STOCK CAPITAL

9 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

STOCK CAPITAL

NOTE 9:- STOCK CAPITAL

a. On March 23, 2015, the Company's board of directors and the requisite holders of the Company's capital stock consented to a 1-for-3 reverse stock split of the Company's common stock. As a result of the reverse stock split, (i) every 3 shares of authorized, issued and outstanding common stock was decreased to one share of authorized, issued and outstanding common stock, (ii) the number of shares of common stock into which each outstanding warrant or option to purchase common stock is exercisable was proportionally decreased on a 1-for-3 basis, (iii) all share prices and exercise prices were proportionately increased. All of the share numbers, share prices, and exercise prices have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-for-3 reverse stock split.

b. Common Stock:

	Authorized		Issued and outstanding
	Number of shares
	March 31, 2016	June 30, 2015	March 31, 2016	June 30, 2015
	(unaudited)		(unaudited)
Stock of $0.0001 par value:
Common stock	125,000,000	125,000,000	40,684,496	39,297,539

c. Stock Incentive plans:

The Company’s 2007 Global Incentive Plan (the “2007 Plan”) was adopted by the board of directors on August 30, 2007. On March 31, 2015, upon consummation of the Company’s Initial Public Offering (“IPO”), the 2007 Plan was terminated and no further awards will be granted thereunder. All outstanding awards will continue to be governed by their existing terms and 379,358 available options for future grant were transferred to the Company’s 2015 Global Incentive Plan (the “2015 Plan”) and are reserved for future issuances under the 2015 Plan.

The 2015 Plan became effective upon the consummation of the IPO. The 2015 Plan provides for the grant of options, RSUs and other share-based awards to directors, employees, officers and consultants of the Company and its subsidiaries. The Share Reserve will automatically increase on January 1st of each year during the term of the 2015 Plan commencing on January 1st of the year following the year in which the 2015 Plan becomes effective in an amount equal to five percent (5%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year; provided, however, that our board of directors may provide that there will not be a January 1st increase in the Share Reserve in a given year or that the increase will be less than five percent (5%) of the shares of common stock outstanding on the preceding December 31st.

The aggregate maximum number of shares of common stock that may be issued on the exercise of incentive stock options is ten million (10,000,000).

As of March 31, 2016 (unaudited), a total of 3,827,117 (unaudited) shares of common stock were reserved for issuance under the 2015 Plan (the “Share Reserve”).

As of March 31, 2016 (unaudited), an aggregate of 2,731,852 shares of common stock are available for future grant under the 2015 Plan.

d. Options granted to employees and members of the board of directors:

A summary of the activity in the options granted to employees and members of the board of directors for the nine months ended March 31, 2016 (unaudited) and related information follows:

						Weighted
						average
				Weighted		remaining
	Number			average		contractual		Aggregate
	of			exercise		term		intrinsic
	Options			price		in years		value
Outstanding as of July 1, 2015		6,034,782			3.14		7.06		200,438
Granted		228,800			25.09
Exercised		(1,230,923	)		2.05
Forfeited or expired		(46,971	)		3.86
Outstanding as of March 31, 2016		4,985,688			4.41		6.75		103,375
Vested and expected to vest as of March 31, 2016		4,798,492			4.33		6.73		99,877
Exercisable as of March 31, 2016		3,099,118			2.88		5.65		68,974

The aggregate intrinsic value represents the total intrinsic value (the difference between the fair value of the Company’s common stock as of the last day of each period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last day of each period. The total intrinsic value of options exercised during the nine months ended on March 31, 2016 (unaudited) was $27,602.

The weighted average grant date fair values of options granted to employees and executive directors during the nine months ended March 31, 2016 (unaudited) was $25.09.

The options outstanding as of March 31, 2016 (unaudited) have been separated into exercise price ranges as follows:

			Weighted		Options		Weighted
	Outstanding		average		exercisable		average
Range of	as of		remaining		as of		remaining
exercise	March 31,		contractual		March 31,		contractual
price	2016		life in years		2016		life in years
$0.87 - $1.50		770,940		2.89		770,940		2.89
$1.68 - $2.46		1,465,040		5.49		1,408,292		5.46
$3.03 - $3.96		542,018		7.53		279,270		7.24
$5.01		1,945,562		8.66		602,296		8.66
$9.36		33,328		8.84		9,720		8.84
$25.09		228,800		9.39		28,600		9.39
		4,985,688		6.75		3,099,118		5.65

e. A summary of the activity in the RSUs granted to employees and members of the board of directors for the nine months ended March 31, 2016 (unaudited), is as follows:

	No. of Options			Weighted average grant date fair value
Unvested as of July 1, 2015		67,440			25.09
Granted		807,656			24.45
Vested		(112,591	)		24.57
Forfeited		(40,965	)		24.07
Unvested as of March 31, 2016		721,540			24.38

f.  Options and RSUs issued to non-employee consultants:

The Company has granted options and RSUs to non-employee consultants as of March 31, 2016 (unaudited) as follows:

	Outstanding				Exercisable
	as of				as of
Issuance	March 31,		Exercise		March 31,		Exercisable
date	2016		price		2016		through
July 31, 2008		33,333		0.87		33,333	July 31, 2018
October 24, 2012		5,166		2.46		4,333	October 24, 2022
January 23, 2013		3,333		3.03		2,778	January 23, 2023
January 27, 2014		4,698		3.51		2,226	January 27, 2024
May 1, 2014		6,000		3.51		3,167	May 1, 2024
September 17, 2014		10,830		3.96		4,790	September 17, 2024
October 29, 2014		5,788		5.01		1,010	October 29, 2024
August 19, 2015		28,167		0.00		-
November 8, 2015		4,167		0.00		-
		101,482				51,637

The Company had accounted for its options and RSUs granted to non-employee consultants under the fair value method of ASC 505-50. In connection with the grant of options and RSUs to non-employee consultants, the Company recorded stock compensation expenses in the three months ended March 31, 2016 (unaudited) and 2015 (unaudited) in the amounts $91, and $228, respectively, and stock compensation expenses in the nine months ended March 31, 2016 and 2015 in the amounts $464 and $331, respectively

g. Stock-based compensation expense for employees and consultants:

The Company recognized stock-based compensation expenses related to options and RSUs granted to employees and non-employees in the consolidated statement of operations for the three and six months ended on March 31, 2016 (unaudited) and 2015 (unaudited), as follows:

	Three months ended March 31,				Nine months ended March 31,
	2016		2015		2016		2015
Cost of revenues	$	246	$	140	$	635	$	254
Research and development		724		183		1,637		449
Selling and marketing		842		292		2,207		545
General and administrative		819		355		2,210		502
Total stock-based compensation expense	$	2,631	$	970	$	6,689	$	1,750

As of March 31, 2016 (unaudited), there was a total unrecognized compensation expense of $26,384 related to non-vested equity-based compensation arrangements granted under the Company’s plans. These expenses are expected to be recognized during the period from April 1, 2016 through February 29, 2020.