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SHAREHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Black-Scholes-Merton option pricing model assumptions
The fair value for options granted during the six months ended June 30, 2019  was estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:
 
 
  
Six Months Ended
June 30,
  
 
  
2019
  
Expected volatility
    
57.5
%
Risk-free rate
    
2.22
%
Dividend yield
    
—
%
Expected term (in years)
    
6.11
  
Share price
  
$
5.37
  
 
Schedule of employee options activity
A summary of employee share options activity during the six months ended June 30, 2020 is as follows:
 
 
  
Number
    
Average
exercise
price
    
Average
remaining
contractual
life (in years)
    
Aggregate
intrinsic
value (in
thousands)
  
Options outstanding at the beginning of the period
    
74,713
    
$
41.6
      
6.34
    
$
135
  
Granted
    
—
      
—
                  
Exercised
    
—
      
—
                  
Forfeited
    
(1,502
)
    
129.90
                  
Options outstanding at the end of the period
    
73,211
    
$
39.8
      
5.83
    
$
582
  
 
                                
Options exercisable at the end of the period
    
51,153
    
$
47.99
      
4.85
    
$
—
Schedule of employee RSUs activity
A summary of employee RSUs activity during the six months ended June 30, 2020 is as follows:
 
 
  
Number of shares underlying outstanding RSUs
    
Weighted
average
grant
date fair value
  
Unvested RSUs at the beginning of the period
    
62,378
    
$
44.61
  
Granted
    
300,000
      
2.23
  
Vested
    
(24,625
)
    
14.80
  
Forfeited
    
(6,992
)
    
8.24
  
Unvested RSUs at the end of the period
    
330,761
    
$
6.39
Schedule of options and RSUs outstanding
The number of options and RSUs outstanding as of June 30, 2020 is set forth below, with options separated by range of exercise price.
 
Range of exercise price
  
Options and RSUs outstanding as of
June 30,
2020
    
Weighted
average
remaining
contractual
life (years) (1)
    
Options
outstanding and exercisable as of
June 30,
2020
    
Weighted
average
remaining
contractual
life (years) (1)
  
RSUs only
    
330,761
      
—
      
—
      
—
  
$5.37
    
12,425
      
8.75
      
3,882
      
8.75
  
$20.42 - $33.75
    
36,299
      
5.76
      
24,633
      
4.78
  
$37.14 - $38.75
    
10,164
      
3.47
      
10,164
      
3.47
  
$50 - $52.5
    
11,228
      
5.17
      
9,379
      
4.82
  
$182.5 - $524.25
    
3,095
      
5.08
      
3,095
      
5.08
  
 
    
403,972
      
5.83
      
51,153
      
4.85
  
 

 (1)
Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term.
Schedule of warrants outstanding and exercisable
The following table summarizes information about warrants outstanding and exercisable as of June 30, 2020:
 
Issuance date
  
Warrants
outstanding
    
Exercise price per warrant
    
Warrants outstanding and exercisable
  
Contractual
term
 
  
(number)
          
(number)
  
 
December 31, 2015 (1)
    
4,771
    
$
7.500
      
4,771
  
See footnote (1)
November 1, 2016 (2)
    
97,496
    
$
118.750
      
97,496
  
November 1, 2021
December 28, 2016 (3)
    
1,908
    
$
7.500
      
1,908
  
See footnote (1)
November 20, 2018 (4)
    
126,839
    
$
7.500
      
126,839
  
November 20, 2023
November 20, 2018 (5)
    
106,680
    
$
9.375
      
106,680
  
November 15, 2023
February 25, 2019 (6)
    
45,600
    
$
7.187
      
45,600
  
February 21, 2024
April 5, 2019 (7)
    
408,457
    
$
5.140
      
408,457
  
October 7, 2024
April 5, 2019 (8)
    
49,015
    
$
6.503
      
49,015
  
April 3, 2024
June 5, 2019 and June 6, 2019 (9)
    
1,464,665
    
$
7.500
      
1,464,665
  
June 5, 2024
June 5, 2019 (10)
    
87,880
    
$
9.375
      
87,880
  
June 5, 2024
June 12, 2019 (11)
    
416,667
    
$
6.000
      
416,667
  
December 12, 2024
June 10, 2019 (12)
    
50,000
    
$
7.500
      
50,000
  
June 10, 2024
February 10, 2020 (13)
    
4,353,500
    
$
1.250
      
4,353,500
  
February 10, 2025
February 10, 2020 (14)
    
336,000
    
$
1.5625
      
336,000
  
February 10, 2025
 
    
7,549,478
              
7,549,478
  
 
 

 (1)
Represents warrants for ordinary shares issuable upon an exercise price of $7.5 per share, which were granted on December 31, 2015 to Kreos Capital V (Expert) Fund Limited, or Kreos, in connection with a loan made by Kreos to us and are currently exercisable (in whole or in part) until the earlier of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of us with or into, or the sale or license of all or substantially all the assets or shares of us to, any other entity or person, other than a wholly-owned subsidiary of us, excluding any transaction in which our shareholders prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. None of these warrants had been exercised as of June 30, 2020.


(2)
Represents warrants issued as part of our follow-on offering in November 2016. At any time, the board of directors may reduce the exercise price of the warrants to any amount and for any period of time it deems appropriate.


(3)
Represents common warrants that were issued as part of the $8.0 million drawdown under the Loan Agreement which occurred on December 28, 2016. See footnote 1 for exercisability terms.
 

 (4)
Represents common warrants that were issued as part of our follow-on offering in November 2018.
 

 (5)
Represents common warrants that were issued to the underwriters as compensation for their role in our follow-on offering in November 2018.
 

 (6)
Represents warrants that were issued to the exclusive placement agent as compensation for its role in our follow-on offering in February 2019.
 

 (7)
Represents warrants that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in April 2019.


(8)
Represents warrants that were issued to the placement agent as compensation for its role in our April 2019 registered direct offering.
 

 (9)
Represents warrants that were issued to certain institutional investors in a warrant exercise agreement on June 5, 2019 and June 6, 2019, respectively.
 

 (10)
Represents warrants that were issued to the placement agent as compensation for its role in our June 2019 warrant exercise agreement and concurrent private placement of warrants.
 

 (11)
Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in June 2019.


(12)
Represents warrants that were issued to the placement agent as compensation for its role in our June 2019 registered direct offering and concurrent private placement of warrants.


(13)
Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s best efforts offering of ordinary shares in February 2020.


(14)
Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2020 best efforts offering.
Schedule of non-cash share-based compensation expense
The Company recognized non-cash share-based compensation expense for both employees and non-employees in the condensed consolidated statements of operations as follows (in thousands):
 
 
  
Six Months Ended
June 30,
  
 
  
2020
    
2019
  
Cost of revenues
  
$
4
    
$
7
  
Research and development, net
    
74
      
124
  
Sales and marketing
    
48
      
126
  
General and administrative
    
186
      
376
  
Total
  
$
312
    
$
633