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SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Options and Restricted Stocks Granted

Below is a table summarizing all of the options grants to employees during the year ended December 31, 2015:

Year of grant			No. of options granted			Exercise price			Vesting period			Fair value at grant (U.S. dollars in thousands)			Expiration period
	2015			1,909,000		$	1.72			4 years		$	1,900			10 years

Summary of Stock Option Activity - Options Granted to Employees

Options granted to employees:

	Year ended December 31,
	2015				2016				2017
			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		5,870,309	$	3.770		6,952,293	$	3.363		4,884,211	$	3.617
Changes during the year:
Granted		1,909,000		1.72
Forfeited and Expired		277,016		5.395		1,514,957		3.748		154,594		4.004
Exercised (*)		550,000		0.972		553,125		0.067
Outstanding at end of year		6,952,293	$	3.363		4,884,211	$	3.617		4,729,617	$	3.604
Exercisable at end of year		4,477,043	$	4.182		3,498,492	$	4.296		4,457,461	$	3.696

(*) The total intrinsic value of options exercised during the years ended December 31, 2015, 2016 and 2017, was approximately $675,000, $213,000 and $0, respectively.

Summary of Restricted Stock Activity - Options Granted to Employees

Restricted stock granted to employees:

	Year ended December 31,
	2015		2016
	Number of restricted stock
Outstanding at beginning of year		386,124		127,874
Changes during the year:
Vested		255,749		127,874
Forfeited		2,501		-
Outstanding at end of year		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,
	2015				2016				2017
	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		1,208,592	$	6.136		637,209	$	11.638		208,000	$	3.156
Changes during the year:
Expired		466,883		0.001		429,209		15.748		8,000		0.001
Vested restricted stock		104,500
Outstanding at end of year		637,209		11.638		208,000		3.156		200,000		3.282
Exercisable at end of year		549,709	$	12.954		170,500	$	3.109		200,000	$	3.282

Schedule of Information about Share Options Outstanding

The following tables summarize information concerning outstanding and exercisable options and restricted stock as of December 31, 2017:

December 31, 2017
Options outstanding						Options exercisable
Exercise prices		Number of options outstanding at end of year		Weighted average remaining contractual life		Number of options exercisable		Weighted average remaining contractual life
	n/a (Restricted Stock)						n/a		n/a
$	1.720		1,720,685		7.22		1,617,279		7.22
$	2.350		40,000		0.81		40,000		0.81
$	2.370		900,000		6.74		731,250		6.74
$	2.650		211,682		1.15		211,682		1.15
$	3.020		50,000		0.10		50,000		0.10
$	3.370		150,000		6.56		150,000		6.56
$	5.000		949,250		0.10		949,250		0.10
$	6.900		680,000		2.15		680,000		2.15
$	7.550		160,000		2.65		160,000		2.65
$	9.660		68,000		2.83		68,000		2.83
			4,929,617				4,657,461

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)	2015		2016		2017
Research and development expenses	$	904	$	571	$	182
Selling, general and administrative expenses		898		417		155
	$	1,802	$	988	$	337