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Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Black-Scholes-Merton option pricing model assumptions

   Nine Months Ended
September 30,
 
   2019   2018 
Expected volatility   57.5%   57.07 - 61.12% 
Risk-free rate   2.22%   2.74% - 2.83% 
Dividend yield   %   —% 
Expected term (in years)   6.11    6.11 
Share price  $5.37   $25.50 - 28.75 

Schedule of employee options activity

   Number   Average
exercise
price
   Average
remaining
contractual
life (in years)
   Aggregate
intrinsic
value (in
thousands)
 
Options outstanding at the beginning of the period   72,655   $47.70    6.37   $114 
Granted   12,425    5.37           
Exercised                  
Forfeited   (7,170)   41.80           
Options outstanding at the end of the period   77,910   $41.46    6.38   $230 
                     
Options exercisable at the end of the period   45,530   $55.80    4.62   $ 

Schedule of employee RSUs activity

   Number of shares underlying outstanding RSUs   Weighted
average
grant
date fair value
 
Unvested RSUs at the beginning of the period   26,093   $48.78 
Granted   87,436    4.69 
Vested   (27,618)   7.27 
Forfeited   (10,875)   18.42 
Unvested RSUs at the end of the period   75,036   $42.60 

Schedule of options and RSUs outstanding

Range of exercise price  Options and RSUs outstanding as of
September 30,
2019
  

Weighted
average
remaining
contractual
life (years) (1)

   Options
outstanding and exercisable as of
September 30,
2019
  

Weighted
average
remaining
contractual
life (years) (1)

 
RSUs only   75,036             
$5.37   12,425    9.50         
$20.42 - $33.75   37,691    6.46    20,981    4.78 
$37.14 - $38.75   12,476    3.50    12,476    3.50 
$50 - $52.5   11,395    5.94    8,158    5.25 
$182.5 - $524.25   3,923    6.04    3,915    6.03 
    152,946    6.80    45,530    4.62 

 

(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

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
      2,859,978               2,859,978      

 

(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 September 30, 2019.

 

(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. As of September 30, 2019, warrants to purchase an aggregate 1,651,537 ordinary shares had been exercised.

 

(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 investors in a warrant exercise agreement 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
Schedule of non-cash share-based compensation expense

   Nine Months Ended
September 30,
 
   2019   2018 
Cost of revenues  $9   $11 
Research and development, net   161    330 
Sales and marketing   140    352 
General and administrative   559    1,649 
Total  $869   $2,342