WARRANTS TO PURCHASE ORDINARY SHARES (Tables)

6 Months Ended

Jun. 30, 2018

Warrants issued on August 2016

Warrants to purchase ordinary shares

Schedule of assumptions used in estimating fair value of warrants

	June 30,		December 31,
	2018		2017
	Unaudited
Risk-free interest rate (1)	2.67	%	2.12	%
Expected volatility (2)	79.8	%	76.3	%
Expected life (in years) (3)	3.09		3.59
Expected dividend yield (4)	0	%	0	%

(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

	June 30,		December 31,
	2018		2017
	Unaudited
Risk-free interest rate (1)	2.67	%	2.12	%
Expected volatility (2)	79.8	%	76.3	%
Expected life (in years) (3)	3.82		4.32
Expected dividend yield (4)	0	%	0	%

(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.