0001144204-19-039284.txt : 20190813 0001144204-19-039284.hdr.sgml : 20190813 20190813060349 ACCESSION NUMBER: 0001144204-19-039284 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 47 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190813 DATE AS OF CHANGE: 20190813 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: 191018141 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 tv526318_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, 2019

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)

Not Applicable

(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 every Interactive Data File required to be submitted 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 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 x	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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00005 par value

BCLI

NASDAQ Stock Market LLC

(Nasdaq Capital Market)

As of August 7, 2019, the number of shares outstanding of the registrant’s Common Stock, $0.00005 par value per share, was 22,550,442.

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	23
Item 3. Quantitative and Qualitative Disclosures About Market Risk	31
Item 4. Controls and Procedures	31

PART II– OTHER INFORMATION	32

Item 1. Legal Proceedings	32
Item 1A. Risk Factors	32
Item 5. Other Information	32
Item 6. Exhibits	32

SIGNATURES	33

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2019

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, 2019

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		11-22

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Except share data)

	June 30,			December 31,
	2019			2018
	U.S. $ in thousands
	Unaudited			Audited
ASSETS

Current Assets:
Cash and cash equivalents	$	1,126		$	942
Short-term deposit (Note 4)		1,575			6,122
Account receivable		1,917			2,009
Prepaid expenses and other current assets (Note 5)		917			1,197
Total current assets		5,535			10,270

Long-Term Assets:
Prepaid expenses and other long-term assets (Note 5)		31			307
Operating lease right of use asset		2,699			-
Property and Equipment, Net		599			651
Total long-term assets		3,329			958

Total assets	$	8,864		$	11,228

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$	8,765		$	4,548
Accrued expenses		1,020			1,042
Other accounts payable		758			622
Total current liabilities		10,543			6,212

Long-Term Liabilities:
Operating lease liability		2,837			-
Total long-term liabilities		2,837			-

Total liabilities	$	13,380		$	6,212

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, 2019 and December 31, 2018; Issued and outstanding: 21,708,442 and 20,757,816 shares at June 30, 2019 and December 31, 2018, respectively.
Additional paid-in-capital		99,423			94,620
Receipts on account of shares		-			4,408
Accumulated deficit		(103,950	)		(94,023	)
Total stockholders' equity (deficit)		(4,516	)		5,016

Total liabilities and stockholders' equity	$	8,864		$	11,228

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,
	2019			2018			2019			2018
	Unaudited						Unaudited
Operating expenses:

Research and development, net	$	7,010		$	2,458		$	3,554		$	1,481
General and administrative		2,775			2,936			1,303			1,606

Operating loss		(9,785	)		(5,394	)		(4,857	)		(3,087	)

Financial expenses (income), net		142			(5	)		43			4

Net loss	$	(9,927	)	$	(5,389	)	$	(4,900	)	$	(3,091	)

Basic and diluted net loss per share from continuing operations	$	(0.47	)	$	(0.28	)	$	(0.23	)	$	(0.16	)

Weighted average number of shares outstanding used in computing basic and diluted net loss per share		21,312,335			19,277,518			21,703,001			19,505,157

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

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

U.S. dollars in thousands

(Except share data)

					Additional		Receipts on					Total
	Common stock				paid-in		account of		Accumulated			stockholders'
	Number		Amount		capital		shares		deficit			equity (deficit)
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		42,293		(*)		102		-		-			102
Stock-based compensation related to stock and options granted to directors and employees		147,820		(*)		917		-		-			917
Exercise of options		33,332		(*)		25		-		-			25
Exercise and reissuance of warrants		1,558,202		(*)		7,632		4,408		-			12,040
Net loss		-		-		-		-		(13,948	)		(13,948	)

Balance as of December 31, 2018		20,757,816	$	11	$	94,620	$	4,408	$	(94,023	)	$	5,016

* Represents an amount less than $1.

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

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

U.S. dollars in thousands

(Except share data)

					Additional		Receipts on						Total
	Common stock				paid-in		account of			Accumulated			stockholders'
	Number		Amount		capital		shares			deficit			equity (deficit)
Balance as of January 1, 2019		20,757,816	$	11	$	94,620	$	4,408		$	(94,023	)	$	5,016
Stock-based compensation related to warrants and stock granted to service providers		5,908		(*)		25		-			-			25
Stock-based compensation related to stock and options granted to directors and employees		39,386		(*)		365		-			-			365
Exercise and reissuance of warrants		899,999		(*)		4,408		(4,408	)		-			-
Exercise of options		5,333		(*)		5		-			-			5
Net loss		-		-		-		-			(9,927	)		(9,927	)

Balance as of June 30, 2019		21,708,442	$	11	$	99,423	$	0		$	(103,950	)	$	(4,516	)

* 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,
	2019			2018			2019			2018
Cash flows from operating activities:

Net loss	$	(9,927	)	$	(5,389	)	$	(4,900	)	$	(3,091	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		77			56			33			31
Shares and options granted to service providers		25			-			-			-
Stock-based compensation related to options granted to employees and directors		365			363			53			136
Change in lease liability		138			-			44			-
Decrease (Increase) in accounts receivable and prepaid expenses		648			295			(801	)		411
Increase in accounts payables		4,217			2,758			3,736			921
Increase (decrease) in deferred grant income		-			(740	)		(511	)		683
Increase (decrease) in other accounts payable and accrued expenses		114			586			(1,162	)		964
Total net cash provided by (used in) operating activities	$	(4,343	)	$	(2,071	)	$	(3,508	)	$	55

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,
	2019			2018			2019			2018
Cash flows from investing activities:

Purchase of property and equipment		(25	)		(260	)		(21	)		(215	)
Changes in short-term deposit		4,547			(9,904	)		1,412			(12,818	)
Investment in lease deposit		-			(5	)		-			-

Total net cash provided by (used in) investing activities	$	4,522		$	(10,169	)	$	1,391		$	(13,033	)

Cash flows from financing activities:

Proceeds from exercise of options		5			25			5			-
Exercise and reissuance of warrants		-			11,994			-			11,994
Total net cash provided by financing activities	$	5		$	12,019		$	5		$	11,994

Increase (decrease) in cash and cash equivalents		184			(221	)		(2,112	)		(984	)
Cash and cash equivalents at the beginning of the period	$	942		$	2,483		$	3,238		$	3,246

Cash and cash equivalents at end of the period	$	1,126		$	2,262		$	1,126		$	2,262

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

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 1 - GENERAL

	A.	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. The Israeli Subsidiary formed a wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom on February 19, 2013, which is currently inactive, and also formed wholly owned subsidiary, Advanced Cell Therapies Ltd. in Israel on June 21, 2018.

		The 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 Gherig Disease), Progressive Multiple Sclerosis (PMS) 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.

The Company made significant progress in 2018 advancing NurOwn®, its late stage differentiated mesenchymal stem cell therapy, into a Phase 3 trial for the treatment of ALS. Enrollment in this randomized, double-blind, placebo-controlled, multi-dose clinical trial of NurOwn® for ALS is now ongoing. This Phase 3 trial builds upon the promising efficacy seen in prior trials including the randomized Phase 2 trial conducted in the U.S.

The Phase 3 ALS trial pre-specified interim safety analysis by an independent Data Safety Monitoring Board (DSMB) was successfully completed in August 2018.

The Company was granted FDA clearance for its NurOwn® IND Application for Progressive Multiple Sclerosis indication (ClinicalTrials.gov Identifier NCT03799718).

The Company received Good Manufacturing Practice (GMP) approval from the Israel Ministry of Health (MoH) for our Israeli contract manufacturing facility at the Hadassah Medical Center in Jerusalem. The GMP certificate confirms the Company's manufacturing site compliance with Israeli GMPs which are recognized as equivalent to EU standards.

GOING CONCERN:

To date the Company has not generated revenues from its operational 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.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 1 - GENERAL (Cont.):

GOING CONCERN (Cont.):

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, 2018.

Operating results for the three months ended June 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

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 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 the Company 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 June 2018, the FASB issued ASU No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The ASU 2018-07 does not have a material impact on the Company's consolidated financial statements.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Cont.):

Recent Accounting Standards (Cont.):

On January 1, 2019 the Company adopted ASU 2016-02, "Leases" (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Results for the reporting period beginning January 1, 2019 are presented under ASU 2016-02, which requires, among other items, lessees to recognize a right-of-use asset (“ROU assets”) and lease liability for most leases. Upon adoption of the new lease standard, the Company recorded right of use assets of $3,197 and lease liabilities of $3,197 in connection with its operating leases. See Note 6 for additional information regarding our commitments under various lease obligations.

Arrangements that are determined to be leases at inception are recognized in long-term ROU assets and long-term lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term.

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.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 3 - RESEARCH AND LICENSE AGREEMENT

The Company entered into a Research and License Agreement, as amended and restated, with Ramot (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, 2019 and December 31, 2018 include bank deposits bearing annual interest rates varying from 0.05% to 3.15%, with maturities of up to 4 months as of June 30, 2019 and December 31, 2018.

NOTE 5 - PREPAID EXPENSES

In November 2017, the Company 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. In 2017 the Company made an advance payment to COH of $2,665. The advance payment was recorded as prepaid expense and is amortized over the term of the agreement. As of December 31, 2018, $1,103 and $276 were recorded as current and long-term prepaid expense, respectively. As of June 30, 2019, $827 were recorded as current prepaid expense.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 6 - LEASES

On January 1, 2019 the Company adopted ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning of the period of adoption. Leases existing for the reporting period beginning January 1, 2019 are presented under ASU 2016-02. The Company leases facilities, clinical research rooms, and vehicles under operating leases. At June 30, 2019, the Company’s ROU assets and lease liabilities for operating leases totaled $2,699 and $2,837, respectively. The impact of adopting the new lease standard was not material to the Company’s condensed consolidated statement of operations for the periods presented.

Supplemental cash flow information related to operating leases was as follows (unaudited):

	Six Months Ended June 30, 2019
Cash payments for operating leases	$	638
New operating lease assets obtained in exchange for operating lease liabilities	$	2,699

As of June 30, 2019, the Company’s operating leases had a weighted average remaining lease term of 2.46 years and a weighted average discount rate of 8.25%. Future lease payments under operating leases as of June 30, 2019 were as follows (unaudited):

	Operating Leases
Remainder of 2019	$	647
2020		1,277
2021		1,208
Total future lease payments		3,132
Less imputed interest		(295	)
Total lease liability balance	$	2,837

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 $12,550 and $9,050 related to the project was received through June 30, 2019 and December 31, 2018, respectively. The award does not bear a royalty payment commitment nor is the award otherwise refundable. $3,290 and $6,267 was recorded as participation by CIRM in research and development expenses during the six months ended in June 30, 2019 and during the year ended December 31, 2018, respectively.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

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 stockholder 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:

Warrant Exercise Agreement: 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 ($12,040 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”).

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.

The New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The shares issuable upon exercise of the New Warrants have been registered for resale on the Company’s registration statement on Form S-3 (File No. 333-225995). 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.

At-the-market (ATM) Offering: On June 11, 2019, the Company entered into a Distribution Agreement with Raymond James & Associates, Inc. (“Agent”), pursuant to which the Company may sell from time to time, through the Agent, shares of Common Stock (the “Shares”), having an aggregate offering price of up to $20,000 (the “ATM Offering”). Sales of the Shares, if any, will be made by any method permitted by law that is deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act, including, without limitation, sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Shares, through a market maker or as otherwise agreed by the Company and the Distribution Agent.

The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Distribution Agreement or terminate the Distribution Agreement in accordance with its terms. Agent will be entitled to a fixed commission of 3.0% of the aggregate gross proceeds from the Shares sold. The Shares will be issued pursuant to the Company’s existing shelf registration statement on Form S-3 (File No. 333-225517) (the “Registration Statement”), which was filed with the SEC and declared effective by the SEC on June 29, 2018, and the Prospectus Supplement to the Registration Statement filed June 11, 2019.

As of June 30, 2019, no Shares were issued or sold under the Distribution Agreement.

Since its inception the Company has raised approximately $59,000, 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.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 8 - STOCK CAPITAL (Cont.):

Stock Plans:

As of June 30, 2019, 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 4,000,000 shares of Common Stock available for issuance.

As of June 30, 2019, 2,283,308 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:

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, July 26, 2018, and is entitled to receive on each anniversary thereafter (provided he remains Chief Executive Officer), a grant of 31,185 shares of restricted stock, each of which vests as to twenty-five percent (25%) of the award on the first, second, third and fourth anniversary of the date of grant and is subject to accelerated vesting upon a Change of Control (as defined in the Lebovits employment agreement) of the Company; and (iii) was granted on July 26, 2017 a fully vested and exercisable option 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.

Dr. Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, received on March 6, 2017, March 6, 2018 and March 6, 2019, and is entitled to receive on each anniversary thereafter (provided he remains employed by the Company), a grant of 35,885 shares of restricted stock, each of which vests as to twenty-five percent (25%) of the award on the first, second, third and fourth anniversary of the date of grant and is subject to accelerated vesting upon a Change of Control (as defined in the agreement) of the Company.

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 until the 2nd anniversary of the date of grant, when it expired unexercised.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 8 - STOCK CAPITAL (Cont.):

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

Employees (Cont.):

Uri Yablonka, the Company’s Executive Vice President, Chief Business Officer and director is granted a stock option for the purchase of up to 13,333 shares of Common Stock on the first business day after each annual meeting of stockholders (or special meeting in lieu thereof) of the Company (including on November 10, 2017 and November 30, 2018), each with an exercise price per share of $0.75, and each of which vests and becomes exercisable in 12 monthly installments. 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, which fully vested on April 1, 2018. On November 20, 2017 the Company also granted to Mr. Rubin an option to purchase up to 93,686 shares of Common Stock, at an exercise price per share equal to $4.30 per share, which shall vest and become exercisable as to 25% of the shares underlying the Option on each of the first, second, third and fourth anniversary of the date of grant, subject to accelerated vesting upon a Change of Control of the Company or a Material Secondary Public Offering of the Company (each as defined in Mr. Rubin’s employment agreement).

On August 28, 2018, the Company granted Arturo Araya, Chief Commercial Officer of the Company an option to purchase 200,000 shares of Common Stock, at an exercise price of $3.98 per share. 25% of the grant shall vest and become exercisable on each of the first, second, third and fourth anniversaries of the grant date and subject to accelerated vesting upon a Change of Control (as defined in the agreement). On August 28, 2018, Mr. Araya resigned from the GNC Committee, and the restricted stock previously granted to him in connection with his service on the Board and the GNC Committee ceased vesting.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

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 directors of the Company, except that certain non-employee directors receive 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, 2019, the following equity grants were made under the 2014 Plans to eligible directors:

On February 22, 2019 Dr. Anthony J. Polverino received 3,501 shares of restricted stock for his service as a director.

Restricted Stock:

The Company awards stock and restricted stock to certain employees, officers, directors, and/or service providers. The restricted stock vests in accordance with such conditions and restrictions determined by the GNC Committee. These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified restricted period. The purchase price (if any) of shares of restricted stock is determined by the GNC Committee. If the performance goals and other restrictions are not attained, the grantee will automatically forfeit their unvested awards of restricted stock to the Company. Compensation expense for restricted stock is based on fair market value at the grant date.

	Number of Shares of Restricted Stock		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (Years)
Nonvested as of December 31, 2018		152,908		3.96		1.56
Granted		45,294		3.91
Vested		34,695		3.67
Forfeitures		-		-
Nonvested as of June 30, 2019		163,507		4.01		1.52

Compensation expense recorded by the Company in respect of its stock and restricted stock awards to certain employees, officers, directors, and/or service providers for the six months ended June 30, 2019 amounted to $84.

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

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, 2019
	Amount of options *			Weighted average exercise price		Aggregate intrinsic value
				$		$
Outstanding at beginning of period		1,496,287			3.0581
Granted		-			-
Exercised		(5,333	)		1.0050
Cancelled		(247,847	)		4.1235
Outstanding at end of period		1,243,107			2.8545		1,361,805
Vested and expected-to-vest at end of period		806,731			2.2396		1,379,842

* Represents Employee Stock Options only (not including RSUs).

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 8 - STOCK CAPITAL (Cont.):

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

Directors (Cont.):

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, 2019, 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 six months ended June 30, 2019 and 2018 amounted to $365 and $363, respectively.

Shares and options to service providers:

On March 26, 2019, the Company issued to its legal advisor 5,908 shares of Common Stock under the 2014 U.S. Plan for certain 2018 legal services. The related compensation expense was recorded as general and administrative expense in 2018.

On May 23, 2019, the Company granted to a former director, in consideration for services rendered to the Company, an option under the 2014 Global Plan to purchase up to 4,167 shares of Common Stock with an exercise price per share of $0.75. The option was fully vested and exercisable as of the date of grant.

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,
	2019		2018
Research and development		60		48
General and administrative		330		315
Total stock-based compensation expense		390		363

BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES

U.S. dollars in thousands

(Except share data and exercise prices)

Notes to the Interim Condensed Consolidated Financial Statements

NOTE 9 - SUBSEQUENT EVENTS

Subject to limited exceptions, for the 90 days following the date of the Warrant Exercise Agreement, 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 the Holders of a majority of the New 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 2018 Warrants with more favorable terms, without the consent of the Holders of a majority of the warrant shares then exercisable under all outstanding August 2019 Warrant Exercise Agreements.

The Company also agreed to file a registration statement covering the resale of the additional shares of Common Stock underlying the New Warrants. 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. 333-225995). The issuance of the Exercised Shares and New Warrants is 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.

As of August 5, 2019, total Cash and Cash equivalents was approximately $4.5 million.

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 2019 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, 2018. 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, 2018, 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 leading biotechnology company committed to the development and commercialization of best-in-class autologous cellular therapies for the treatment of neurodegenerative diseases including: Amyotrophic Lateral Sclerosis (“ALS”, also known as Lou Gehrig’s disease); Progressive Multiple Sclerosis (“PMS”); and Parkinson’s disease (“PD”).

NurOwn® leverages innovative and proprietary cell culture methods to induce autologous bone marrow-derived mesenchymal stem cells (MSCs) to secrete high levels of neurotrophic factors (NTFs), modulate neuroinflammatory and neurodegenerative disease processes, promote neuronal survival and improve neurological function.

NurOwn® is currently being evaluated in Phase 3 ALS and Phase 2 PMS clinical trials. Both clinical trials are actively enrolling participants in the U.S. and are expected to generate top-line data in the second half of 2020.

Our wholly-owned Israeli subsidiary, Brainstorm Cell Therapeutics Ltd. (“Israeli Subsidiary”), holds exclusive rights to commercialize NurOwn® technology through a licensing agreement with Ramot, the technology transfer company of Tel Aviv University, Israel.

The Israeli Subsidiary was granted approval by the Israeli Ministry of Health (“MOH”) to treat ALS patient access with NurOwn® under the Hospital Exemption Pathway (“HE”).

	·	NurOwn® has a strong and comprehensive intellectual property portfolio.

NurOwn® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA) and Orphan Drug status by the FDA and the European Medicines Agency (EMA) for ALS. For more information, visit Brainstorm's website at www.brainstorm-cell.com.

Brainstorm Cell Therapeutics Inc. currently employs 32 employees in the United States and in Israel. Brainstorm’s R&D center is in Petach Tikva, Israel.

Recent Highlights

The Company has made significant progress in the past 12 months advancing the NurOwn^® ALS Phase 3 clinical trial at all 6 U.S. investigative sites (Mass General Hospital, UMass, Mayo Clinic, CPMC, Cedars Sinai and UC Irvine). Over 75% of the participants in this randomized, double-blind, placebo-controlled, repeat-dose clinical trial has been enrolled. This clinical trial builds upon promising efficacy seen in 3 prior early-stage ALS clinical trials, including a U.S. randomized placebo-controlled Phase 2 trial. We expect to complete NurOwn® ALS Phase 3 study enrollment by the end of the third quarter of 2019 and the trial is expected to generate data to support the FDA BLA filing of NurOwn® in ALS in the second half of 2020.

The Company was granted FDA approval in December 2018 for the IND Application of NurOwn^®in Progressive Multiple Sclerosis (PMS) (www.clinicalTrials.gov Identifier NCT03799718). The study entitled ‘A Phase 2, open-label, multicenter study to evaluate the safety and efficacy of repeated administration of NurOwn® (Autologous Mesenchymal Stem Cells Secreting Neurotrophic Factors; MSC-NTF cells) in participants with Progressive Multiple Sclerosis (MS)’ will be conducted at 5 leading U.S. MS centers. As of the quarter ending June 30 2019, the first three (3) study participants have been enrolled in the study. Enrollment will proceed through the fourth quarter of 2019 as planned.

On April 30, 2019, the Company announced that it has expanded its proprietary cellular technology platform to include NurOwn®-derived exosomes (extracellular vesicles) for potential development across a broad range of CNS (Central Nervous System) disorders.

Since May 2019, following the approval by the MOH to support the treatment of 13 ALS patients with NurOwn® under the Israeli Hospital Exemption (HE) regulatory pathway, the Company has enrolled six (6) patients under the HE pathway. Thus far, the Company received approximately $1 million in connection with the treatment for the aforementioned patients.

On June 11, 2019, we established an at-the-market Common Stock offering program (the “ATM Program”) to sell shares of our Common Stock, having an aggregate offering price of up to $20 million. This program provides additional financial flexibility and an alternative mechanism to access the capital markets at an efficient cost as and when the Company needs financing.

NurOwn® Proprietary Technology

NurOwn® technology is based on an innovative and proprietary manufacturing protocol, which induces the differentiation of purified and expanded bone marrow-derived mesenchymal stem cells (“MSC”) and consistently generates cells that release high levels of multiple neurotrophic factors (“MSC-NTF” cells) to modulate neuroinflammatory and neurodegenerative disease processes, promote neuronal survival and improve neurological function. These neurotrophic factors, that are known to be critical for the growth, survival and differentiation of neurons, 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 for peripheral motor neurons. VEGF and HGF have demonstrated important neuroprotective effects in ALS and other neurodegenerative diseases. Neuroinflammation is a prominent and early feature of ALS and other neurodegenerative diseases, as well as of Progressive MS.

NurOwn® manufacturing involves a multi-step process that includes: harvesting the patient's own bone marrow; processing and isolating the undifferentiated stem cells at the manufacturing site and cryopreserving the MSC to enable multiple treatments from a single bone marrow aspiration. In advance of each treatment cycle, the MSC are thawed differentiation is induced; and MSC-NTF cells are injected by intrathecal (“IT”) administration of into the same patient by a standard lumbar puncture. This administration procedure has been shown to be safe and well tolerated in multiple CNS clinical trials to date. The ongoing NurOwn® U.S. Phase 3 ALS and Phase 2 MS studies are evaluating the therapeutic potential of repeated IT dosing (three doses at bi-monthly intervals).

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 autologous adult mesenchymal stem cells into differentiated MSC-NTF cells makes NurOwn® uniquely suited for the treatment of neurodegenerative diseases.

The specialized MSC-NTF cells secrete multiple neurotrophic factors and immunomodulatory cytokines that may result in:

Protection of existing neurons;

Promotion of neuronal repair;

Neuronal functional improvement; and

Immunomodulation and reduced neuroinflammation.

Autologous (Self-transplantation)

The NurOwn® technology platform is autologous, using the patient’s own bone-marrow derived stem cells for “self-transplantation.” In autologous transplantation, there is no introduction of unrelated donor antigens that may lead to alloimmunity, no risk of rejection 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 several ethical concerns associated with the use of embryonic-derived stem cells in some countries.

The ALS Clinical 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 Drug Status, in the U.S. and Europe, which provides the potential for an extended period of exclusivity. 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 trial at three prestigious U.S. Medical centers, all highly experienced in the management and investigation of ALS.

Phase 1/2 ALS Open Label Trials

The first two open-label trials were approved by the Israeli Ministry of Health (“MoH”). The first-in-human trial, a Phase 1 safety and efficacy trial 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 preliminary signs of efficacy.

In January 2016, the results of the two completed Phase 1/2 study and Phase 2 open label trials were published in JAMA Neurology. This demonstrated a slower rate of disease progression following MSC-NTF cell transplantation as measured by the ALS Functional Rating Score (“ALSFRS-R”), the gold standard for the evaluation of ALS functional status, and Forced Vital Capacity (“FVC”), a measure of pulmonary function, as well as positive trends in the rate of decline of muscle volume and the compound motor axon potential (“CMAPs”). This was the first published clinical data using autologous mesenchymal stem cells, induced under culture conditions to produce NTFs, with the potential to deliver a combined neuroprotective and immunomodulatory therapeutic effect in ALS and potentially modify the course of this disease.

Phase 2 ALS Randomized Trial

The Phase 2 U.S. study was conducted under an FDA Investigational New Drug (“IND”) application. This 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 trial, 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® achieved multiple secondary efficacy endpoints, showing evidence of a clinically meaningful benefit. Notably, response rates in the ALS functional rating scale (48-point ALSFRS-R outcome measure) were higher in NurOwn®-treated participants, compared to placebo, at all study timepoints over 24 weeks.

A pre-specified responder analysis examined percentage improvements in the post treatment ALSFRS-R slope (rate of disease progression as measured by ALSFRS-R change/month) compared to pre-treatment slope and demonstrated that a higher proportion of NurOwn® treated participants achieved a 100% improvement in the post-treatment vs. pre-treatment slope, compared to the placebo group. This analysis also demonstrated 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 to the placebo group.

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

As an important confirmation of NurOwn®’s mechanism of action, levels of neurotrophic factors and inflammatory markers were measured in the cerebrospinal fluid (“CSF”) samples collected from participants pre- and two weeks post-treatment. In the samples of those participants 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 were observed post-transplantation. Furthermore, the observed reduction in inflammatory markers correlated with ALS functional improvements. These clinical-biomarker correlations were not seen in placebo-treated participants, consistent with the proposed combined neuroprotective and immunomodulatory mechanism of action of NurOwn® in ALS.

In summary, a higher proportion of NurOwn® treated participants, particularly those with more rapid disease progression, experienced stabilization or improvement in ALS 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 ALS Clinical Trial

Following successful completion of the Phase 2 study, the Company is currently enrolling a Phase 3 trial (a multi-dose double-blind, placebo-controlled, multicenter trial protocol) that has been designed to generate data to support a Biologic License Application (“BLA”) for NurOwn® in ALS. The clinical trial is actively enrolling an enriched clinical trial population of rapid progressors (~50% of ALS patients) based on superior outcomes observed in Phase-2 in this pre-specified sub-group.

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: 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 Cedars Sinai Medical Center in Los Angeles. All 6 sites are actively enrolling study participants.

The independent Data Safety Monitoring Board (“DSMB”) for the study completed its pre-specified interim analysis of safety outcomes for the first 31 participants treated with NurOwn® in the Phase 3 trial in ALS (www.clinicaltrials.gov Identifier NCT03280056) in August, 2018. The DSMB indicated there were no significant safety concerns and recommended that the trial continue, as planned without any modifications to the study protocol.

Top-line efficacy data is expected in the second half of 2020.

The Company has developed a validated cryopreservation process for the long-term storage of MSC, that allows multiple doses of NurOwn® to be created from a single bone marrow aspirate in the multi-dose clinical trial and to 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 also been contracted to manufacture NurOwn® and placebo for Phase 3 clinical study participants, and commenced manufacturing in October 2018. The two manufacturing facilities are also manufacturing NurOwn® for the Phase 2 study in progressive MS.

Patient Access Programs (ALS)

The Company collaboratively with the Tel Aviv Sourasky Medical Center (Ichilov Hospital), was approved to treat 13 ALS patients with NurOwn®, under the Israel Hospital Exemption regulatory pathway for Advanced Therapy Medicinal Products (ATMP), which was adopted by the Israeli Ministry of Health (MoH) from the European Medicine Agency (EMA) regulation. This pathway will enable the Company to make NurOwn® accessible to ALS patients in Israel, for a fee.

NurOwn in Progressive Multiple Sclerosis

On December 15, 2018, the FDA approved the Company's IND to conduct a Phase 2 open label trial of repeated intrathecal administration of NurOwn® in progressive MS (www.clinicaltrials.gov Identifier NCT03799718). The study entitled ‘A Phase 2, open-label, multicenter study to evaluate the safety and efficacy of repeated administration of NurOwn® (Autologous Mesenchymal Stem Cells Secreting Neurotrophic Factors; MSC-NTF cells) in participants with Progressive Multiple Sclerosis (MS)’ will recruit 20 progressive MS patients at 5 leading US MS centers. The trial enrolled the first 4 study participants in the first half of 2019 and is expected to generate top line data in the second half of 2020.

Non-Dilutive Funding

In July 2017, the Company was awarded a grant in the amount of $15,912,000 from the California Institute for Regenerative Medicine (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 $12,550,000 of the CIRM grant: $9,050,000 from 2017 through 2018, and an additional $3,500,000 in 2019. The grant does not bear a royalty payment commitment nor is the grant otherwise refundable.

In 2018 and 2019, the Company was awarded aggregate grants of approximately $3 million from the Israel Innovation Authority (“IIA”). To date the Company has received approximately $2.5 million from IIA, made under the 2019 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 14 granted patents, 2 allowed patents and 24 patent applications in the United States, Europe, and Israel, as well as in additional countries worldwide, including countries in East Asia and South America (in calculating the number of granted patents, each European patent validated in multiple jurisdictions is counted as a single patent).

In March 2019 the European Patent Office ("EPO") granted a European-wide patent titled 'Mesenchymal Stem Cells for the treatment of CNS Diseases.' The European Patent Application published in the European Patent Bulletin 19/13 on 27 March 2019, under Patent No. 2620493. The allowed claims cover the isolated cells as well as their use in the manufacture of a medicament for treating a CNS disease or disorder, selected from the group consisting of: Parkinson's, multiple sclerosis, epilepsy, amyotrophic lateral sclerosis, stroke, autoimmune encephalomyelitis, diabetic neuropathy, glaucomatous neuropathy, Alzheimer's disease and Huntingdon's disease.

On April 9, 2019 The Canadian Intellectual Property Office issued a Notice of Allowance for Canadian Patent Application No. 2,877,223 entitled ‘Methods of Generating Mesenchymal Stem Cells which secrete Neurotrophic Factors’. The allowed claims cover the method for generating the Mesenchymal Stem Cells Secreting Neurotrophic Factors (MSC-NTF cells).

Scientific presentations in 2019

On January 11, 2019, Dr. Ralph Kern provided an update on the Phase 3 pivotal trial of the autologous MSC-NTF Cellular Therapy (NurOwn®) in ALS at the 9th Annual California ALS Research Summit in Irvine, CA. The California ALS Research Summit is an annual meeting of researchers, investigators, clinicians, biotech companies, government representatives, partner organizations, and advocates in ALS and related fields in California

Two scientific abstracts were presented at the 71^st American Academy of Neurology (AAN) Annual Meeting in Philadelphia, PA, May 4-10, 2019. The scientific abstracts included: a detailed molecular characterization of enhanced neurotrophic factor production by NurOwn® (MSC-NTF cells); and correlations of cerebrospinal fluid biomarkers with clinical improvement that was selected by the AAN Science Committee, for a platform presentation at the prestigious Emerging Science Session. These findings contribute to our overall understanding of the mechanism of action of NurOwn® and provide further evidence linking ALS clinical outcomes to highly relevant disease biomarkers.

On May 31, 2019, the World Multiple Sclerosis (MS) Day, a global event that raises awareness of the invisible symptoms of MS, Brainstorm presented a poster of the Company’s Phase 2 Open-Label, Multicenter Study of Repeated Intrathecal Administration of Autologous MSC-NTF cells in Progressive MS at the Annual Meeting of the Consortium of Multiple Sclerosis Centers (CMSC), in Seattle. CMSC is the largest North American gathering for healthcare professionals and researchers engaged in MS care. The poster presented the Phase 2 study design and population, as well as the study endpoints and its current status.

Research and Development

The Company is also reviewing the potential for clinical development of NurOwn® in other neurodegenerative disorders, such as Parkinson’s disease, and Huntington’s disease. Research is currently ongoing to develop additional specialized derivative cell products such as MSC-NTF derived Exosomes. Exosomes are extracellular vesicles (secreted by the cells) that carry various molecular components of their cell of origin, including nucleic acids, proteins and lipids. Exosomes can transfer molecules from one cell to another via membrane vesicle trafficking, thereby mediating cell-to-cell communication, ultimately regulating many cell processes, which are suitable for clinical applications in multiple neurodegenerative diseases. The research efforts focused on three levels:

1. Manufacturing of MSC-NTF exosomes: Develop and optimize cell culture processes to generate exosomes and develop scalable purification methods that can be applied to commercial use.

2. Characterization of MSC-NTF exosomes: Quantification, characterization of phenotype and exosome cargo.

3. Examination of MSC-NTF exosomes potency.

For the ongoing multidose clinical studies in ALS and MS, 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 NurOwn® 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, 2019, the Company has not earned any revenue from operations. The Company does not expect to earn revenue from operations until the second half of 2019, if ever. The Company has incurred operating costs and other expenses of approximately $4,857,000 during the three months ended June 30, 2019 compared to $3,087,000 during the three months through June 30, 2018. The increase of $1,770,000 is due to higher expenses in connection with the ongoing U.S. Phase 3 Clinical Trial.

Research and Development Expenses:

Research and development expenses, net for the three months ended June 30, 2019 and 2018 were $3,554,000 and $1,481,000, respectively, representing an increase of $2,073,000. This increase is due to (i) an increase of $3,050,000 in connection with the Phase 3 Clinical Trial; (ii) an increase of $220,000 in connection with materials, payroll and stock-based compensation expenses patents, and other activities. This increase was partially offset by (i) $900,000 received in connection with the treatment of patients under the hospital exemption regulatory pathway; (ii) an increase of $253,000 in participation of the Israel Innovation Authority (“IIA”) and CIRM in 2019, under various awarded grants; and (iii) a decrease of $44,000 for costs related to consultants, travel, rent and other costs.

Excluding participation from IIA and CIRM under the grants and proceeds received under the hospital exemption regulatory pathway, research and development expenses increased by $3,226,000 from $3,308,000 in the second quarter of 2018 to $6,535,000 in the second quarter of 2019.

General and Administrative Expenses:

General and administrative expenses for the three months ended June 30, 2019 and 2018 were $1,303,000 and $1,606,000, respectively. The decrease in general and administrative expenses of $303,000 is primarily due to a decrease of $411,000 in payroll, stock-based compensation, consultants and rent partially offset by an increase of $108,000 in travel and PR costs.

Other Income and Expenses:

Financial expense for the three months ended June 30, 2019 was $43,000 as compared to financial expense of $4,000 for the three months ended June 30, 2018 as a result of the adoption of the Accounting Standard Update ASU 2016-02 “Leases”.

Net Loss:

Net loss for the three months ended on June 30, 2019 was $4,900,000, as compared to a net loss of $3,091,000 for the three months ended June 30, 2018. Net loss per share for the three months ended June 30, 2019 and 2018 was $0.23 and $0.16, 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, 2019 was 21,703,001, compared to 19,505,157 for the three months ended June 30, 2018.

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.

Cash, Cash equivalents (including short-term bank deposits) amounted to approximately $2,701,000.

Net cash used in operating activities was $3,508,000 for the three months ended June 30, 2019. Cash used for operating activities was primarily attributed to cost of payroll, rent of clean rooms and materials for clinical trials, rent, legal expenses and public relations expenses. Net cash provided by investing activities was $1,391,000 for the three months ended June 30, 2019, representing net decrease in short-term interest-bearing bank deposits. Net cash provided by financing activities was $5,000 for the three months ended June 30, 2019 and is attributable to the exercise of options.

Our material cash needs for the next 24 months, assuming we do not expand our clinical trials beyond the current Phase 3 ALS and Phase 2 PMS trials in the United States, will include (i) costs of the clinical trials in the U.S., (ii) employee salaries, (iii) payments 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.

We have an effective shelf registration statement on file with the SEC (the “Registration Statement”) to offer and sell various securities from time to time. Under the Registration Statement, we have established an at-the-market common stock offering program (the “ATM Program”) to sell shares of common stock having an aggregate offering price of up to $20.0 million. During the quarter ended June 30, 2019, no sales were made under the ATM Program. This program provides additional financial flexibility and an alternative mechanism to access the capital markets at an efficient cost as and when we need financing. While we have not sold shares under the program to date, we currently intend to utilize the program when we believe the price we can obtain for our Common Stock is attractive.

On August 2, 2019, the Company entered into a Warrant Exercise Agreement which generated gross cash proceeds to the Company of approximately $3.3 million. Pursuant to the agreement, certain holders (the “Holders”) of warrants issued by the Company on June 6, 2018 (the “2018 Warrants”) agreed to exercise 842,000 shares of Common Stock of their 2018 Warrants, at an amended exercise price of $3.90 per share, and the Company agreed to issue new warrants to the Holders to purchase 842,000 shares of Common Stock, at an exercise price of $7.00, with an expiration date of December 31, 2021, and to amend the 2018 Warrants held by the Holders, to the extent not exercised, to reduce the exercise price to $7.00 per share and to extend the expiration date to December 31, 2021. For the 90 days following the date of the Warrant Exercise Agreement, 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 the Holders of a majority of the New Warrant shares. The Company also agreed to file a registration statement covering the resale of the additional shares of Common Stock underlying the New Warrants.

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, 2019. 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, 2018.

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 identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended June 30, 2019 that have 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, 2018. 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, 2018, 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, 2018, 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 5. Other Information.

During the quarter ended June 30, 2019, 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.

Item 6. Exhibits.

The following documents are filed as exhibits to this report:

		Filed (or Furnished)	Incorporated by Reference Herein
Exhibit Number	Description	with this Form 10-Q	Form	Exhibit & File No.	Date Filed
10.1	Distribution Agreement, dated June 11, 2019, by and between Brainstorm Cell Therapeutics Inc. and Raymond James & Associates, Inc.		8-K	1.1	June 11, 2019
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

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: August 13, 2019	By:	/s/ Eyal Rubin
		Name: Eyal Rubin
		Title: EVP, Chief Financial Officer (Principal Financial Officer)

EX-31.1 2 tv526318_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: August 13, 2019	/s/ Chaim Lebovits
	Name: Chaim Lebovits
	Title: President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 tv526318_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: August 13, 2019	/s/ Eyal Rubin
	Name: Eyal Rubin
	Title: EVP, Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 4 tv526318_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, 2019, 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, 2019 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, 2019 fairly presents, in all material respects, the financial condition and results of operations.

August 13, 2019	/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 5 tv526318_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, 2019 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, 2019 fairly presents, in all material respects, the financial condition and results of operations.

August 13, 2019	/s/ Eyal Rubin
	Name Eyal Rubin
	Title: EVP, Chief Financial Officer
	(Principal Financial Officer)

EX-101.INS 6 bcli-20190630.xml XBRL INSTANCE DOCUMENT 0001137883 us-gaap:RestrictedStockMember 2019-02-22 2019-02-22 0001137883 us-gaap:RetainedEarningsMember 2019-06-30 0001137883 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001137883 bcli:ReceiptsOnAccountOfSharesMember 2019-06-30 0001137883 us-gaap:RetainedEarningsMember 2018-12-31 0001137883 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001137883 bcli:ReceiptsOnAccountOfSharesMember 2018-12-31 0001137883 us-gaap:RetainedEarningsMember 2017-12-31 0001137883 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001137883 bcli:ReceiptsOnAccountOfSharesMember 2017-12-31 0001137883 us-gaap:CommonStockMember 2019-06-30 0001137883 us-gaap:CommonStockMember 2018-12-31 0001137883 us-gaap:CommonStockMember 2017-12-31 0001137883 us-gaap:ChiefExecutiveOfficerMember 2018-12-31 0001137883 bcli:ChiefCommercialOfficerMember 2018-08-28 0001137883 us-gaap:RestrictedStockMember us-gaap:PrivatePlacementMember 2017-07-01 2017-07-26 0001137883 us-gaap:EmployeeStockOptionMember 2018-12-31 0001137883 us-gaap:EmployeeStockOptionMember 2019-06-30 0001137883 bcli:GlobalPlanUnder2014FormerDirectorMember 2019-05-23 2019-05-23 0001137883 bcli:LegalAdvisorMember 2019-03-01 2019-03-26 0001137883 us-gaap:ChiefExecutiveOfficerMember 2018-01-01 2018-12-31 0001137883 us-gaap:ChiefFinancialOfficerMember 2017-11-01 2017-11-20 0001137883 us-gaap:PrivatePlacementMember us-gaap:ChiefExecutiveOfficerMember 2017-07-01 2017-07-26 0001137883 bcli:MrYablonkaMember bcli:ExecutiveVicePresidentChiefBusinessOfficerAndDirectorMember 2017-07-01 2017-07-13 0001137883 us-gaap:ChiefOperatingOfficerMember 2017-03-01 2017-03-06 0001137883 us-gaap:DirectorMember 2005-01-01 2015-12-31 0001137883 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001137883 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001137883 us-gaap:RestrictedStockMember 2019-06-30 0001137883 us-gaap:RestrictedStockMember 2018-12-31 0001137883 us-gaap:RestrictedStockMember us-gaap:ChiefOperatingOfficerMember 2017-02-07 2017-03-06 0001137883 bcli:ChiefCommercialOfficerMember 2018-08-03 2018-08-28 0001137883 us-gaap:RestrictedStockMember us-gaap:ChiefExecutiveOfficerMember 2018-03-01 2018-03-06 0001137883 us-gaap:RestrictedStockMember us-gaap:ChiefFinancialOfficerMember 2017-11-01 2017-11-20 0001137883 us-gaap:RestrictedStockMember us-gaap:ChiefExecutiveOfficerMember 2017-07-01 2017-07-26 0001137883 us-gaap:RestrictedStockMember 2019-01-01 2019-06-30 0001137883 us-gaap:ResearchAndDevelopmentExpenseMember 2019-01-01 2019-06-30 0001137883 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-06-30 0001137883 us-gaap:ResearchAndDevelopmentExpenseMember 2018-01-01 2018-06-30 0001137883 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-06-30 0001137883 us-gaap:SubsequentEventMember 2019-08-02 2019-08-02 0001137883 bcli:TwoThousandFifteenWarrantsMember 2018-06-01 2018-06-06 0001137883 2018-06-01 2018-06-06 0001137883 bcli:AtMarketOfferingMember 2019-06-11 2019-06-11 0001137883 bcli:CaliforniaInstituteOfRegenerativeMedicineMember 2019-01-01 2019-06-30 0001137883 bcli:CaliforniaInstituteOfRegenerativeMedicineMember 2018-01-01 2018-12-31 0001137883 bcli:CityOfHopeMember 2018-01-01 2018-12-31 0001137883 us-gaap:AccountingStandardsUpdate201602Member 2019-06-30 0001137883 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001137883 2017-07-31 0001137883 bcli:GlobalShareOptionPlan2014AndUSStockOptionAndIncentivePlan2014Member 2019-06-30 0001137883 us-gaap:ChiefOperatingOfficerMember 2014-06-06 0001137883 2018-06-06 0001137883 bcli:TwoThousandEighteenWarrantsMember us-gaap:SubsequentEventMember 2019-08-02 0001137883 bcli:NewWarrantMember us-gaap:SubsequentEventMember 2019-08-02 0001137883 us-gaap:SubsequentEventMember 2019-08-02 0001137883 bcli:TwoThousandFifteenWarrantsMember 2018-06-06 0001137883 bcli:NewWarrantMember 2018-06-06 0001137883 2019-03-31 0001137883 2018-06-30 0001137883 2018-03-31 0001137883 2017-12-31 0001137883 us-gaap:SubsequentEventMember 2019-08-05 0001137883 us-gaap:ChiefOperatingOfficerMember 2014-05-07 2014-06-06 0001137883 2019-08-07 0001137883 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001137883 bcli:ReceiptsOnAccountOfSharesMember 2019-01-01 2019-06-30 0001137883 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001137883 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001137883 bcli:ReceiptsOnAccountOfSharesMember 2018-01-01 2018-12-31 0001137883 2018-01-01 2018-12-31 0001137883 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001137883 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001137883 srt:MinimumMember 2019-06-30 0001137883 srt:MaximumMember 2019-06-30 0001137883 srt:MinimumMember 2018-12-31 0001137883 srt:MaximumMember 2018-12-31 0001137883 2019-06-30 0001137883 2018-12-31 0001137883 2019-06-11 2019-06-11 0001137883 2019-04-01 2019-06-30 0001137883 2018-04-01 2018-06-30 0001137883 2018-01-01 2018-06-30 0001137883 2019-01-01 2019-06-30 iso4217:USD xbrli:shares xbrli:shares xbrli:pure iso4217:USD <div> <div> 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 $12,550 and $9,050 related to the project was received through June 30, 2019 and December 31, 2018, respectively. The award does not bear a royalty payment commitment nor is the award otherwise refundable. $3,290 and $6,267 was recorded as participation by CIRM in research and development expenses during the six months ended in June 30, 2019 and during the year ended December 31, 2018, respectively. <div /></div> </div> -5000 4000 142000 43000 0.03 -295000 -411000 -648000 801000 -740000 683000 0 -511000 5000 0 0 0 622000 758000 0.0315 0.0005 0.0315 0.0005 0.05 0.03 <div> <div> NOTE 5 - PREPAID EXPENSES In November 2017, the Company 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. In 2017 the Company made an advance payment to COH of $2,665. The advance payment was recorded as prepaid expense and is amortized over the term of the agreement. As of December 31, 2018, $1,103 and $276 were recorded as current and long-term prepaid expense, respectively. As of June 30, 2019,  $827 were recorded as current prepaid expense. <div /></div> </div> 4408000 0 <div> <div> NOTE 3 - RESEARCH AND LICENSE AGREEMENT The Company entered into a Research and License Agreement, as amended and restated, with Ramot (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: <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 18.00pt;"> a) </td><td style="width:0pt;"></td><td align="left" valign="top"> 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</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 18.00pt;"> b) </td><td style="width:0pt;"></td><td align="left" valign="top"> 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.</td></tr></table></div> Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement. <div /></div> </div> P15Y <div> <div> 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 style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Six months ended </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30,  </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 60 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 48 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 330 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 315 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total stock-based compensation expense </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 390 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 363 </td> </tr> </table></div>   <div /></div> </div> <div> <div> NOTE 4 - SHORT TERM INVESTMENTS Short term investments on June 30, 2019 and December 31, 2018 include bank deposits bearing annual interest rates varying from 0.05% to 3.15%, with maturities of up to 4 months as of June 30, 2019 and December 31, 2018. <div /></div> </div> 1558202 899999 12040000 4408000 7632000 0 -4408000 4408000 <div> <div> Supplemental cash flow information related to operating leases was as follows (unaudited): <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Six Months Ended </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30,  </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash payments for operating leases </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 638 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> New operating lease assets obtained in exchange for operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,699 </td> </tr> </table></div>   <div /></div> </div> <div> <div> A.           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, 2018. Operating results for the three months ended June 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. <div /></div> </div> false --12-31 Q2 2019 2019-06-30 10-Q 0001137883 22550442 Yes false Non-accelerated Filer BRAINSTORM CELL THERAPEUTICS INC. false true BCLI 0.75

4548000

8765000

1042000

1020000

94620000

99423000

11228000

8864000

10270000

5535000

<div> <div> B.           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. <div /></div> </div>

<div> <div> NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES A.           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, 2018. Operating results for the three months ended June 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. B.           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. C.           Recent Accounting Standards 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 the Company 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 June 2018, the FASB issued ASU No. 2018‑07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505‑50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The ASU 2018‑07 does not have a material impact on the Company’s consolidated financial statements. On January 1, 2019 the Company adopted ASU 2016-02, "Leases" (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Results for the reporting period beginning January 1, 2019 are presented under ASU 2016-02, which requires, among other items, lessees to recognize a right-of-use asset (“ROU assets”) and lease liability for most leases. Upon adoption of the new lease standard, the Company recorded right of use assets of $3,197 and lease liabilities of $3,197 in connection with its operating leases. See Note 6 for additional information regarding our commitments under various lease obligations. Arrangements that are determined to be leases at inception are recognized in long-term ROU assets and long-term lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term. D.           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.   <div /></div> </div>

<div> <div> NOTE 1 - GENERAL <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> A. </td><td style="width:16pt;"></td><td align="left" valign="top"> 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. The Israeli Subsidiary formed a wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom on February 19,2013, which is currently inactive, and also formed wholly owned subsidiary, Advanced Cell Therapies Ltd. in Israel on June 21, 2018.</td></tr></table></div> The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol “BCLI”. <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> B. </td><td style="width:16pt;"></td><td align="left" valign="top"> 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 Gherig Disease), Progressive Multiple Sclerosis (PMS) 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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> C. </td><td style="width:16pt;"></td><td align="left" valign="top"> 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.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> D. </td><td style="width:16pt;"></td><td align="left" valign="top"> The Company made significant progress in 2018 advancing NurOwn®, its late stage differentiated mesenchymal stem cell therapy, into a Phase 3 trial for the treatment of ALS. Enrollment in this randomized, double-blind, placebo-controlled, multi-dose clinical trial of NurOwn® for ALS is now ongoing. This Phase 3 trial builds upon the promising efficacy seen in prior trials including the randomized Phase 2 trial conducted in the U.S.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> E. </td><td style="width:16pt;"></td><td align="left" valign="top"> The Phase 3 ALS trial pre-specified interim safety analysis by an independent Data Safety Monitoring Board (DSMB) was successfully completed in August 2018.</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> F. </td><td style="width:16pt;"></td><td align="left" valign="top"> The Company was granted FDA clearance for its NurOwn® IND Application for Progressive Multiple Sclerosis indication (ClinicalTrials.gov Identifier NCT03799718).</td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"></td><td valign="top" align="left" style="width: 20.00pt;"> G. </td><td style="width:16pt;"></td><td align="left" valign="top"> The Company received Good Manufacturing Practice (GMP) approval from the Israel Ministry of Health (MoH) for our Israeli contract manufacturing facility at the Hadassah Medical Center in Jerusalem. The GMP certificate confirms the Company’s manufacturing site compliance with Israeli GMPs which are recognized as equivalent to EU standards.</td></tr></table></div> GOING CONCERN: To date the Company has not generated revenues from its operational 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. <div /></div> </div>

942000

1126000

4500000

2483000

3246000

2262000

942000

3238000

1126000

-221000

-984000

184000

-2112000

7.00

3.90

2458201

842000

13333

2283308

0.00005

100000000

20757816

21708442

20757816

21708442

11000

56000

31000

77000

33000

2936000

1606000

2775000

1303000

15912000

-0.28

-0.16

-0.47

-0.23

2758000

921000

4217000

3736000

586000

964000

114000

-1162000

25000

<div> <div> NOTE 6 - LEASES On January 1, 2019 the Company adopted ASU 2016‑02, Leases (Topic 842) (“ASU 2016‑02”) using the modified retrospective approach for all lease arrangements at the beginning of the period of adoption. Leases existing for the reporting period beginning January 1, 2019 are presented under ASU 2016‑02. The Company leases facilities, clinical research rooms, and vehicles under operating leases. At June 30, 2019, the Company’s ROU assets and lease liabilities for operating leases totaled $2,699 and $2,837, respectively. The impact of adopting the new lease standard was not material to the Company’s condensed consolidated statement of operations for the periods presented. Supplemental cash flow information related to operating leases was as follows (unaudited): <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Six Months Ended </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30,  </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:16.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Cash payments for operating leases </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 638 </td> </tr> <tr> <td valign="bottom" style="width:80.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> New operating lease assets obtained in exchange for operating lease liabilities </td> <td valign="bottom" style="width:02.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:14.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,699 </td> </tr> </table></div>   As of June 30, 2019, the Company's operating leases had a weighted average remaining lease term of 2.46 years and a weighted average discount rate of 8.25%. Future lease payments under operating leases as of June 30, 2019 were as follows (unaudited): <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Operating Leases </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Remainder of 2019 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 647 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,277 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,208 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total future lease payments </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 3,132 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less imputed interest </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (295) </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total lease liability balance </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,837 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> Future lease payments under operating leases as of June 30, 2019 were as follows (unaudited): <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td colspan="2" valign="bottom" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Operating Leases </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Remainder of 2019 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 647 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2020 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,277 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2021 </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,208 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total future lease payments </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 3,132 </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Less imputed interest </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (295) </td> </tr> <tr> <td valign="bottom" style="width:83.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total lease liability balance </td> <td valign="bottom" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2,837 </td> </tr> </table></div>   <div /></div> </div>

295000

6212000

13380000

11228000

8864000

6212000

10543000

2837000

P4M

12019000

11994000

5000

-10169000

-13033000

4522000

1391000

-2071000

55000

-4343000

-3508000

-5389000

-13948000

-3091000

-9927000

-4900000

<div> <div> C.           Recent Accounting Standards 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 the Company 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 June 2018, the FASB issued ASU No. 2018‑07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505‑50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The ASU 2018‑07 does not have a material impact on the Company’s consolidated financial statements. On January 1, 2019 the Company adopted ASU 2016-02, "Leases" (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Results for the reporting period beginning January 1, 2019 are presented under ASU 2016-02, which requires, among other items, lessees to recognize a right-of-use asset (“ROU assets”) and lease liability for most leases. Upon adoption of the new lease standard, the Company recorded right of use assets of $3,197 and lease liabilities of $3,197 in connection with its operating leases. See Note 6 for additional information regarding our commitments under various lease obligations. Arrangements that are determined to be leases at inception are recognized in long-term ROU assets and long-term lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term. <div /></div> </div>

2009000

1917000

-5394000

-3087000

-9785000

-4857000

138000

44000

2837000

3197000

2837000

638000

2699000

3197000

3132000

1277000

1208000

647000

0.0825

P2Y5M16D

958000

3329000

9904000

12818000

-4547000

-1412000

260000

215000

25000

21000

2665000

307000

31000

1197000

917000

1103000

827000

276000

9050000

12550000

59000000

20000

25000

5000

11994000

12040000

12291000

3300000

651000

599000

6267000

3290000

2458000

1481000

7010000

3554000

-94023000

-103950000

2699000

<div> <div> <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Remaining </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Number of Shares </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Contractual </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> of Restricted </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Grant Date Fair </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Term </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Stock </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Years) </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Nonvested as of December 31, 2018 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 152,908 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.96 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.56 </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 45,294 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 3.91 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Vested </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 34,695 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.67 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Forfeitures </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Nonvested as of June 30, 2019 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 163,507 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4.01 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.52 </td> </tr> </table></div>   <div /></div> </div>

<div> <div> A summary of the Company’s option activity related to options to employees and directors, and related information is as follows: <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:40.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> For the Six months ended </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:40.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2019 </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> average </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Aggregate </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amount of </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> exercise </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> intrinsic </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> options * </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> price </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> value </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> $ </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> $ </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Outstanding at beginning of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,496,287 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.0581 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,333) </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.0050 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cancelled </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (247,847) </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 4.1235 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Outstanding at end of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,243,107 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2.8545 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,361,805 </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Vested and expected-to-vest at end of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 806,731 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2.2396 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,379,842 </td> </tr> </table></div>   *  Represents Employee Stock Options only (not including RSUs). <div /></div> </div>

363000

315000

48000

390000

330000

60000

84000

0.25

35885

31185

25000

45294

3.91

152908

163507

3.96

4.01

P1Y6M22D

P1Y6M7D

34695

3.67

4000000

247847

42293

5908

402778

47847

5543

41580

93686

369619

200000

5908

4167

1361805

1496287

1243107

3.0581

2.8545

1379842

806731

2.2396

1.0050

4.1235

1.34

4.18

4.81

4.30

0.75

3.98

2.45

18976169

20757816

21708442

6122000

1575000

102000

25000

5880000

85944000

11000

-80075000

5016000

4408000

94620000

11000

-94023000

-4516000

99423000

11000

-103950000

<div> <div> 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 stockholder 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: Warrant Exercise Agreement: 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 ($12,040 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”). 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. The New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The shares issuable upon exercise of the New Warrants have been registered for resale on the Company’s registration statement on Form S‑3 (File No. 333‑225995). 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. At-the-market (ATM) Offering: On June 11, 2019, the Company entered into a Distribution Agreement with Raymond James & Associates, Inc. (“Agent”), pursuant to which the Company may sell from time to time, through the Agent, shares of Common Stock (the “Shares”), having an aggregate offering price of up to $20,000 (the “ATM Offering”). Sales of the Shares, if any, will be made by any method permitted by law that is deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act, including, without limitation, sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Shares, through a market maker or as otherwise agreed by the Company and the Distribution Agent. The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Distribution Agreement or terminate the Distribution Agreement in accordance with its terms.  Agent will be entitled to a fixed commission of 3.0% of the aggregate gross proceeds from the Shares sold. The Shares will be issued pursuant to the Company’s existing shelf registration statement on Form S-3 (File No. 333-225517) (the “Registration Statement”), which was filed with the SEC and declared effective by the SEC on June 29, 2018, and the Prospectus Supplement to the Registration Statement filed June 11, 2019. As of June 30, 2019, no Shares were issued or sold under the Distribution Agreement. Since its inception the Company has raised approximately $59,000, 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, 2019, 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 4,000,000 shares of Common Stock available for issuance. As of June 30, 2019, 2,283,308 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: 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, July 26, 2018, and is entitled to receive on each anniversary thereafter (provided he remains Chief Executive Officer), a grant of 31,185 shares of restricted stock, each of which vests as to twenty-five percent (25%) of the award on the first, second, third and fourth anniversary of the date of grant and is subject to accelerated vesting upon a Change of Control (as defined in the Lebovits employment agreement) of the Company; and (iii) was granted on July 26, 2017 a fully vested and exercisable option 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. Dr. Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, received on March 6, 2017, March 6, 2018 and March 6, 2019, and is entitled to receive on each anniversary thereafter (provided he remains employed by the Company), a grant of 35,885 shares of restricted stock, each of which vests as to twenty-five percent (25%) of the award on the first, second, third and fourth anniversary of the date of grant and is subject to accelerated vesting upon a Change of Control (as defined in the agreement) of the Company. 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 until the 2nd anniversary of the date of grant, when it expired unexercised. Uri Yablonka, the Company’s Executive Vice President, Chief Business Officer and director is granted a stock option for the purchase of up to 13,333 shares of Common Stock on the first business day after each annual meeting of stockholders (or special meeting in lieu thereof) of the Company (including on November 10, 2017 and November 30, 2018), each with an exercise price per share of $0.75, and each of which vests and becomes exercisable in 12 monthly installments. 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, which fully vested on April 1, 2018. On November 20, 2017 the Company also granted to Mr. Rubin an option to purchase up to 93,686 shares of Common Stock, at an exercise price per share equal to $4.30 per share, which shall vest and become exercisable as to 25% of the shares underlying the Option on each of the first, second, third and fourth anniversary of the date of grant, subject to accelerated vesting upon a Change of Control of the Company or a Material Secondary Public Offering of the Company (each as defined in Mr. Rubin’s employment agreement). On August 28, 2018, the Company granted Arturo Araya, Chief Commercial Officer of the Company an option to purchase 200,000 shares of Common Stock, at an exercise price of $3.98 per share. 25% of the grant shall vest and become exercisable on each of the first, second, third and fourth anniversaries of the grant date and subject to accelerated vesting upon a Change of Control (as defined in the agreement). On August 28, 2018, Mr. Araya resigned from the GNC Committee, and the restricted stock previously granted to him in connection with his service on the Board and the GNC Committee ceased vesting. 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 directors of the Company, except that certain non-employee directors receive 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, 2019, the following equity grants were made under the 2014 Plans to eligible directors: -On February 22, 2019 Dr. Anthony J. Polverino received 3,501 shares of restricted stock for his service as a director. Restricted Stock: The Company awards stock and restricted stock to certain employees, officers, directors, and/or service providers. The restricted stock vests in accordance with such conditions and restrictions determined by the GNC Committee. These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified restricted period. The purchase price (if any) of shares of restricted stock is determined by the GNC Committee. If the performance goals and other restrictions are not attained, the grantee will automatically forfeit their unvested awards of restricted stock to the Company. Compensation expense for restricted stock is based on fair market value at the grant date. <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Remaining </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Number of Shares </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Contractual </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> of Restricted </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Grant Date Fair </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Term </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Stock </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Value </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> (Years) </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Nonvested as of December 31, 2018 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 152,908 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.96 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.56 </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 45,294 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 3.91 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Vested </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 34,695 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.67 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Forfeitures </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:53.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Nonvested as of June 30, 2019 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 163,507 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 4.01 </td> <td valign="bottom" style="width:02.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.52 </td> </tr> </table></div>   Compensation expense recorded by the Company in respect of its stock and restricted stock awards to certain employees, officers, directors, and/or service providers for the six months ended June 30, 2019 amounted to $84. A summary of the Company’s option activity related to options to employees and directors, and related information is as follows: <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:40.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> For the Six months ended </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:40.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30, 2019 </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> average </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Aggregate </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Amount of </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> exercise </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> intrinsic </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> options * </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> price </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> value </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> $ </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> $ </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Outstanding at beginning of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,496,287 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 3.0581 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">  — </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> (5,333) </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1.0050 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Cancelled </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> (247,847) </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 4.1235 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">    </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Outstanding at end of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,243,107 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 2.8545 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 1,361,805 </td> </tr> <tr> <td valign="bottom" style="width:56.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Vested and expected-to-vest at end of period </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 806,731 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2.2396 </td> <td valign="bottom" style="width:02.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:11.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 1,379,842 </td> </tr> </table></div>   *  Represents Employee Stock Options only (not including RSUs). 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, 2019, 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 six months ended June 30, 2019 and 2018 amounted to $365 and $363, respectively. Shares and options to service providers: On March 26, 2019, the Company issued to its legal advisor 5,908 shares of Common Stock under the 2014 U.S. Plan for certain 2018 legal services. The related compensation expense was recorded as general and administrative expense in 2018. On May 23, 2019, the Company granted to a former director, in consideration for services rendered to the Company, an option under the 2014 Global Plan to purchase up to 4,167 shares of Common Stock with an exercise price per share of $0.75. The option was fully vested and exercisable as of the date of grant. 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: <div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 80.00%;"> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Six months ended </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="3" valign="bottom" style="width:21.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> June 30,  </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2019 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">      </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2018 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 60 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 48 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 330 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 315 </td> </tr> <tr> <td valign="bottom" style="width:76.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Total stock-based compensation expense </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 390 </td> <td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:09.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 363 </td> </tr> </table></div>   <div /></div> </div>

3501

147820

39386

33332

5333

917000

365000

25000

5000

363000

136000

365000

53000

<div> <div> NOTE 9 - SUBSEQUENT EVENTS On August 2, 2019, the Company entered into a Warrant Exercise Agreement which generated gross cash proceeds to the Company of approximately $3.3 million.  Pursuant to the agreement, certain holders (the “Holders”) of warrants issued by the Company on June 6, 2018 (the “2018 Warrants”) agreed to exercise 842,000 shares of Common Stock of their 2018 Warrants, at an amended exercise price of $3.90 per share, and the Company agreed to issue new warrant shares to the Holders to purchase 842,000 shares of Common Stock (the “New Warrants”), at an exercise price of $7.00, with an expiration date of December 31, 2021. The 2018 Warrants held by the Holders, to the extent not exercised, were also amended to reduce the exercise price to $7.00 per share and to extend the expiration date to December 31, 2021. Subject to limited exceptions, for the 90 days following the date of the Warrant Exercise Agreement, 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 the Holders of a majority of the New 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 2018 Warrants with more favorable terms, without the consent of the Holders of a majority of the warrant shares then exercisable under all outstanding August 2019 Warrant Exercise Agreements. The Company also agreed to file a registration statement covering the resale of the additional shares of Common Stock underlying the New Warrants. 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. 333-225995). The issuance of the Exercised Shares and New Warrants is 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. As of August 5, 2019, total Cash and Cash equivalents was approximately $4.5 million. <div /></div> </div>

19277518

19505157

21312335

21703001

Represents an amount less than $1. Represents Employee Stock Options only (not including RSUs).

EX-101.SCH 7 bcli-20190630.xsd XBRL TAXONOMY EXTENSION SCHEMA 00100 - Statement - INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 40602 - Disclosure - LEASES - Future lease payments under operating leases (Details) link:presentationLink link:calculationLink link:definitionLink 40604 - Statement - LEASES (Details 1) Alternate 1 link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 40201 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - RESEARCH AND LICENSE AGREEMENT (Details) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - SHORT TERM INVESTMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - PREPAID EXPENSES (Details) link:presentationLink link:calculationLink link:definitionLink 40603 - Disclosure - LEASES - Additional information (Details) link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - DEFERRED GRANT INCOME (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - STOCK CAPITAL - Restricted Stock (Details) link:presentationLink link:calculationLink link:definitionLink 40802 - Disclosure - STOCK CAPITAL - Employee Stock Option (Details) link:presentationLink link:calculationLink link:definitionLink 40803 - Disclosure - STOCK CAPITAL - Stock-Based Compensation Expense (Details) link:presentationLink link:calculationLink link:definitionLink 40804 - Disclosure - STOCK CAPITAL - Additional information (Details) link:presentationLink link:calculationLink link:definitionLink 40901 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - GENERAL link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - RESEARCH AND LICENSE AGREEMENT link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - SHORT TERM INVESTMENTS link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - PREPAID EXPENSES link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - LEASES link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - DEFERRED GRANT INCOME link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - STOCK CAPITAL link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 20202 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 30603 - Disclosure - LEASES (Tables) link:presentationLink link:calculationLink link:definitionLink 30803 - Disclosure - STOCK CAPITAL (Tables) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - LEASES - Supplemental cash flow information related to operating leases (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 bcli-20190630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 bcli-20190630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 bcli-20190630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Document and Entity Information [Abstract] Document and Entity Information Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Current Reporting Status Trading Symbol Entity Small Business Entity Emerging Growth Company Entity Shell Company Entity Common Stock, Shares Outstanding INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] Assets [Abstract] ASSETS Assets, Current [Abstract] Current Assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Short-term Investments Short-term deposit (Note 4) Nontrade Receivables, Current Account receivable Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets (Note 5) Assets, Current Total current assets Assets, Noncurrent [Abstract] Long-Term Assets: Prepaid Expense and Other Assets Prepaid expenses and other long-term assets (Note 5) Operating Lease, Right-of-Use Asset Operating lease right of use asset Property, Plant and Equipment, Net Property and Equipment, Net Other Assets, Noncurrent Total long-term assets Assets Total assets Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current [Abstract] Current Liabilities: Accounts Payable, Current Accounts payable Accrued Liabilities, Current Accrued expenses The amount represents the other accounts payable current. Other Accounts Payable Current Other accounts payable Liabilities, Current Total current liabilities Liabilities, Noncurrent [Abstract] Long-Term Liabilities: Operating Lease, Liability, Noncurrent Operating lease liability Liabilities, Noncurrent Total long-term liabilities Liabilities Total liabilities Stockholders' Equity Attributable to Parent [Abstract] Stockholders' Equity: Common Stock, Value, Issued Stock capital: (Note 8) Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of June 30, 2019 and December 31, 2018; Issued and outstanding: 21,708,442 and 20,757,816 shares at June 30, 2019 and December 31, 2018, respectively. Additional Paid in Capital, Common Stock Additional paid-in-capital These lines are represents that shares receipts Receipts On Account Of Shares Receipts on account of shares Retained Earnings (Accumulated Deficit) Accumulated deficit Stockholders' Equity Attributable to Parent Balance Balance Total stockholders' equity (deficit) Liabilities and Equity Total liabilities and stockholders' equity 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 INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Operating Expenses [Abstract] Operating expenses: Research and Development Expense Research and development, net General and Administrative Expense General and administrative Operating Income (Loss) Operating loss Amount of financial expenses (income), net during the period. Financial Expenses Income Net Financial expenses (income), net Net Income (Loss) Attributable to Parent Net loss Net loss Net loss Income (Loss) from Continuing Operations, Per Basic and Diluted Share Basic and diluted net loss per share from continuing operations Weighted Average Number of Shares Outstanding, Basic and Diluted Weighted average number of shares outstanding used in computing basic and diluted net loss per share STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock [Member] Additional Paid In Capital [Member] Additional paid-in capital [Member] Receipts On Account Of Shares [Member] Receipts on account of shares [Member] Retained Earnings [Member] Accumulated Deficit [Member] Shares, Outstanding Balance (in shares) Balance (in shares) Stock Granted, Value, Share-based Compensation, Net of Forfeitures Stock-based compensation related to warrants and stock granted to service providers Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures Stock-based compensation related to warrants and stock granted to service providers (in shares) Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures Stock-based compensation related to stock and options granted to directors and employees Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures Stock-based compensation related to stock and options granted to directors and employees (in shares) Stock Issued During Period, Value, Stock Options Exercised Exercise of options Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Amount of options, Exercised Exercise of options (in shares) Value of stock issued in lieu of exercise and re-issuance of warrants. Stock Issued During Period Value Exercise And Reissuance Of Warrants Exercise and reissuance of warrants Number of stock issued in lieu of exercise and re-issuance of warrants. Stock Issued During Period Share Exercise And Reissuance Of Warrants Exercise and reissuance of warrants (in shares) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Depreciation Depreciation Issuance of Stock and Warrants for Services or Claims Shares and options granted to service providers Stock or Unit Option Plan Expense Stock-based compensation related to options granted to employees and directors Operating Lease, Expense Change in lease liability The increase (decrease) during the reporting period in accounts receivable and prepaid expenses. Increase Decrease In Accounts Receivable and Prepaid Expenses Decrease (Increase) in accounts receivable and prepaid expenses Increase (Decrease) in Accounts Payable, Trade Increase in accounts payables The increase (decrease) Deferred Grant Income during the reporting period. Increase Decrease In Deferred Grant Income Increase (decrease) in deferred grant income Increase (Decrease) in Other Accounts Payable and Accrued Liabilities Increase (decrease) in other accounts payable and accrued expenses 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 Amount of investment made in the form of lease deposit during the year. Investment In Lease Deposit Investment in lease deposit 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: Proceeds from Stock Options Exercised Proceeds from exercise of options Proceeds from Warrant Exercises Exercise and reissuance of warrants Net Cash Provided by (Used in) Financing Activities Total net cash provided by financing activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Increase (decrease) in cash and cash equivalents Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents at end of the period Cash and cash equivalents at the beginning of the period GENERAL Business Description and Basis of Presentation [Text Block] GENERAL BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Significant Accounting Policies [Text Block] BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES RESEARCH AND LICENSE AGREEMENT The entire disclosure on research and license agreement entered by the entity. Research and License Agreement [Text Block] RESEARCH AND LICENSE AGREEMENT SHORT TERM INVESTMENTS he entire disclosure of the components short-term investments. Short-term investments may include current marketable securities. Short Term Investments [Text Block] SHORT TERM INVESTMENTS PREPAID EXPENSES The entire disclosure for Prepaid Expenses. Prepaid Expenses Disclosures [Text Block] PREPAID EXPENSES LEASES Leases of Lessee Disclosure [Text Block] LEASES DEFERRED GRANT INCOME The entire disclosure for deferred grant income. Deferred Grant Income [Text Block] DEFERRED GRANT INCOME STOCK CAPITAL Stockholders' Equity Note Disclosure [Text Block] STOCK CAPITAL SUBSEQUENT EVENTS Subsequent Events [Text Block] SUBSEQUENT EVENTS Disclosure of accounting policy unaudited interim financial statements. Unaudited Interim Financial Statements Policy [Text Block] Unaudited Interim Financial Statements Basis of Accounting, Policy [Policy Text Block] Significant Accounting Policies New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Standards Use of Estimates, Policy [Policy Text Block] Use of estimates Tabular disclosure supplemental cash flow information related to leases, Supplemental Cash Flow Information Related To leases [Table Text Block] Schedule of supplemental cash flow information related to operating leases Lessee, Operating Lease, Liability, Maturity [Table Text Block] Schedule of future lease payments under operating leases Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] Schedule of share-based compensation expense for restricted stock Share-based Compensation, Stock Options, Activity [Table Text Block] Summary of the Company's option activity 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. Schedule Stock Awards Activity Related To Service Providers [Table Text Block] Schedule of total stock-based compensation expense Accounting Policies [Table] Adjustments for New Accounting Pronouncements [Axis] Type Of Adoption [Member] Type of Adoption [Domain] Accounting Standards Update201602 [Member] Accounting Standards Update 2016-02 [Member] Accounting Policies [Line Items] Operating Lease, Liability Total lease liability balance This element represents the percentage of all net sales royalty that the company will pay if the making, producing, manufacturing, using, marketing, selling, importing or exporting of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status. Percentage Of Royalty Payment If Licensed Product Covered By Valid Claim Or Orphan Drug Status Percentage Of Royalty Payment If Licensed Product Covered By Valid Claim Or Orphan Drug Status This element represents the percentage of all net sales royalty that the company will pay if the making, producing, manufacturing, using, marketing, selling, importing or exporting of such Licensed Product is not covered by a Valid Claim or is not covered by Orphan Drug Status. Percentage Of Royalty Payment If Licensed Product Not Covered By Valid Claim Or Orphan Drug Status The number of years in which the royalty o be paid . Royalty Payment, Number of Years to be Paid Range [Axis] Range [Member] Range [Domain] Minimum [Member] Minimum [Member] Maximum [Member] Maximum [Member] Cash and Cash Equivalents [Line Items] Percentage of interest-bearing bank deposits. Percentage Of Interest Bearing Bank Deposits Percentage of Interest Bearing Bank Deposits Maturity of Time Deposits Legal Entity [Axis] Entity [Domain] Entity [Domain] City Of Hope [Member] City of Hope [Member] Payments to Suppliers Prepaid Expense, Current Prepaid Expense, Noncurrent Operating Lease, Payments Cash payments for operating leases Right-of-Use Asset Obtained in Exchange for Operating Lease Liability New operating lease assets obtained in exchange for operating lease liabilities Operating Leases, Future Minimum Payments, Remainder of Fiscal Year Remainder of 2019 Operating Leases, Future Minimum Payments Due, Next Twelve Months 2020 Operating Leases, Future Minimum Payments, Due in Two Years 2021 Operating Leases, Future Minimum Payments Due Total future lease payments Lessee, Operating Lease, Liability, Undiscounted Excess Amount Less imputed interest Operating Lease, Weighted Average Remaining Lease Term Operating Lease, Weighted Average Discount Rate, Percent California Institute Of Regenerative Medicine [Member] California Institute Of Regenerative Medicine [Member] Proceeds from Grantors Grants Receivable Research and Development Arrangement, Contract to Perform for Others, Compensation Earned Award Type [Axis] Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] Equity Award [Domain] Restricted Stock [Member] Restricted Stock [Member] Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Number of Shares of Restricted Stock, Nonvested Number of Shares of Restricted Stock, Nonvested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Granted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Vested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value, Nonvested Weighted Average Grant Date Fair Value, Nonvested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Granted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Vested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms Weighted Average Remaining Contractual Term, Nonvested Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Employee Stock Option [Member] Employee Stock Option [Member] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Amount of options, Outstanding at end of period Amount of options, Outstanding at beginning of period Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Amount of options, Granted Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period Amount of options, Cancelled Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number Amount of options, Vested and expected-to-vest at end of period Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Weighted average exercise price, Outstanding at end of period (in dollars per share) Weighted average exercise price, Outstanding at beginning of period (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Weighted average exercise price, Granted (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Weighted average exercise price, Exercised (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Weighted Average exercise Price, Cancelled (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price Weighted average exercise price, Vested and expected-to-vest at end of period (in dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Aggregate intrinsic value, Outstanding at end of period (in dollars) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Aggregate intrinsic value, Vested and expected-to-vest at end of period (in dollars) Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Research And Development Expense [Member] Research and development [Member] General And Administrative Expense [Member] General and administrative [Member] EX-101.PRE 11 bcli-20190630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Aug. 07, 2019
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Trading Symbol	BCLI
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,550,442

XML 13 R2.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 1,126	$ 942
Short-term deposit (Note 4)	1,575	6,122
Account receivable	1,917	2,009
Prepaid expenses and other current assets (Note 5)	917	1,197
Total current assets	5,535	10,270
Long-Term Assets:
Prepaid expenses and other long-term assets (Note 5)	31	307
Operating lease right of use asset	2,699	0
Property and Equipment, Net	599	651
Total long-term assets	3,329	958
Total assets	8,864	11,228
Current Liabilities:
Accounts payable	8,765	4,548
Accrued expenses	1,020	1,042
Other accounts payable	758	622
Total current liabilities	10,543	6,212
Long-Term Liabilities:
Operating lease liability	2,837	0
Total long-term liabilities	2,837	0
Total liabilities	13,380	6,212
Stockholders' Equity:
Stock capital: (Note 8) Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of June 30, 2019 and December 31, 2018; Issued and outstanding: 21,708,442 and 20,757,816 shares at June 30, 2019 and December 31, 2018, respectively.	11	11
Additional paid-in-capital	99,423	94,620
Receipts on account of shares	0	4,408
Accumulated deficit	(103,950)	(94,023)
Total stockholders' equity (deficit)	(4,516)	5,016
Total liabilities and stockholders' equity	$ 8,864	$ 11,228

XML 14 R3.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
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	21,708,442	20,757,816
Common stock, shares outstanding	21,708,442	20,757,816

XML 15 R4.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating expenses:
Research and development, net	$ 3,554	$ 1,481	$ 7,010	$ 2,458
General and administrative	1,303	1,606	2,775	2,936
Operating loss	(4,857)	(3,087)	(9,785)	(5,394)
Financial expenses (income), net	43	4	142	(5)
Net loss	$ (4,900)	$ (3,091)	$ (9,927)	$ (5,389)
Basic and diluted net loss per share from continuing operations	$ (0.23)	$ (0.16)	$ (0.47)	$ (0.28)
Weighted average number of shares outstanding used in computing basic and diluted net loss per share	21,703,001	19,505,157	21,312,335	19,277,518

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 16 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Common Stock [Member]

Additional paid-in capital [Member]

Receipts on account of shares [Member]

Accumulated Deficit [Member]

Total

Balance at Dec. 31, 2017

$ 11

$ 85,944

$ 0

$ (80,075)

$ 5,880

Balance (in shares) at Dec. 31, 2017

18,976,169

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

^[1]

102

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

42,293

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

^[1]

917

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

147,820

Exercise of options

^[1]

Exercise of options (in shares)

33,332

Exercise and reissuance of warrants

^[1]

7,632

4,408

12,040

Exercise and reissuance of warrants (in shares)

1,558,202

Net loss

$ 0

(13,948)

Balance at Dec. 31, 2018

$ 11

94,620

4,408

(94,023)

5,016

Balance (in shares) at Dec. 31, 2018

20,757,816

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)

5,908

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

^[1]

365

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

39,386

Exercise of options

^[1]

Exercise of options (in shares)

5,333

Exercise and reissuance of warrants

^[1]

4,408

(4,408)

Exercise and reissuance of warrants (in shares)

899,999

Net loss

$ 0

(9,927)

Balance at Jun. 30, 2019

$ 11

$ 99,423

$ 0

$ (103,950)

$ (4,516)

Balance (in shares) at Jun. 30, 2019

21,708,442

[1]	Represents an amount less than $1.

XML 17 R6.htm IDEA: XBRL DOCUMENT

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (4,900)	$ (3,091)	$ (9,927)	$ (5,389)	$ (13,948)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	33	31	77	56
Shares and options granted to service providers	0	0	25	0
Stock-based compensation related to options granted to employees and directors	53	136	365	363
Change in lease liability	44	0	138	0
Decrease (Increase) in accounts receivable and prepaid expenses	(801)	411	648	295
Increase in accounts payables	3,736	921	4,217	2,758
Increase (decrease) in deferred grant income	(511)	683	0	(740)
Increase (decrease) in other accounts payable and accrued expenses	(1,162)	964	114	586
Total net cash provided by (used in) operating activities	(3,508)	55	(4,343)	(2,071)
Cash flows from investing activities:
Purchase of property and equipment	(21)	(215)	(25)	(260)
Changes in short-term deposit	1,412	(12,818)	4,547	(9,904)
Investment in lease deposit	0	0	0	(5)
Total net cash provided by (used in) investing activities	1,391	(13,033)	4,522	(10,169)
Cash flows from financing activities:
Proceeds from exercise of options	5	0	5	25
Exercise and reissuance of warrants	0	11,994	0	11,994
Total net cash provided by financing activities	5	11,994	5	12,019
Increase (decrease) in cash and cash equivalents	(2,112)	(984)	184	(221)
Cash and cash equivalents at the beginning of the period	3,238	3,246	942	2,483	2,483
Cash and cash equivalents at end of the period	$ 1,126	$ 2,262	$ 1,126	$ 2,262	$ 942

XML 18 R7.htm IDEA: XBRL DOCUMENT

GENERAL

6 Months Ended

Jun. 30, 2019

GENERAL

GENERAL

NOTE 1 - GENERAL

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. The Israeli Subsidiary formed a wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom on February 19,2013, which is currently inactive, and also formed wholly owned subsidiary, Advanced Cell Therapies Ltd. in Israel on June 21, 2018.

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

The Phase 3 ALS trial pre-specified interim safety analysis by an independent Data Safety Monitoring Board (DSMB) was successfully completed in August 2018.

The Company was granted FDA clearance for its NurOwn® IND Application for Progressive Multiple Sclerosis indication (ClinicalTrials.gov Identifier NCT03799718).

The Company received Good Manufacturing Practice (GMP) approval from the Israel Ministry of Health (MoH) for our Israeli contract manufacturing facility at the Hadassah Medical Center in Jerusalem. The GMP certificate confirms the Company’s manufacturing site compliance with Israeli GMPs which are recognized as equivalent to EU standards.

GOING CONCERN:

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.

XML 19 R8.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES A. 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, 2018. Operating results for the three months ended June 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. B. 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. C. Recent Accounting Standards 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 the Company 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 June 2018, the FASB issued ASU No. 2018‑07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505‑50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The ASU 2018‑07 does not have a material impact on the Company’s consolidated financial statements. On January 1, 2019 the Company adopted ASU 2016-02, "Leases" (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Results for the reporting period beginning January 1, 2019 are presented under ASU 2016-02, which requires, among other items, lessees to recognize a right-of-use asset (“ROU assets”) and lease liability for most leases. Upon adoption of the new lease standard, the Company recorded right of use assets of $3,197 and lease liabilities of $3,197 in connection with its operating leases. See Note 6 for additional information regarding our commitments under various lease obligations. Arrangements that are determined to be leases at inception are recognized in long-term ROU assets and long-term lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term. D. 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.

XML 20 R9.htm IDEA: XBRL DOCUMENT

RESEARCH AND LICENSE AGREEMENT

6 Months Ended

Jun. 30, 2019

RESEARCH AND LICENSE AGREEMENT

RESEARCH AND LICENSE AGREEMENT

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 21 R10.htm IDEA: XBRL DOCUMENT

SHORT TERM INVESTMENTS	6 Months Ended
SHORT TERM INVESTMENTS	Jun. 30, 2019
SHORT TERM INVESTMENTS
SHORT TERM INVESTMENTS	NOTE 4 - SHORT TERM INVESTMENTS Short term investments on June 30, 2019 and December 31, 2018 include bank deposits bearing annual interest rates varying from 0.05% to 3.15%, with maturities of up to 4 months as of June 30, 2019 and December 31, 2018.

XML 22 R11.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES	6 Months Ended
PREPAID EXPENSES	Jun. 30, 2019
PREPAID EXPENSES
PREPAID EXPENSES	NOTE 5 - PREPAID EXPENSES In November 2017, the Company 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. In 2017 the Company made an advance payment to COH of $2,665. The advance payment was recorded as prepaid expense and is amortized over the term of the agreement. As of December 31, 2018, $1,103 and $276 were recorded as current and long-term prepaid expense, respectively. As of June 30, 2019, $827 were recorded as current prepaid expense.

XML 23 R12.htm IDEA: XBRL DOCUMENT

LEASES

6 Months Ended

Jun. 30, 2019

LEASES

LEASES

NOTE 6 - LEASES

On January 1, 2019 the Company adopted ASU 2016‑02, Leases (Topic 842) (“ASU 2016‑02”) using the modified retrospective approach for all lease arrangements at the beginning of the period of adoption. Leases existing for the reporting period beginning January 1, 2019 are presented under ASU 2016‑02. The Company leases facilities, clinical research rooms, and vehicles under operating leases. At June 30, 2019, the Company’s ROU assets and lease liabilities for operating leases totaled $2,699 and $2,837, respectively. The impact of adopting the new lease standard was not material to the Company’s condensed consolidated statement of operations for the periods presented.

Supplemental cash flow information related to operating leases was as follows (unaudited):


	Six Months Ended
	June 30,
	2019
Cash payments for operating leases	$	638
New operating lease assets obtained in exchange for operating lease liabilities	$	2,699

As of June 30, 2019, the Company's operating leases had a weighted average remaining lease term of 2.46 years and a weighted average discount rate of 8.25%. Future lease payments under operating leases as of June 30, 2019 were as follows (unaudited):


	Operating Leases
Remainder of 2019	$	647
2020		1,277
2021		1,208
Total future lease payments		3,132
Less imputed interest		(295)
Total lease liability balance	$	2,837

XML 24 R13.htm IDEA: XBRL DOCUMENT

DEFERRED GRANT INCOME	6 Months Ended
DEFERRED GRANT INCOME	Jun. 30, 2019
DEFERRED GRANT INCOME
DEFERRED GRANT INCOME	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 $12,550 and $9,050 related to the project was received through June 30, 2019 and December 31, 2018, respectively. The award does not bear a royalty payment commitment nor is the award otherwise refundable. $3,290 and $6,267 was recorded as participation by CIRM in research and development expenses during the six months ended in June 30, 2019 and during the year ended December 31, 2018, respectively.

XML 25 R14.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL

6 Months Ended

Jun. 30, 2019

STOCK CAPITAL

STOCK CAPITAL

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:

The New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The shares issuable upon exercise of the New Warrants have been registered for resale on the Company’s registration statement on Form S‑3 (File No. 333‑225995). 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.

As of June 30, 2019, no Shares were issued or sold under the Distribution Agreement.

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.

During the 6 months ended June 30, 2019, the following equity grants were made under the 2014 Plans to eligible directors:

-On February 22, 2019 Dr. Anthony J. Polverino received 3,501 shares of restricted stock for his service as a director.

Restricted Stock:


			Weighted Average
			Remaining
	Number of Shares	Weighted Average	Contractual
	of Restricted	Grant Date Fair	Term
	Stock	Value	(Years)
Nonvested as of December 31, 2018	152,908	3.96	1.56
Granted	45,294	3.91
Vested	34,695	3.67
Forfeitures	—	—
Nonvested as of June 30, 2019	163,507	4.01	1.52

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, 2019
		Weighted
		average	Aggregate
	Amount of	exercise	intrinsic
	options *	price	value
		$	$
Outstanding at beginning of period	1,496,287	3.0581
Granted	—	—
Exercised	(5,333)	1.0050
Cancelled	(247,847)	4.1235
Outstanding at end of period	1,243,107	2.8545	1,361,805
Vested and expected-to-vest at end of period	806,731	2.2396	1,379,842

* Represents Employee Stock Options only (not including RSUs).

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 six months ended June 30, 2019 and 2018 amounted to $365 and $363, respectively.

Shares and options to 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,
	2019	2018

Research and development	60	48
General and administrative	330	315
Total stock-based compensation expense	390	363

XML 26 R15.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9 - SUBSEQUENT EVENTS On August 2, 2019, the Company entered into a Warrant Exercise Agreement which generated gross cash proceeds to the Company of approximately $3.3 million. Pursuant to the agreement, certain holders (the “Holders”) of warrants issued by the Company on June 6, 2018 (the “2018 Warrants”) agreed to exercise 842,000 shares of Common Stock of their 2018 Warrants, at an amended exercise price of $3.90 per share, and the Company agreed to issue new warrant shares to the Holders to purchase 842,000 shares of Common Stock (the “New Warrants”), at an exercise price of $7.00, with an expiration date of December 31, 2021. The 2018 Warrants held by the Holders, to the extent not exercised, were also amended to reduce the exercise price to $7.00 per share and to extend the expiration date to December 31, 2021. Subject to limited exceptions, for the 90 days following the date of the Warrant Exercise Agreement, 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 the Holders of a majority of the New 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 2018 Warrants with more favorable terms, without the consent of the Holders of a majority of the warrant shares then exercisable under all outstanding August 2019 Warrant Exercise Agreements. The Company also agreed to file a registration statement covering the resale of the additional shares of Common Stock underlying the New Warrants. 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. 333-225995). The issuance of the Exercised Shares and New Warrants is 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. As of August 5, 2019, total Cash and Cash equivalents was approximately $4.5 million.

XML 27 R16.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2019
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Unaudited Interim Financial Statements	A. 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, 2018. Operating results for the three months ended June 30, 2019, are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.
Significant Accounting Policies	B. 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	C. Recent Accounting Standards 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 the Company 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 June 2018, the FASB issued ASU No. 2018‑07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505‑50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The ASU 2018‑07 does not have a material impact on the Company’s consolidated financial statements. On January 1, 2019 the Company adopted ASU 2016-02, "Leases" (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements at the beginning period of adoption. Results for the reporting period beginning January 1, 2019 are presented under ASU 2016-02, which requires, among other items, lessees to recognize a right-of-use asset (“ROU assets”) and lease liability for most leases. Upon adoption of the new lease standard, the Company recorded right of use assets of $3,197 and lease liabilities of $3,197 in connection with its operating leases. See Note 6 for additional information regarding our commitments under various lease obligations. Arrangements that are determined to be leases at inception are recognized in long-term ROU assets and long-term lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term.
Use of estimates	D. 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.

XML 28 R17.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

6 Months Ended

Jun. 30, 2019

LEASES

Schedule of supplemental cash flow information related to operating leases

Supplemental cash flow information related to operating leases was as follows (unaudited):


	Six Months Ended
	June 30,
	2019
Cash payments for operating leases	$	638
New operating lease assets obtained in exchange for operating lease liabilities	$	2,699

Schedule of future lease payments under operating leases

Future lease payments under operating leases as of June 30, 2019 were as follows (unaudited):


	Operating Leases
Remainder of 2019	$	647
2020		1,277
2021		1,208
Total future lease payments		3,132
Less imputed interest		(295)
Total lease liability balance	$	2,837

XML 29 R18.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL (Tables)

6 Months Ended

Jun. 30, 2019

STOCK CAPITAL

Schedule of share-based compensation expense for restricted stock


			Weighted Average
			Remaining
	Number of Shares	Weighted Average	Contractual
	of Restricted	Grant Date Fair	Term
	Stock	Value	(Years)
Nonvested as of December 31, 2018	152,908	3.96	1.56
Granted	45,294	3.91
Vested	34,695	3.67
Forfeitures	—	—
Nonvested as of June 30, 2019	163,507	4.01	1.52

Summary of the Company's option activity

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, 2019
		Weighted
		average	Aggregate
	Amount of	exercise	intrinsic
	options *	price	value
		$	$
Outstanding at beginning of period	1,496,287	3.0581
Granted	—	—
Exercised	(5,333)	1.0050
Cancelled	(247,847)	4.1235
Outstanding at end of period	1,243,107	2.8545	1,361,805
Vested and expected-to-vest at end of period	806,731	2.2396	1,379,842

* Represents Employee Stock Options only (not including RSUs).

Schedule of 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,
	2019	2018

Research and development	60	48
General and administrative	330	315
Total stock-based compensation expense	390	363

XML 30 R19.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Operating Lease, Liability	$ 2,837
Operating Lease, Right-of-Use Asset	2,699	$ 0
Accounting Standards Update 2016-02 [Member]
Accounting Policies [Line Items]
Operating Lease, Liability	3,197
Operating Lease, Right-of-Use Asset	$ 3,197

XML 31 R20.htm IDEA: XBRL DOCUMENT

RESEARCH AND LICENSE AGREEMENT (Details)	6 Months Ended
RESEARCH AND LICENSE AGREEMENT (Details)	Jun. 30, 2019
RESEARCH AND LICENSE AGREEMENT
Percentage Of Royalty Payment If Licensed Product Covered By Valid Claim Or Orphan Drug Status	5.00%
Percentage Of Royalty Payment If Licensed Product Not Covered By Valid Claim Or Orphan Drug Status	3.00%
Royalty Payment, Number of Years to be Paid	15 years

XML 32 R21.htm IDEA: XBRL DOCUMENT

SHORT TERM INVESTMENTS (Details)	6 Months Ended	12 Months Ended
SHORT TERM INVESTMENTS (Details)	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Maturity of Time Deposits	4 months	4 months
Minimum [Member]
Cash and Cash Equivalents [Line Items]
Percentage of Interest Bearing Bank Deposits	0.05%	0.05%
Maximum [Member]
Cash and Cash Equivalents [Line Items]
Percentage of Interest Bearing Bank Deposits	3.15%	3.15%

XML 33 R22.htm IDEA: XBRL DOCUMENT

PREPAID EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
PREPAID EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2019
Prepaid Expense, Current	$ 1,103	$ 827
Prepaid Expense, Noncurrent	276
City of Hope [Member]
Payments to Suppliers	$ 2,665

XML 34 R23.htm IDEA: XBRL DOCUMENT

LEASES - Supplemental cash flow information related to operating leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
LEASES
Cash payments for operating leases	$ 638
New operating lease assets obtained in exchange for operating lease liabilities	$ 2,699

XML 35 R24.htm IDEA: XBRL DOCUMENT

LEASES - Future lease payments under operating leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
LEASES
Remainder of 2019	$ 647
2020	1,277
2021	1,208
Total future lease payments	3,132
Less imputed interest	(295)
Total lease liability balance	$ 2,837

XML 36 R25.htm IDEA: XBRL DOCUMENT

LEASES - Additional information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
LEASES
Operating Lease, Right-of-Use Asset	$ 2,699	$ 0
Operating Lease, Liability	$ 2,837
Operating Lease, Weighted Average Remaining Lease Term	2 years 5 months 16 days
Operating Lease, Weighted Average Discount Rate, Percent	8.25%

XML 37 R26.htm IDEA: XBRL DOCUMENT

DEFERRED GRANT INCOME (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
DEFERRED GRANT INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jul. 31, 2017
Grants Receivable			$ 15,912
California Institute Of Regenerative Medicine [Member]
Proceeds from Grantors	$ 12,550	$ 9,050
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned	$ 3,290	$ 6,267

XML 38 R27.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Number of Shares of Restricted Stock, Nonvested	152,908
Granted	45,294
Vested	34,695
Forfeitures	0
Number of Shares of Restricted Stock, Nonvested	163,507	152,908
Weighted Average Grant Date Fair Value, Nonvested	$ 3.96
Granted	3.91
Vested	3.67
Forfeitures	0
Weighted Average Grant Date Fair Value, Nonvested	$ 4.01	$ 3.96
Weighted Average Remaining Contractual Term, Nonvested	1 year 6 months 7 days	1 year 6 months 22 days

XML 39 R28.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL - Employee Stock Option (Details) - Employee Stock Option [Member]

6 Months Ended

Jun. 30, 2019

USD ($)

$ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Amount of options, Outstanding at beginning of period | shares

1,496,287

^[1]

Amount of options, Granted | shares

^[1]

Amount of options, Exercised | shares

(5,333)

^[1]

Amount of options, Cancelled | shares

(247,847)

^[1]

Amount of options, Outstanding at end of period | shares

1,243,107

^[1]

Amount of options, Vested and expected-to-vest at end of period | shares

806,731

^[1]

Weighted average exercise price, Outstanding at beginning of period (in dollars per share) | $ / shares

$ 3.0581

Weighted average exercise price, Granted (in dollars per share) | $ / shares

Weighted average exercise price, Exercised (in dollars per share) | $ / shares

1.0050

Weighted Average exercise Price, Cancelled (in dollars per share) | $ / shares

4.1235

Weighted average exercise price, Outstanding at end of period (in dollars per share) | $ / shares

2.8545

Weighted average exercise price, Vested and expected-to-vest at end of period (in dollars per share) | $ / shares

$ 2.2396

Aggregate intrinsic value, Outstanding at end of period (in dollars) | $

$ 1,361,805

Aggregate intrinsic value, Vested and expected-to-vest at end of period (in dollars) | $

$ 1,379,842

[1]	Represents Employee Stock Options only (not including RSUs).

XML 40 R29.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 390	$ 363
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	60	48
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 330	$ 315

XML 41 R30.htm IDEA: XBRL DOCUMENT

STOCK CAPITAL - Additional information (Details) - USD ($)								1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended	132 Months Ended
	Jun. 11, 2019	May 23, 2019	Feb. 22, 2019	Jun. 06, 2018	Mar. 06, 2018	Jul. 13, 2017	Mar. 06, 2017	Mar. 26, 2019	Aug. 28, 2018	Nov. 20, 2017	Jul. 26, 2017	Mar. 06, 2017	Jun. 06, 2014	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of Common stock, net																$ 59,000,000
Fixed Commission Percentage	3.00%
Proceeds from Warrant Exercises				$ 12,040,000										$ 0	$ 11,994,000	0	$ 11,994,000
Stock or Unit Option Plan Expense														$ 53,000	$ 136,000	365,000	363,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,458,201
Share-based Compensation																$ 390,000	$ 363,000
2015 Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Warrant Exercises				$ 12,291,000
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 5
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,458,201
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
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								5,908
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Issued for Services			3,501
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																45,294
Share-based Compensation																$ 84,000
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
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price							$ 4.18
Class of Warrant or Right, Outstanding													13,333
Chief Operating 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, Equity Instruments Other than Options, Grants in Period												35,885
Chief Executive 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																		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, Equity Instruments Other than Options, Grants in Period											31,185
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					25.00%						25.00%
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
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, Equity Instruments Other than Options, Grants in Period										25,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage										25.00%
Chief Commercial 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									200,000
Shares Issued, Price Per Share									$ 3.98
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage									25.00%
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														4,000,000		4,000,000
Common Stock, Capital Shares Reserved for Future Issuance														2,283,308		2,283,308
Global Plan Under 2014, Former Director
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		4,167
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0.75
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
At The Market Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of Common stock, net	$ 20,000
Private Placement [Member] \| Restricted Stock [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
Private Placement [Member] \| Chief Executive 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											41,580

XML 42 R31.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Aug. 02, 2019	Jun. 06, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Aug. 05, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Proceeds from Warrant Exercises		$ 12,040	$ 0	$ 11,994	$ 0	$ 11,994
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		2,458,201
Cash and Cash Equivalents, at Carrying Value			$ 1,126		$ 1,126			$ 942
New Warrant [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 9
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Warrant Exercises	$ 3,300
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 7.00
Cash and Cash Equivalents, at Carrying Value							$ 4,500
Subsequent Event [Member] \| 2018 Warrant
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3.90
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	842,000
Subsequent Event [Member] \| New Warrant [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 7.00
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	842,000

EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( 'X>];+=44/ 87O+>CT?V M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F' M.>RGGD7E2B.5^S3%":4A+,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C M-R."?S]PN -02P,$% @ =S -3R?HAPZ" L0 ! !D;V-0&UL38Y-"\(P$$3_2NG=;BGH06) L$?!D_>0;FP@R8;-"OGYIH(? MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/ M-(X'P"J8%EQV^3O8:W7..7AKQ%/25V^9"CGIYFHQ*/B76_..7+8\#?NW_+"" MWTG] E!+ P04 " !W, U/"$S,BNX K @ $0 &1O8U!R;W!S+V-O M&ULS9+/2@,Q$(=?17+?G:0+1<-V+Q5/"H(%Q5M(IFUP\X=D9+=O;W9M MMX@^@,?,_/+--S"MCE*'A,\I1$QD,=^,KO=9ZKAA1Z(H ;(^HE.Y+@E?FON0 MG*+R3 >(2G^H \**\S4X)&44*9B 55R(K&N-ECJAHI#.>*,7?/Q,_0PS&K!' MAYXRB%H ZZ:)\33V+5P!$XPPN?Q=0+,0Y^J?V+D#[)P7^9U*^LS*:^Q_,I6TBGBAETFOS;;^]T#ZU9621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS M[BYBZ(:(E/)X8-DOV]:[MR_>X%#BVR]*+41B1%G\@MNN01.+5)#3(3/PB=AIAJ4!P"I DQEJ&&^+3&K!'@$WVWO@C( MWXV(]ZMOFCU7H5A)VH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU M+,76>)7 \:V@S&L%&KQMUAVC2/'K^!?F<-0HACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=* MY \FIS_I,C0'HYI9";V$5FJ?JH,@H%\;D>/N5Z> HWEL:\4*Z">P'_ MT=HWPJOX@L Y?RY]SZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=R MSTS0LS0[=R M2^JVE+ZU)CA*]+',<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^ VVZ MG=PZ.)Z8D;D*TU*0;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCR MHB'NH8:8S\-#AWE[7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+: '@Z]1 O)2 M56 Q6\8#*Y"B?$R,1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYE ML<%5'<]56_*POFH]M!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7G MFYRN>B)V^I=WP6#R_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41 71% B.5 M' 86%S+D4.Z2D 83 >LX=SFWJXPD6L_UC6'ODR MWSEPVSK> U[F$RQ#I'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X Q\ MU*M:I60K$3]+!WP?D@9CC%OT-%^/%&*MIK&MQMHQ#'F 6/,,H68XWX=%FAHS MU8NL.8T*;T'50.4_V]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\! M4$L#!!0 ( '&PO=V]R:W-H965T&UL?5;MCILP$'P5Q ,8VDZX MOGUMPU%J+_T#MIG9\3)>>;.>BU=9,J:"MZ9NY2XLE>J>HT@6)6NH?.(=:_67 M*Q<-57HJ;I'L!*,72VKJ",?Q*FIHU89Y9M=.(L_X7=55RTXBD/>FH>+W@=6\ MWX4H?%]XJ6ZE,@M1GG7TQKXQ];T["3V+IBB7JF&MK'@;"';=A7OT?$0;0["( M'Q7KY6P?++HS-CEC-"F5"4/UZL".K:Q-)[^/7<- UQ/GZ/ M_M$FKY,Y4\F.O/Y9752Y"S=A<&%7>J_5"^\_L3&A- S&[+^P!ZLUW.Q$:Q2\ MEO89%'>I>#-&T5MIZ-OPKEK[[HO61QUGT,&%&Q&% X!D"38A( MQYX$,"1PP!X=_RMP]!$$%B!@!L32R8R>P/0$I">6GLSHJ?,#?,0*%DA!@=2C MKQT!'[&!!5:@P,JC;QT!'X%B6&$-*JQ]/G(D B&)3:@Q,;G$T<"@"PXO04E MMC[?M1J +'B-8KB<8C^":S>$63 <+10M\B.XG@,8O& Z BMWC[ ?P;4=PBSX MCN#R1<2/X#H/81:L1W"5([^(L6L^A%ER'RYUY%0T3-]L> MR*#@]];V)K/5J0798WMG_H4/_!K'\WT4#?N3;GO')D:[L?IQ2E.[S:PM;UE,GY^+$D#6]M3H'K\[?L_\W%NV*> MRL$67?U_=1A/VS +@X,]EB_U^+F[O+=+03H,ENH_VE=;._GDQ+6Q[^IA_@WV M+\/8-4L69Z4I?UZ/53L?+TO^MS Y )< O 6 ^FM L@0D)""Z.IM+_;<KA)<28BBX(HD MN4DBU_[-!(HF<(Y/UO%*CD_$^&2.5^MX38JX2LPL:6<) !I2!Q?E"F4C2C2B MN!'2QL-5HM=&=$K<%EQD #U.M.A$*,0R/6)NA.$CYD/(Y#E%"%=YG@AX0 ;<2D*M .]?[H2+ MC :/%YEG@-R+HEZ0/_T$F1FNRG7F,2/#$3@=%:7CHEDWDV5&43-;HFP#SJTL-?1-%E1**U\],MZ \TU1OH$ KQACZD92^>8? MD!D'''**0@XXP%*=43-<9'PS$,B0@XQYT3'UD@DU:_KB%H+,(/CLR,R$G T\ MWVN-,NV0TTY3VJ% NXQ.O86@\M .9=HAIYVFM$,.,LD*5_FL>!9O''::P@XY MQB!),OH&"#)_-Z.,.TQX-VM/!IE0R%=QFJ[B4%C&T>GU[YH_GC;Q,B\0\X[0WF''&3OE :Z$1%D.@;/-(DR[Y O$@U=)"Z:]8Y' MF/<%E33O1ZL]Y_01X%/9/U?M$#QUH]N^SIO,8]>-UJ6,[UQI)UL>;A>U/8[3 M:>K.^^OF^WHQ=N?EPT)T^[JQ^PU02P,$% @ =S -3_-GQ:?U 0 B04 M !@ !X;"]W;W)K0EK:=+C([-Y) M%!F_*=9TS^%SFV#- P."B3 2JASL<@3$3 M2&/\O1=)D)&[B>,D MAU$2S"0+Q7&M",-)0G3^"2+8A BL/YQ#_,4?;OI#ZX_F_FA1Q"A)K:2SDAC> M>?&BD/^I7K%$FRS1FF61Y3!*XED6WW._!<];E*^8XDVF>,V4+)CB5:; 3[U= M%"W?]8;02^-TYR?;1,DF4;(F2A=$R5N)-H3;1&1V*4R3^DK%M>DD.G.E[Y>] M!17G"G10[T''JW5?G!8,*F6F^AXC,7:'<:%X[QH?F;IO\0=02P,$% @ M=S -3[*U$U#I @ H H !@ !X;"]W;W)K&^.;7V7[U!V%4-YS737=PC\J=9H%0;<]BKKH;N5)-/J?O6SK0NG' M]A!TIU84.RNJJR D) [JHFS\Y=R.W;?+N3RKJFS$?>MUY[HNVC^YJ.1UX5/_ M9>"A/!R5&0B6\U-Q$-^%^G&Z;_53,$;9E;5HNE(V7BOV"_^.SC:4&($E?I;B MVDWN/6/E4[4<>&GOK<3^^)5Z!Q;677V MU]N>.R7K(8HNI2Z>^VO9V.MUB/\BPP7A( A'@<[]D8 - O8JB#X41(,@^M\, M?!!PD"'HO=O)7!>J6,Y;>?7:_GTX%>:UHS.NEVMK!NWJV/_T?'9Z]+*,TWEP M,7$&).^1<(ID;Y&UB]"1"'3^L8@0*R(/'7GX-L'*)1(":OAGD,V'0=Z4R="Y M8E;/IOIW;$:H/K+Z:*H')>8]$ENDL0CC/ *3X4(T2BF8#A=*" 5SMG&A,.(I M[HFCGKCKB0%//<*GY3("H!4"Q20&GEPH3!(./"%0QF+<4XQZBEU/8 GRV$ER M$Z4\ :80BI$44&N$RI(4VD(HSK((]Y6@OA+7%\B2)TZ6"*X4@@!#+D$CN!== MYH;C7E+42^IZ 6]+GCHO]TV4$; %5@C%2 9W$T)E60A6VA;#KO42K=$]B3>R^E$MH N=6E'W6[ M.#Y48J_,;:+OV[YGZA^4/ W]8# VI&PO=V]R:W-H965T&ULA9C;CJ,X$(9?!7&? M 1MS<)1$FG02=J5=J36CW;FF$^>@X9 !TIE]^S6'IJ&J@+[HE917'JTJBXDMV5ZF^<\[R)"KU:7ZQBGNNHE,= ME,06MVW/2J);:FY6];77?+/*'F5\2]5K;A2/)(GR_[8JSIYKDYD?%[[=+M>R MNF!M5O?HHKZK\I_[:Z[/K.XIIUNBTN*6I4:NSFOS*UN&W*\":N+?FWH6O6.C M*N4MRWY6)W^>UJ9=M4C%ZEA6CXCTS[MZ47%?JB+ MU\6\185ZR>(?MU-Y79N!:9S4.7K$Y;?L^8=J"W)-HZW^+_6N8HU7+=$YCEE< MU/^-XZ,HLZ1]BFY*$OUN?F]I_?MLG_\11@?P-H!W 8X[&>"T 4X7("9YT?+B M,X$W&>"V >YG@)P,\-H KPO@TP%^&^!W 35O-=K6G;6+RFBSRK.GD3?C[1Y5 MPYHM?3T[J_"GWU?>/+E?5>/:=%M@W">TA@#Y$=@; ALB<0/D0. M!.(,D9! 1(=8NM*N7$Z6R^MXT8]W0;D-XM5(6B,,U++#2.!*(4#%F *R'3"Q M"&S;!RT*,>8&O2X8E.V093NX; ^4W2!NO^Q ^A[S))U(D(D$3N2#1 02#)$7 M @&#0:*N*0B+JI%@AQ;%^40G$N'SN*163RM\ ,^\F8%9)H MIP%SUA8C2'@"@<('J+$8%[<2I3"T7\C+Q6S M:=NR<1XXD1,,$IYBH/(MTV^P[SEPLB$H(6R0[T!0L <(A'%;C(Q*-F+K#.L# M9_R6&21R73W^Q[J"ME2&/=5'J6:]<-2,"T';/L%/+ J +93K M-8X?C.:BC91A)T5K"XI!KSS!H%<>6S*:;0D&C<99))S.--2%MGY&>#]<83!L MIZZTQP8[;:B,<%2XQB 8K#_!(/VQ-3L>Z@ ,H0Z81<*95$-EZ#4 (Q8!<*W! ML+$ZT@G&7@':7!GAKG"U03"X"P@&=0&V:?A=,HD,/\9H%^>$B\/5 L=VZ.KE MPD@>V@TYX8;HLP\S2#>*@;IQ[*IXDMX3U&* #8\N!'C>/' AD(24'7A#.8L/":8/CA,'!_9&6F=XQP(R4 M GKRGL!0]1A9,-N1+IS8*%"X8Z;+:=/EV"R9#=V%$Q[&?#L08F0ER:&3#>_2 M_L/G?6-+,,QFH!%6;V\L4?FEW@@MC&/V2,MJ Z5WM=ELW;+E2[TU"JY_Y=XR MY!YQ1S?D8W_6^DS1[.[^'>676UH8;UE99DF]]W;.LE+I]MM?M(97%9VZDUB= MR^K0U\=YLZO:G)39O=TQMKIMZ\W_4$L#!!0 ( '&PO=V]R:W-H965T&ULC9A;;Z-($(7_BN7W#%31 MW"S'4L"V=J5=*9K1[CX3NQ-; \8+))[]]\LM#E0?XKS$T/FJND_?3M/+2U[\ M+ ]:5[-?67HJ[^>'JCHO+*O<'726E-_RLS[5_WG.BRRIZM?BQ2K/A4[V;5"6 M6FS;GI4EQ]-\M6S+'HO5,G^MTN-)/Q:S\C7+DN*_2*?YY7Y.\_>"[\>70]44 M6*OE.7G1/W3UU_FQJ-^L:Y;],=.G\IB?9H5^OI\_T&++7A/0$G\?]:4;%NE4[ZHF15+_O.E8IVF3J6['OWW2^;7.)G#X_)Y]VXJO MQ3PEI8[S])_COCKT^IY??M.]('<^Z]7_H=]T6N--2^HZ=GE: MMG]GN]>RRK,^2]V4+/G5_1Y/[>^ES_\>A@.X#^!K0%WW9P%.'^!\!*A/ U0? MH+Y:@]L'N%^MP>L#O(^ =H"MKK/:WE\G5;):%OEE5G03Z)PT\Y067CV^NZ:P M'<[V?_4 E'7IVXIL7EIO3:*>B3J&!XP7CI&UB="8V +"=JZ,53?RVE)&+8W8 M2"#:&9N$;XMVWDRRN9UD:R+.A!(']KG3QCNCKE X@8()5)M #=OHB3'K$*]% M3BURIT);*(D!Y=BA&+HUH,*0?=%Q@'*=0$R4+:#("56 Y;M0O@OZS\4)/)C M,_J/;-F!'>,.&CH8Y*[W "*[SD1\V6\FXGI8C _%^$",J"/RC3KD3+A)K$V" M72'ELR0C)0%4$@ E@5 2F+TEA\5$R!&CNS89QY-J$#.QSD.H)P1ZQ'J(0J,2 MI80>$Y%#8Q+DB([;?)9EI(5L;!2VJ89$0Z(>&M9R%]AB4<2 4B17#H \)44! MB,.)K8 F#)" +I*ZR)P+OIQ4,:!"-G29D&*2FP*@V']DTLPQI#1/8B2'@$A;VI"8P,GX.!R0XC(]%92FU\H!R&UG?1C8 N9N:AMC4";@Z M25S; #"$R/.V$?9]-'0E7)N>E\,D'KBA-)M;F?:W,PT M5H5ME(&-RCD5,7 U*0NY(Y!U,],&96*;IN8O-E$&)LKR=,#(THRS48RP,#"4 MF11): -KY D/9>RA[ )I\GS00Z.3*LN/@1A22GXD 2I4QGV)";&29\/M+6JL M'Q\ &!P I"%'/>2-IB/+DSJ@F.7I*EO7,M M9[O\]50U>_*@]'JO^\#-K9\HCV@1$RA?TV+3W=I^I.\ND?],BI?CJ9P]Y565 M9^V-X'.>5[INN_VM'K:#3O;7EU0_5\VC7S\7W>5M]U+EY_YBVKK>CJ_^!U!+ M P04 " !W, U/:HJ_GK ! #1 P & 'AL+W=O+I \/#RDJ&ZQ[]BU ("]:&9_3-H3NP)@O6]#"W]@.#/ZIK=,B MH.L:YCL'HDI)6C&^V=PR+:2A199B)U=DM@]*&C@YXGNMA?MU!&6'G&[I-? H MFS;$ "NR3C3P#<+W[N308S-+)348+ZTA#NJQE.: M= Y7?O8&GD]X_HI/9=A8)PG_(((H,F<'XL;1=R+>\/; <31E#*9)I'^HW6/T M4FSY;<8ND6C"'$<,7V)F!$/VN01?*W'D_Z3S]?3=JL)=2M_]1^$?!/M5@GTB MV+_9XAKF[J\B;#%3#:Y)R^1):7N3%GD1G??UGJ<[>86/R_Y5N$8:3\XVX,VF M^=?6!D IFQO/&EE7$Y;[[LC8ZYL00MW@QV8<%.CU<('TS;,=19$E4!: M,;[9O&%:2$.++/G.MLBP]TH:.%OB>JV%_74"A4-.M_39\2";UD<'*[).-/ 5 M_+?N;(/%9I9*:C!.HB$6ZIS>;8^G?8Q/ =\E#&YQ)K&2"^)C-#Y5.=U$0:"@ M])%!A.T*]Z!4) HR?DZ<=$X9@"_7]+7(MY M]R()6_14@VW2-#E28F_2)"^\\\#>\?0F?\+':?\B;".-(Q?TX653_VM$#T'* MYB:,4!L^V&PHJ'T\O@UG.X[9:'CLIA_$YF]<_ 902P,$% @ =S -3]T6 MKY&R 0 T@, !@ !X;"]W;W)KIO;CMMR0)3@=ZN;R_0;JW:W3_ #'/.G!F& M8D+S:'L 1YZ4U+:DO7/#D3%;]Z"XO<$!M+]IT2CNO&DZ9@<#O(D@)5F6)&^9 MXD+3JHB^LZD*')T4&LZ&V%$I;GZ=0.)4TI0^.QY$U[O@8%4Q\ Z^@OLVG(VW MV,K2" 7:"M3$0%O2N_1X.H3X&/!=P&0W9Q(JN2 ^!N-34](D" ()M0L,W&]7 MN G]D_Q-I]+1=NX1[E#]&XOJ2WE#30\E&Z!YP^PE+/ M&TJ6XC_#%:0/#TI\CAJEC2NI1^M0+2Q>BN)/\RYTW*?Y)D\7V#X@6P#9"KB- M>=B<*"I_SQVO"H,3,7/O!QZ>.#UFOC=U<,96Q#LOWGKOM4KSIF+3$G.:8 M;!NS1C#/OJ;(]E*2W/@1ZOT' M6PT)K0O'=_YLYC&;#8?#\H/8^HVKWU!+ P04 " !W, U/P4>&W;,! #2 M P &0 'AL+W=O<.3,>YZ-UC[X# M".1)*^,+VH70'QGS50=:^!O;@\&;QCHM IJN9;YW(.H$THKQW>XMTT(:6N;) M=W9E;H>@I(&S(W[06KA?)U!V+.B>/CL>9-N%Z&!EWHL6OD+XUI\=6FQAJ:4& MXZ4UQ$%3T+O]\72(\2G@NX31K\XD5G*Q]C$:G^J"[J(@4%"%R"!PN\(]*!6) M4,;/F9,N*2-P?7YF_Y!JQUHNPL.]53]D';J"WE)20R,&%1[L^!'F>MY0,A?_ M&:Z@,#PJP1R553ZMI!I\L'IF02E:/$V[-&D?IQN>S;!M )\!? '3)GGE70;VCJ&UL?5/;;M0P$/T5RQ]0[WI36JV2 M2-TB!!)(JR+@V9M,$JN^!-O9E+]G[*0A0.#%]HSGG#DS'N>C=<^^ PCD12OC M"]J%T!\9\U4'6O@;VX/!F\8Z+0*:KF6^=R#J!-**\=WN#=-"&EKFR7=V96Z' MH*2!LR-^T%JX'R=0=BSHGKXZGF3;A>A@9=Z+%CY#^-*?'5IL8:FE!N.E-<1! M4]"'_?&4Q?@4\%7"Z%=G$BNY6/L\IJ:$1@PI/=GP/65"*%B_3+DW:Q_GF;H9M _@,X O@/N5A4Z*D_*T(HLR= M'8F;>M^+^,3[(\?>5-&96I'N4+Q'[[7<'[*<72/1''.:8O@Z9HE@R+ZDX%LI M3OPO.-^&'S85'A+\\ ^%OQ%DFP19(LC^6^)6S.T?2=BJIQI&PO M=V]R:W-H965TO&AE7$Y;[[LC M8ZYL00MW@QV8<%.CU<('TS;,=19$E8*T8GRSN65:2$.++/G.MLBP]TH:.%OB M>JV%_7D"A4-.M_35\22;UD<'*[).-/ %_-?N;(/%9I9*:C!.HB$6ZIS>;X^G M?<0GP#<)@UN<2:SD@O@XV8]=(-&%.(X8O,3."!?8Y!5]+<>+_A//U M\-VJPET*W_U'X1\$^U6"?2+8OUGB&N;P5Q*VZ*D&VZ1A;WG MZ4U^P\=A_RQL(XTC%_3A95/_:T0/0PMF.4S8:'KOI M ['Y%Q>_ %!+ P04 " !W, U/*I.WX[,! #2 P &0 'AL+W=OW<%02F()4K1X&G=ITCZ,-YQ/L'4 GP!\!AQ2'C8F2LH_""^*S.) [-C[3L0GWAYY MZ$T9G:D5Z2Z(=\%[+;:[0\:ND6B*.8TQ?!DS1[# /J?@:RE._ 6%?!/M5@GTBV/^WQ+68]_\D88N>:K!-FB9'2NQ-FN2%=Q[8V_2([$_X M..U?A6VD<>2"/KQLZG^-Z"%(V=R$$6K#!YL-!;6/QW?A;,&UL?5/;;MP@$/T5Q <$+^NVT@!GFG#DS#,6DS:/M 1QZED+9$O?.#0=";-V#9/9*#Z#\ M3:N-9,Z;IB-V,,":")*"T"S[2"3C"E=%])U,5>C1":[@9) =I63FY0A"3R7> MX5?' ^]Z%QRD*@;6P7=P/X:3\1996!HN05FN%3+0EOAF=SCF(3X&_.0PV=49 MA4K.6C\&XZXI<18$@8#:!0;FMPO<@A"!R,MX2IQX21F Z_,K^Y=8NZ_ES"S< M:O&+-ZXO\35&#;1L%.Y!3U\AU?,!HU3\-[B \.%!B<]1:V'CBNK1.BT3BYN8)8)X]B4%W4IQI/_!Z39\OZEP'^'[-Q3^ M19!O$N21('^WQ*V8?XLDJYY*,%V<)HMJ/:HXR2OO,K W-+[)G_!YVN^9Z;BR MZ*R=?]G8_U9K!UY*=N5'J/T@\BRS>N?@-02P,$ M% @ =S -3V=>3QZR 0 T@, !D !X;"]W;W)K&UL?5-AC]0@$/TKA!]P[+)5-YNVR>T9HXDFFS/J9[:=MN2@5*#;\]\[ M4*Y6K7X!9ICWYLTPY).Q3ZX#\.19J]X5M/-^.#'FJ@ZT<'=F@!YO&F.U\&C: MEKG!@J@C2"O&=[O73 O9TS*/OHLMQ=JSE*AP\&/5-UKXK MZ)&2&AHQ*O]HIO>0ZGE%22K^(]Q 87A0@CDJHUQ<234Z;W1B02E:/,^[[.,^ MI9MC@FT#> +P!7",>=B<*"I_*[PH#R(\\?[$L3=5<,96Q#L4[]![ M*_<9S]DM$*68\QS#US%+!$/V)07?2G'F?\'Y-ORPJ? 0X8=_*/R-(-LDR")! M]M\2MV(.?R1AJYYJL&V<)D96#O>7R37^'SM'\2MI6](U?C\65C M_QMC/*"4W1V.4(QY1N7/P%02P,$% @ M=S -3W_9^H[@ 0 04 !D !X;"]W;W)K&UL M=51MCYP@$/XKA!]PJ*OK=J,FM]>9P:9R28A7U0+H-$K9[W*<:OU<"9$E2UPJA[$ +TYJ87D5!M3-D0-$FCE M@C@C41 <":==CXO,^:ZRR,2H6=?#52(U4XQ&^.YZYIM760(AMH M U]!?QNNTEAD9:DZ#KWJ1(\DU#E^#,^7U.(=X'L'D]KLD:WD)L2+-3Y5.0YL M0L"@U):!FN4.3\"8)3)I_%PX\2II [?[-_8/KG93RXTJ>!+L1U?I-LX S-PFXG1* 53[HO*46G!%Q:3"J>O\]KU;IWFD^2T MA/D#HB4@6@-.3H?,0B[S]U33(I-B0G*^^X':7QR>(W,WI76ZJW!G)GEEO/#!)X!=)O2*IAR#SEWY6QH,2P#AZQ3K_@-4$L#!!0 ( '&PO=V]R:W-H965TYX[ MGX]\5/K-= 6O0LN38$[:_L#(:;J0%!SHWJ0[J116E#K3-T2TVN@=0@2G"2; MS9X(RB0N\^ [Z3)7@^5,PDDC,PA!]<<1N!H+O,5?CA?6=M8[2)GWM(57L#_[ MDW8665AJ)D :IB32T!3X?GLX9AX? +\8C&:U1[Z2LU)OWOA>%WCC$P(.E?4, MU"T7> #./9%+X\_,B1=)'[C>?[$_A=I=+6=JX$'QWZRV78'O,*JAH0.W+VK\ M!G,]&49S\3_@ MS!?29.HU+$G&JPAG+GGCO)=RFZ4YN7BB M&7.<,,D:LR"(8U\DDIC$,?DO/(F'I]$,TQ">KM73?9Q@%R78!8+=/R7NKDJ, M8;*X2!85R2($^RN1&.;V2H2L&B= M^')&E2I089Q67F7J;A/0N/_PJ>1>J:Z M9=*@L[+N^80F-TI9<*EL;EPNG9OBQ>#06+]UKP[IZ2U/AE7]/*9D^5>4GU!+ M P04 " !W, U/F+K&\],! "//>S,B03U(]ZP[ H!?!>UW@SICA2(BN.A!4W\D!>GO22"6H ML:9JB1X4T-H'"4Z2*,J(H*S'9>Y]9U7FNDHN4 MS\[X4AP=]3>ID=* 326ZLP5W M]JE8#0Z-<=L/=J_F@9D-(X?E+2#K@U3^!5!+ P04 " !W, U/ B6I).\! M "#!0 &0 'AL+W=O&(C#.JD99QBJ4)^0F+D@!M#H@2%FTV**.X' MORI,[L"K@ITEZ0A[;T/P2[?:[Q!O"SATFL]I[NY,C8JPZ^-*6_T8: 0"VU E;+ M!?9 B!92-G[/FOY24A/7^W?U3Z9WU\UT.(SD2]L^@QS M/XGOS7GT6DM%915FA^,VN_6#6R9ZDV4QS$\*9$"Z$ M(/XO(9H)T0T!66>FU8]8XJK@;/*X?5DCUM]$L(O4,&N=-+,S9ZI;H;*7*DB3 M EVTT(QYMIAPA0FO$?M[1!0M$*0,+"Y"IXO0\*,K%ZE;('(*1$8@OA+(;MJP MF-1@!MM&'F7N*K&S2NRHDM]4L9AD727=;F_F%=]9V;A])$X?B=.06R!^:=W4TB"K;_F'?NK)(_,._\;I2.*FCU.^CKZ1OFIWX0WI%)]6>9 M[[]E3((2W#PIQYVZ$9> 0"OU-E-[;N\%&T@VSE<>6N[=ZB]02P,$% @ M=S -3R(P2EK0 0 G 0 !D !X;"]W;W)K&UL M=53;CILP$/T5RQ^P)I"P501(FZVJ5FJE:*NVSPX,%ZV-J6W"]N\[-H32U'V) M/<.YS#@>9Y/2KZ8%L.1-BM[DM+5V.#)FRA8D-P]J@!Z_U$I+;C'4#3.#!EYY MDA0LCJ*42=[UM,A\[JR+3(U6=#V<-3&CE%S_.H%04TYW])9XZ9K6N@0KLH$W M\!7LM^&L,6*K2M5)Z$VG>J*ASNG3[GA*'=X#OGN$XN2KVZX%.5T\@5 M! )*ZQ0X+E=X!B&<$);Q<]&DJZ4C;O45%#S M4=@7-7V$I9\#)4OSG^$* N&N$O0HE3#^EY2CL4HN*EB*Y&_SVO5^G1;]&RU, MB!="O!+0V_4R&_G*WW/+BTRKB>CY[ ?N_N+=,<:S*5W2'X7_AL4;S%Z+W6.4 ML:L36C"G&1-O,2N"H?IJ$8;-V3*"RP#PKLO<#^KQ9W M=RV&,/^I\A T.00$DCN3$&8?-DF#)FE X'!G$L*D=R9L&ULC57M;ILP%'T5Q /4?(1 (D!J,E6; MM$E1IVV_'7(#J#:FM@G=V\\VE ;J1?F#[>MSCL^]X$O:,_XB*@#IO%'2B,RM MI&RW"(FB HK% VNA43MGQBF6:LE+)%H.^&1(E*# \]:(XKIQ\]3$#CQ/62=) MW<"!.Z*C%/._.R"LSUS??0\\UV4E=0#E:8M+^ GR5WO@:H4FE5--H1$U:QP. MY\Q]]+=[W],$@_A=0R^NYHY.YS]_5GTSR*IDC%K!GY$]]DE7F)JYS@C/NB'QF_5<8$XI<9\S^.UR M*+AVHLXH&!'FZ12=D(R.*LH*Q6_#6#=F[(>=5332[(1@) 03P;]-"$="^$%8 MF^0'9R;5+UCB/.6L=_CPMEJL/PI_&ZIB%CIH:F?V5+9"12^Y'\.&&0&'LT03N\#**K R M JN9P&91*0LF\1:)W,;,C$16(Y%%P+<+K*T"Z_M+$5L%8HN#Q?O:V3#AHA2W M,3,CB=5(8A%8V04V5H'-_:50S5DWPCDRJ=J+:0)GQB0H+]Z#^L@J]5^8%@3. M4D]C->=#- M *G)-&W2)D6=MOUVX"2@VIC93NC>?KY02H.U/[%]^,YW<6SG@Y OJ@'0T2MG MG2KB1NM^AY"J&N!4/8@>.O/E+"2GVBSE!:E> JU=$V<()PE!G+9=7.:N=I1E M+JZ:M1T<9:2NG%/Y=P],#$6\BM\*S^VET;: RKRG%_@!^F=_E&:%)I:ZY="I M5G21A',1/ZUV!V+Q#O"KA4'-YI%-U;HIX&T&M0OOG;FHGZBF92[%$$G_9_74GHG5+C6;6=FBVSOWS:15IGHK5UN2HYLE M&C%[C\%S3)).&&3X)Q$<$MGC!4&:?M0X+"$XK) &8Z2N??TAQN8NAL<0A^D\ M9I[#^UB"MG@3=K(..ED'G&SOG'A,-A/!&Q(6R8(B64#D,4Q @@1D2?"8W+DD MBZW A&1W*FAVT#C(B[N3*JK$M7/OP:PZ7?LG=Q70.]R_&=^IO+2=BDY"F^/N M#N59" W&2_)@$C?FF9H6#,[:3C=F+OUE]0LM^O$=0M-C6/X#4$L#!!0 ( M '&PO=V]R:W-H965TM+]0V8?OWM0VA-,M+ M[!G.G'/&]B0;E7XU+8!%;X)+D^/6VOY(B"E;$,P\J!ZD^U(K+9AUH6Z(Z36P M*A0)3NANEQ+!.HF++.3.NLC48'DGX:R1&81@^L\)N!IS'.%;XJ5K6NL3I,AZ MUL!WL#_ZLW8165BJ3H TG9)(0YWCI^AX2CP^ 'YV,)K5'OE.+DJ]^N!+E>.= M-P0<2NL9F%NN\ R<>R)GX_?,B1=)7[C>W]@_A=Y=+Q=FX%GQ7UUEVQP_8E1! MS09N7]3X&>9^$HSFYK_"%;B#>R=.HU3R M[0(Z%]"E@$Z]3$+!^4=F69%I-2(]G7W/_!5'1^K.IO3)/';9%D4R39$-G?B23O1&AZ.-RID-7="=!->+4&E6J086)6 MV64PGFBX^W_P::J^,=UTTJ"+LNX%A7NNE;+@O.P>G)G6#?(2<*BMWWYP>ST] MYRFPJI\GE2Q_%\5?4$L#!!0 ( '&PO M=V]R:W-H965TI@PDBC.6/8":&F#6H;)9A/AEC8=RE,[=Q1YRB^*-1T< MA2R::&3#>\\ 56& M'OW](3%Z*_C=P" 7?<]4:(9 M:0*7_0_WK[9V7" M#YX8][ZGYHC]/=%[4YA)NQ5V32PU]W=ABJ_&:-(<1@VYT9!9@[7_#"%. M"+$&P=(@B-P&@=,@L ;;FPRB59:C)K*:SFJB;>R&;)V0K0,2KR"C)EQ ?!)_ M0@F=E-!!25:4T$'9)&Y*Y*1$#LIN18GN*($??'*NL9,2WU'T:["BQ'>4+V3Q MA]U0$B-G'@>+]]([A^3'-_P-02P,$% @ =S -3UQ2#I'A M 0 _P0 !D !X;"]W;W)K&UL?531CIP@%/T5 MPP1[,@%IAQ^_<%=(UU2%^$"^><>XXB^2CD MFVH!=/#.6:\*U&H]'#!650NJX"C8KZ[6;8'V**BAH5>F7\7X&>8\ M*0KF\%_A!LS K1/3HQ),N6=07946?%8Q5CA]G\:N=^,X[62[F>8GQ#,A7@AQ M^E\"F0ED(42)"S\YB>A S,NL[*)[=V[/I%5F]5;& M89SCFQ6:,<\3)EYC_D4<[Q&$+!!L#"PN8J^+V/')BA^1S"] O +$"21K@6R_ MB3%A,H?IIQC9X^,FR3TH]/M(O#X2CX_=QD=R[V-/=OXNJ;=+>MA6#ESBO_ E!+ P04 " !W, U/ $Y80Q(" "X M!0 &0 'AL+W=O\6<8OBE8U[(4G+XP1\7<#E+=K/_1O@=?J7"H30'G6D#/\!/6KV0M]0H/* ML6)0RXK7GH#3VG\)5[O4X"W@K8)6CO:>J>3 ^;LY?#NN_< 8 @J%,@I$+U?8 M J5&2-OXTVOZ0TI#'.]OZE]L[;J6 Y&PY?1W=53EVG_VO2. MQ/?ZXK_#%:B&&RVU[_1W 3<$_! T+D_ M(T0](;H3TD\)<4^([X38=JLKQ?9F1Q3),\%;3W1?MR'F)PI7L>Y^88*VV?:= M;H_4T6N.@T6&KD:HQVPZ#!YAPD?$UH$(H@&#M(/!!G;9V."9 )ZDF".BZ!&R M)M]ND\ZR1'@YM3('I3A=3*R@T7_-0)SM MS)!>P2^UG5>CZ#"67K"]%W=X-]-^$'&N:ND=N-*WR]Z!$^<*M)?@2?>EU&-T M.% X*;-=Z+WHADEW4+SIYR0:AG7^#U!+ P04 " !W, U/LZ&JZ7," "$ M" &0 'AL+W=OSLPYPS@SI WC[^), MJ;0^RJ(22_LL9?WB."([TY*(!:MII9X<&2^)5$=^5JLF^E*@%T^]S$P;S;LS MSU2V0EFO*XR\U+GJ0!UFTV+P (,>$5L X=ZC.$I!+P-#,C9X$@"/**8([PF# M!R;J&7__(5%_E&B+"0RF:M,(<.+&,(\/\O@ 3S#B\2<\ON+Q89H I D FG!$ M$TQH/#], I@F!&E"@"8:T803&A>FB$"*:$9AHFEA0B]P1TJV .R3^L6@G!B0 M$X_DM)AX^&(720BS)"!+,N.6M)CDD07!+,B%_]WNC&O2@1Z)PN@)T9,V@F9< ME XTXZ8@L$NL$9Y1G XTK(Z_<"<=:XIZ7D,$MQ0$]91D+ < 87>L!@*-2^T, M>GI)^"6O/I)HLIO\?&9-4:7$7 MJCYG]4G0'PIZE'H;J3UOYV)[D*SN9K[3?WBL_@-02P,$% @ =S -3X7C MX,'Y @ (0L !D !X;"]W;W)K&UL?9;=CILP M$(5?!7%?P#8_)DHB):FJ5FJEU5;;7K.)DZ %G!HGV;Y];4,HV,/>!&QFSGP3 MP]$L[UR\M6?&I/=>5TV[\L]27A9AV.[/K"[:@%]8HYX"Y/9ZDW MPO7R4IS83R9?+D]"K<)!Y5#6K&E+WGB"'5?^!BUV*-<))N)7R>[MZ-[3K;QR M_J87WPXK/])$K&)[J24*=;FQ':LJK:0X_O2B_E!3)X[O'^I?3/.JF=>B93M> M_2X/\KSRJ>\=V+&X5O*9W[^ROJ'$]_KNO[,;JU2X)E$U]KQJS:^WO[:2U[V* M0JF+]^Y:-N9Z[_4?:7 "[A/PD)"B#Q-(GT"&A-CTWH&93C\7LE@O!;][HCNL M2Z'?";0@ZK_--"?3F)BF:S+.4TRS:=S.U:(YS)* M+ G DEHLB<,2612NRAQ%"E*D (75Z39U*#XEA!"+Q%6:(\E D@P@H19)YI+@ M.*.Q?3:NUAP+!5DHP));+-1]3W!,4&2SN%IS+#G(DKLLQ'H+MKG#0J,T(\A" M<:7F4% $FT0$P"#;);H@?1EP2! E=,8LT(PA(:"6XTCH@R]D6@7TI W"0!5B M5^F"$!H?=A!%R4PIV+T0 4K%=BGBEHH#A,E<+=CH$.!TQ':Z/FA2"P=J MP4:& "8Y.E,+=BN$.!7Q/:K/B@=GQ9)$9T]+]B0$.!(Q':D M/FA:*\MIC&=JV88S?0I; /KPP^U!()^PO^YP- W43)S,W-1Z>WYMI/Z*1KO# M;+;!>IJP]K=Z9H/V\6('Q6\050D45,H?XU_X'ZD;'G\4XE0VK??*I1I[S'1R MY%PRU6\4J!?JK.;585&QH]2WF;H7W=#6+22_] -I.$S%ZW]02P,$% @ M=S -3[%U%1\D @ >P8 !D !X;"]W;W)K&UL MC57;CILP$/T5Q >LN>*B^Q M/9QSYLP0#VG/^*NH :3S1DDK,K>6LMLB)(H:*!9/K(-6/2D9IUBJ(Z^0Z#C@ MDR%1@@+/2Q#%3>OFJ8D=>)ZRLR1-"P?NB#.EF/_= 6%]YOKN-?#25+74 92G M':[@!\B?W8&K$YI43@V%5C2L=3B4F?OL;_>^IPD&\:N!7LSVCB[ER-BK/GP] M9:ZG'0&!0FH)K)8+[($0K:1\_!E%W2FG)L[W5_7/IGA5S!$+V#/RNSG).G/7 MKG."$I^)?&']%Q@+BEUGK/X;7( HN':BL=/KRM#NL_A;\-53,+ M'32],\]4M4)%+WD0>2FZ:*$1LQLPP0SC3PBDU*<4@2W%+KBC![<)]O>(E6?/ M$%J+" T_O"GB XN152 R M&-P,+D;L D!M,:3+A9=&IOP22AW4AL-1);C'P@ MD%@%DL=;L;(*K!YHQ8")9V4FRT[<0Z*UW<;::F-ML1'9!396@I+,!T(E%)O5VK/AW$X'"3K MQE&/IN]-_@]02P,$% @ =S -3Q#V>T H!@ UB0 !D !X;"]W;W)K M&ULE9K95MM($(9?Q<VY9$$)&\_DMQRK.[ZH96+@,U?U4O55]5J>^)F6JR)+GUJCQ7S*HTA/%^EL.=[; M:=^[+O9V\K=J/EMFU\6H?%LLTN+W?C;//W;';-R]<3M[>:V:-Z9[.ZOT);O+ MJK]7UT7]:KKQ\C1;9,MREB]'1?:\._Z+?;LW<6/0*OZ991_EUN^C9BD/>?ZS M>7'ZM#N.FAEE\^RQ:ERD]8_W["";SQM/]3S^LT['FS$;P^W?.^_'[>+KQ3RD M97:0S_^=/56ON^-X/'K*GM.W>76;?YQD=D%J/+*KO\C>LWDM;V92C_&8S\OV M_]'C6UGE"^NEGLHB_;7^.5NV/S^L_\Z,-N#6@&\,F/S40%@#\<= ?&H@K8$, M'4%9 Q5JH*V!#C4PUL"$&L36( XU2*Q!$FK HBYR4;#))M@LV*0+-PN.-^L" MSD2P21=R%AQSU@6=!4>==6%GP7%G7>!9<.19%WH6''O6!9\%1Y]WT>=N]*=K MX-L*%.D'IMWVYK4_K&N(F7][OL>EVIG^MYX MLIK]M8;W-+JO.: TIJ\YI#1Q7W-$:9*^YIC0J*BO^4YI6%]S0FEX7W-*:41? ME<6)Q16CZBFM?89Q-OOG2R>W73NY\B7 V M^)Y:T)_$F=89ODES3J]#=#T!FAB YS\O=)^1(4WY6M?Q83V5Z:]E0FM/-DM)1-P<89> MG"$6YV!U9+R!ZMH?\XC1(\7T2#$QDE/];F)O@T3B9]$M(?MDY0D]GX28CZ(] M-&6"H<;* OBRHCY@/&%PS0S4-\:)T;0[&O>S&0P#BB CJJ"75E84 MG%<,E$%&U4$#?( BQ]2 2((ZP:A"X>VM7P,2, P@EE'(@B[' (LL'K!
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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 45 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 46 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.2 html 84 214 1 true 29 0 false 4 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.brainstorm-cell.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00100 - Statement - INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Sheet http://www.brainstorm-cell.com/role/StatementInterimCondensedConsolidatedBalanceSheets INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00105 - Statement - INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.brainstorm-cell.com/role/StatementInterimCondensedConsolidatedBalanceSheetsParenthetical INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Sheet http://www.brainstorm-cell.com/role/StatementInterimCondensedConsolidatedStatementsOfComprehensiveLoss INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS Statements 4 false false R5.htm 00300 - Statement - STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Sheet http://www.brainstorm-cell.com/role/StatementStatementsOfChangesInStockholdersEquity STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Statements 5 false false R6.htm 00400 - Statement - INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.brainstorm-cell.com/role/StatementInterimCondensedConsolidatedStatementsOfCashFlows INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 6 false false R7.htm 10101 - Disclosure - GENERAL Sheet http://www.brainstorm-cell.com/role/DisclosureGeneral GENERAL Notes 7 false false R8.htm 10201 - Disclosure - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.brainstorm-cell.com/role/DisclosureBasisOfPresentationAndSignificantAccountingPolicies BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Notes 8 false false R9.htm 10301 - Disclosure - RESEARCH AND LICENSE AGREEMENT Sheet http://www.brainstorm-cell.com/role/DisclosureResearchAndLicenseAgreement RESEARCH AND LICENSE AGREEMENT Notes 9 false false R10.htm 10401 - Disclosure - SHORT TERM INVESTMENTS Sheet http://www.brainstorm-cell.com/role/DisclosureShortTermInvestments SHORT TERM INVESTMENTS Notes 10 false false R11.htm 10501 - Disclosure - PREPAID EXPENSES Sheet http://www.brainstorm-cell.com/role/DisclosurePrepaidExpenses PREPAID EXPENSES Notes 11 false false R12.htm 10601 - Disclosure - LEASES Sheet http://www.brainstorm-cell.com/role/DisclosureLeases LEASES Notes 12 false false R13.htm 10701 - Disclosure - DEFERRED GRANT INCOME Sheet http://www.brainstorm-cell.com/role/DisclosureDeferredGrantIncome DEFERRED GRANT INCOME Notes 13 false false R14.htm 10801 - Disclosure - STOCK CAPITAL Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapital STOCK CAPITAL Notes 14 false false R15.htm 10901 - Disclosure - SUBSEQUENT EVENTS Sheet http://www.brainstorm-cell.com/role/DisclosureSubsequentEvents SUBSEQUENT EVENTS Notes 15 false false R16.htm 20202 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://www.brainstorm-cell.com/role/DisclosureSignificantAccountingPoliciesPolicies SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 16 false false R17.htm 30603 - Disclosure - LEASES (Tables) Sheet http://www.brainstorm-cell.com/role/DisclosureLeasesTables LEASES (Tables) Tables http://www.brainstorm-cell.com/role/DisclosureLeases 17 false false R18.htm 30803 - Disclosure - STOCK CAPITAL (Tables) Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapitalTables STOCK CAPITAL (Tables) Tables http://www.brainstorm-cell.com/role/DisclosureStockCapital 18 false false R19.htm 40201 - Disclosure - SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureSignificantAccountingPoliciesDetails SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://www.brainstorm-cell.com/role/DisclosureSignificantAccountingPoliciesPolicies 19 false false R20.htm 40301 - Disclosure - RESEARCH AND LICENSE AGREEMENT (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureResearchAndLicenseAgreementDetails RESEARCH AND LICENSE AGREEMENT (Details) Details http://www.brainstorm-cell.com/role/DisclosureResearchAndLicenseAgreement 20 false false R21.htm 40401 - Disclosure - SHORT TERM INVESTMENTS (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureShortTermInvestmentsDetails SHORT TERM INVESTMENTS (Details) Details http://www.brainstorm-cell.com/role/DisclosureShortTermInvestments 21 false false R22.htm 40501 - Disclosure - PREPAID EXPENSES (Details) Sheet http://www.brainstorm-cell.com/role/DisclosurePrepaidExpensesDetails PREPAID EXPENSES (Details) Details http://www.brainstorm-cell.com/role/DisclosurePrepaidExpenses 22 false false R23.htm 40601 - Disclosure - LEASES - Supplemental cash flow information related to operating leases (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureLeasesSupplementalCashFlowInformationRelatedToOperatingLeasesDetails LEASES - Supplemental cash flow information related to operating leases (Details) Details 23 false false R24.htm 40602 - Disclosure - LEASES - Future lease payments under operating leases (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureLeasesFutureLeasePaymentsUnderOperatingLeasesDetails LEASES - Future lease payments under operating leases (Details) Details 24 false false R25.htm 40603 - Disclosure - LEASES - Additional information (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureLeasesAdditionalInformationDetails LEASES - Additional information (Details) Details 25 false false R26.htm 40701 - Disclosure - DEFERRED GRANT INCOME (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureDeferredGrantIncomeDetails DEFERRED GRANT INCOME (Details) Details http://www.brainstorm-cell.com/role/DisclosureDeferredGrantIncome 26 false false R27.htm 40801 - Disclosure - STOCK CAPITAL - Restricted Stock (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapitalRestrictedStockDetails STOCK CAPITAL - Restricted Stock (Details) Details 27 false false R28.htm 40802 - Disclosure - STOCK CAPITAL - Employee Stock Option (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapitalEmployeeStockOptionDetails STOCK CAPITAL - Employee Stock Option (Details) Details 28 false false R29.htm 40803 - Disclosure - STOCK CAPITAL - Stock-Based Compensation Expense (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapitalStockBasedCompensationExpenseDetails STOCK CAPITAL - Stock-Based Compensation Expense (Details) Details 29 false false R30.htm 40804 - Disclosure - STOCK CAPITAL - Additional information (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureStockCapitalAdditionalInformationDetails STOCK CAPITAL - Additional information (Details) Details 30 false false R31.htm 40901 - Disclosure - SUBSEQUENT EVENTS (Details) Sheet http://www.brainstorm-cell.com/role/DisclosureSubsequentEventsDetails SUBSEQUENT EVENTS (Details) Details http://www.brainstorm-cell.com/role/DisclosureSubsequentEvents 31 false false All Reports Book All Reports bcli-20190630.xml bcli-20190630.xsd bcli-20190630_cal.xml bcli-20190630_def.xml bcli-20190630_lab.xml bcli-20190630_pre.xml http://xbrl.sec.gov/invest/2013-01-31 http://fasb.org/srt/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 49 0001144204-19-039284-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-19-039284-xbrl.zip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end