summary of Restricted Stock Activity - Options Granted to Employees | Restricted stock granted to employees:
|  | Year ended December 31, |
|  | 2014 |  | 2015 |  | 2016 |
|  | Number of Restricted Shares |
Outstanding at beginning of year |  |  | 970,208 |  |  | 386,124 |  |  | 127,874 |
Changes during the year: |  |  |  |  |  |  |  |  |  |
Vested |  |  | 398,375 |  |  | 255,749 |  |  | 127,874 |
Forfeited |  |  | 185,709 |  |  | 2,501 |  |  |  |
Outstanding at end of year |  |  | 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, |
|  | 2014 |  | 2015 |  | 2016 |
|  | 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 |  |  | 1,208,592 |  | $ | 6.136 |  |  | 637,209 |  | $ | 11.638 |
Changes during the year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  |  | 296,167 |  |  | 2.678 |  |  |  |  |  |  |  |  |  |  |  |  |
Expired |  |  |  |  |  |  |  |  | 466,883 |  |  | 0.001 |  |  | 429,209 |  |  | 15.748 |
Vested restricted stock |  |  |  |  |  |  |  |  | 104,500 |  |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 1,208,592 |  |  | 6.136 |  |  | 637,209 |  |  | 11.638 |  |  | 208,000 |  |  | 3.156 |
Exercisable at end of year |  |  | 912,425 |  | $ | 7.259 |  |  | 549,709 |  | $ | 12.954 |  |  | 170,500 |  | $ | 3.109 |
Schedule of Information about Share Options Outstanding | The following tables summarize information concerning outstanding and exercisable options and restricted stock as of December 31, 2016:
December 31, 2016 |
Options |  |  |
outstanding |  | Options exercisable |
|  | Number of |  | Weighted |  |  |  | Weighted |
|  | options |  | average |  |  |  | average |
|  | outstanding |  | remaining |  | Number of |  | remaining |
Exercise |  | at end of |  | contractual |  | options |  | contractual |
prices |  | year |  | life |  | exercisable |  | life |
$ | 0.001 |  |  | 8,000 |  |  | 0.86 |  |  | 8,000 |  |  | 0.86 |
$ | 1.720 |  |  | 1,784,279 |  |  | 8.22 |  |  | 792,310 |  |  | 8.22 |
$ | 2.350 |  |  | 40,000 |  |  | 1.81 |  |  | 40,000 |  |  | 1.81 |
$ | 2.370 |  |  | 900,000 |  |  | 7.74 |  |  | 506,250 |  |  | 7.74 |
$ | 2.650 |  |  | 212,682 |  |  | 2.15 |  |  | 212,682 |  |  | 2.15 |
$ | 3.020 |  |  | 50,000 |  |  | 1.10 |  |  | 50,000 |  |  | 1.10 |
$ | 3.370 |  |  | 150,000 |  |  | 7.56 |  |  | 112,500 |  |  | 7.56 |
$ | 5.000 |  |  | 1,009,250 |  |  | 1.10 |  |  | 1,009,250 |  |  | 1.10 |
$ | 6.900 |  |  | 710,000 |  |  | 3.15 |  |  | 710,000 |  |  | 3.15 |
$ | 7.550 |  |  | 160,000 |  |  | 3.65 |  |  | 160,000 |  |  | 3.65 |
$ | 9.660 |  |  | 68,000 |  |  | 3.83 |  |  | 68,000 |  |  | 3.83 |
|  |  |  | 5,092,211 |  |  |  |  |  | 3,668,992 |  |  |  |
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) |  | 2014 |  | 2015 |  | 2016 |
Research and development expenses |  | $ | 936 |  | $ | 904 |  | $ | 571 |
Marketing, general and administrative expenses |  |  | 306 |  |  | 898 |  |  | 417 |
|  | $ | 1,242 |  | $ | 1,802 |  | $ | 988 |

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