7Baggers

Arcturus Therapeutics Holdings Inc
(NASDAQ:ARCT) 

ARCT stock logo

Arcturus Therapeutics Holdings Inc., an RNA medicines company, focuses on the treatment of liver and respiratory care diseases. The company engages in the discovery and development of RNA medicines, including the production of RNA drug substance and nanoparticle-formulated drug product; and developm...

Founded: 2013
Full Time Employees: 88
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2019-03-31 2018-12-31 2018-10-01 2018-09-30 2018-09-28 2017-12-31 2017-11-09 2017-08-11 2017-05-30 2017-02-15 2016-12-31 2016-11-15 2016-08-30 2016-05-18 2016-02-17 2015-12-31 2015-11-12 2015-08-13 2015-01-08 2014-12-31 2014-11-17 2014-08-11 2014-05-15 2014-02-13 2013-12-31 2013-11-07 2013-08-06 
                               
      collaboration revenue
    		4,350,000                           
      operating expenses:
    		                           
      research and development
    		7,324,000  4,225,000 3,969,000 4,225,000 11,356,000 1,059,000 1,443,000 2,060,000 4,447,000 3,486,000 6,400,000 4,182,000 3,362,000 3,335,000 2,531,500 2,853,000 3,683,000     5,522,000 4,603,000 615,750 2,067,000 321,000 
      general and administrative
    		3,534,000  8,233,000 3,810,000 8,233,000 2,655,000 1,646,000 2,091,000 1,180,000 1,286,000 1,017,750 1,211,000 1,402,000 1,458,000 1,325,000 916,750 1,176,000 1,202,000 3,137,000 1,100,750 1,266,000 1,348,000 1,789,000 1,040,000 545,750 1,069,000 875,000 
      total operating expenses
    		10,858,000  12,458,000 7,779,000 12,458,000 13,142,000 2,892,000 3,823,000 3,633,000 6,093,000 4,768,500 7,924,000 5,918,000 5,232,000 4,974,000 3,681,000 4,323,000 5,173,000     7,835,000 5,643,000 1,161,500 3,136,000 1,196,000 
      net loss from operations
    		-6,508,000                           
      loss from equity-method investment
    		-288,000                           
      finance income
    		-88,000  122,000 150,000 122,000                       
      net income
    		-6,884,000  -9,950,000 -4,253,000 -9,950,000                       
      yoy
    		-30.81%                           
      qoq
    		  133.95% -57.26%                        
      net income per share
    		-0.68  -0.99 -0.42 -0.99                       
      weighted-average shares outstanding, basic and diluted
    		10,095 10,069    3,087                      
      comprehensive loss:
    		                           
      unrealized loss on short-term investments
    		                           
      comprehensive loss
    		-6,884   -4,251 -9,943                       
      revenue in conjunction with strategic alliances and collaborations
    		  2,386,000 3,423,000 2,386,000                       
      income from operations
    		  -10,072,000 -4,356,000 -10,072,000                       
      yoy
    		                           
      qoq
    		  131.22% -56.75%                        
      weighted-average shares outstanding-basic and diluted
    		  10,057,048 10,092,891 10,057,048                       
      loss related to equity method investment
    		   -47,000                        
      unrealized gain on short-term investments
    		   2 7                       
      pre commercialization expenses
    		     217,250 187,000 289,000 393,000  264,750 313,000 334,000 412,000 314,000   288,000 1,089,000 483,000 562,000 565,000 524,000     
      other income
    		     -58,000 -232,000                     
      financial income
    		     -100,250 -132,000 -144,000 -125,000 -176,000 -176,000 -137,000 -152,000 -172,000 -104,000 -49,000 -68,000 -64,000          
      loss before taxes on income
    		     2,428,750 2,528,000 3,679,000 3,508,000 5,917,000 4,653,250 7,787,000 5,766,000 5,060,000 4,870,000 3,632,000 4,255,000 5,109,000 15,531,000 6,514,250 10,526,000 7,774,000      
      tax on income
    		     12,750 27,000 12,000  10,000 15,750 15,000 22,000  17,000 8,500 7,000 14,000          
      net loss attributable to holders of ordinary shares
    		     2,441,500 2,555,000 3,691,000 3,520,000 5,927,000 4,669,000 7,802,000 5,788,000 5,086,000 4,887,000 3,640,500 4,262,000 5,123,000 15,546,000 6,508,000 10,486,000 7,780,000 7,766,000    1,339,000 
      unrealized gain on available-for-sale marketable securities
    		     1,000 1,000 1,000 2,000    5,000               
      total comprehensive loss
    		     2,440,500 2,554,000 3,690,000 3,518,000 5,930,000 5,930,000 7,810,000 5,783,000               
      net basic and diluted loss per share
    		     -0.088 -0.09 -0.13 -0.13 -0.22 -0.17 -0.28 -0.21 -0.18 -0.2 -0.175 -0.2 -0.24 -1.14 -0.475 -0.77 -0.57   -0.52 -0.28 -0.15 
      weighted-average number of ordinary shares used in computing basic and diluted net loss per share
    		      27,562,795 27,562,795 27,562,795 27,562,795 27,562,657 27,562,795 27,562,795 27,562,239 24,136,669 21,638,207 21,181,722 21,179,233 13,649,427 13,674,818 13,696,525 13,662,146 13,636,709  10,177,786  9,016,628 
      taxes on income
    		        12,000     26,000     15,000 -6,250 -40,000 6,000      
      pre-commercialization expenses
    		         360,000      314,000 294,000           
      unrealized loss on available-for-sale marketable securities
    		         -3,000 9,000 -8,000                
      research and development expenses
    		                  11,440,000 4,908,000 8,757,000 5,918,000      
      operating income
    		                  15,666,000 6,827,000 10,585,000 7,831,000      
      financial expenses (income)
    		                  -135,000 -33,000 -59,000 -57,000 -78,000  49,500 -8,000  
      net comprehensive loss
    		                      7,757,000 5,704,000 5,704,000 3,128,000 1,339,000 
      income tax
    		                      9,000     
      net basic and diluted gain per share
    		                      -0.57     
      financial expenses
    		                          143,000 
      tax expenses
    		                       61,000    
      net income attributable to holders of ordinary shares
    		                       5,704,000 1,211,000 3,128,000  
      net basic and diluted (gain) loss per share
    		                       -0.45    
      weighted-average number of ordinary shares used in computing basic and diluted net income per share
    		                       12,756,506  11,128,001  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2019-03-31 2018-12-31 2018-10-01 2018-09-30 2018-09-28 2018-06-30 2017-12-31 2016-12-31 2015-12-31 2015-11-12 2015-01-08 2014-12-31 2013-12-31 
                   
        assets
      		             
        current assets:
      		             
        cash and cash equivalents
      		31,220,000 36,709,000  30,331,000 29,322,000 29,322,000 24,965,000 2,304,000 16,658,000 8,570,000 6,912,000 2,176,000 22,095,000 
        accounts receivable
      		4,457,000 4,481,000 1,371,000 1,123,000 1,371,000 1,371,000 480,000       
        prepaid expenses and other current assets
      		929,000 638,000 534,000 448,000 534,000 534,000 1,059,000       
        total current assets
      		36,606,000 41,828,000 41,682,000 34,401,000 41,682,000 41,682,000 50,868,000 51,299,000 52,346,000 41,427,000 39,959,000 22,126,000 50,218,000 
        property and equipment
      		2,016,000 1,975,000  2,064,000 1,943,000 1,943,000 1,049,000 240,000 227,000 112,000 105,000 97,000 49,000 
        operating lease right-of-use asset
      		5,690,000             
        equity-method investment
      		             
        non-current restricted cash
      		107,000 107,000            
        total assets
      		44,419,000 44,198,000 44,322,000 37,115,000 44,322,000 44,322,000 52,024,000 51,568,000 71,683,000 41,624,000 40,171,000 22,318,000 50,324,000 
        liabilities and shareholders' equity
      		             
        current liabilities:
      		             
        accounts payable
      		4,118,000 2,398,000 2,781,000 2,905,000 2,781,000 2,781,000 1,790,000       
        accrued liabilities
      		2,766,000 3,907,000  2,244,000 4,304,000 4,304,000 2,793,000       
        deferred revenue
      		7,728,000 6,272,000  8,451,000 11,168,000 11,168,000 6,457,000       
        total current liabilities
      		14,612,000 12,577,000 18,253,000 13,600,000 18,253,000 18,253,000 11,040,000 4,340,000 2,352,000 2,864,000 4,753,000 2,375,000 1,636,000 
        deferred revenue, net of current portion
      		8,025,000 7,534,000  8,843,000 8,021,000 8,021,000 7,190,000       
        long-term debt
      		9,945,000 9,911,000            
        operating lease liability, net of current portion
      		5,483,000             
        deferred rent
      		 534,000            
        total liabilities
      		38,065,000 30,556,000 26,527,000 22,964,000 26,527,000 26,527,000 18,230,000       
        shareholders' equity
      		             
        ordinary shares: nis 0.07 par value; 30,000 shares authorized, 10,762 issued, 10,719 outstanding and 43 held in treasury at march 31, 2019; nis 0.07 par value; 30,000 shares authorized, 10,762 issued, 10,719 outstanding and 43 held in treasury at december 31, 2018
      		214,000             
        additional paid-in capital
      		58,701,000 58,302,000  57,796,000 57,189,000 57,189,000 56,674,000 142,780,000 140,274,000     
        accumulated deficit
      		-52,561,000 -44,874,000  -43,863,000 -39,610,000 -39,610,000 -23,089,000 -95,620,000 -71,017,000 -61,868,000 -34,280,000 -51,568,000  
        total shareholders' equity
      		6,354,000  17,795,000 14,151,000 17,795,000 17,795,000  47,228,000 69,331,000 38,760,000 35,418,000 19,943,000 48,688,000 
        total liabilities and shareholders' equity
      		44,419,000  44,322,000 37,115,000 44,322,000 44,322,000  51,568,000 71,683,000 41,624,000 40,171,000 22,318,000 50,324,000 
        restricted cash
      		      166,000       
        short-term investments
      		   2,499,000 10,455,000 10,455,000 23,608,000       
        intangible asset held for sale
      		      590,000       
        equity method investment
      		 288,000  543,000          
        liabilities and shareholders’ equity
      		             
        commitments and contingencies
      		             
        shareholders’ equity:
      		             
        ordinary shares: 30,000 shares authorized, 10,762 issued, 10,719 outstanding and 43 held in treasury at december 31, 2018; nis 0.07 par value; 30,000 shares authorized, 10,699 issued, 10,656 outstanding and 43 held in treasury at december 31, 2017;
      		 214,000            
        accumulated other comprehensive loss
      		      -3,000 -6,000      
        total shareholders’ equity
      		 13,642,000     33,794,000       
        total liabilities and shareholders’ equity
      		 44,198,000     52,024,000       
        cash, cash equivalents, and investments
      		  39,777,000           
        other assets
      		  2,640,000 107,000 107,000 107,000 107,000       
        other current liabilities
      		  15,472,000           
        long term liabilities
      		  8,274,000           
        other liabilities
      		   521,000 253,000 253,000        
        ordinary shares: nis 0.07 par value; 30,000 shares authorized, 10,761 issued, 10,718 outstanding and 43 held in treasury at september 30, 2018; nis 0.07 par value; 30,000 shares authorized, 10,699 issued, 10,656 outstanding and 43 held in treasury at december 31, 2017
      		   214,000          
        accumulated other comprehensive gain
      		   4,000 2,000 2,000        
        equity investment
      		    590,000 590,000        
        ordinary shares: nis 0.07 par value; 30,000 shares authorized, 10,783 issued, 10,740 outstanding and 43 held in treasury at june 30, 2018; nis 0.07 par value; 30,000 shares authorized, 10,699 issued, 10,656 outstanding and 43 held in treasury at december 31, 2017
      		    214,000 214,000        
        convertible promissory notes and accrued interest
      		             
        series seed preferred shares, 0.0001 par value...
      		             
        series a preferred shares, 0.0001 par value...
      		             
        ordinary shares: nis 0.07 par value; 30,000 shares authorized, 10,699 issued, 10,656 outstanding and 43 held in treasury at december 31, 2017; 0.0001 par value...
      		      212,000       
        short-term bank deposits
      		       33,000,000 34,022,000   19,522,000  
        marketable securities
      		       14,938,000      
        prepaid expenses and other receivables
      		       1,057,000 1,666,000 334,000    
        long-term assets:
      		             
        long-term bank deposits
      		        19,000,000     
        other long-term assets
      		       29,000 110,000 85,000 107,000 95,000 57,000 
        total long-term assets
      		       269,000 19,337,000 197,000 212,000 192,000 106,000 
        trade payables
      		       528,000 57,000 161,000 1,457,000 305,000 47,000 
        accrued expenses and other liabilities
      		       3,812,000 2,295,000 2,703,000 3,296,000 2,070,000 1,589,000 
        ordinary shares of nis 0.01 par value - 50,000,000 shares authorized at december 31, 2016 and 2015; 27,867,119 and 27,865,244 issued shares at december 31, 2016 and 2015, respectively; 27,562,795 and 27,560,920 shares outstanding at december 31, 2016 and 2015, respectively
      		       74,000      
        treasury shares - 304,324 ordinary shares at december 31, 2016 and 2015
      		             
        ordinary shares of nis 0.01 par value - 50,000,000 shares authorized at december 31, 2015 and 2014; 27,865,244 and 14,007,046 issued shares at december 31, 2015 and 2014, respectively; 27,560,920 and 13,702,722 shares outstanding at december 31, 2015 and 2014, respectively
      		        74,000     
        treasury shares - 304,324 ordinary shares at december 31, 2015 and 2014
      		             
        short-term bank deposit
      		         32,523,000 32,025,000  28,008,000 
        shareholders' equity:
      		             
        ordinary shares of nis 0.01 par value - 50,000,000 shares authorized at june 30, 2015 and december 31, 2014; 21,486,046 and 14,007,046 issued shares at june 30, 2015 and december 31, 2014, respectively; 21,181,722 and 13,702,722 shares outstanding at june 30, 2015 and december 31, 2014, respectively
      		         58,000    
        additional paid- in capital
      		         100,570,000 69,659,000 71,472,000 67,383,000 
        receivables and prepaid expenses
      		          1,022,000 428,000 115,000 
        ordinary shares of nis 0.01 par value - 50,000,000 shares authorized at june 30, 2014 and december 31, 2013; 13,999,733 and 13,941,033 issued shares at june 30, 2014 and december 31, 2013, respectively; 13,695,409 and 13,636,709 shares outstanding at june 30, 2014 and december 31, 2013, respectively
      		          39,000   
        treasury shares
      		             
        ordinary shares of nis 0.01 par value - 50,000,000 shares authorized at december 31, 2014 and 2013; 14,007,046 and 13,941,033 issued shares at december 31, 2014 and 2013, respectively; 13,702,722 and 13,636,709 shares outstanding at december 31, 2014 and 2013, respectively
      		           39,000  
        treasury shares - 304,324 ordinary shares at december 31, 2014 and 2013
      		             
        convertible notes
      		             
        ordinary shares of nis 0.01 par value - 50,000,000 and 10,000,000 shares authorized at december 31, 2013 and 2012; 13,941,033 and 8,098,581 issued shares at december 31, 2013 and 2012, respectively; 13,636,709 and 7,794,256 shares outstanding at december 31, 2012, respectively
      		            39,000 
        deficit accumulated during the development stage
      		            -18,734,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2019-03-31 2018-12-31 2018-09-30 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-09-30 2014-12-31 2014-09-30 2014-06-30 2014-03-31 2013-12-31 2013-09-30 
                          
          operating activities:
        		                  
          net loss
        		-6,884,000 -1,011,000 -4,253,000                
          adjustments to reconcile net loss to net cash from operating activities:
        		                  
          depreciation and amortization
        		172,000 167,000 159,000                
          share-based compensation expense
        		399,000 506,000 587,000                
          non-cash interest expense
        		34,000                  
          loss from equity-method investment
        		288,000                  
          changes in operating assets and liabilities
        		                  
          accounts receivable
        		24,000 -3,358,000 248,000                
          prepaid expense and other assets
        		-291,000  -33,000                
          accounts payable
        		1,586,000 -360,000 100,000                
          accrued liabilities
        		-1,891,000 1,678,000 -1,755,000                
          right of use asset and liability
        		8,000                  
          deferred revenue
        		1,144,000 -3,488,000 -1,895,000                
          net cash from operating activities
        		-5,411,000 -5,763,000 -6,795,000 874,000 2,702,000 928,000 -4,964,000 -12,566,000 -2,569,000 331,000 -4,437,000 3,103,000 -18,835,000 1,605,000 -5,468,000 -5,628,000 -5,361,000 -1,643,000 
          capital expenditures
        		-78,000 -225,000 -253,000 0 8,000 -5,000 -1,000 -67,000 -5,000 21,000 -23,000 -20,000 -71,000 62,000 -20,000 -50,000 -22,000 -14,000 
          free cash flows
        		-5,489,000 -5,988,000 -7,048,000 874,000 2,710,000 923,000 -4,965,000 -12,633,000 -2,574,000 352,000 -4,460,000 3,083,000 -18,906,000 1,667,000 -5,488,000 -5,678,000 -5,383,000 -1,657,000 
          investing activities:
        		                  
          proceeds from maturities of short-term investments
        		 -5,000 7,958,000                
          purchases of short-term investments
        		 2,499,000 118,000                
          acquisition of property and equipment
        		-78,000 -225,000 -253,000                
          net cash from investing activities
        		-78,000 2,269,000 7,823,000 9,582,000 -2,157,000   8,924,000 -9,755,000   19,819,000 3,114,000 9,380,000 1,988,000 -6,075,000 -16,986,000 -7,052,000 
          financing activities:
        		                  
          proceeds from exercise of share options
        		  -19,000                
          net cash from financing activities
        		 9,872,000 -19,000        6,000        
          net increase in cash, cash equivalents and restricted cash
        		-5,489,000 6,378,000 1,009,000                
          cash, cash equivalents and restricted cash at beginning of the period
        		36,816,000                  
          cash, cash equivalents and restricted cash at end of the period
        		31,327,000                  
          loss from equity method investment
        		 255,000                 
          non cash interest expenses
        		                  
          debt conversion expense
        		                  
          changes in operating assets and liabilities:
        		                  
          prepaid expenses and other assets
        		                  
          proceeds from sale of equipment
        		                  
          proceeds from long-term debt, net of debt issuance costs
        		                  
          proceeds from exercise of stock options
        		                  
          proceeds from issuance of convertible promissory notes
        		                  
          proceeds from exercise of warrants
        		                  
          net cash received in the issuance of shares for the net assets of alcobra ltd.
        		                  
          cash, cash equivalents and restricted cash at beginning of year
        		                  
          cash, cash equivalents and restricted cash at end of year
        		                  
          supplemental disclosure of cash flow information:
        		                  
          cash paid for interest
        		                  
          cash paid for income taxes
        		                  
          sale of intangible assets for equity method investment
        		                  
          purchase of property and equipment in accounts payable
        		                  
          release of repurchase liability for restricted shares
        		                  
          conversion of notes to ordinary shares
        		                  
          fair value of assets acquired, excluding cash, cash equivalents and restricted cash
        		                  
          less: liabilities assumed
        		                  
          net assets acquired, excluding cash, cash equivalents and restricted cash
        		                  
          interest expense on convertible promissory notes
        		                  
          financing activities
        		                  
          cash and cash equivalents at beginning of the period
        		                  
          cash and cash equivalents at end of the period
        		                  
          net income
        		    1,136,000 -171,000 -3,520,000  -2,014,000 -702,000 -5,086,000 6,038,000  5,060,000 -7,780,000 -7,766,000  -1,789,000 
          adjustments to reconcile net income to net cash from operating activities:
        		                  
          gain on sale of equipment
        		                  
          beneficial conversion expense from notes
        		                  
          supplemental cash flow information
        		                  
          cash paid for taxes
        		                  
          purchase of property and equipment included in accounts payable and accrued liabilities
        		                  
          issuance of series a preferred shares upon note maturity
        		                  
          convertible notes and accrued interest reclassified to accounts payable at maturity
        		                  
          less liabilities assumed
        		                  
          cash flow from operating activities:
        		                  
          depreciation
        		    26,000 -7,000 22,000 47,000 -4,000 3,000 15,000 -5,000 23,000 -6,000 8,000 6,000 7,000 -1,000 
          amortization of premium on marketable securities
        		    13,000 -4,000 27,000 78,000 4,000          
          stock based compensation
        		    -5,000 -364,000 519,000   -158,000 736,000  3,063,000 -1,250,000     
          change in operating assets and liabilities:
        		                  
          prepaid expenses and other receivables
        		    360,000 -148,000 136,000  -264,000 74,000 187,000        
          other long-term assets
        		    0 5,000 2,000  51,000 34,000 -47,000   53,000     
          trade payables
        		    486,000 -429,000 -40,000  -13,000 -27,000 54,000   -1,336,000     
          accrued expenses and other liabilities
        		    686,000 2,046,000 -2,110,000  -396,000 1,066,000 -296,000   -1,630,000     
          cash flow from investing activities:
        		                  
          purchase of property and equipment
        		    8,000 -5,000 -1,000 -67,000 -5,000 21,000 -23,000 -20,000 -71,000 62,000 -20,000 -50,000 -22,000 -14,000 
          proceeds from (investment in) marketable securities
        		    -165,000 -3,399,000 3,335,000            
          proceeds from maturity of marketable securities
        		       728,000 731,000          
          proceeds from call redemption of marketable securities
        		                  
          proceeds from (investment in) short-term bank deposit
        		       23,022,000 -19,000,000          
          cash flow from financing activities:
        		                  
          exercise of options
        		          6,000        
          increase in cash and cash equivalents
        		    545,000 -3,476,000 2,370,000 -3,636,000 -12,324,000 4,777,000 -3,171,000 -4,994,000 -15,721,000 10,985,000   35,051,000 -30,615,000 
          cash and cash equivalents at the beginning of the period
        		    -1,106,000 2,370,000 2,304,000  1,606,000 -3,171,000 16,658,000 6,394,000  -15,183,000 0 22,095,000 -17,496,000 17,562,000 
          cash and cash equivalents at the end of the period
        		    -561,000 -1,106,000 4,674,000  -10,718,000 1,606,000 13,487,000 1,400,000  -4,198,000 -3,480,000 10,392,000 17,555,000 -13,053,000 
          proceeds from short-term bank deposit
        		               -6,025,000   
          proceeds from (investment in) bank deposits
        		      4,000,000    5,022,000        
          net cash provided (used in) by investing activities
        		      7,334,000    1,260,000        
          cash flows from operating activities
        		                  
          share-based compensation
        		                  
          decrease in prepaid expenses and other receivables
        		                  
          decrease in other long-term assets
        		                  
          increase in trade payables
        		               1,362,000 60,000 -82,000 
          increase in accrued expenses and other liabilities
        		                  
          cash flows from investing activities
        		                  
          investment in marketable securities
        		       -15,460,000 8,764,000 -6,937,000 -3,739,000        
          proceeds from redemption of marketable securities
        		                  
          investment in long-term bank deposit
        		                  
          investment in restricted bank deposit
        		                  
          cash flows from financing activities
        		                  
          issuance of share capital upon public offering
        		                  
          cash and cash equivalents at the beginning of the year
        		                  
          cash and cash equivalents at the end of the year
        		                  
          stock-based compensation
        		                  
          income from sale of property and equipment
        		                  
          change in restricted cash
        		                  
          non-cash transactions:
        		                  
          income from sale of property, and equipment
        		                  
          decrease in long-term deposit
        		                  
          share based compensation
        		                  
          increase in prepaid expenses and other receivables
        		                  
          increase in other long-term assets
        		                  
          interest on convertible notes
        		                  
          proceeds from issuance of convertible notes
        		                  
          issuance of ordinary shares upon conversion of convertible notes
        		                  
          loss from sale of property, and equipment
        		                  
          investment in short-term bank deposit
        		                  
          prepaid expenses and other current assets
        		                  
          decrease (increase) in prepaid expenses and other receivables
        		                  
          decrease (increase) in other long-term assets
        		               -37,000   
          gain from sale of property and equipment
        		                  
          receivables and prepaid expenses
        		             714,000     
          issuance of share capital upon initial public offering
        		                  
          supplemental disclosure of non-cash activities:
        		                  
          decrease in receivables and prepaid expenses
        		                  
          proceeds from restricted bank deposit
        		                  
          issuance of shares
        		                  
          investment in (proceeds from) short-term bank deposit
        		                 -7,000,000 
          gain from sale of property, plant and equipment
        		                  
          increase in receivables and prepaid expenses
        		               -876,000   
          increase in other accounts payable
        		               348,000  954,000 
          stock base compensation
        		               1,335,000  -447,000 
          decrease in cash and cash equivalents
        		               -11,703,000   
          proceeds from (investment in) restricted bank deposit
        		                  
          proceeds from loan
        		                  
          supplemental disclosure of non-cash investing and financing activities:
        		                  
          issuance of ordinary shares upon conversion of loans
        		                  
          decrease (increase) in receivables and prepaid expenses
        		                 -136,000 
          decrease (increase) in long-term deposit
        		                 -38,000 
          investment in (proceeds from) restricted bank deposit