SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2017

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

Schedule of stock option valuation assumptions

The fair value for options granted during the three months ended March 31, 2016 was estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:

	Three Months Ended March 31,
	2016
Expected volatility	60%
Risk-free rate	1.43%-1.60%
Dividend yield	—%
Expected term (in years)	5.31-6.11
Share price	$8.48- $11.88

Summary of stock option and RSU activity

A summary of employee options to purchase ordinary shares and RSUs during the three months ended March 31, 2017 is as follows:

	Three Months Ended March 31, 2017
	Number		Average exercise price		Average remaining contractual life (in years) (1)	Aggregate intrinsic value (in thousands)
Options and RSUs outstanding at the beginning of the period	2,251,014		$	6.47	7.80	$	1,740
Options granted	—		—
RSUs granted	—		—
Options exercised (2)	(15,112	)	1.43
RSUs vested (2)	(7,363	)	—
RSUs forfeited	(24,534	)	—
Options forfeited	(58,894	)	8.52
Options and RSUs outstanding at the end of the period	2,145,111		$	6.54	7.36	$	953
Options exercisable at the end of the period	1,081,735		$	5.57	6.47	$	495

(1) Calculation of weighted average remaining contractual term does not include RSUs, which have an indefinite contractual term.

(2) During the three month period ended March 31, 2017, the aggregate number of ordinary shares that were issued pursuant to RSUs that became vested and options that were exercised on a net basis was 22,475 ordinary shares.

Schedule of options and RSUs outstanding which have been separated into ranges of exercise price

The number of options and RSUs outstanding as of March 31, 2017 is set forth below, with options separated by range of exercise price.

Range of exercise price	Options and RSUs outstanding as of March 31, 2017	Weighted average remaining contractual life (years) (1)	Options exercisable as of March 31, 2017	Weighted average remaining contractual life (years) (1)
RSUs only	194,702	—	—	—
$0.82	34,377	3.79	34,377	3.79
$1.32	336,905	5.10	334,997	5.09
$1.48	384,323	6.42	307,132	6.46
$6.80- $8.99	720,618	8.49	240,800	8.03
$9.22- $10.98	220,056	9.11	14,558	9.03
$19.62-$20.97	254,130	7.54	149,871	7.41
	2,145,111	7.36	1,081,735	6.47

(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 March 31, 2017:

Issuance date	Warrants outstanding	Exercise price per warrant		Warrants exercisable	Contractual term
	(number)			(number)
July 14, 2014 (1)	403,804	$	10.08	403,804	July 13, 2018
December 30, 2015 (2)	119,295	$	9.64	119,295	See footnote (2)
November 1, 2016 (3)	2,437,500	$	4.75	2,437,500	November 1, 2021
December 28, 2016 (4)	47,717	$	9.64	47,717	See footnote (4)
	3,008,316			3,008,316

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 consolidated statements of operations for the periods shown below as follows (in thousands):

	Three Months Ended March 31,
	2017		2016
Cost of revenues	$	28	$	22
Research and development, net	113		113
Sales and marketing, net	185		174
General and administrative	525		408
Total	$	851	$	717