SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2017

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

Schedule of stock option valuation assumptions

The fair value for options granted during the nine months ended September 30, 2017 and September 30, 2016 was estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:

	Nine Months Ended September 30,
	2017	2016
Expected volatility	56% - 58%	53% - 60%
Risk-free rate	1.78% - 2.07%	1.16%-1.60%
Dividend yield	—%	—%
Expected term (in years)	5.31-6.11	5.31-6.11
Share price	$1.3- $2.1	$6.8- $11.88

Summary of stock option and RSU activity

A summary of employee options to purchase ordinary shares and RSUs during the nine months ended September 30, 2017 is as follows:

	Nine Months Ended September 30, 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	413,746		2.01
RSUs granted	230,484		—
Options exercised (2)	(30,192	)	1.39
RSUs vested (2)	(59,450	)	—
RSUs forfeited	(44,196	)	—
Options forfeited	(169,008	)	2.99
Options and RSUs outstanding at the end of the period	2,592,398		$	5.39	7.45	$	578
Options exercisable at the end of the period	1,272,727		$	6.12	6.46	$	64

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

(2) During the nine months period ended September 30, 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 87,795 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 September 30, 2017 is set forth below, with options separated by range of exercise price. The below does not reflect the results of the Equity Exchange Program (as defined below) completed on October 5, 2017.

Range of exercise price	Options and RSUs outstanding as of September 30, 2017	Weighted average remaining contractual life (years) (1)	Options exercisable as of September 30, 2017	Weighted average remaining contractual life (years) (1)
RSUs only	353,437	—	—	—
$0.82	31,803	3.29	31,803	3.29
$1.32	335,095	4.75	330,095	4.67
$1.47 - $2.20	762,937	8.07	338,830	6.35
$6.80- $8.99	663,382	8.09	322,536	7.96
$9.22- $10.98	201,343	8.42	75,586	8.10
$19.62-$20.97	244,401	7.17	173,877	7.15
	2,592,398	7.45	1,272,727	6.46

(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 September 30, 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

(1) Represents warrants to purchase ordinary shares at an exercise price of $10.08 per share, which were granted on July 14, 2014 as part of our series E investment round.

(2) Represents a warrant to purchase ordinary shares at an exercise price of $9.64 per share, which was issued on December 31, 2015 to Kreos, in connection with a loan made by Kreos to us. The warrant is 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, 2017.

(3) Represents warrants issued as part of our follow-on offering in November 2016.

(4) Represents a warrant in the amount of 47,717 ordinary shares issued to Kreos as part of the $8.0 million drawdown under the Loan Agreement, which occurred on December 28, 2016. See footnote 2 above for exercisability terms.

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):

	Nine Months Ended September 30,
	2017		2016
Cost of revenues	$	57	$	78
Research and development, net	344		398
Sales and marketing, net	585		606
General and administrative	1,611		1,376
Total	$	2,597	$	2,458