0001144204-18-039198.txt : 20180723 0001144204-18-039198.hdr.sgml : 20180723 20180723080115 ACCESSION NUMBER: 0001144204-18-039198 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180723 DATE AS OF CHANGE: 20180723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRAINSTORM CELL THERAPEUTICS INC. CENTRAL INDEX KEY: 0001137883 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 207273918 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36641 FILM NUMBER: 18963618 BUSINESS ADDRESS: STREET 1: 1325 AVENUE OF AMERICAS STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 201-488-0460 MAIL ADDRESS: STREET 1: 1325 AVENUE OF AMERICAS STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: BRAINSTORM CELL THERAPEUTICS INC DATE OF NAME CHANGE: 20041122 FORMER COMPANY: FORMER CONFORMED NAME: GOLDEN HAND RESOURCES INC DATE OF NAME CHANGE: 20030827 FORMER COMPANY: FORMER CONFORMED NAME: WIZBANG TECHNOLOGIES INC DATE OF NAME CHANGE: 20010409 10-Q 1 tv498184_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number 001-36641

BRAINSTORM CELL THERAPEUTICS INC.

(Exact name of registrant as specified in its charter)

Delaware	20-7273918
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1325 Avenue of Americas 28^th Floor
New York, NY	10019
(Address of principal executive offices)	(Zip Code)

(201) 488-0460

(Registrant’s telephone number, including area code)

1745 Broadway, 17^th Floor, New York, NY 10019

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company x

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of June 30, 2018, the number of shares outstanding of the registrant’s Common Stock, $0.00005 par value per share, was 20,669,528.

TABLE OF CONTENTS

	Page Number
PART I – FINANCIAL INFORMATION	3

Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	28

PART II – OTHER INFORMATION	29

Item 1. Legal Proceedings	29
Item 1A. Risk Factors	29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 5. Other Information	30
Item 6. Exhibits	30

SIGNATURES	30

EXHIBIT INDEX	31

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF June 30, 2018

U.S. DOLLARS IN THOUSANDS

(Except share data and exercise prices)

(UNAUDITED)

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF June 30, 2018

U.S. DOLLARS IN THOUSANDS

(Except share data and exercise prices)

(UNAUDITED)

INDEX

		Page

Interim Condensed Consolidated Balance Sheets		5

Interim Condensed Consolidated Statements of Comprehensive Loss		6

Interim Condensed Statements of Changes in Stockholders' Equity		7-8

Interim Condensed Consolidated Statements of Cash Flows		9-10

Notes to Interim Condensed Consolidated Financial Statements		11-20

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Except share data)


	June 30,			December 31,
	2 0 1 8			2 0 1 7
	U.S. $ in thousands
ASSETS	Unaudited			Audited

Current Assets:
Cash and cash equivalents	$	2,262		$	2,483
Short-term deposit (Note 4)		15,177			5,273
Account receivable		964			672
Prepaid expenses and other current assets		1,160			1,195
Total current assets		19,563			9,623

Long-Term Assets:
Prepaid expenses and other long-term assets (Note 5)		861			1,408
Property and Equipment, Net		596			392
Total long-term assets		1,457			1,800


Total assets	$	21,020		$	11,423

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	4,182		$	1,424
Accrued expenses (Note 6)		1,471			817
Deferred grant income (Note 7)		1,885			2,625
Other accounts payable		609			677
Total current liabilities		8,147			5,543

Total liabilities	$	8,147		$	5,543

Stockholders' Equity:
Stock capital: (Note 8)		11			11
Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of June 30, 2018 and December 31, 2017; Issued and outstanding: 20,669,528 and 18,976,169 shares at June 30, 2018 and December 31, 2017, respectively.
Additional paid-in-capital		93,935			85,944
Receipts on account of shares		4,391			-
Accumulated deficit		(85,464	)		(80,075	)
Total stockholders' equity		12,873			5,880


Total liabilities and stockholders' equity	$	21,020		$	11,423

The accompanying notes are an integral part of the consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)

U.S. dollars in thousands

(Except share data)

	Six months ended						Three months ended
	June 30,						June 30,
	2018			2017			2 0 1 8			2 0 1 7
	Unaudited						Unaudited

Operating expenses:

Research and development, net	$	2,458		$	1,376		$	1,481		$	435
General and administrative		2,936			1,469			1,606			640

Operating loss		(5,394	)		(2,845	)		(3,087	)		(1,075	)

Financial expenses (income), net		(5	)		(20	)		4			(35	)

Net loss	$	(5,389	)	$	(2,825	)	$	(3,091	)	$	(1,040	)


Basic and diluted net loss per share from continuing operations	$	(0.28	)	$	(0.15	)	$	(0.16	)	$	(0.06	)

Weighted average number of shares outstanding used in computing basic and diluted net loss per share		19,277,518			18,713,575			19,505,157			18,738,496

The accompanying notes are an integral part of the consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (AUDITED)

U.S. dollars in thousands

(Except share data)

	Common Stock				Additional paid-in		Receipts on account of shares		Accumulated deficit			Total stockholders' equity
	Number		Amount		capital

Balance as of January 1, 2017		18,687,987	$	11	$	85,014	$	-	$	(75,123	)	$	9,902

Stock-based compensation related to warrants and stock granted to service providers		4,327		(*)		62		-		-			62
Stock-based compensation related to stock and options granted to directors and employees		107,301		(*)		554		-		-			554
Exercise of options		129,887		(*)		209		-		-			209
Exercise of warrants		46,667		(*)		105		-		-			105
Net loss		-		-		-		-		(4,952	)		(4,952	)

Balance as of December 31, 2017		18,976,169	$	11	$	85,944	$	-	$	(80,075	)	$	5,880

* Represents an amount less than $1.

The accompanying notes are an integral part of the consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

U.S. dollars in thousands

(Except share data)

	Common stock				Additional paid-in		Receipts on account of shares		Accumulated deficit			Total stockholders' equity
	Number		Amount		capital

Balance as of January 1, 2018		18,976,169	$	11	$	85,944	$	-	$	(80,075	)	$	5,880
								-
Stock-based compensation related to warrants and stock granted to service providers		11,250		(*)		-				-			-
Stock-based compensation related to stock and options granted to directors and employees		90,575		(*)		363		-		-			363
Exercise of options		33,332		(*)		25		-		-			25
Exercise and reissuance of warrants		1,558,202		(*)		7,603		4,391		-			11,994
Net loss		-		-		-		-		(5,389	)		(5,389	)

Balance as of June 30, 2018		20,669,528	$	11	$	93,935	$	4,391	$	(85,464	)	$	12,873

* Represents an amount less than $1.

The accompanying notes are an integral part of the consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

U.S. dollars in thousands

	Six months ended						Three months ended
	June 30,						June 30,
	2018			2017			2018			2017

Cash flows from operating activities:

Net loss	$	(5,389	)	$	(2,825	)	$	(3,091	)	$	(1,040	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		56			34			31			18
Stock-based compensation related to options granted to employees and directors		363			183			136			57
Decrease (Increase) in accounts receivable and prepaid expenses		295			(511	)		411			(587	)
Increase (decrease) in trade payables		2,758			(118	)		921			(135	)
Increase (decrease) in deferred grant income		(740	)		-			683			-
Increase (decrease) in other accounts payable and accrued expenses		586			(35	)		964			57
Total net cash provided by (used in) operating activities	$	(2,071	)	$	(3,272	)	$	55		$	(1,630	)

The accompanying notes are an integral part of the consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

U.S. dollars in thousands

	Six months ended						Three months ended
	June 30,						June 30,
		2 0 1 8			2 0 1 7			2 0 1 8			2 0 1 7

Cash flows from investing activities:

Purchase of property and equipment		(260	)		(32	)		(215	)		(32	)
Changes in short-term deposit		(9,904	)		8,510			(12,818	)		6,810
Investment in lease deposit		(5	)		1			-			2


Total net cash provided by (used in) investing activities	$	(10,169	)	$	8,479		$	(13,033	)	$	6,780

Cash flows from financing activities:

Proceeds from exercise of options		25			30			-			30
Exercise and reissuance of warrants		11,994			-			11,994			-
Total net cash provided by financing activities	$	12,019		$	30		$	11,994		$	30


Increase (decrease) in cash and cash equivalents		(221	)		5,237			(984	)		5,180
Cash and cash equivalents at the beginning of the period	$	2,483		$	547		$	3,246		$	604

Cash and cash equivalents at end of the period	$	2,262		$	5,784		$	2,262		$	5,784

The accompanying notes are an integral part of the consolidated financial statements.

NOTE 1 -

GENERAL

Brainstorm Cell Therapeutics Inc. (“The Company”) was incorporated in the State of Delaware on November 15, 2006, and previously was incorporated in the State of Washington. In October 2004, the Company formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics Ltd. (“BCT”) in Israel, which currently conducts all of the research and development activities of the Company. On February 19, 2013, BCT formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom. Brainstorm UK is currently inactive.

The Company’s Common Stock is publicly traded on the NASDAQ Capital Market under the symbol “BCLI”.

The Company, through BCT, holds rights to commercialize certain stem cell technology developed by Ramot of Tel Aviv University Ltd. ("Ramot"), (see Note 3). Using this technology, the Company has been developing novel adult stem cell therapies for debilitating neurodegenerative disorders such as Amyotrophic Lateral Sclerosis (ALS, also known as Lou Gehrig Disease), Multiple Sclerosis (MS) and Parkinson’s disease. The Company developed a proprietary process, called NurOwn, for the propagation of Mesenchymal Stem Cells and their differentiation into neurotrophic factor secreting cells. These cells are then transplanted at or near the site of damage, offering the hope of more effectively treating neurodegenerative diseases. The process is currently autologous, or self-transplanted.

NurOwn is in clinical development for the treatment of ALS. The Company has completed two single dose clinical trials of NurOwn in Israel, a Phase 1/2 trial with 12 patients and a Phase 2a trial with additional 12 patients. In July 2016 the Company announced the results of its Phase 2 trial which was conducted in three major medical centers in the US. This single dose trial included 48 patients randomized in a 3:1 ratio to receive NurOwn or placebo. In 2017 the Company commenced Phase 3 trial of NurOwn® for the treatment of ALS. Enrollment in this randomized, double-blind, placebo-controlled, multi-dose clinical trial of NurOwn® for ALS is now ongoing.

GOING CONCERN:

To date the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital.

Such conditions raise substantial doubts about the Company's ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.

NOTE 2 -

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements

The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Operating results for the three months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ended December 31, 2018.

Significant Accounting Policies

The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements.

Recent Accounting Standards

In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the first quarter of 2018; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 “Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For operating leases, the ASU requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The ASU retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee.

The ASU is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company continues to evaluate the effect of the adoption of this ASU and expects the adoption will result in an increase in the assets and liabilities on the consolidated balance sheets for operating leases and will likely have an insignificant impact on the consolidated statements of earnings.

NOTE 2 -

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Cont.):

Recent Accounting Standards (Cont.):

In June 2016, the FASB issued a new standard requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This standard is effective for us in the first quarter of 2020; early adoption is permitted beginning in the first quarter of 2019. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect that the adoption of this standard will have a significant impact on the financial position or results of operations.

In May 2017, the FASB issued ASU 2017-09 “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is already effective since January 1, 2018. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

NOTE 3 -

RESEARCH AND LICENSE AGREEMENT

The Company entered into a Research and License Agreement with Ramot (as amended and restated, the “License Agreement”). Pursuant to the remuneration terms of the License Agreement, the Company has agreed to pay Ramot royalties on Net Sales of the Licensed Product as follows:

So long as the making, producing, manufacturing, using, marketing, selling, importing or exporting (collectively, the “Commercialization”) of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status, the Company shall pay Ramot a royalty of 5% of the Net Sales received by the Company and resulting from such Commercialization; and

In the event the Commercialization of the Licensed Product is neither covered by a Valid Claim nor by Orphan Drug status, the Company shall pay Ramot a royalty of 3% of the Net Sales received by the Company resulting from such Commercialization. This royalty shall be paid from the First Commercial Sale of the Licensed Product and for a period of fifteen (15) years thereafter.

Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement.

NOTE 4 -

SHORT TERM INVESTMENTS

Short term investments on June 30, 2018 and December 31, 2017 include bank deposits bearing annual interest rates varying from 0.05% to 3%, with maturities of up to 12 months as of June 30, 2018 and December 31, 2017.

NOTE 5 -

PREPAID EXPENSES

In November 2017 the Company has contracted with City of Hope's Center for Biomedicine and Genetics ("COH") to produce clinical supplies of NurOwn® adult stem cells for the Company’s ongoing Phase 3 clinical study. The Company has paid COH $2,665 as advance payment which was recorded as prepaid expense and is amortized over the term of the agreement. As of June 30, 2018, $1,103 and $827 were recorded as current and long-term prepaid expenses, respectively, compared to $1,103 and $1,378 that were recorded as current and long-term prepaid expense, respectively, as of December 31, 2017.

NOTE 6 -

ACCRUED EXPENSES

On July 17, 2018, the Governance, Nominating and Compensation Committee of the Board of Directors of the Company approved a $500,000 cash bonus payment to Chaim Lebovits, the Company’s President and Chief Executive Officer, in recognition of his contributions to the Company during the second quarter of 2018. As of June 30, 2018, the Company recorded the bonus amount as accrued expenses.

NOTE 7 -

DEFERRED GRANT INCOME

In July 2017 the Company received an award in the amount of $15,912 from CIRM to aid in funding the Company’s Phase 3 study of NurOwn®, for the treatment of ALS. An aggregate amount of $9,050 and $7,050 related to the project was received through June 30, 2018 and December 31, 2017, respectively. The award does not bear a royalty payment commitment nor is the award otherwise refundable. $2,740 and $4,425 was recorded as participation by CIRM in research and development expenses during the 6 month ended in June 30, 2018 and during the year ended December 31, 2017, respectively.

NOTE 8 -

STOCK CAPITAL

The rights of Common Stock are as follows:

Holders of Common Stock have the right to receive notice to participate and vote in general meetings of the Company, the right to a share in the excess of assets upon liquidation of the Company and the right to receive dividends, if declared.

The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol BCLI.

Private placements and public offerings:

On June 6, 2018, the Company entered into a Warrant Exercise Agreement (the “Warrant Exercise Agreement”) with certain holders (the “Holders”) of warrants (the “2015 Warrants”) to purchase Company Common Stock, which 2015 Warrants were originally issued in the Company’s January 8, 2015 private placement. Pursuant to the Warrant Exercise Agreement, the Holders exercised their 2015 Warrants for a total of 2,458,201 shares of Common Stock (the “Exercised Shares”) at an amended exercise price of $5 per share. The warrant exercises generated gross cash proceeds to the Company of $12,291 ($11,994 net of issuance expenses). In addition, the Company issued new warrants to the Holders to purchase an aggregate 2,458,201 unregistered shares of Common Stock, at an exercise price of $9, with an expiration date of December 31, 2020 (the “New Warrants”). Certain Holders of New Warrants also entered into a Share Cap Agreement with the Company, whereby the Holders agreed to a 6-month delay (from the date of issuance) in exercisability of any shares at or in excess of 20% limitation on the size of the entire transaction, pursuant to Nasdaq Listing Rules.

The Warrant Exercise Agreement also requires that to the extent that a Holder’s exercise of 2015 Warrants would result in such Holder exceeding the Beneficial Ownership Limitation (as defined in the 2015 Warrants), such excess warrant shares shall be held for the benefit of such Warrant Holder until such time as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.

NOTE 8 -

STOCK CAPITAL (Cont.):

The Holders agreed that, subject to limited exceptions, for the 90 days following the date of the Warrant Exercise Agreement (the “Restricted Period”), neither the Company nor any Subsidiary will issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock, without the prior written consent of all of the Holders of the warrant shares. The Company also agreed that during the time the New Warrants are unexercised, the Company will not enter into any agreements with any holder of 2015 Warrants with more favorable terms, without the consent of the Holders of a majority of the warrant shares then exercisable under all outstanding Warrant Exercise Agreements.

The New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The Exercised Shares have been registered for resale on the Company’s registration statement on Form S-3 (File No. 333-201704). The issuance of the Exercised Shares and New Warrants was exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.

The Company and the Holders also entered into Leak-Out Agreements (the “Leak-Out Agreement”) pursuant to which neither Holders nor certain of their affiliates would collectively sell, dispose of or otherwise transfer, directly or indirectly, on any day on which the Nasdaq Capital Market is open for trading during the Restricted Period (any such date, a “Date of Determination”), shares of the Company’s Common Stock in an amount more than an aggregate 30% of the trading volume of Common Stock as reported by Bloomberg, LP for the applicable Date of Determination.

As 899,999 of 2,458,201 shares to be issued pursuant to exercise of the 2015 Warrants have not been issued as of June 30 2018, the relating proceeds were recorded as receipts on account of shares.

Since its inception the Company has raised approximately $59M, net in cash in consideration for issuances of Common Stock and warrants in private placements and public offerings as well as proceeds from warrants exercises.

Stock Plans:

As of June 30, 2018, the Company had outstanding awards for stock options under four stockholder approved plans: (i) the 2004 Global Stock Option Plan and the Israeli Appendix thereto (the “2004 Global Plan”) (ii) the 2005 U.S. Stock Option and Incentive Plan (the “2005 U.S. Plan,” and together with the 2004 Global Plan, the “Prior Plans”); (iii) the 2014 Global Share Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) (the “2014 Global Plan”); and (iv) the 2014 Stock Incentive Plan (the “2014 U.S. Plan” and together with the 2014 Global Plan, the “2014 Plans”).

The 2004 Global Plan and 2005 U.S. Plan expired on November 25, 2014 and March 28, 2015, respectively. Grants that were made under the Prior Plans remain outstanding pursuant to their terms. The 2014 Plans were approved by the stockholders on August 14, 2014 (at which time the Company ceased to issue awards under each of the 2005 U.S. Plan and 2004 Global Plan) and amended on June 21, 2016. Unless otherwise stated, option grants prior to August 14, 2014 were made pursuant to the Company’s Prior Plans, and grants issued on or after August 14, 2014 were made pursuant to the Company’s 2014 Plans, and expire on the tenth anniversary of the grant date. The 2014 Plans have a shared pool of 2,200,000 shares of Common Stock available for issuance.

NOTE 8 -

STOCK CAPITAL (Cont.):

As of June 30, 2018, 957,709 shares were available for future issuances under the 2014 Plans. The exercise price of the options granted under the 2014 Plans may not be less than the nominal value of the shares into which such options are exercised. Any options under the 2014 Plans that are canceled or forfeited before expiration become available for future grants. The Governance, Nominating and Compensation Committee (the “GNC Committee”) of the Board of Directors of the Company administers the Company’s stock incentive compensation and equity-based plans.

Share-based compensation to employees and to directors:

Employees:

Pursuant to a September 28, 2015 employment agreement, as amended, Chaim Lebovits, the Company’s Chief Executive Officer and President (i) was granted a stock option under the 2014 Global Plan on September 28, 2015 for the purchase of up to 369,619 shares of the Company’s Common Stock at a per share exercise price of $2.45, which grant is fully vested and exercisable and shall be exercisable for a period of two years after termination of employment; (ii) received on July 26, 2017, and is entitled to receive on each anniversary thereafter (provided he remains Chief Executive Officer), a grant of restricted stock under the 2014 Global Plan (or any successor or other equity plan then maintained by the Company) comprised of a number of shares of Common Stock with a fair market value (determined based on the price of the Common Stock at the end of normal trading hours on the business day immediately preceding the effective date according to Nasdaq) equal to 30% of Mr. Lebovits’ Base Salary (31,185 shares on July 26, 2017). Each grant shall vest as to twenty-five percent (25%) of the award on each of the first, second, third and fourth anniversary of the date of grant, provided Mr. Lebovits remains continuously employed by the Company from the date of grant through each applicable vesting date. Each grant shall be subject to accelerated vesting upon a Change of Control (as defined in the Lebovits employment agreement) of the Company. In the event of Mr. Lebovits’ termination of employment, any portion of a grant that is not yet vested (after taking into account any accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment of any consideration to Mr. Lebovits; and (iii) was granted on July 26, 2017 a fully vested and exercisable option (the “Option”) under the 2014 Global Plan to purchase up to 41,580 shares of Common Stock, which shall remain exercisable until the 2nd anniversary of the date of grant, regardless of whether Mr. Lebovits remains employed by the Company, with an exercise price per share of $4.81.

The Lebovits employment agreement contains termination provisions, pursuant to which if the Company terminates the employment agreement or Mr. Lebovits’ employment without Cause (as defined in the agreement) or if Mr. Lebovits terminates the employment agreement or his employment thereunder with Good Reason (as defined in the agreement), the Company shall immediately vest such number of equity or equity based awards that would have vested during the six (6) months following the date of termination of employment, conditional upon Mr. Lebovits executing a waiver and release in favor of the Company in a form reasonably acceptable to the Company.

Pursuant to his February 28, 2017 employment agreement, Dr. Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, received on March 6, 2017, and is entitled to receive on each anniversary thereafter (provided he remains employed by the Company), a grant of restricted stock under the 2014 U.S. Plan (or any successor or other equity plan then maintained by the Company) comprised of a number of shares of Common Stock with a fair market value (determined based on the price of the Common Stock at the end of normal trading hours on the business day immediately preceding March 6, 2017 according to Nasdaq) equal to 30% of Dr. Kern’s Base Salary (35,885 shares on each of March 6, 2017 and March 6, 2018). Each equity grant shall vest as to twenty-five percent (25%) of the award on each of the first, second, third and fourth anniversary of the date of grant, provided Dr. Kern remains continuously employed by the Company from the date of grant through each applicable vesting date. Each equity grant shall be subject to accelerated vesting upon a Change of Control (as defined in the agreement) of the Company.

NOTE 8 -

STOCK CAPITAL (Cont.):

Share-based compensation to employees and to directors: (Cont.):

Employees (Cont.):

In the event of Dr. Kern’s termination of employment, any portion of an equity grant that is not yet vested (after taking into account any accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment of any consideration to Dr. Kern.

Pursuant to the agreement, on March 6, 2017, Dr. Kern also received an option under the 2014 U.S. Plan to purchase up to 47,847 shares of Common Stock with an exercise price per share of $4.18. The option was fully vested and exercisable and shall remain exercisable until the 2nd anniversary of the date of grant, regardless of whether Dr. Kern remains employed by the Company. Uri Yablonka, the Company’s Executive Vice President, Chief Business Officer and director was granted a stock option on June 6, 2014 under the Company’s Amended and Restated 2004 Global Share Option Plan (the “Global Plan”) for the purchase of 33,333 shares of the Company’s Common Stock, which was fully vested and exercisable upon grant. The exercise price for the grant is $2.70 per share. In addition, the Company agreed to grant Mr. Yablonka a stock option under the Global Plan (or the applicable successor option plan) for the purchase of up to 13,333 shares of Common Stock (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like) of the Company on the first business day after each annual meeting of stockholders (or special meeting in lieu thereof) of the Company beginning with the 2014 annual meeting, and provided that Mr. Yablonka remains an employee of the Company on each such date. The exercise price per share of the Common Stock subject to each additional option shall be equal to $0.75 (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like, or changes to the Israeli Annual Option Award under the Company’s Director Compensation Plan as amended from time to time). Each additional option vests and becomes exercisable on each monthly anniversary date as to 1/12th the number of shares subject to the option, over a period of twelve months from the date of grant, such that each additional option will be fully vested and exercisable on the first anniversary of the date of grant, provided that Mr. Yablonka remains an employee of the Company on each such vesting date. The Company also granted Mr. Yablonka 5,543 shares of restricted Common Stock on July 13, 2017

On November 20, 2017, the Company granted to Eyal Rubin, the Company’s Chief Financial Officer, 25,000 shares of restricted Common Stock under 2014 Global Plan, which shall vest as to 100% of the award on April 1, 2018, provided Mr. Rubin remains continuously employed by BCT from the date of grant through the vesting date. In the event of Mr. Rubin’s termination of employment prior to April 1, 2018, the restricted stock grant shall automatically be immediately forfeited in its entirety to the Company, without the payment of any consideration to Mr. Rubin. On November 20, 2017 the Company also granted to Mr. Rubin an option to purchase up to 93,686 shares of Common Stock under the 2014 Global Plan, at an exercise price per share equal to $4.30 per share. The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed by BCT from the date of grant through each applicable vesting date. The Option shall have a ten (10) year term and shall be subject to accelerated vesting upon a Change of Control of the Company or Material Secondary Public Offering of the Company (each as defined in Mr. Rubin’s employment agreement).

NOTE 8 -

STOCK CAPITAL (Cont.):

Share-based compensation to employees and to directors: (Cont.):

Directors:

From 2005 through 2015, the Company granted its directors options to purchase an aggregate of 402,778 shares of Common Stock at an average exercise price of $1.34 per share.

The Company’s Second Amended and Restated Director Compensation Plan was approved in July 9, 2014 and amended on April 29, 2015, February 26, 2017 and July 13, 2017 (as amended, the “Director Compensation Plan”). The Director Compensation Plan governs Company compensation of eligible non-employee director of the Company, except that certain non-employee directors have individualized compensation and are not entitled receive annual director awards under the Director Compensation Plan, but are entitled to committee compensation under the Director Compensation Plan in the event that they qualify for and serve as a member of any committee of the Board. The Director Compensation Plan also determines the annual awards to be granted to qualified directors for their services in future periods, which annual awards have had the same terms since 2014, as further detailed in the Director Compensation Plan. During the 6 months ended June 30, 2018, the following grants were made under the 2014 Plans to eligible directors:

On February 1, 2018 Dr. Anthony J. Polverino received 3,623 shares of restricted stock for his service as a director.

On February 26, 2018 Arturo Araya received 4,152 shares of restricted stock for his service as a director.

On March 26, 2018, Arturo Araya received additional 1,249 shares of restricted stock for his service as a member of the GNC Committee.

NOTE 8 -

STOCK CAPITAL (Cont.):

Share-based compensation to employees and to directors: (Cont.):

A summary of the Company's option activity related to options to employees and directors, and related information is as follows:

	For the six months ended June 30, 2018
	Amount of options			Weighted average exercise price		Aggregate intrinsic value
					$		$
Outstanding at beginning of period		940,954			2.4681
Granted		-			-
Exercised		(33,332	)		0.7500
Cancelled		-			-
Outstanding at end of period		907,622			2.5312		1,242,396
Vested and expected-to-vest at end of period		797,824			2.3594		1,229,120

The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the Company’s shares on June 30, 2018, multiplied by the number of in-the-money options on those dates) that would have been received by the option holders had all option holders exercised their options on those dates.

Compensation expense recorded by the Company in respect of its stock-based employees and directors compensation awards in accordance with ASC 718-10 for the three months ended June 30, 2018 and 2017 amounted to $136 and $57, respectively.

Shares and warrants to investors and service providers:

The Company accounts for shares and warrant grants issued to non-employees using the guidance of ASC 505-50, "Equity-Based Payments to Non-Employees", whereby the fair value of such warrant grants is determined using a Black-Scholes options pricing model at the earlier of the date at which the non-employee's performance is completed or a performance commitment is reached.

NOTE 8 -

STOCK CAPITAL (Cont.):

On August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 shares of restricted stock under the 2014 U.S. Plan, which vests in eight equal quarterly installments (starting November 17, 2017) until fully vested on the second anniversary of the date of grant.

On January 2, 2018, the Company granted to its legal advisor 11,250 shares of Common Stock for 2017 legal services. The related compensation expense was recorded as general and administrative expense in 2017.

Total Stock-Based Compensation Expense

The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:

	Six months ended June 30,
	2 0 1 8		2 0 1 7

Research and development		48		75
General and administrative		315		108
Total stock-based compensation expense		363		183

NOTE 9 -

SUBSEQUENT EVENTS

On July 3, 2018, the Israel Innovation Authority (“IIA”) payed the Company the final installment of approximately $800 under the 2017 IIA grant.

Total cash on hand, Cash equivalents, Short Term Deposits and cash commitment to be received from the IIA as of June 30, 2018 totaled approximately $18,200.

In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued. The Company concluded that no other subsequent events have occurred that would require recognition or disclosure in the condensed consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains numerous statements, descriptions, forecasts and projections, regarding Brainstorm Cell Therapeutics Inc. (together with its consolidated subsidiaries, the “Company,” “Brainstorm,” “we,” “us” or “our”) and its potential future business operations and performance, including financial results for the most recent fiscal quarter, statements regarding the market potential for treatment of neurodegenerative disorders such as ALS, the sufficiency of our existing capital resources for continuing operations in 2018 and beyond, the safety and clinical effectiveness of our NurOwn® technology, our clinical trials of NurOwn® and its related clinical development, and our ability to develop collaborations and partnerships to support our business plan. In some cases you can identify such “forward-looking statements” by the use of words like “may,” “will,” “should,” “could,” “expects,” “hopes,” “anticipates,” “believes,” “intends,” “plans,” “projects,” “targets,” “goals,” “estimates,” “predicts,” “likely,” “potential,” or “continue” or the negative of any of these terms or similar words. These statements, descriptions, forecasts and projections constitute “forward-looking statements,” and as such involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance and achievements to be materially different from any results, levels of activity, performance and achievements expressed or implied by any such “forward-looking statements.” These risks and uncertainties include, but are not limited to our need to raise additional capital, our ability to continue as a going concern, regulatory approval of our NurOwn® treatment candidate, the success of our product development programs and research, regulatory and personnel issues, development of a global market for our services, the ability to secure and maintain research institutions to conduct our clinical trials, the ability to generate significant revenue, the ability of our NurOwn® treatment candidate to achieve broad acceptance as a treatment option for ALS or other neurodegenerative diseases, our ability to manufacture and commercialize our NurOwn® treatment candidate, obtaining patents that provide meaningful protection, competition and market developments, our ability to protect our intellectual property from infringement by third parties, heath reform legislation, demand for our services, currency exchange rates and product liability claims and litigation, and other factors described under “Risk Factors” in this report and in our annual report on Form 10-K for the fiscal year ended December 31, 2017. These “forward-looking statements” are based on certain assumptions that we have made as of the date hereof. To the extent these assumptions are not valid, the associated “forward-looking statements” and projections will not be correct. Although we believe that the expectations reflected in these “forward-looking statements” are reasonable, we cannot guarantee any future results, levels of activity, performance or achievements. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections and beliefs upon which we base our expectations may change prior to the end of each quarter or the year. Although these expectations may change, we may not inform you if they do and we undertake no obligation to do so, except as required by applicable securities laws and regulations. We caution investors that our business and financial performance are subject to substantial risks and uncertainties. In evaluating our business, prospective investors should carefully consider the information set forth under the caption “Risk Factors” in this report and in our annual report on Form 10-K for the fiscal year ended December 31, 2017, in addition to the other information set forth herein and elsewhere in our other public filings with the Securities and Exchange Commission (“SEC”).

Company Overview

Brainstorm Cell Therapeutics Inc. is a biotechnology company committed to bring innovative central nervous system (“CNS”) adult stem cell therapies to the market to improve the lives of patients with debilitating neurodegenerative diseases. As a leader in CNS regenerative cellular medicines, Brainstorm is leveraging NurOwn®, its proprietary autologous mesenchymal stem cell platform technology, a strong and expanded intellectual property portfolio, as well as manufacturing and commercialization capabilities, to address growing unmet medical needs across a broad range of neurodegenerative disorders, such as Amyotrophic Lateral Sclerosis (“ALS”, also known as Lou Gehrig’s disease), Multiple Sclerosis (“MS”), Parkinson’s disease (“PD”) and Autism Spectrum Disorders (“ASD”).

Our wholly-owned Israeli subsidiary, Brainstorm Cell Therapeutics Ltd. (“Israeli Subsidiary”), holds rights to commercialize NurOwn® technology through a licensing agreement with Ramot (“Ramot”), the technology transfer company of Tel Aviv University, Israel. We currently employ 26 employees in Israel and 3 in the United States.

In the last 12 months, the Company was awarded a $16 million non-dilutive grant from the California Institute for Regenerative Medicine (CIRM) to conduct a U.S. Phase 3 ALS study, launched a 200 participant NurOwn® ALS Phase 3 study that is actively enrolling in 6 leading U.S. centers, and received GMP approval for NurOwn® manufacturing in Israel.

On June 6, 2018, the Company entered into a Warrant Exercise Agreement with certain holders of warrants issued in the January 8, 2015 private placement (the “2015 Warrants”). These holders have exercised warrants (for a total of 2,458,201 shares of common stock to be issued) at an amended exercise price of $5.00 per share, which generated gross cash proceeds of $12,291,005. For each warrant exercised, BrainStorm has agreed to issue one new warrant to the holders to purchase unregistered shares of common stock at an exercise price of $9.00 and an expiration date of December 31, 2020. (the “New Warrants”). Certain holders of New Warrants also entered into a share cap agreement with the Company, whereby the holders agreed to a 6-month delay (from the date of issuance) in exercisability of any shares at or in excess of the 20% limitation on the size of the entire transaction contained in Nasdaq Listing Rule 5635(d).The Company has expanded and strengthened its executive management team and attracted key biotechnology industry leaders to the Company’s Board of Directors. The Company has also formed a Scientific Advisory Board (SAB) with world leading neuroscientists and experts in the fields of ALS, MS and other neurodegenerative diseases who will advise the management team on scientific matters such as research, clinical trials and drug development. The SAB is being chaired by Jerold Chun, M.D., Ph.D., who is an acclaimed neuroscientist and professor at Sanford Burnham Prebys Medical Discovery Institute and has decades of expertise in degenerative disease research and neuroscience drug development.

The Company has also entered into employment agreements with Susan Ward Ph.D. and Joseph Petroziello, to serve as Head of Clinical Operations and Vice President of Scientific and Corporate Communications, respectively. Dr. Ward, who served as Director, Early Clinical Development at Pfizer, has more than 20 years of operational leadership experience in clinical trials, IND-enabling studies, protocol development and management of cross-functional teams. Joe Petroziello previously worked at Juno Therapeutics (a Celgene company), where he served as Senior Director/Head of Scientific Communications & Publications. Both Dr. Ward and Mr. Petroziello will be based in the U.S., in line with the Company’s strategy to build U.S. infrastructure, in anticipation for a potential launch of NurOwn® in the future.

The Connell and O’Reilly Cell Manipulation Core Facility at the Dana Farber Cancer Institute in Boston has been recently contracted to manufacture NurOwn® and placebo to accelerate the Phase 3 clinical study enrollment and to support manufacturing capacity for additional clinical indications. Dana Farber has decades of cell therapy manufacturing experience and a proven track record in the manufacture of NurOwn® in the Company’s Phase 2 U.S. trial.

Our Proprietary Technology

NurOwn® technology is based on an innovative manufacturing protocol, which induces the differentiation of purified and expanded bone marrow-derived mesenchymal stem cells (“MSC”) into cells capable of releasing high levels of multiple neurotrophic factors (“MSC-NTF” cells) for neuroprotection while maintaining the intrinsic immunomodulatory effects of MSC. These factors are known to be critical for the growth, survival and differentiation of neurons, they include: glial-derived neurotrophic factor (“GDNF”); brain-derived neurotrophic factor (“BDNF”); vascular endothelial growth factor (“VEGF”); and hepatocyte growth factor (“HGF”), among others. GDNF is one of the most potent survival factors known for peripheral neurons. VEGF and HGF have been demonstrated to have important neuro-protective effects in ALS and in other neurodegenerative diseases.

Our approach to the treatment of neurodegenerative diseases with autologous adult stem cells involves a multi-step process that includes: harvesting of undifferentiated stem cells from the patient's own bone marrow; processing of cells at the manufacturing site; cryopreservation to enable multiple treatments from a single bone marrow sample; and intrathecal (“IT”) injection of MSC-NTF cells into the same patient by standard lumbar puncture. This administration procedure does not require hospitalization and has been shown to be safe and well tolerated in multiple CNS clinical trials to date. The ongoing U.S. Phase 3 ALS study is evaluating the therapeutic potential of repeated dosing (every 2 months).

The proprietary technology and manufacturing processing of NurOwn® (MSC-NTF cells) for clinical use is conducted in full compliance with current Good Manufacturing Practice (“cGMP”). The NurOwn® proprietary technology is fully licensed to and developed by Brainstorm Cell Therapeutics Ltd., our wholly-owned subsidiary (the “Israeli Subsidiary”).

The NurOwn® Transplantation Process

	·	Bone marrow aspiration from the patient;
	·	MSC Isolation and propagation;
	·	MSC Cryopreservation;
	·	MSC thawing and differentiation into neurotrophic-factor secreting (MSC-NTF; NurOwn®) cells; and
	·	Autologous transplantation into the patient’s cerebrospinal fluid by IT injection (standard lumbar puncture).

Differentiation before Transplantation

The ability to induce differentiation of autologous adult mesenchymal stem cells into MSC-NTF cells before transplantation is unique to NurOwn®, making it the first-of-its-kind for the treatment of neurodegenerative diseases.

The specialized MSC-NTF cells secrete multiple neurotrophic factors that may lead to:

	·	Protection of existing motor neurons;
	·	Promotion of motor neuron repair; and
	·	Re-establishment of functional nerve-muscle interactions.

Autologous (Self-transplantation)

The NurOwn® approach is autologous, using the patient’s own bone-marrow derived stem cells for “self-transplantation.” In autologous transplantation, there is no risk of rejection or introduction of donor antigens and no need for treatment with immunosuppressive agents, which can cause severe and/or long-term side effects. In addition, the use of adult stem cells is free of ethical controversies associated with the use of embryonic-derived stem cells in some countries.

The ALS Program

NurOwn® is currently in a Phase 3 late stage clinical development program for the treatment of ALS. It has been granted Fast Track designation by the U.S. Food and Drug Administration (“FDA”) for this indication, and has been granted Orphan Status, which provides the potential for an extended period of exclusivity, in both the U.S. and in Europe. We have completed two early stage Phase 1/2 and Phase 2 open label clinical trials of NurOwn® in patients with ALS at the Hadassah Medical Center (“Hadassah”) in Jerusalem as well as a Phase 2 double-blind, placebo-controlled, clinical study at three prestigious U.S. Medical centers, all highly experienced in the management and investigation of ALS.

Phase 1/2 Open Label Trials

The first two open-label studies were approved by the Israeli Ministry of Health (“MoH”) and the U.S. study was conducted under an FDA Investigational New Drug (“IND”) application. The first-in-human study, a Phase 1/2 safety and efficacy study of NurOwn® administered either intramuscularly or intrathecally in 12 ALS patients, was initiated in June 2011. In the Phase 2 dose-escalating study, 14 ALS patients were administered NurOwn® by a combined route of intramuscular and intrathecal administration. These studies demonstrated the safety of NurOwn® by both routes of administration and showed signs of efficacy.

In January 2016, the results of the two completed Phase 1/2 study and Phase 2 open label studies were published in JAMA Neurology. The publication presented the data showing indications of clinically meaningful benefit as reflected by a slower rate of disease progression in the period post treatment on both the ALS Functional Rating Score (“ALSFRS-R”), the industry gold standard and a well-established measure, for evaluating the functional status of patients with ALS, and Forced Vital Capacity (“FVC”), a measure of pulmonary function, as well as a positive trend on the rate of decline of muscle volume and on the compound motor axon potential (“CMAPs”). These were the first published clinical data using autologous mesenchymal stem cells, induced under culture conditions, to produce NTFs, with the potential to achieve a neuroprotective effect in ALS and modify the course of this disease.

Phase 2 Randomized Trial

The FDA-approved, randomized, double-blind, placebo controlled multi-center U.S. Phase 2 clinical trial evaluating NurOwn® in ALS patients was conducted at three clinical sites: (i) the Massachusetts General Hospital (MGH) in Boston, (ii) Massachusetts Memorial Hospital in Worcester, Massachusetts, and (iii) Mayo Clinic in Rochester, Minnesota. For this study, NurOwn® was manufactured at the Connell and O’Reilly Cell Manipulation Core Facility at the Dana Farber Cancer Institute in Boston and at the Human Cellular Therapy Lab at the Mayo Clinic. In this study 48 patients were randomized 3:1 to receive NurOwn® or placebo.

Topline data from this Phase 2 Study were announced by the Company in July 2016. Further details were presented by investigators Dr. Robert Brown and Dr. James Berry, at the 15th Annual Meeting of the Northeast ALS Consortium (NEALS) in October 2016 and by Dr. Berry at the 27th International Symposium on ALS/MND, in Dublin, Ireland, in December 2016. Key findings from the trial were as follows:

The study achieved its primary objective, demonstrating that NurOwn® transplantation was safe and well tolerated. There were no discontinuations from the trial due to AEs and there were no deaths in the study. The most common adverse events (of mild or moderate severity), were transient procedure-related AEs such as headache, back pain, pyrexia arthralgia and injection-site discomfort, which were more commonly seen in the NurOwn-treated participants compared to placebo.

NurOwn® also achieved multiple secondary efficacy endpoints, showing evidence of a clinically meaningful benefit. Notably, response rates in the ALS functional rating scale-revised (48-point ALSFRS-R outcome measure) were higher in NurOwn®-treated subjects, compared to placebo, at all time points in the study out to 24 weeks.

A pre-specified responder analysis examined percentage improvements in the post treatment ALSFRS-R slope (change/month) compared to pre-treatment slope and showed that a higher proportion of NurOwn® treated participants achieved a 100% improvement in the post-treatment vs. pre-treatment slope, compared with the placebo group. This analysis also showed that a higher proportion of the NurOwn® treated participants achieved a 1.5 point per month or greater improvement in the post-treatment vs. pre-treatment ALSFRS-R slope, compared with the placebo group.

The beneficial treatment effects were greater in the rapid progressor subgroup (pretreatment ALSFRS-R declined by 2 or more points in the three months pre-treatment).

As an important confirmation of the biological action of NurOwn®, levels of neurotrophic factors and inflammatory markers were measured in the cerebral-spinal fluid (“CSF”) samples collected from patients pre- and two weeks post treatment. In the samples of those patients treated with NurOwn®, statistically significant increases in levels of neurotrophic factors VEGF, HGF and LIF and a statistically significant reduction in inflammatory markers MCP-1, SDF-1 and CHIT-1 was observed post-transplantation. Furthermore, the observed reduction in inflammatory markers correlated with clinical outcomes. These results were not seen in placebo treated patients, consistent with the proposed biological mechanism of action of NurOwn® in ALS.

In summary, a higher proportion of NurOwn® treated study participants, particularly those with more rapid disease progression, experienced a halt in disease progression or improvement in function, as measured by the post-treatment vs. pre-treatment ALSFRS-R slope change. These are new and meaningful ALS clinical observations that are being evaluated in the ongoing Phase 3 study using repeat dosing in ALS rapid progressors.

Phase 3 Trial

The Company completed a successful End-of-Phase 2 Meeting with the U.S. FDA and reached a general agreement to proceed to a Phase 3 trial. Importantly, the FDA accepted the key elements of the Phase 3 program (a multi-dose double-blind, placebo-controlled, multicenter trial protocol) that has been designed to support a Biologic License Application (“BLA”) for NurOwn® in ALS. The clinical trial is actively enrolling an enriched patient population based on superior outcomes observed in the Phase-2 pre-specified sub-group of rapid progressors. The primary clinical efficacy outcome measure is the ALSFRS-R score responder analysis, an outcome that evaluates the proportion of treated participants who achieve a prespecified level of improvement in the ALSFRS-R post-treatment slope. The Phase 3 trial expands biomarker evaluations to further understand their potential to predict ALS disease progression, treatment response and confirm the biology of NurOwn® in a larger study population. The study is being conducted at 6 leading U.S. medical centers, 3 of which participated in the prior Phase 2 study. Patient enrollment commenced in October 2017, at Massachusetts General Hospital followed by the other 5 study sites, including University of California Irvine Medical Center, University of Massachusetts Medical Center, Mayo Clinic in Rochester, Minnesota, the California Pacific Medical Center in San Francisco, and Cedar Sinai Medical Center in Los Angeles. All 6 sites are actively enrolling study participants. Interim safety data are expected in August 2018 and top-line efficacy data in late 2019 or early 2020. The study is registered at www.clinicaltrials.gov (Identifier NCT03280056).

The Company has developed a validated cryopreservation process for the long-term storage of MSC, that allows multiple doses of autologous NurOwn® to be created from a single bone marrow harvest procedure in the multi-dose clinical trial and avoid the need for patients to undergo repeated bone marrow aspiration. A validation study was conducted in 2017 comparing NurOwn® derived from fresh MSC to those derived from cryopreserved MSC. Company scientists were successful in showing that the MSC can be stored in the vapor phase of liquid nitrogen for prolonged periods of time, while maintaining their characteristics. Cryopreserved MSC are capable of differentiating into NurOwn®, similar to the NurOwn® derived from fresh MSC from the same patient/donor, prior to cryopreservation and maintain their key functional properties including immunomodulation and neurotrophic factor secretion.

The Company has contracted with City of Hope's Center for Biomedicine and Genetics to produce clinical supplies of NurOwn® adult stem cells for the ongoing Phase 3 clinical study. City of Hope is currently supporting the production of NurOwn® and placebo for the participants treated in the Phase 3 trial. The Connell and O’Reilly Cell Manipulation Core Facility at the Dana Farber Cancer Institute in Boston has been also recently contracted to manufacture NurOwn® and placebo for the Phase 3 clinical study participants.

Patient Access Programs

The Company collaborated with the Tel Aviv Sourasky Medical Center (Ichilov Hospital), and jointly applied by the Israel Hospital Exemption regulatory pathway, which was adopted by the Ministry of Health (MoH) from the European Union regulation, for NurOwn® treatment of ALS. This pathway will enable the Company to make NurOwn® potentially accessible for ALS patients in Israel, for a fee. These treatments will be administered by Advanced Cell Therapies Ltd, a newly formed Israeli company and a wholly owned subsidiary of the Company’s Israeli Subsidiary.

In January 2018, the Company announced the receipt of Good Manufacturing Practice (GMP) approval from the Israel MoH for its Israeli contract manufacturing facility. The GMP certificate confirms the Company's manufacturing site compliance with Israeli GMPs which are recognized as equivalent with EU standards. This approval advances the Company’s application to the Israel MoH for the treatment of ALS patients under the Hospital Exemption regulation. The GMP certificate was granted after an inspection of the Company’s contract manufacturing facilities.

Non-Dilutive Funding

In July 2017, the Company was awarded a grant in the amount of $15,912,000 from CIRM to aid in funding the Company’s pivotal Phase 3 study of NurOwn®, for the treatment of ALS. To date, the Company has received $9,050,000 of the CIRM grant: $7,050,000 was received in 2017 and an additional $2 million was received on April 30, 2018. The grant does not bear a royalty payment commitment nor is the grant otherwise refundable.

In 2017 and 2018, the Company was awarded aggregate grants of approximately $3.2 million from the Israel Innovation Authority (“IIA”). Year to date the Company has received approximately $1.7 million from IIA, made under the 2018 as well as under previous IIA grants.

Intellectual Property

A key element of the Company’s overall strategy is to establish a broad portfolio of patents and other methods described below to protect its proprietary technologies and products. Brainstorm is the sole licensee or assignee of 7 granted patents and 21 patent applications in the United States, Europe, and Israel, as well as in additional countries worldwide, including countries in the Far East and South America (in calculating the number of granted patents, each European patent validated in multiple jurisdictions was counted as a single patent).

In January, 2018 the European Patent Office ("EPO") issued a Notice of Intention to Grant a European-wide patent for Patent Application No. 09754337.5 which claims priority from WO 2009/144718. The allowed claims cover methods of treating ALS using mesenchymal stem cells that secrete neurotrophic factors, including brain derived neurotrophic factor (BDNF).

On January 30, 2018, the U.S. Patent and Trademark Office (“USPTO”) granted U.S. patent, No. 9,879,225 which claims priority from this same PCT application. This patent relates to methods of treating ALS and Parkinson's disease using mesenchymal stem cells that secrete neurotrophic factors, specifically glial derived neurotrophic factor (GDNF).

On June 19, 2018, the Japanese Patent Office ("JPO") issued a decision to Grant notice to a Japanese patent entitled: 'Methods of Generating Mesenchymal Stem Cells which Secrete Neurotrophic Factors” (Japanese Patent Application number 2015-526006). The Decision to Grant notice is the final approval stage and precedes actual granting which is expected shortly. When granted, this patent is expected to provide protection for MSC-NTF cells (NurOwn®) in Japan until 2033. The allowed claims cover a method of generating cells which secrete brain derived neurotrophic factor (BDNF), glial derived neurotrophic factor (GDNF), hepatocyte growth factor (HGF) and vascular endothelial growth factor (VEGF).

Research and Development

In addition to its active clinical program in ALS, the Company is focusing on further in-depth molecular and functional characterization of NurOwn®. A study profiling NurOwn®'s unique miRNA signature was published in 2017 in Stem Cell Research & Therapy. The publication, entitled "miRNA profiling of NurOwn®: mesenchymal stem cells secreting neurotrophic factors" shows that NurOwn® MSC-NTF cells induced to secrete neurotrophic factors have both an enhanced secretion of NTFs as well as a distinct miRNA expression profile that distinguishes them from their MSC of origin. miRNAs have been shown to play critical roles in neuronal and glial cell biological processes. These findings may form the basis for the development of sensitive identity release assays for clinical trials, in vivo cell identification assays, and to elucidate MSC-NTF cells' mechanism of action in ALS and other neurodegenerative diseases.

The Company is also reviewing the potential clinical development of NurOwn® in other neurodegenerative disorders, such as progressive multiple sclerosis, Parkinson’s disease, Huntington’s disease and Rett syndrome. Research is currently ongoing to develop additional cell products which might be suitable for multiple neurodegenerative diseases.

For the Phase 3 study in ALS, the Company has improved the efficiency of NurOwn® production and improved its stability, allowing manufacturing to take place at centralized clean room facilities from which it is distributed to the clinical trial sites, where the cells are then administered to patients. The Company is also engaged in several research initiatives to further improve and scale-up manufacturing capacity and extend the shelf life of NurOwn®.

Corporate Information

We are incorporated under the laws of the State of Delaware. Our principal executive offices are located at 1325 Avenue of Americas, 28^th Floor, New York, NY 10019, and our telephone number is (201) 488-0460. We maintain an Internet website at http://www.brainstorm-cell.com. The information on our website is not incorporated into this Quarterly Report on Form 10-Q.

Results of Operations

For the period from inception (September 22, 2000) through June 30, 2018, the Company has not earned any revenue from operations. The Company does not expect to earn revenue from operations until the second half of 2018, if ever. The Company has incurred operating costs and other expenses of approximately $3,087,000 during the three months ended June 30, 2018 compared to $1,075,000 during the three months through June 30, 2017.

Research and Development Expenses:

Research and development expenses, net for the three months ended June 30, 2018 and 2017 were $1,481,000 and $435,000, respectively, representing an increase of $1,046,000. This increase is due to (i) an increase of $2,139,000 in connection with the U.S. Clinical Trial;(ii) an increase of $159,000 for patents, travel, rent and other activities and (iii) an increase of $66,000 for costs related to payroll and stock-based compensation expenses. This increase was partially offset by an increase of $1,318,000 in funds received from the Israel Innovation Authority (“IIA”) and CIRM in 2018, under various awarded grants.

Excluding funds received from IIA and CIRM under the grants, research and development expenses increased by $2,364,000 from $944,000 in the second quarter of 2017 to $3,308,000 in the second quarter of 2018.

General and Administrative Expenses:

General and administrative expenses for the three months ended June 30, 2018 and 2017 were $1,606,000 and $640,000, respectively. The increase in general and administrative expenses of $966,000 is primarily due to (i) an increase of $745,000 in payroll costs and stock-based compensation expenses; (ii) an increase of $91,000 in PR and stock management cost and (iii) an increase of $130,000 in consultants, rent and other costs.

Other Income and Expenses:

Financial expense for the three months ended June 30, 2018 was $4,000 as compared to financial income of $35,000 for the three months ended June 30, 2017.

Net Loss:

Net loss for the three months ended on June 30, 2018 was $3,091,000, as compared to a net loss of $1,040,000 for the three months ended June 30, 2017. Net loss per share for the three months ended June 30, 2018 and 2017 was $0.16 and $0.06, respectively.

The weighted average number of shares of Common Stock used in computing basic and diluted net loss per share for the three months ended June 30, 2018 was 19,505,157, compared to 18,738,496 for the three months ended June 30, 2017.

Liquidity and Capital Resources

The Company has financed its operations since inception primarily through public and private sales of its Common Stock and warrants and the issuance of convertible promissory notes. At June 30, 2018, the Company had net working capital of $11,416,000 including cash, cash equivalents and short-term bank deposits amounting to $17,439,000.

Cash, Cash equivalents (including short-term bank deposits) and cash commitments (including the final installment under the 2017 IIA grant at amount of approximately $800,000) amounted to approximately $18,200,000.

Net cash provided by operating activities was $55,000 for the three months ended June 30, 2018. Cash derived from operating activities was primarily attributed to increase in deferred grant income, decrease in accounts receivables and pre-paid expenses as well as increase in trade payables. Net cash used in investing activities was $13,033,000 for the three months ended June 30, 2018, representing net increase in short term interest bearing bank deposits. Net cash provided by financing activities was $11,994,000 for the three months ended June 30, 2018 and is attributable to the exercise and reissuance of warrants on June 6^th, 2018.

Our material cash needs for the next 24 months, assuming we do not expand our clinical trials beyond the current Phase 3 trial in the United States, will include (i) costs of the clinical trial in the U.S., (ii) employee salaries, (iii) payments to Hadassah for rent and operation of the GMP facilities, and (iv) fees to our consultants and legal advisors, patents, and fees for facilities to be used in our research and development.

Over the longer term if we are not able to raise additional capital, we may not be able to continue to function as a going concern and may have to cease operations or the Company will reduce its costs, including curtailing its current plan to move new indications into clinical testing. We will be required to raise a substantial amount of capital in the future in order to reach profitability and to complete the commercialization of our products. Our ability to fund these future capital requirements will depend on many factors, including the following:

•

our ability to obtain funding from third parties, including any future collaborative partners;

•

the scope, rate of progress and cost of our clinical trials and other research and development programs;

•

the time and costs required to obtain regulatory approvals;

•

the terms and timing of any collaborative, licensing and other arrangements that we may establish;

•

the costs of filing, prosecuting, defending and enforcing patents, patent applications, patent claims, trademarks and other intellectual property rights;

•

the effect of competition and market developments; and

•

future pre-clinical and clinical trial results.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements requires us to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported revenue and expenses during the reporting periods. We continually evaluate our judgments, estimates and assumptions. We base our estimates on the terms of underlying agreements, our expected course of development, historical experience and other factors we believe are reasonable based on the circumstances, the results of which form our management’s basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There were no significant changes to our critical accounting policies during the quarter ended June 30, 2018. For information about critical accounting policies, see the discussion of critical accounting policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Off Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

This information has been omitted as the Company qualifies as a smaller reporting company.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, as of the end of the period covered by this report, to ensure that information required to be disclosed by us in the reports we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that the information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended June 30, 2018 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may become involved in litigation relating to claims arising out of operations in the normal course of business, which we consider routine and incidental to our business. We currently are not a party to any material legal proceedings, the adverse outcome of which, in management’s opinion, would have a material adverse effect on our business, results of operation or financial condition.

Item 1A. Risk Factors.

There have not been any material changes from the risk factors previously disclosed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On June 6, 2018, the Company entered into a Warrant Exercise Agreement (the “Warrant Exercise Agreement”) with certain holders (the “Holders”) of warrants (the “2015 Warrants”) to purchase Company Common Stock, which 2015 Warrants were originally issued in the Company’s January 8, 2015 private placement. Pursuant to the Warrant Exercise Agreement, the Holders exercised their 2015 Warrants for a total of 2,458,201 shares of Common Stock (the “Exercised Shares”) at an amended exercise price of $5.00 per share. The warrant exercises generated gross cash proceeds to the Company of $12,291,005.00. For each 2015 Warrant exercised, the Company issued 1 new warrant to the Holders to purchase an equal number of unregistered shares of Common Stock, at an exercise price of $9.00, with an expiration date of December 31, 2020 (the “New Warrants”). Certain Holders of New Warrants also entered into a Share Cap Agreement with the Company, whereby the Holders agreed to a 6-month delay (from the date of issuance) in exercisability of any shares at or in excess of the 20% limitation on the size of the entire transaction contained in Nasdaq Listing Rules.

The Company also agreed to file a registration statement covering the resale of the additional shares of Common Stock underlying the New Warrants. If the Company does not comply with the registration rights provisions in the Warrant Exercise Agreement, the Holders will have the option of cashless exercise of the New Warrants as their sole remedy.

Item 5. Other Information.

During the quarter ended June 30, 2018, we made no material changes to the procedures by which stockholders may recommend nominees to our Board of Directors, as described in our most recent proxy statement.

On July 17, 2018, the Governance, Nominating and Compensation Committee of the Board of Directors of the Company approved a $500,000 discretionary cash bonus payment to Chaim Lebovits, the Company’s President and Chief Executive Officer, in recognition of his recent contributions to the Company.

Item 6. Exhibits.

The Exhibits listed in the Exhibit Index immediately preceding such Exhibits are filed with or incorporated by reference in this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BRAINSTORM CELL THERAPEUTICS INC.

Date: July 23, 2018	By:	/s/ Eyal Rubin
		Name: Eyal Rubin
		Title: EVP, Chief Financial Officer (Principal Financial Officer)

EXHIBIT INDEX

Exhibit
No.		Description

10.1		Form of Warrant, incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on June 7, 2018 (File No. 001-36641).

10.2		Warrant Exercise Agreement, incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 7, 2018 (File No. 001-36641).

10.3		Leak-Out Agreement, incorporated herein by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on June 7, 2018 (File No. 001-36641).

10.4*		Share Cap Agreement.

31.1*		Certification by the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification by the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1‡		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2‡		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL Instance Document

101.SCH*		XBRL Taxonomy Extension Schema Document

101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed herewith

‡	Furnished herewith

EX-10.4 2 tv498184_ex10-4.htm EXHIBIT 10.4

Exhibit 10.4

SHARE CAP AGREEMENT

Reference is made to the Warrant Exercise Agreement (the “Agreements”), dated as of June 6, 2018, by and between Brainstorm Cell Therapeutics Inc., a Delaware corporation (the “Company”), and each of the undersigned Holders, and the New Warrants issued pursuant thereto. Capitalized terms used but not defined herein shall have the meaning set forth in the Agreements.

IN CONSIDERATION of the mutual covenants contained in the Agreements, and for good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Holders and the Company agree as follows:

Each of the undersigned Holders hereby agrees and covenants that, notwithstanding anything to the contrary in the Agreement or the New Warrant, the New Warrants shall not be exercisable for an aggregate amount of Warrant Shares in excess of the Share Cap (defined below) until after the six-month anniversary of the date the New Warrants were issued to the undersigned by the Company. The “Share Cap” shall mean [_______] shares of Common Stock of the Company.

HOLDERS:

Name of Holder:

Signature of Authorized Signatory of Holder:

Name of Authorized Signatory:

Title of Authorized Signatory:

Name of Holder:

Signature of Authorized Signatory of Holder:

Name of Authorized Signatory:

Title of Authorized Signatory:

COMPANY:

BRAINSTORM CELL THERAPEUTICS INC.

By:

Name: Chaim Lebovits

Title: President and Chief Executive Officer

EX-31.1 3 tv498184_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

I, Chaim Lebovits, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Brainstorm Cell Therapeutics Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2018	/s/ Chaim Lebovits
	Name: Chaim Lebovits
	Title: President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 4 tv498184_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

I, Eyal Rubin, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Brainstorm Cell Therapeutics Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 23, 2018	/s/ Eyal Rubin
	Name: Eyal Rubin
	Title: EVP, Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 5 tv498184_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

In connection with the accompanying Quarterly Report on Form 10-Q of Brainstorm Cell Therapeutics Inc. for the period ended June 30, 2018, the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

(1) the Quarterly Report on Form 10-Q for the period ended June 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Quarterly Report on Form 10-Q for the period ended June 30, 2018 fairly presents, in all material respects, the financial condition and results of operations.

July 23, 2018	/s/ Chaim Lebovits
	Name: Chaim Lebovits
	Title: President and Chief Executive Officer
	(Principal Executive Officer)

The foregoing certification is not deemed filed with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), and is not to be incorporated by reference into any filing of Brainstorm Cell Therapeutics Inc. under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 6 tv498184_ex32-2.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(1) the Quarterly Report on Form 10-Q for the period ended June 30, 2018 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Quarterly Report on Form 10-Q for the period ended June 30, 2018 fairly presents, in all material respects, the financial condition and results of operations.

July 23, 2018	/s/ Eyal Rubin
	Name Eyal Rubin
	Title: EVP, Chief Financial Officer
	(Principal Financial Officer)

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18976169

11994000

1558202 11994000 7603000 P15Y

800000

2458201

2020-12-31

12291000

The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed by BCT from the date of grant through each applicable vesting date.

59000000

47847

4.18

25000

93686

4.30

P10Y

402778

1.34

3623

4152

1249

P12M

9050000

2740000

18200000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"></td> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 1 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>GENERAL</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"></td> <td style="WIDTH: 28.35pt"> <div><b>A.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div>Brainstorm Cell Therapeutics Inc. (“The Company”) was incorporated in the State of Delaware on November 15, 2006, and previously was incorporated in the State of Washington. In October 2004, the Company formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics Ltd. (“BCT”) in Israel, which currently conducts all of the research and development activities of the Company. On February 19, 2013, BCT formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom. Brainstorm UK is currently inactive.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.8pt; MARGIN: 0pt 0px 0pt 81.8pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The Company’s Common Stock is publicly traded on the NASDAQ Capital Market under the symbol “BCLI”.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 113.4pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"></td> <td style="WIDTH: 28.35pt"> <div><b>B.</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-WEIGHT: normal">The Company, through BCT, holds rights to commercialize certain stem cell technology developed by Ramot of Tel Aviv University Ltd. ("Ramot"), (see Note 3). Using this technology, the Company has been developing novel adult stem cell therapies for debilitating neurodegenerative disorders such as Amyotrophic Lateral Sclerosis (ALS, also known as Lou Gehrig Disease), Multiple Sclerosis (MS) and Parkinson’s disease. The Company developed a proprietary process, called NurOwn, for the propagation of Mesenchymal Stem Cells and their differentiation into neurotrophic factor secreting cells. These cells are then transplanted at or near the site of damage, offering the hope of more effectively treating neurodegenerative diseases. The process is currently autologous, or self-transplanted.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"></td> <td style="WIDTH: 28.35pt"> <div>C.</div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-WEIGHT: normal">NurOwn is in clinical development for the treatment of ALS. The Company has completed two single dose clinical trials of NurOwn in Israel, a Phase 1/2 trial with 12 patients and a Phase 2a trial with additional 12 patients. In July 2016 the Company announced the results of its Phase 2 trial which was conducted in three major medical centers in the US. This single dose trial included 48 patients randomized in a 3:1 ratio to receive NurOwn or placebo. In 2017 the Company commenced Phase 3 trial of NurOwn® for the treatment of ALS. Enrollment in this randomized, double-blind, placebo-controlled, multi-dose clinical trial of NurOwn® for ALS is now ongoing.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"><b>GOING CONCERN:</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="left"><font style="FONT-WEIGHT: normal"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">To date the Company has not generated revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 58.5pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Such conditions raise substantial doubts about the Company's ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"></td> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 3 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>RESEARCH AND LICENSE AGREEMENT</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The Company entered into a Research and License Agreement with Ramot (as amended and restated, the “License Agreement”). Pursuant to the remuneration terms of the License Agreement, the Company has agreed to pay Ramot royalties on Net Sales of the Licensed Product as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"></td> <td style="WIDTH: 18pt"> <div>a)</div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-WEIGHT: normal">So long as the making, producing, manufacturing, using, marketing, selling, importing or exporting (collectively, the “Commercialization”) of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status, the Company shall pay Ramot a royalty of 5% of the Net Sales received by the Company and resulting from such Commercialization; and</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"></td> <td style="WIDTH: 18pt"> <div>b)</div> </td> <td style="TEXT-ALIGN: justify"> <div><font style="FONT-WEIGHT: normal">In the event the Commercialization of the Licensed Product is neither covered by a Valid Claim nor by Orphan Drug status, the Company shall pay Ramot a royalty of 3% of the Net Sales received by the Company resulting from such Commercialization. This royalty shall be paid from the First Commercial Sale of the Licensed Product and for a period of fifteen (15) years thereafter.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 74.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0.5in 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"></td> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 4 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>SHORT TERM INVESTMENTS</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Short term investments on June 30, 2018 and December 31, 2017 include bank deposits bearing annual interest rates varying from 0.05% to 3%, with maturities of up to 12 months as of June 30, 2018 and December 31, 2017.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 5 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>PREPAID EXPENSES</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In November 2017 the Company has contracted with City of Hope's Center for Biomedicine and Genetics ("COH") to produce clinical supplies of NurOwn® adult stem cells for the Company’s ongoing Phase 3 clinical study. The Company has paid COH $2,665 as advance payment which was recorded as prepaid expense and is amortized over the term of the agreement. As of June 30, 2018, $1,103 and $827 were recorded as current and long-term prepaid expenses, respectively, compared to $1,103 and $1,378 that were recorded as current and long-term prepaid expense, respectively, as of December 31, 2017.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"></td> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 7 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>DEFERRED GRANT INCOME</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In July 2017 the Company received an award in the amount of $15,912 from CIRM to aid in funding the Company’s Phase 3 study of NurOwn®, for the treatment of ALS. An aggregate amount of $9,050 and $7,050 related to the project was received through June 30, 2018 and December 31, 2017, respectively. The award does not bear a royalty payment commitment nor is the award otherwise refundable. $2,740 and $4,425 was recorded as participation by CIRM in research and development expenses during the 6 month ended in June 30, 2018 and during the year ended December 31, 2017, respectively.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div>NOTE 8 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>STOCK CAPITAL</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 56.7pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The rights of Common Stock are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 84.45pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Holders of Common Stock have the right to receive notice to participate and vote in general meetings of the Company, the right to a share in the excess of assets upon liquidation of the Company and the right to receive dividends, if declared.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol BCLI.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Private placements and public offerings:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On June 6, 2018, the Company entered into a Warrant Exercise Agreement (the “Warrant Exercise Agreement”) with certain holders (the “Holders”) of warrants (the “2015 Warrants”) to purchase Company Common Stock, which 2015 Warrants were originally issued in the Company’s January 8, 2015 private placement. Pursuant to the Warrant Exercise Agreement, the Holders exercised their 2015 Warrants for a total of 2,458,201 shares of Common Stock (the “Exercised Shares”) at an amended exercise price of $5 per share. The warrant exercises generated gross cash proceeds to the Company of $12,291 ($11,994 net of issuance expenses). In addition, the Company issued new warrants to the Holders to purchase an aggregate 2,458,201 unregistered shares of Common Stock, at an exercise price of $9, with an expiration date of December 31, 2020 (the “New Warrants”). Certain Holders of New Warrants also entered into a Share Cap Agreement with the Company, whereby the Holders agreed to a 6-month delay (from the date of issuance) in exercisability of any shares at or in excess of 20% limitation on the size of the entire transaction, pursuant to Nasdaq Listing Rules.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Warrant Exercise Agreement also requires that to the extent that a Holder’s exercise of 2015 Warrants would result in such Holder exceeding the Beneficial Ownership Limitation (as defined in the 2015 Warrants), such excess warrant shares shall be held for the benefit of such Warrant Holder until such time as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Holders agreed that, subject to limited exceptions, for the 90 days following the date of the Warrant Exercise Agreement (the “Restricted Period”), neither the Company nor any Subsidiary will issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock, without the prior written consent of all of the Holders of the warrant shares. The Company also agreed that during the time the New Warrants are unexercised, the Company will not enter into any agreements with any holder of 2015 Warrants with more favorable terms, without the consent of the Holders of a majority of the warrant shares then exercisable under all outstanding Warrant Exercise Agreements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The Exercised Shares have been registered for resale on the Company’s registration statement on Form S-3 (File No. 333-201704). The issuance of the Exercised Shares and New Warrants was exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company and the Holders also entered into Leak-Out Agreements (the “Leak-Out Agreement”) pursuant to which neither Holders nor certain of their affiliates would collectively sell, dispose of or otherwise transfer, directly or indirectly, on any day on which the Nasdaq Capital Market is open for trading during the Restricted Period (any such date, a “Date of Determination”), shares of the Company’s Common Stock in an amount more than an aggregate 30% of the trading volume of Common Stock as reported by Bloomberg, LP for the applicable Date of Determination.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As 899,999 of 2,458,201 shares to be issued pursuant to exercise of the 2015 Warrants have not been issued as of June 30 2018, the relating proceeds were recorded as receipts on account of shares.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Since its inception the Company has raised approximately $59M, net in cash in consideration for issuances of Common Stock and warrants in private placements and public offerings as well as proceeds from warrants exercises.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 28.35pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Stock Plans:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of June 30, 2018, the Company had outstanding awards for stock options under four stockholder approved plans: (i) the 2004 Global Stock Option Plan and the Israeli Appendix thereto (the “2004 Global Plan”) (ii) the 2005 U.S. Stock Option and Incentive Plan (the “2005 U.S. Plan,” and together with the 2004 Global Plan, the “Prior Plans”); (iii) the 2014 Global Share Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) (the “2014 Global Plan”); and (iv) the 2014 Stock Incentive Plan (the “2014 U.S. Plan” and together with the 2014 Global Plan, the “2014 Plans”).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The 2004 Global Plan and 2005 U.S. Plan expired on November 25, 2014 and March 28, 2015, respectively. Grants that were made under the Prior Plans remain outstanding pursuant to their terms. The 2014 Plans were approved by the stockholders on August 14, 2014 (at which time the Company ceased to issue awards under each of the 2005 U.S. Plan and 2004 Global Plan) and amended on June 21, 2016. Unless otherwise stated, option grants prior to August 14, 2014 were made pursuant to the Company’s Prior Plans, and grants issued on or after August 14, 2014 were made pursuant to the Company’s 2014 Plans, and expire on the tenth anniversary of the grant date. The 2014 Plans have a shared pool of 2,200,000 shares of Common Stock available for issuance.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">As of June 30, 2018, 957,709 shares were available for future issuances under the 2014 Plans. The exercise price of the options granted under the 2014 Plans may not be less than the nominal value of the shares into which such options are exercised. Any options under the 2014 Plans that are canceled or forfeited before expiration become available for future grants. The Governance, Nominating and Compensation Committee (the “GNC Committee”) of the Board of Directors of the Company administers the Company’s stock incentive compensation and equity-based plans.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 28.35pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 28.35pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Share-based compensation to employees and to directors:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i> </i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i>Employees:</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Pursuant to a September 28, 2015 employment agreement, as amended, Chaim Lebovits, the Company’s Chief Executive Officer and President (i) was granted a stock option under the 2014 Global Plan on September 28, 2015 for the purchase of up to 369,619 shares of the Company’s Common Stock at a per share exercise price of $2.45, which grant is fully vested and exercisable and shall be exercisable for a period of two years after termination of employment; (ii) received on July 26, 2017, and is entitled to receive on each anniversary thereafter (provided he remains Chief Executive Officer), a grant of restricted stock under the 2014 Global Plan (or any successor or other equity plan then maintained by the Company) comprised of a number of shares of Common Stock with a fair market value (determined based on the price of the Common Stock at the end of normal trading hours on the business day immediately preceding the effective date according to Nasdaq) equal to 30% of Mr. Lebovits’ Base Salary (31,185 shares on July 26, 2017). Each grant shall vest as to twenty-five percent (25%) of the award on each of the first, second, third and fourth anniversary of the date of grant, provided Mr. Lebovits remains continuously employed by the Company from the date of grant through each applicable vesting date. Each grant shall be subject to accelerated vesting upon a Change of Control (as defined in the Lebovits employment agreement) of the Company. In the event of Mr. Lebovits’ termination of employment, any portion of a grant that is not yet vested (after taking into account any accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment of any consideration to Mr. Lebovits; and (iii) was granted on July 26, 2017 a fully vested and exercisable option (the “Option”) under the 2014 Global Plan to purchase up to 41,580 shares of Common Stock, which shall remain exercisable until the 2nd anniversary of the date of grant, regardless of whether Mr. Lebovits remains employed by the Company, with an exercise price per share of $4.81.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Lebovits employment agreement contains termination provisions, pursuant to which if the Company terminates the employment agreement or Mr. Lebovits’ employment without Cause (as defined in the agreement) or if Mr. Lebovits terminates the employment agreement or his employment thereunder with Good Reason (as defined in the agreement), the Company shall immediately vest such number of equity or equity based awards that would have vested during the six (6) months following the date of termination of employment, conditional upon Mr. Lebovits executing a waiver and release in favor of the Company in a form reasonably acceptable to the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Pursuant to his February 28, 2017 employment agreement, Dr. Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, received on March 6, 2017, and is entitled to receive on each anniversary thereafter (provided he remains employed by the Company), a grant of restricted stock under the 2014 U.S. Plan (or any successor or other equity plan then maintained by the Company) comprised of a number of shares of Common Stock with a fair market value (determined based on the price of the Common Stock at the end of normal trading hours on the business day immediately preceding March 6, 2017 according to Nasdaq) equal to 30% of Dr. Kern’s Base Salary (35,885 shares on each of March 6, 2017 and March 6, 2018). Each equity grant shall vest as to twenty-five percent (25%) of the award on each of the first, second, third and fourth anniversary of the date of grant, provided Dr. Kern remains continuously employed by the Company from the date of grant through each applicable vesting date. Each equity grant shall be subject to accelerated vesting upon a Change of Control (as defined in the agreement) of the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In the event of Dr. Kern’s termination of employment, any portion of an equity grant that is not yet vested (after taking into account any accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment of any consideration to Dr. Kern.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Pursuant to the agreement, on March 6, 2017, Dr. Kern also received an option under the 2014 U.S. Plan to purchase up to 47,847 shares of Common Stock with an exercise price per share of $4.18. The option was fully vested and exercisable and shall remain exercisable until the 2nd anniversary of the date of grant, regardless of whether Dr. Kern remains employed by the Company. Uri Yablonka, the Company’s Executive Vice President, Chief Business Officer and director was granted a stock option on June 6, 2014 under the Company’s Amended and Restated 2004 Global Share Option Plan (the “Global Plan”) for the purchase of 33,333 shares of the Company’s Common Stock, which was fully vested and exercisable upon grant. The exercise price for the grant is $2.70 per share. In addition, the Company agreed to grant Mr. Yablonka a stock option under the Global Plan (or the applicable successor option plan) for the purchase of up to 13,333 shares of Common Stock (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like) of the Company on the first business day after each annual meeting of stockholders (or special meeting in lieu thereof) of the Company beginning with the 2014 annual meeting, and provided that Mr. Yablonka remains an employee of the Company on each such date. The exercise price per share of the Common Stock subject to each additional option shall be equal to $0.75 (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like, or changes to the Israeli Annual Option Award under the Company’s Director Compensation Plan as amended from time to time). Each additional option vests and becomes exercisable on each monthly anniversary date as to 1/12th the number of shares subject to the option, over a period of twelve months from the date of grant, such that each additional option will be fully vested and exercisable on the first anniversary of the date of grant, provided that Mr. Yablonka remains an employee of the Company on each such vesting date. The Company also granted Mr. Yablonka 5,543 shares of restricted Common Stock on July 13, 2017</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On November 20, 2017, the Company granted to Eyal Rubin, the Company’s Chief Financial Officer, 25,000 shares of restricted Common Stock under 2014 Global Plan, which shall vest as to 100% of the award on April 1, 2018, provided Mr. Rubin remains continuously employed by BCT from the date of grant through the vesting date. In the event of Mr. Rubin’s termination of employment prior to April 1, 2018, the restricted stock grant shall automatically be immediately forfeited in its entirety to the Company, without the payment of any consideration to Mr. Rubin. On November 20, 2017 the Company also granted to Mr. Rubin an option to purchase up to 93,686 shares of Common Stock under the 2014 Global Plan, at an exercise price per share equal to $4.30 per share. The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed by BCT from the date of grant through each applicable vesting date. The Option shall have a ten (10) year term and shall be subject to accelerated vesting upon a Change of Control of the Company or Material Secondary Public Offering of the Company (each as defined in Mr. Rubin’s employment agreement).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 56.7pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i>Directors:</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">From 2005 through 2015, the Company granted its directors options to purchase an aggregate of 402,778 shares of Common Stock at an average exercise price of $1.34 per share.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company’s Second Amended and Restated Director Compensation Plan was approved in July 9, 2014 and amended on April 29, 2015, February 26, 2017 and July 13, 2017 (as amended, the “Director Compensation Plan”). The Director Compensation Plan governs Company compensation of eligible non-employee director of the Company, except that certain non-employee directors have individualized compensation and are not entitled receive annual director awards under the Director Compensation Plan, but are entitled to committee compensation under the Director Compensation Plan in the event that they qualify for and serve as a member of any committee of the Board. The Director Compensation Plan also determines the annual awards to be granted to qualified directors for their services in future periods, which annual awards have had the same terms since 2014, as further detailed in the Director Compensation Plan. During the 6 months ended June 30, 2018, the following grants were made under the 2014 Plans to eligible directors:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 85.05pt"></td> <td style="WIDTH: 18pt"> <div>-</div> </td> <td style="TEXT-ALIGN: justify"> <div>On February 1, 2018 Dr. Anthony J. Polverino received 3,623 shares of restricted stock for his service as a director.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 85.05pt"></td> <td style="WIDTH: 18pt"> <div>-</div> </td> <td style="TEXT-ALIGN: justify"> <div>On February 26, 2018 Arturo Araya received 4,152 shares of restricted stock for his service as a director.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 85.05pt"></td> <td style="WIDTH: 18pt"> <div>-</div> </td> <td style="TEXT-ALIGN: justify"> <div>On March 26, 2018, Arturo Araya received additional 1,249 shares of restricted stock for his service as a member of the GNC Committee.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>A summary of the Company's option activity related to options to employees and directors, and related information is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 85.05pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="10"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>For the six months ended</b></div> <div style="CLEAR:both;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>June 30, 2018</b></div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Amount of</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> options</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> Weighted</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> average</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> exercise</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> price</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> Aggregate intrinsic</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> value</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>$</b></div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>$</b></div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 61%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Outstanding at beginning of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>940,954</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>2.4681</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Granted</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Exercised</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>(33,332</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>)</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>0.7500</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Cancelled</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Outstanding at end of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>907,622</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>2.5312</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>1,242,396</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Vested and expected-to-vest at end of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>797,824</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>2.3594</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>1,229,120</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the Company’s shares on June 30, 2018, multiplied by the number of in-the-money options on those dates) that would have been received by the option holders had all option holders exercised their options on those dates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 170.1pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Compensation expense recorded by the Company in respect of its stock-based employees and directors compensation awards in accordance with ASC 718-10 for the three months ended June 30, 2018 and 2017 amounted to $136 and $57, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 28.35pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Shares and warrants to investors and service providers:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 113.4pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company accounts for shares and warrant grants issued to non-employees using the guidance of ASC 505-50, "Equity-Based Payments to Non-Employees", whereby the fair value of such warrant grants is determined using a Black-Scholes options pricing model at the earlier of the date at which the non-employee's performance is completed or a performance commitment is reached.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 shares of restricted stock under the 2014 U.S. Plan, which vests in eight equal quarterly installments (starting November 17, 2017) until fully vested on the second anniversary of the date of grant.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On January 2, 2018, the Company granted to its legal advisor 11,250 shares of Common Stock for 2017 legal services. The related compensation expense was recorded as general and administrative expense in 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 28.35pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Total Stock-Based Compensation Expense</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 113.4pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 113.4pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 85.05pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="6"> <div>Six months ended<br/> June 30,</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div>2 0 1 8</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div>2 0 1 7</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px" colspan="6"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 74%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Research and development</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>48</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>75</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>General and administrative</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>315</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>108</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Total stock-based compensation expense</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>363</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>183</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"> <tr> <td style="TEXT-ALIGN: left; WIDTH: 28.35pt"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">C.</div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">Recent Accounting Standards</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the first quarter of 2018; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">In February 2016, the FASB issued ASU 2016-02 “Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For operating leases, the ASU requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The ASU retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.9in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The ASU is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company continues to evaluate the effect of the adoption of this ASU and expects the adoption will result in an increase in the assets and liabilities on the consolidated balance sheets for operating leases and will likely have an insignificant impact on the consolidated statements of earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In June 2016, the FASB issued a new standard requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This standard is effective for us in the first quarter of 2020; early adoption is permitted beginning in the first quarter of 2019. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect that the adoption of this standard will have a significant impact on the financial position or results of operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In May 2017, the FASB issued ASU 2017-09 “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is already effective since January 1, 2018. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">A summary of the Company's option activity related to options to employees and directors, and related information is as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 85.05pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="10"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"> <div style="CLEAR:both;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>For the six months ended</b></div> <div style="CLEAR:both;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>June 30, 2018</b></div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Amount of</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> options</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> Weighted</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> average</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> exercise</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> price</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> Aggregate intrinsic</div> <div style="CLEAR:both;MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"> value</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>$</b></div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div style="CLEAR:both;BORDER-BOTTOM: black 0.5pt solid; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="center"><b>$</b></div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 61%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Outstanding at beginning of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>940,954</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>2.4681</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Granted</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Exercised</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>(33,332</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>)</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>0.7500</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Cancelled</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Outstanding at end of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>907,622</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>2.5312</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>1,242,396</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Vested and expected-to-vest at end of period</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>797,824</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>2.3594</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>1,229,120</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 113.4pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 113.4pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 85.05pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="6"> <div>Six months ended<br/> June 30,</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div>2 0 1 8</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal" colspan="2"> <div>2 0 1 7</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: bold 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px" colspan="6"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 74%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Research and development</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>48</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>75</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; WIDTH: 1%; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>General and administrative</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>315</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>108</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 10pt; PADDING-TOP: 0px"> <div>Total stock-based compensation expense</div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>363</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div>183</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 0px; TEXT-INDENT: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT: 10pt Times New Roman, Times, Serif; PADDING-TOP: 0px; font-size-adjust: none; font-stretch: normal"> <div> </div> </td> </tr> </table> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 4391000 0

0 500000000

899999

4391000

<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 56.7pt"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>NOTE 2 -</div> </td> <td style="TEXT-ALIGN: justify"> <div>BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="WIDTH: 28.35pt"> <div>A.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Unaudited Interim Financial Statements</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">Operating results for the three months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ended December 31, 2018.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="WIDTH: 28.35pt"> <div>B.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Significant Accounting Policies</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 28.35pt"> <div>C.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Recent Accounting Standards</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the first quarter of 2018; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">In February 2016, the FASB issued ASU 2016-02 “Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For operating leases, the ASU requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The ASU retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.9in; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The ASU is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company continues to evaluate the effect of the adoption of this ASU and expects the adoption will result in an increase in the assets and liabilities on the consolidated balance sheets for operating leases and will likely have an insignificant impact on the consolidated statements of earnings.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In June 2016, the FASB issued a new standard requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This standard is effective for us in the first quarter of 2020; early adoption is permitted beginning in the first quarter of 2019. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect that the adoption of this standard will have a significant impact on the financial position or results of operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In May 2017, the FASB issued ASU 2017-09 “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is already effective since January 1, 2018. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <table style="MARGIN-TOP: 0pt; FONT: bold 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 56.7pt"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="WIDTH: 28.35pt"> <div>D.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Use of estimates</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -28.35pt; MARGIN: 0pt 0px 0pt 85.05pt; FONT: bold 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px 0pt 85.05pt; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="FONT-WEIGHT: normal">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

11994000

11250

Represents an amount less than $1.

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Cash and Cash Equivalents [Axis] Cash and Cash Equivalents [Axis] Cash and Cash Equivalents [Domain] Cash and Cash Equivalents [Domain] Option Indexed To Issuer'S Equity, Type [Axis] Option Indexed to Issuer's Equity, Type [Axis] Option Indexed To Issuer'S Equity, Type [Domain] Option Indexed to Issuer's Equity, Type [Domain] Global Share Option Plan 2014 and U S Stock Option and Incentive Plan 2014 [Member] Title of Individual [Axis] Deferred Bonus and Profit Sharing Plan by Title of Individual [Axis] Title Of Individual With Relationship To Entity [Domain] Title of Individual with Relationship to Entity [Domain] Director [Member] Chief Operating Officer [Member] Chief Executive Officer [Member] Chief Financial Officer [Member] Restricted Stock [Member] Variable Interest Entities [Axis] Variable Interest Entities [Axis] Variable Interest Entity, Classification [Domain] Variable Interest Entity, Classification [Domain] Products and Services [Axis] Products and Services [Axis] Products and Services [Domain] Products and Services [Domain] Legal Advisor [Member] Consultants [Member] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Geographical [Axis] Geographical [Axis] Geographical [Domain] Geographical [Domain] Investment Type [Axis] Investment Type [Axis] Investments [Domain] Investments [Domain] Agreement [Axis] Investment Warrants, Exercise Price Exercise Price (in dollars per share) Investment Warrants, Exercise Price Share-Based Compensation Arrangement By Share-Based Payment Award, Award Vesting Period Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Shares Issued, Price Per Share Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights Subsequent Event [Table] Subsequent Event [Member] Stock Issue [Axis] Stock Issue [Domain] Balance Sheet Parenthetical [Abstract] Balance Sheet Parenthetical Statement, Scenario [Axis] Scenario, Unspecified [Domain] Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares Authorized Common Stock, Shares, Issued Common stock, shares Issued Common Stock, Shares, Outstanding Common stock, shares outstanding Income Statement [Abstract] Operating Expenses [Abstract] Operating expenses: Research and Development Expense, Total Research and Development Expense Research and development, net Research and Development Expense General and Administrative Expense General and administrative Operating Income (Loss) Operating loss Financial Expenses Income Net Financial expenses (income), net Amount of financial expenses (income), net during the period. 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Increase (Decrease) In Accounts Payable, Trade Increase (decrease) in trade payables Increase Decrease In Deferred Grant Income Increase (decrease) in deferred grant income The increase (decrease) Deferred Grant Income during the reporting period. Net Cash Provided by (Used in) Operating Activities Total net cash provided by (used in) operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Payments To Acquire Property, Plant, and Equipment Purchase of property and equipment Payments for (Proceeds from) Investments Changes in short-term deposit Investment In Lease Deposit Investment in lease deposit Amount of investment made in the form of lease deposit during the year. Net Cash Provided by (Used in) Investing Activities Total net cash provided by (used in) investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Cash and Cash Equivalents, Period Increase (Decrease) Increase (decrease) in cash and cash equivalents Noncash Investing and Financing Items [Abstract] Non-cash financing activities: General and Going Concern Disclosure [Abstract] Business Description and Basis of Presentation [Text Block] Business Description and Basis of Presentation [Text Block] Accounting Policies [Abstract] Basis of Presentation and Significant Accounting Policies [Text Block] Basis of Presentation and Significant Accounting Policies [Text Block] Unaudited Interim Financial Statements [Policy Text Block] Disclosure of accounting policy unaudited interim financial statements. Basis of Accounting, Policy [Policy Text Block] Schedule Stock Awards Activity Related To Service Providers [Table Text Block] Tabular disclosure includes the number and weighted-average issue prices for warrants issued to services providers that were outstanding at the beginning and end of the year, and issued during the year. New Accounting Pronouncements, Policy [Policy Text Block] Stock Issued During Period, Value, Stock Options Exercised Exercise of options Stock Issued During Period, Value, Exercise Of Warrants Exercise of warrants Value of stock issued during the period as a result of exercise of warrants Stock Issued During Period, Shares, Exercise Of Warrants Exercise of warrants (in shares) Number of shares issued during the period as a result of exercise of warrants Stock Issued During Period,Value,Exercise and Reissuance Of Warrants Exercise and reissuance of warrants Value of stock issued during the period as a result of exercise and reissuance of warrants. Stock Issued During Period,Share,Exercise and Reissuance Of Warrants Exercise and reissuance of warrants (in shares) Number of stock issued during the period as a result of exercise and reissuance of warrants. Proceeds from Warrant Exercises Exercise and reissuance of warrants Agreement [Domain] Cash and Cash Equivalents [Abstract] Short Term Investments [Text Block] The entire disclosure of the components short-term investments. Short-term investments may include current marketable securities. Legal Entity [Axis] Entity [Domain] Percentage Of Interest Bearing Bank Deposits Percentage of Interest Bearing Bank Deposits Percentage of interest-bearing bank deposits. Maturity of Time Deposits Cash and Cash Equivalents [Line Items] Minimum [Member] Maximum [Member] Use of Estimates, Policy [Policy Text Block] Assets, Noncurrent [Abstract] Long-Term Assets: Property, Plant and Equipment, Net, Total Depreciated cost Property and Equipment, Net Other Assets, Noncurrent Total long-term assets Proceeds from Stock Options Exercised Proceeds from exercise of options Proceeds from Issuance or Sale of Equity Proceeds from equity offering through issuances of equity warrants and common stock through the exercise of previously issued equity warrants Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage EX-101.PRE 12 bcli-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2018 shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Entity Registrant Name	BRAINSTORM CELL THERAPEUTICS INC.
Entity Central Index Key	0001137883
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BCLI
Entity Common Stock, Shares Outstanding	20,669,528

XML 14 R2.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 2,262	$ 2,483
Short-term deposit (Note 4)	15,177	5,273
Account receivable	964	672
Prepaid expenses and other current assets	1,160	1,195
Total current assets	19,563	9,623
Long-Term Assets:
Prepaid expenses and other long-term assets (Note 5)	861	1,408
Property and Equipment, Net	596	392
Total long-term assets	1,457	1,800
Total assets	21,020	11,423
Current Liabilities:
Accounts payable	4,182	1,424
Accrued expenses (Note 6)	1,471	817
Deferred grant income (Note 7)	1,885	2,625
Other accounts payable	609	677
Total current liabilities	8,147	5,543
Total liabilities	8,147	5,543
Stockholders' Equity:
Stock capital: (Note 8) Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of June 30, 2018 and December 31, 2017; Issued and outstanding: 20,669,528 and 18,976,169 shares at June 30, 2018 and December 31, 2017, respectively.	11	11
Additional paid-in-capital	93,935	85,944
Receipts on account of shares	4,391	0
Accumulated deficit	(85,464)	(80,075)
Total stockholders' equity	12,873	5,880
Total liabilities and stockholders' equity	$ 21,020	$ 11,423

XML 15 R3.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.00005	$ 0.00005
Common stock, shares Authorized	100,000,000	100,000,000
Common stock, shares Issued	20,669,528	18,976,169
Common stock, shares outstanding	20,669,528	18,976,169

XML 16 R4.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating expenses:
Research and development, net	$ 1,481	$ 435	$ 2,458	$ 1,376
General and administrative	1,606	640	2,936	1,469
Operating loss	(3,087)	(1,075)	(5,394)	(2,845)
Financial expenses (income), net	4	(35)	(5)	(20)
Net loss	$ (3,091)	$ (1,040)	$ (5,389)	$ (2,825)
Basic and diluted net loss per share from continuing operations	$ (0.16)	$ (0.06)	$ (0.28)	$ (0.15)
Weighted average number of shares outstanding used in computing basic and diluted net loss per share	19,505,157	18,738,496	19,277,518	18,713,575

XML 17 R5.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Receipts on account of shares [Member]

Accumulated Deficit [Member]

Balance at Dec. 31, 2016

$ 9,902

$ 11

$ 85,014

$ 0

$ (75,123)

Balance (in shares) at Dec. 31, 2016

18,687,987

Stock-based compensation related to warrants and stock granted to service providers

^[1]

Stock-based compensation related to warrants and stock granted to service providers (in shares)

4,327

Stock-based compensation related to stock and options granted to directors and employees

554

^[1]

554

Stock-based compensation related to stock and options granted to directors and employees (in shares)

107,301

Exercise of options

209

^[1]

209

Exercise of options (in shares)

129,887

Exercise of warrants

105

^[1]

105

Exercise of warrants (in shares)

46,667

Net loss

(4,952)

$ 0

(4,952)

Balance at Dec. 31, 2017

5,880

$ 11

85,944

(80,075)

Balance (in shares) at Dec. 31, 2017

18,976,169

Stock-based compensation related to warrants and stock granted to service providers

^[1]

Stock-based compensation related to warrants and stock granted to service providers (in shares)

11,250

Stock-based compensation related to stock and options granted to directors and employees

363

^[1]

363

Stock-based compensation related to stock and options granted to directors and employees (in shares)

90,575

Exercise of options

^[1]

Exercise of options (in shares)

33,332

Exercise and reissuance of warrants

11,994

^[1]

7,603

4,391

Exercise and reissuance of warrants (in shares)

1,558,202

Net loss

(5,389)

$ 0

(5,389)

Balance at Jun. 30, 2018

$ 12,873

$ 11

$ 93,935

$ 4,391

$ (85,464)

Balance (in shares) at Jun. 30, 2018

20,669,528

[1]	Represents an amount less than $1.

XML 18 R6.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (3,091)	$ (1,040)	$ (5,389)	$ (2,825)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	31	18	56	34
Stock-based compensation related to options granted to employees and directors	136	57	363	183
Decrease (Increase) in accounts receivable and prepaid expenses	411	(587)	295	(511)
Increase (decrease) in trade payables	921	(135)	2,758	(118)
Increase (decrease) in deferred grant income	683	0	(740)	0
Increase (decrease) in other accounts payable and accrued expenses	964	57	586	(35)
Total net cash provided by (used in) operating activities	55	(1,630)	(2,071)	(3,272)
Cash flows from investing activities:
Purchase of property and equipment	(215)	(32)	(260)	(32)
Changes in short-term deposit	(12,818)	6,810	(9,904)	8,510
Investment in lease deposit	0	2	(5)	1
Total net cash provided by (used in) investing activities	(13,033)	6,780	(10,169)	8,479
Cash flows from financing activities:
Proceeds from exercise of options	0	30	25	30
Exercise and reissuance of warrants	11,994		11,994
Total net cash provided by financing activities	11,994	30	12,019	30
Increase (decrease) in cash and cash equivalents	(984)	5,180	(221)	5,237
Cash and cash equivalents at the beginning of the period	3,246	604	2,483	547
Cash and cash equivalents at end of the period	$ 2,262	$ 5,784	$ 2,262	$ 5,784

XML 19 R7.htm IDEA: XBRL DOCUMENT

GENERAL

6 Months Ended

Jun. 30, 2018

General and Going Concern Disclosure [Abstract]

Business Description and Basis of Presentation [Text Block]

NOTE 1 -

GENERAL

The Company’s Common Stock is publicly traded on the NASDAQ Capital Market under the symbol “BCLI”.

GOING CONCERN:

XML 20 R8.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 2 -

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements

Operating results for the three months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ended December 31, 2018.

Significant Accounting Policies

Recent Accounting Standards

Use of estimates

XML 21 R9.htm IDEA: XBRL DOCUMENT

RESEARCH AND LICENSE AGREEMENT

6 Months Ended

Jun. 30, 2018

Research and License Agreement [Abstract]

Research and License Agreement [Text Block]

NOTE 3 -

RESEARCH AND LICENSE AGREEMENT

Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement.

XML 22 R10.htm IDEA: XBRL DOCUMENT

SHORT TERM INVESTMENTS

6 Months Ended

Jun. 30, 2018

Cash and Cash Equivalents [Abstract]

Short Term Investments [Text Block]

NOTE 4 -

SHORT TERM INVESTMENTS

XML 23 R11.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES

6 Months Ended

Jun. 30, 2018

Prepaid Expenses Disclosures [Abstract]

Prepaid Expenses Disclosures [Text Block]

NOTE 5 -

PREPAID EXPENSES

XML 24 R12.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2018

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

NOTE 6 -

ACCRUED EXPENSES

XML 25 R13.htm IDEA: XBRL DOCUMENT

DEFERRED GRANT INCOME

6 Months Ended

Jun. 30, 2018

Deferred Grant Income [Abstract]

Deferred Grant Income [Text Block]

NOTE 7 -

DEFERRED GRANT INCOME

XML 26 R14.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 8 -

STOCK CAPITAL

The rights of Common Stock are as follows:

The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol BCLI.

Private placements and public offerings:

As 899,999 of 2,458,201 shares to be issued pursuant to exercise of the 2015 Warrants have not been issued as of June 30 2018, the relating proceeds were recorded as receipts on account of shares.

Stock Plans:

Share-based compensation to employees and to directors:

Employees:

Directors:

From 2005 through 2015, the Company granted its directors options to purchase an aggregate of 402,778 shares of Common Stock at an average exercise price of $1.34 per share.

On February 1, 2018 Dr. Anthony J. Polverino received 3,623 shares of restricted stock for his service as a director.

On February 26, 2018 Arturo Araya received 4,152 shares of restricted stock for his service as a director.

On March 26, 2018, Arturo Araya received additional 1,249 shares of restricted stock for his service as a member of the GNC Committee.

A summary of the Company's option activity related to options to employees and directors, and related information is as follows:

	For the six months ended June 30, 2018
	Amount of options			Weighted average exercise price		Aggregate intrinsic value
					$		$
Outstanding at beginning of period		940,954			2.4681
Granted		-			-
Exercised		(33,332	)		0.7500
Cancelled		-			-
Outstanding at end of period		907,622			2.5312		1,242,396
Vested and expected-to-vest at end of period		797,824			2.3594		1,229,120

Shares and warrants to investors and service providers:

Total Stock-Based Compensation Expense

The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:

	Six months ended June 30,
	2 0 1 8		2 0 1 7

Research and development		48		75
General and administrative		315		108
Total stock-based compensation expense		363		183

XML 27 R15.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 9 -

SUBSEQUENT EVENTS

On July 3, 2018, the Israel Innovation Authority (“IIA”) payed the Company the final installment of approximately $800 under the 2017 IIA grant.

Total cash on hand, Cash equivalents, Short Term Deposits and cash commitment to be received from the IIA as of June 30, 2018 totaled approximately $18,200.

XML 28 R16.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Unaudited Interim Financial Statements [Policy Text Block]

A.	Unaudited Interim Financial Statements

Operating results for the three months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ended December 31, 2018.

Basis of Accounting, Policy [Policy Text Block]

B.	Significant Accounting Policies

New Accounting Pronouncements, Policy [Policy Text Block]

C.	Recent Accounting Standards

Use of Estimates, Policy [Policy Text Block]

D.	Use of estimates

XML 29 R17.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Tables)

6 Months Ended

Jun. 30, 2018

Stockholders' Equity Note [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the Company's option activity related to options to employees and directors, and related information is as follows:

	For the six months ended June 30, 2018
	Amount of options			Weighted average exercise price		Aggregate intrinsic value
					$		$
Outstanding at beginning of period		940,954			2.4681
Granted		-			-
Exercised		(33,332	)		0.7500
Cancelled		-			-
Outstanding at end of period		907,622			2.5312		1,242,396
Vested and expected-to-vest at end of period		797,824			2.3594		1,229,120

Schedule Stock Awards Activity Related To Service Providers [Table Text Block]

The total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:

	Six months ended June 30,
	2 0 1 8		2 0 1 7

Research and development		48		75
General and administrative		315		108
Total stock-based compensation expense		363		183

XML 30 R18.htm IDEA: XBRL DOCUMENT

RESEARCH AND LICENSE AGREEMENT (Details Textual)	6 Months Ended
RESEARCH AND LICENSE AGREEMENT (Details Textual)	Jun. 30, 2018
Research And License Agreement [Line Items]
Validity Of Royalty Payment Not Covered By Valid Claim Or Orphan Drug Status	15 years

XML 31 R19.htm IDEA: XBRL DOCUMENT

SHORT TERM INVESTMENTS (Details Textual)	6 Months Ended	12 Months Ended
SHORT TERM INVESTMENTS (Details Textual)	Jun. 30, 2018	Dec. 31, 2017
Cash and Cash Equivalents [Line Items]
Maturity of Time Deposits	12 months	12 months
Minimum [Member]
Cash and Cash Equivalents [Line Items]
Percentage of Interest Bearing Bank Deposits	0.05%
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Percentage of Interest Bearing Bank Deposits	3.00%

XML 32 R20.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES (Details Textual) - USD ($) $ in Thousands	6 Months Ended
PREPAID EXPENSES (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expense, Current	$ 1,103	$ 1,103
Prepaid Expense, Noncurrent	827	$ 1,378
City Of Hope [Member]
Payments to Suppliers	$ 2,665

XML 33 R21.htm IDEA: XBRL DOCUMENT

ACCRUED EXPENSES (Details Textual) $ in Thousands	6 Months Ended
ACCRUED EXPENSES (Details Textual) $ in Thousands	Jun. 30, 2018 USD ($)
Board of Directors Chairman [Member]
Cash Bonus Paid	$ 500,000

XML 34 R22.htm IDEA: XBRL DOCUMENT

DEFERRED GRANT INCOME (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jul. 31, 2017
Deferred Grant Income [Line Items]
Proceeds from Grantors	$ 9,050	$ 7,050
Grants Receivable			$ 15,912
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned	$ 2,740	$ 4,425

XML 35 R23.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of options, Outstanding at beginning of period \| shares	940,954
Amount of options, Granted \| shares	0
Amount of options, Exercised \| shares	(33,332)
Amount of options, Cancelled \| shares	0
Amount of options, Outstanding at end of period \| shares	907,622
Amount of options, Vested and expected-to-vest at end of period \| shares	797,824
Weighted average exercise price, Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 2.4681
Weighted average exercise price, Granted (in dollars per share) \| $ / shares	0
Weighted average exercise price, Exercised (in dollars per share) \| $ / shares	0.75
Weighted Average exercise Price, Cancelled (in dollars per share) \| $ / shares	0
Weighted average exercise price, Outstanding at end of period (in dollars per share) \| $ / shares	2.5312
Weighted average exercise price, Vested and expected-to-vest at end of period (in dollars per share) \| $ / shares	$ 2.3594
Aggregate intrinsic value, Outstanding at end of period (in dollars) \| $	$ 1,242,396
Aggregate intrinsic value, Vested and expected-to-vest at end of period (in dollars) \| $	$ 1,229,120

XML 36 R24.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Details 1) - USD ($) $ in Thousands	6 Months Ended
STOCK CAPITAL (Details 1) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 363	$ 183
Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	48	75
General and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 315	$ 108

XML 37 R25.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended									3 Months Ended		6 Months Ended		132 Months Ended
	Jun. 06, 2018	Feb. 01, 2018	Jul. 13, 2017	Mar. 26, 2018	Feb. 26, 2018	Jan. 02, 2018	Nov. 20, 2017	Aug. 17, 2017	Jul. 26, 2017	Mar. 06, 2017	Sep. 28, 2015	Jun. 06, 2014	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Warrant Exercises	$ 11,994												$ 11,994		$ 11,994
Proceeds from Issuance or Sale of Equity															59,000
Stock Or Unit Option Plan Expense													$ 136	$ 57	$ 363	$ 183
Class of Warrant or Right, Outstanding													899,999		899,999
Two thousand fifteen warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Warrant Exercises	$ 12,291
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2,458,201
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5
New Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 9
Warrant Expiration Date	Dec. 31, 2020
Legal Advisor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross						11,250
Restricted Stock [Member] \| Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								4,327
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross																	402,778
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price																	$ 1.34
Chief Operating Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Investment Warrants, Exercise Price												$ 0.75
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross										47,847		33,333
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price										$ 4.18		$ 2.70
Class of Warrant or Right, Outstanding												13,333
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							10 years
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross											369,619
Shares Issued, Price Per Share											$ 2.45
Chief Executive Officer [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage									25.00%	25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									31,185	35,885
Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross							93,686
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price							$ 4.30
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights							The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed by BCT from the date of grant through each applicable vesting date.
Chief Financial Officer [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							25,000
Global Share Option Plan 2014 and U S Stock Option and Incentive Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized													2,200,000		2,200,000
Common Stock, Capital Shares Reserved for Future Issuance													957,709		957,709
Related Party [Member] \| Dr. Anthony Polverino [Member] \| Second Amended And Restated Director Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross		3,623
Related Party [Member] \| Arturo Araya One [Member] \| Second Amended And Restated Director Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross					4,152
Related Party [Member] \| Arturo Araya Two [Member] \| Second Amended And Restated Director Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross				1,249
Mr. Yablonka [Member] \| Executive Vice President, Chief Business Officer and Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross			5,543
Private Placement [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross									41,580
Private Placement [Member] \| Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price									$ 4.81

XML 38 R26.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Jul. 03, 2018	Jun. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Proceeds from Grantors		$ 9,050	$ 7,050
Cash, Cash Equivalents, and Short-term Investments		$ 18,200
Subsequent Event [Member] \| Israel Innovation Authority [Member]
Subsequent Event [Line Items]
Proceeds from Grantors	$ 800

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