WARRANTS TO PURCHASE ORDINARY SHARES (Tables)

12 Months Ended

Dec. 31, 2017

Warrants issued on August 2016:

Warrants to purchase ordinary shares

Schedule of assumptions used in estimating fair value of warrants

	December 31, 2017	May 25, 2017	December 31, 2016
Risk-free interest rate(1)	1.30% - 2.05%	1.65%	1.5% - 1.84%
Expected volatility(2)	57.1% - 77.6%	65.6% - 85%	65.5% - 85.5%
Expected life (in years)(3)	3.59	4.19	3.14 - 4.59
Expected dividend yield(4)	0%	0%	0%
Fair value per warrant:	1.60	3.83	1.08

(1)	Risk free interest rate based on yield rates of non-index linked U.S. Federal Reserve treasury bonds.
(2)	Expected volatility was calculated based on actual historical share price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants.
(3)	Expected life was based on the contractual term of the warrants.
(4)	Expected dividend yield was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future.

Warrants issued on April 2017:

Warrants to purchase ordinary shares

Schedule of assumptions used in estimating fair value of warrants

	December 31, 2017	April 25, 2017
Risk-free interest rate(1)	1.68% - 2.12%	1.82% - 1.87%
Expected volatility(2)	76.3% - 82.4%	65.7% - 80.7%
Expected life (in years)(3)	4.32	4.73 - 5
Expected dividend yield(4)	0%	0%
Fair value per warrant:	1.20	2.78

(1)	Risk free interest rate based on yield rates of non-index linked U.S. Federal Reserve treasury bonds.
(2)	Expected volatility was calculated based on actual historical share price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants.
(3)	Expected life was based on the contractual term of the warrants.
(4)	Expected dividend yield was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future.