XML 37 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHARE CAPITAL AND STOCK OPTIONS
 3 Months Ended
Sep. 30, 2012
SHARE CAPITAL AND STOCK OPTIONS [Abstract]  
SHARE CAPITAL AND STOCK OPTIONS
NOTE 6: - SHARE CAPITAL AND STOCK OPTIONS

 
a.
As part of the agreement for building the new Company's facility with Biopharmax Group Ltd ("Biopharmax"), the Company issued 1,500,000 shares of common stock to Biopharmax during fiscal year 2012. Total consideration from selling the shares amounted to $5,071. As of September 30, 2012 a balance of $3,428 was recorded in the Company balance sheet as an advanced payment asset from the total consideration.

 
b.
In July through September 2012, a total of 479,532 warrants were exercised via a "cashless" manner, resulting in the issuance of 287,483 shares of common stock to investors of the Company. The Company has a commitment to issue additional 28,860 shares of common stock to one of its shareholders. In addition, 688,139 warrants were exercised and resulted in the issuance of 688,139 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,229.

 
c.
On September 19, 2012, the Company closed a firm commitment underwritten public offering of 8,000,000 units, at a purchase price of $4.00 per unit, with each unit consisting of one share of the Company's common stock and one warrant to purchase 0.35 shares of common stock, at a purchase price of $5.00 per share. The warrants sold in the offering will be exercisable on March 19, 2013 and expire on September 19, 2017. The Company has also granted the underwriters a 30-day option to purchase up to 1,200,000 shares of common stock and/or warrants to purchase up to 420,000 shares of common stock. As of September 24, 2012 the underwriters fully exercised their option. The aggregate net proceeds to the Company from the offering, including from the exercise in full of the option, are $34,106, before the exercise of any warrants (which has not yet occurred) and after deducting underwriting commissions and discounts and offering expenses of the Company.

The warrants can be exercised only for full share of common stock. As to any fraction of a shares which the warrant holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the fair market value less the exercise price.


 
d.
Options, warrants, restricted stock and restricted stock units to employees, directors and consultants:

 
1.
Options to employees and directors:

The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718, "Compensation - Stock Compensation". A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows:

 
Three months ended September 30, 2012
 
Number

Weighted Average Exercise Price

Weighted Average Remaining Contractual Terms (in years)

Aggregate Intrinsic Value Price
Options outstanding at beginning of period

2,082,172

$ 3.87






Options exercised

(74,332 )

1.57






Options outstanding at end of the period

2,007,840

$ 3.95


4.72

$ 1,968
Options exercisable at the end of the period

2,007,840

$ 3.95


4.72

$ 1,968
Options vested

2,007,840

$ 3.95


4.72

$ 1,968

Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on September 30, 2012. This amount changes based on the fair market value of the Company's common stock.



 
2.
Options and warrants to non-employees:

A summary of the Company's activity related to options and warrants to consultants is as follows:

 
Three months ended September 30, 2012
 
Number

Weighted Average Exercise Price

Weighted Average Remaining Contractual Terms (in years)

Aggregate Intrinsic Value Price
Options and warrants outstanding at beginning of period

382,000

$ 3.86






Options and warrants exercised

(56,000 )

1.34






Options and warrants outstanding at end of the period

326,000

$ 4.29


4.90

$ 657
 















Options and warrants exercisable at the end of the period

314,000

$ 4.46


4.75

$ 609
 















Options and warrants vested

326,000

$ 4.29


4.90

$ 657

 
Compensation expenses related to options and warrants granted to consultants were recorded as follows:

 
Three months ended
September 30,
 
2012

2011
Research and development expenses
$ -

$ 10
General and administrative expenses

18


7
 
$ 18

$ 17

Future expenses related to options and warrants granted to consultants for an average time of approximately two years is $17.


 
3.
Restricted stock and restricted stock units to employees and directors:

During the three months ended September 30, 2012, the Company granted restricted stock units to several Company's employees.

The following table summarizes the activities for unvested restricted stock units and restricted stock granted to employees and directors for the three months ended September 30, 2012:

 
Number
Unvested at the beginning of period

2,085,276
Granted

13,000
Forfeited

(37,213 )
Vested

(462,497 )
Unvested at the end of the period

1,598,566
Expected to vest after September 30, 2012

1,566,803

Compensation expenses related to restricted stock and restricted stock units granted to employees and directors were recorded as follows:

 
Three months ended
September 30,
 
2012

2011
Research and development expenses
$ 317

$ 253
General and administrative expenses

608


679
 
$ 925

$ 932

 
Future expenses related to restricted stock and restricted stock units granted to employees and directors for an average time of approximately two years is $1,512.


 
4.
Restricted stock and restricted stock units to consultants:

During the three months ended September 30, 2012, the Company granted restricted stock units to several consultants and service providers.

The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the three months ended September 30, 2012:

 
Number
Unvested at the beginning of period

66,000
Granted

66,228
Vested

(76,728 )
Unvested at the end of the period

55,500
Expected to vest after September 30, 2012

55,500

Compensation expenses related to restricted stock and restricted stock units granted to consultants were recorded as follows:

 
Three months ended
September 30,
 
2012

2011
Research and development expenses
$ 120

$ 92
General and administrative expenses

273


-
 
$ 393

$ 92