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SHARE CAPITAL AND STOCK OPTIONS
 9 Months Ended
Mar. 31, 2013
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.

 
b.
From July 2012 through March 2013, a total of 718,213 warrants were exercised via a "cashless" manner, resulting in the issuance of 446,423 shares of common stock to investors of the Company. The Company has a commitment to issue an additional 75 shares of common stock to one of its shareholders. In addition, 1,027,247 warrants were exercised and resulted in the issuance of 1,027,247 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,679.
 
 
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 became 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, were $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 shares of common stock.  As to any fraction of a share which the warrant holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the fair market value less the exercise price.

 
d.
Options, warrants, restricted stock and restricted stock units to employees, directors and consultants:
 
 
1.
Options to employees and directors:
 
The Company has approved two option plans from 2003 and from 2005 (the "2003 Plan" and the "2005 Plan", and collectively, the "Plans").
 
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:
 
   
Nine months ended March 31, 2013
  
   
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
     (110,068 )     1.27              
Options outstanding at end of the period
     1,972,104     $ 4.01       4.22     $ 1,083  
Options exercisable at the end of the period
     1,972,104     $ 4.01       4.22     $ 1,083  
Options vested
     1,972,104     $ 4.01       4.22     $ 1,083  
 
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 employee and director option holders had all option holders exercised their options on March 31, 2013. 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:

   
Nine months ended March 31, 2013
  
   
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
     (63,500 )     1.18              
Options and warrants outstanding at end of the period
     318,500     $ 4.40       4.32     $ 436  
                                 
Options and warrants exercisable at the end of the period
     312,500     $ 4.48       4.24     $ 417  
                                 
Options and warrants vested
     318,500     $ 4.40       4.32     $ 436  
 
Compensation expenses related to options and warrants granted to consultants were recorded as follows:
 
   
Nine months ended March 31,
    
Three months ended March 31,
  
   
2013
    
2012
    
2013
    
2012
  
Research and development expenses
   $ -     $ 19     $ -     $ -  
General and administrative expenses
     24       27       3       12  
    $ 24     $ 46     $ 3     $ 12  
 
Future expenses related to options and warrants granted to consultants for an average time of approximately nine months are $4.
 
 
3.
Restricted stock and restricted stock units to employees and directors:
 
During the nine months ended March 31, 2013, the Company granted restricted stock units to several of the Company's employees.
 
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the nine months ended March 31, 2013

 
   
Number
  
Unvested at the beginning of period
     2,085,276  
Granted
     13,000  
Forfeited
     (81,563 )
Vested
     (1,279,502 )
Unvested at the end of the period
      737,211  
Expected to vest after March 31, 2013
     724,178  
 
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows:
 
   
Nine months ended March 31,
    
Three months ended March 31,
  
   
2013
    
2012
    
2013
    
2012
  
Research and development expenses
   $ 573     $ 845     $ 92     $ 362  
General and administrative expenses
     1,299       2,462       270       1,172  
    $ 1,872     $ 3,307     $ 362     $ 1,534  
 
 
Future expenses related to restricted stock and restricted stock units granted to employees and directors for an average time of approximately two years are $468.
 
 
4.
Restricted stock and restricted stock units to consultants:
 
During the nine months ended March 31, 2013, the Company granted restricted stock units to several consultants and service providers.
 
The following table summarizes the activities for unvested restricted stock units granted to consultants for the nine months ended March 31, 2013:
 
   
Number
  
Unvested at the beginning of period
     66,000  
Granted
     123,206  
Forfeited
     (21,978 )
Vested
     (135,728 )
Unvested at the end of the period
     31,500  
Expected to vest after March 31, 2013
     31,500  
 
Compensation expenses related to restricted stock units granted to consultants were recorded as follows:
 
   
Nine months ended March 31,
    
Three months ended March 31,
  
   
2013
    
2012
    
2013
    
2012
  
Research and development expenses
   $ 209     $ 181     $ 55     $ 68  
General and administrative expenses
     278       1       -       -  
    $ 487     $ 182     $ 55     $ 68