Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Entity Registrant Name	Protalix BioTherapeutics, Inc.
Entity Central Index Key	0001006281
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 105.4
Trading Symbol	PLX
Entity Common Stock, Shares Outstanding		145,569,955

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 51,163	$ 63,281
Accounts receivable - Trade	1,721	693
Other assets	1,934	2,648
Inventories	7,833	5,245
Total current assets	62,651	71,867
FUNDS IN RESPECT OF EMPLOYEE RIGHTS UPON RETIREMENT	1,887	1,677
PROPERTY AND EQUIPMENT, NET	7,676	8,703
Total assets	72,214	82,247
Accounts payable and accruals:
Trade	7,521	4,007
Other	9,310	7,496
Convertible notes	5,921	53,872
Deferred revenues		837
Total current liabilities	22,752	66,212
LONG TERM LIABILITIES:
Convertible notes	46,267	19,343
Deferred revenues	26,851
Liability for employee rights upon retirement	2,586	2,348
Other long term liabilities	5,051	4,301
Total long term liabilities	80,755	25,992
Total liabilities	103,507	92,204
COMMITMENTS (Note 6)
CAPITAL DEFICIENCY:
Common Stock, $0.001 par value: Authorized - as of December 31, 2016 and 2017, 250,000,000 shares; issued and outstanding, respectively - as of December 31, 2016 and 2017, 124,134,085 shares and 143,728,797 shares, respectively	144	124
Additional paid-in capital	266,495	202,575
Accumulated deficit	(297,932)	(212,656)
Total capital deficiency	(31,293)	(9,957)
Total liabilities net of capital deficiency	$ 72,214	$ 82,247

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, issued	143,728,797	124,134,085
Common Stock, outstanding	143,728,797	124,134,085

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES	$ 19,242	$ 9,199	$ 4,364
COST OF REVENUES	(15,231)	(8,398)	(730)
GROSS PROFIT	4,011	801	3,634
RESEARCH AND DEVELOPMENT EXPENSES	(32,170)	(30,412)	(24,889)
Less - grants	3,336	5,804	4,864
RESEARCH AND DEVELOPMENT EXPENSES, NET	(28,834)	(24,608)	(20,025)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	(11,530)	(9,356)	(7,279)
OPERATING LOSS	(36,353)	(33,163)	(23,670)
FINANCIAL EXPENSES	(9,725)	(4,192)	(3,735)
FINANCIAL INCOME	188	589	123
LOSS FROM CHANGE IN FAIR VALUE OF CONVERTIBLE NOTES EMBEDDED DERIVATIVE	(38,061)	(6,473)
(LOSS) GAIN ON EXTINGUISHMENT OF CONVERTIBLE NOTES	(1,325)	14,063
FINANCIAL (EXPENSES) INCOME - NET	(48,923)	3,987	(3,612)
LOSS FROM CONTINUING OPERATIONS	(85,276)	(29,176)	(27,282)
(LOSS) INCOME FROM DISCONTINUED OPERATIONS		(189)	85,319
NET (LOSS) INCOME FOR THE YEAR	$ (85,276)	$ (29,365)	$ 58,037
NET (LOSS) INCOME PER SHARE OF COMMON STOCK - BASIC AND DILUTED
Loss from continuing operations	$ (0.65)	$ (0.29)	$ (0.29)
Income from discontinued operations		(0.00)	0.9
Net (loss) income per share of common stock	$ (0.65)	$ (0.29)	$ 0.61
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING LOSS PER SHARE OF COMMON STOCK, BASIC AND DILUTED	131,085,958	101,387,704	94,922,390

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Balance at Dec. 31, 2014

$ (55,601)

$ 94

$ 185,633

$ (241,328)

Balance (in shares) at Dec. 31, 2014

93,603,819

Issuance of common stock, net of issuance cost

6,101

$ 6

6,095

Issuance of common stock, net of issuance cost (in shares)

5,649,079

Share-based compensation related to stock options

1,273

Share-based compensation related to restricted stock award, net of forfeitures

529

Share-based compensation related to restricted stock award, net of forfeitures (in shares)

(2,501)

Exercise of options granted to employee

534

^[1]

534

Exercise of options granted to employee (in shares)

550,000

Net loss from continuing operations

(27,282)

Net income loss from discontinued operations

85,319

Balance at Dec. 31, 2015

10,873

$ 100

194,064

(183,291)

Balance (in shares) at Dec. 31, 2015

99,800,397

Issuance of common stock, net of issuance cost

6,848

$ 24

6,824

Issuance of common stock, net of issuance cost (in shares)

23,846,735

Equity component of convertible notes

685

Share-based compensation related to stock options

920

Share-based compensation related to restricted stock award, net of forfeitures

^[1]

Share-based compensation related to restricted stock award, net of forfeitures (in shares)

7,843

Exercise of options granted to employee

^[1]

Exercise of options granted to employee (in shares)

479,110

Net loss from continuing operations

(29,176)

Net income loss from discontinued operations

(189)

Balance at Dec. 31, 2016

(9,957)

$ 124

202,575

(212,656)

Balance (in shares) at Dec. 31, 2016

124,134,085

Equity component of convertible notes

1,315

Share-based compensation related to stock options

337

Reclassification of embedded derivative

43,634

Convertible note conversions

18,654

$ 20

18,634

Convertible note conversions (in shares)

19,594,712

Net loss from continuing operations

(85,276)

Net income loss from discontinued operations

Balance at Dec. 31, 2017

$ (31,293)

$ 144

$ 266,495

$ (297,932)

Balance (in shares) at Dec. 31, 2017

143,728,797

[1]	Represents an amount of less than $1 thousand.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (85,276)	$ (29,365)	$ 58,037
(Loss) income from discontinued operations		(189)	85,319
Loss from continuing operations	(85,276)	(29,176)	(27,282)
Adjustments required to reconcile net (loss) income to net cash used in operating activities:
Share based compensation	337	988	1,802
Depreciation	1,920	1,983	2,370
Financial (income) expenses, net (mainly exchange differences)	(40)	13	124
Changes in accrued liability for employee rights upon retirement	(18)	10	59
(Gain) loss on amounts funded in respect of employee rights upon retirement	(21)	7	18
Loss (gain) on sale of fixed assets	6	(7)	(2)
Loss (gain) on extinguishment of convertible notes	1,325	(14,063)
Net income in connection with conversions of convertible notes	(116)
Change in fair value of convertible notes embedded derivative	38,061	6,473
Amortization of debt issuance costs and debt discount	2,334	568	445
Issuance of shares for interest payment in connection with conversions of convertible notes	2,391
Changes in operating assets and liabilities:
Increase (decrease) in deferred revenues (including non-current potion)	26,014	(411)	362
(Increase) decrease in accounts receivable and other assets	25	(1,133)	523
Decrease (increase) in inventories	(2,588)	522	(2,316)
Increase (decrease) in accounts payable and accruals	4,902	2,139	(1,873)
Increase in other long term liabilities	750
Net cash used in continuing operations	(9,994)	(32,087)	(25,770)
Net cash provided by (used in) discontinued operations		(11)	1,486
Net cash used in operating activities	(9,994)	(32,098)	(24,284)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(971)	(849)	(464)
Proceeds from sale of property and equipment	3	20	3
(Increase) decrease in restricted deposit	(146)	(106)	45
Amounts funded in respect of employee rights upon retirement, net	(5)	(32)	(96)
Net cash used in continuing operations	(1,119)	(967)	(512)
Net cash provided by discontinued operations			39,899
Net cash (used in) provided by investing activities	(1,119)	(967)	39,387
CASH FLOWS FROM FINANCING ACTIVITIES:
Net payment for conversion of convertible notes	(10,961)
Net proceeds from issuance of convertible notes	9,542	19,681
Issuance of shares, net of issuance cost			6,101
Exercise of options		14	534
Net cash (used in) provided by financing activities	(1,419)	19,695	6,635
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	414	277	(131)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(12,118)	(13,093)	21,607
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	63,281	76,374	54,767
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF YEAR	51,163	63,281	76,374
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Purchase of property and equipment	526	595	489
Issuance of promissory note			4,301
Issuance of common stock, net of issuance cost		6,848
Convertible note conversions	16,263
SUPPLEMENTARY DISCLOSURE ON CASH FLOWS
Interest paid	$ 4,854	$ 3,659	$ 3,105

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

General

Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”), and its wholly-owned subsidiaries, Protalix Ltd. and Protalix B.V. (the “Subsidiaries”), are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company’s proprietary ProCellEx^® protein expression system (“ProCellEx”). To date, the Company has successfully developed taliglucerase alfa (marketed under the name alfataliglicerase in Brazil and certain other Latin American countries and Elelyso^® in the rest of the territories) for the treatment of Gaucher disease that has been approved for marketing in the United States, Brazil, Israel and other markets. The Company has a number of product candidates in varying stages of the clinical development process. The Company’s current strategy is to develop proprietary recombinant proteins that are therapeutically superior to existing recombinant proteins currently marketed for the same indications.

The Company’s product pipeline currently includes, among other candidates:

(1) pegunigalsidase alfa, or PRX-102, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder;

(2) alidornase alfa, or PRX-110, a proprietary plant cell recombinant human Deoxyribonuclease 1, or DNase, under development for the treatment of Cystic Fibrosis, to be administered by inhalation; and

(3) OPRX-106, the Company’s oral antiTNF product candidate which is being developed as an orally-delivered anti-inflammatory treatment using plant cells as a natural capsule for the expressed protein.

Obtaining marketing approval with respect to any product candidate in any country is directly dependent on the Company’s ability to implement the necessary regulatory steps required to obtain such approvals. The Company cannot reasonably predict the outcome of these activities.

Since its approval by the FDA, taliglucerase alfa has been marketed by Pfizer Inc. (“Pfizer”), as provided in the exclusive license and supply agreement by and between Protalix Ltd. and Pfizer, which is referred to herein as the Pfizer Agreement. In October 2015, the Company entered into an Amended and Restated Exclusive License and Supply Agreement (the “Amended Pfizer Agreement”) which amends and restates the Pfizer Agreement in its entirety. Pursuant to the Amended Pfizer Agreement, the Company sold to Pfizer its share in the collaboration created under the Pfizer Agreement for the commercialization of Elelyso in exchange for a cash payment equal to $36.0 million. As part of the sale, the Company agreed to transfer its rights to Elelyso in Israel to Pfizer while gaining full rights to it in Brazil. Under the Amended Pfizer Agreement, Pfizer is entitled to all of the revenues, and is responsible for 100% of expenses globally for Elelyso, excluding Brazil where the Company is responsible for all expenses and retains all revenues. For further details see note 2.

On June 18, 2013, the Company entered into a Supply and Technology Transfer Agreement (the “Brazil Agreement”) with Fundação Oswaldo Cruz (“Fiocruz”), an arm of the Brazilian Ministry of Health for taliglucerase alfa. Fiocruz’s purchases of alfataliglicerase to date have been significantly below certain agreed upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding, the Company is, at this time, continuing to supply alfataliglicerase to Fiocruz under the Brazil Agreement, and patients continue to be treated with alfataliglicerase in Brazil. Approximately 10% of adult Gaucher patients in Brazil are currently treated with alfataliglicerase. The Company is discussing with Fiocruz potential actions that Fiocruz may take to comply with its purchase obligations and, based on such discussions, the Company will determine what it believes to be the course of action that is in the best interest of the Company.

In 2017, the Company received a purchase order from the Brazilian Ministry of Health (the “Brazilian Ministry”) for the purchase of alfataliglicerase for the treatment of Gaucher patients in Brazil for consideration of approximately $24.3 million. The purchase order consists of a number of shipments in increasing volumes. Shipments started in June 2017. The Company has recorded revenues of $7.1 million for sales of alfataliglicerase to Fiocruz in 2017.

On October 19, 2017, Protalix Ltd. and Chiesi Farmaceutici S.p.A. (“Chiesi”) entered into an Ex-US license (the “Chiesi Agreement”) pursuant to which Chiesi was granted an exclusive, license for all markets outside of the United States to commercialize pegunigalsidase alfa. Under the terms and conditions of the Chiesi Agreement, Protalix Ltd. retained the right to commercialize pegunigalsidase in the United States.

Under the Chiesi Agreement, Chiesi made an upfront payment to Protalix Ltd. of $25.0 million in connection with the execution of the agreement and Protalix Ltd. is entitled to additional payments of up to $25 million in development costs, capped at $10 million per year. Protalix Ltd. is also eligible to receive additional paymentS of up to $320 million, in the aggregate, in regulatory and commercial milestone payments.

Under the terms of the agreement, Protalix Ltd. will manufacture all of the PRX-102 needed for all purposes under the agreement, subject to certain exceptions, and Chiesi will purchase pegunigalsidase alfa from Protalix, subject to certain terms and conditions. Chiesi will make tiered payments of 15% to 35% of its net sales, depending on the amount of annual sales, as consideration for the supply of pegunigalsidase alfa.

Based on its current cash resources and commitments, the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least 12 months from the date of approval of the financial statements as of December 31, 2017, although no assurance can be given that it will not need additional funds prior to such time. If there are unexpected increases in general and administrative expenses or research and development expenses, the Company may need to seek additional financing.

Basis of presentation

The Company’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Use of estimates in the preparation of financial statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Functional currency

The dollar is the currency of the primary economic environment in which the operations of the Company and its Subsidiaries are conducted. Most of the Company’s revenues are derived in dollars. Most of the Company’s expenses and capital expenditures are incurred in dollars, and the major source of the Company’s financing has been provided in dollars.

Transactions and balances originally denominated in dollars are presented at their original amounts. Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions and other items (stated below) reflected in the statements of operations, the following exchange rates are used: (i) for transactions – exchange rates at the transaction dates or average rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation and amortization, etc.) – historical exchange rates. Currency transaction gains and losses are recorded as financial income or expenses, as appropriate.

Cash equivalents

The Company considers all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase, that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash, to be cash equivalents.

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost of raw and packaging materials and purchased products is determined using the “moving average” basis.

Cost of finished products is determined as follows: the value of the raw and packaging materials component is determined primarily using the “moving average” basis; the value of the labor and overhead component is determined on an average basis over the production period.

Inventory is written down for estimated obsolescence based upon management assumptions about future demand and market conditions.

Property and equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization.

The Company’s assets are depreciated by the straight-line method on the basis of their estimated useful lives as follows:

	Years
Laboratory equipment	5
Furniture	10-15
Computer equipment	3

Leasehold improvements are amortized by the straight-line method over the expected lease term, which is shorter than the estimated useful life of the improvements.

Impairment in value of long-lived assets

The Company tests long-lived assets for impairment if an indication of impairment exists. If the sum of expected future cash flows of definite life assets (undiscounted and without interest charges) is less than the carrying amount of such assets, the Company recognizes an impairment loss, and writes down the assets to their estimated fair values.

Income taxes

Deferred income taxes

Deferred taxes are determined utilizing the assets and liabilities method based on the estimated future tax effects of the differences between the financial accounting and tax bases of assets and liabilities under the applicable tax laws. Deferred tax balances are computed using the tax rates expected to be in effect when those differences reverse. A valuation allowance in respect of deferred tax assets is provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has provided a full valuation allowance with respect to its deferred tax assets. The Company used tax rates of 39%, 24% and 23%. See note 10.

Uncertainty in income taxes

Tax benefits recognized in the financial statements are those that the Company’s management deems at least more likely than not to be sustained, based on technical merits. The amount of benefits recorded for these tax benefits is measured as the largest benefit the Company’s management deems more likely than not to be sustained.

Revenue Recognition

Revenues from supply agreements and from selling products

The Company recognizes revenues from supply agreements and from selling products upon delivery, when the sales price is fixed or determinable and collectability is reasonably assured.

Revenues from Chiesi Agreement

As Chiesi is obligated to acquire pegunigalsidase alfa from the Company and the development services are not considered to have a stand-alone value, development and manufacturing of a product to be commercialized by Chiesi is viewed as one unit of account. Since there is only one unit of account, all payments received by Chiesi prior to the satisfaction of Protalix's obligation will be deferred. Therefore, the $25 million upfront payment and future research and development reimbursement payments (up to $25 million) and any potential additional development milestone payments will be deferred until the commencement of commercial manufacturing.

Research and development costs

Research and development costs are expensed as incurred and consist primarily of personnel, subcontractors and consultants (mainly in connection with clinical trials), facilities, equipment and supplies for research and development activities. Grants received by the Israeli Subsidiary from the National Authority for Technological Innovation (“NATI”), which has replaced many of the functions of the Office of the Chief Scientist of Israel’s Ministry of Industry, Trade and Labor (the “OCS”), are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company or the Subsidiaries will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. The grant is deducted from the research and development expenses as the applicable costs are incurred. In connection with purchases of assets, amounts assigned to intangible assets to be used in a particular research and development project that have no alternative future use are charged to research and development costs at the purchase date.

Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are consumed or the related services are performed.

Concentration of credit risks and trade receivable

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of bank deposits. The Company deposits these instruments with highly rated financial institutions, mainly in Israeli banks, and, as a matter of policy, limits the amounts of credit exposure to any one financial institution. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these instruments. The Company’s trade receivables represent amounts to be received from Pfizer, Brazil and Chiesi. The Company does not require Pfizer, Brazil or Chiesi to post collateral with respect to receivables.

Share-based compensation

The Company accounts for employee’s share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period.

The Company elected to recognize compensation cost for an award with only service conditions that has a graded vesting schedule using the accelerated method based on the multiple-option award approach.

When stock options are granted as consideration for services provided by consultants and other non-employees, the grant is accounted for based on the fair value of the stock options issued. Options granted are measured on a final basis at the end of the related service period and is recognized over the related service period using the straight-line method.

Net (loss) earnings per share

Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”) outstanding for each period.

Diluted LPS is calculated in continuing operations. The calculation of diluted LPS does not include 19,778,424, 23,532,492 and 76,848,199 shares of Common Stock underlying outstanding options, restricted shares of Common Stock and shares issuable upon conversion of the convertible notes for the fiscal years ended December 31, 2015, 2016 and 2017, respectively, because the effect would be anti-dilutive.

Convertible notes

All outstanding convertible notes are accounted for using the guidance set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) 815 requiring that the Company determine whether the embedded conversion option must be separated and accounted for separately. ASC 470-20 regarding debt with conversion and other options requires the issuer of a convertible debt instrument that may be settled in cash upon conversion to separately account for the liability (debt) and equity (conversion option) components of the instrument in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The Company accounts for the 2013 Notes (as defined in note 8a) as a liability, on an aggregated basis, in their entirety. The 2016 Notes (as defined in note 8b) were accounted for partially as liability and equity components of the instrument and partially as a debt host contract with an embedded derivative resulting from the conversion feature. During the year ended December 31, 2017, the embedded derivative was reclassified to additional paid in capital, see note 8.

Issuance costs regarding the issuance of the 2016 Notes and the 2017 Notes (as defined in note 8c) were allocated to the liability, equity component, derivative and shares based on their relative fair values. Issuance costs that were allocated to the liability are amortized using the effective interest rate, other than issuance costs that were allocated to the derivative which were expensed immediately.

The debt discount and debt issuance costs regarding the issuance of the 2013 Notes are deferred and amortized over the 2013 Notes period (5 years).

Recently adopted standards

In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”) which simplifies certain aspects of the accounting for share-based payments, including accounting for income taxes, classification of awards as either equity or liabilities, classification on the statement of cash flows as well as allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company adopted this standard in the fourth quarter of 2016. The Company elected to account for forfeitures as they occur. The implementation of this ASU did not have a material impact on the consolidated financial statements.

Recently issued accounting pronouncements

In May 2014, the FASB issued guidance on revenues from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions require capitalization of certain contracts costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount timing and uncertainty of revenues and cash flows arising from an entity’s contracts with customers. The guidance is effective for the interim and annual periods beginning on or after December 15, 2017. The implementation of this ASU did not have a material impact on the consolidated financial statements.

In January 2016, the FASB issued ASU, No. 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in annual reporting periods beginning after December 15, 2017. The implementation of this ASU is expected to have no material impact on the consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

COMMERCIALIZATION AGREEMENTS

12 Months Ended

Dec. 31, 2017

COMMERCIALIZATION AGREEMENTS [Abstract]

COMMERCIALIZATION AGREEMENTS

NOTE 2 - COMMERCIALIZATION AGREEMENTS

On November 30, 2009, Protalix Ltd. and Pfizer entered into the Pfizer Agreement (as amended in June 2013) pursuant to which Pfizer was granted an exclusive, worldwide license to develop and commercialize taliglucerase alfa, except for Israel and Brazil. Under the Pfizer Agreement Protalix was entitled to 40% of the results (profits or losses) earned on Pfizer’s sales of taliglucerase alfa.

In October 2015, the Company entered into the following agreements with Pfizer:

Amended Pfizer Agreement - Pursuant to the amendment, the Company granted Pfizer an exclusive license in the entire world, including Israel but excluding Brazil. Pfizer acquired all the information, knowledge and permission to manufacture and sell Elelyso.

Protalix also agreed to provide Pfizer with:

Manufacturing and supply of the drug substance for its incorporation into the licensed product in consideration of an agreed price per unit.

Assistance in arranging for the manufacture of the drug substance by Pfizer or by alternative supplier chosen by Pfizer in consideration of an agreed hourly rate plus reimbursement of expenses.

Stock Purchase Agreement - the Company issued 5,649,079 shares of Common Stock to Pfizer.

Promissory note – as of the date of the amendment, the Company owed Pfizer $4.3 million as a result of the accumulated losses incurred by the Collaboration Operation. Following the new agreements, the Company committed to pay Pfizer the principal sum of the debt at the earlier of (a) November 12, 2020 and (b) the date upon which it becomes due pursuant to any event of default, as defined. The promissory note is presented in "other long term liabilities".

The Amended Pfizer Agreement resulted in a discontinued operation as defined under ASU 2014-08 because it represented a strategic shift for the Company that has a major effect on the entity’s operations and financial results.

Revenues from the Pfizer Agreements as well as revenues from sales of Elelyso in Israel were presented as discontinued operations. See note 12.

In October 2017, Protalix Ltd. entered into the Chiesi Agreement with respect to the commercialization of pegunigalsidase alfa (hereafter – the drug) for treatment of the Fabry disease. Under the terms of the Chiesi Agreement, Protalix Ltd. granted to Chiesi exclusive licensing rights for the commercialization of the drug for all markets outside of the United States. Protalix Ltd. maintains the exclusive commercialization rights to the drug in the United States.

Protalix Ltd. will be mainly responsible for (i) continuing the development of the drug until a regulatory approval is granted and (ii) manufacture and supply the drug to Chiesi, based on Chiesi’s requests.

The consideration consists of the following:

a. Upfront, non-refundable payment of $25 million.

b. Additional payments of up to $25 million in development costs, capped at $10 million per year.

c. Milestone payments of up to $320 million with respect to certain regulatory and commercial events as defined in the Chiesi Agreement.

d. Additional payments as consideration for the supply of the drug. The payment will vary from 15% to 35% of Chiesi’s average selling price of the drug, depending on the amount of annual sales.

e. Protalix will be the sole manufacturer of the drug.

Chiesi does not have sublicensing rights (except for certain territories).

The Company analyzed the agreement terms and concluded that the Chiesi Agreement qualifies as a contract with customer under ASC 605. Chiesi is a customer of the Company as it contracted with the entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for consideration.

As Chiesi is obligated to acquire pegunigalsidase alfa from the Company and the development services are not considered to have a stand-alone value, development and manufacturing of a product to be commercialized by Chiesi is viewed as one unit of account. Therefore, all payments received prior to the fulfillment of the one unit of account will be deferred until the commencement of commercial manufacturing. The Company will recognize revenues after the commencement of the drug supply over the period of the product’s sales according to the Company’s best estimate.

On June 18, 2013, the Company entered into the Brazil Agreement with Fiocruz for taliglucerase alfa. Fiocruz’s purchases of alfataliglicerase to date have been significantly below certain agreed upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding, the Company is, at this time, continuing to supply alfataliglicerase to Fiocruz under the Brazil Agreement, and patients continue to be treated with alfataliglicerase in Brazil. Approximately 10% of adult Gaucher patients in Brazil are currently treated with alfataliglicerase. The Company is discussing with Fiocruz potential actions that Fiocruz may take to comply with its purchase obligations and, based on such discussions, the Company will determine what it believes to be the course of action that is in the best interest of the Company.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2017

PROPERTY AND EQUIPMENT [Abstract]

PROPERTY AND EQUIPMENT

NOTE 3 - PROPERTY AND EQUIPMENT

Composition of property and equipment grouped by major classifications is as follows:

	December 31,
(U.S. dollars in thousands)	2016		2017
Laboratory equipment	$	16,265	$	16,561
Furniture and computer equipment		2,342		2,438
Leasehold improvements		15,678		16,123
Equipment under construction		19		19
	$	34,304	$	35,141
Less – accumulated depreciation
and amortization		(25,601)		(27,465)
	$	8,703	$	7,676

Depreciation in respect of property and equipment totaled approximately $2.4 million, $2.0 million and $1.9 million for the years ended December 31, 2015, 2016 and 2017, respectively.

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT

12 Months Ended

Dec. 31, 2017

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT [Abstract]

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT

NOTE 5 - LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT

The Israeli Subsidiary is required to make a severance payment upon dismissal of an employee or upon termination of employment in certain circumstances. The severance pay liability to the employees (based upon length of service and the latest monthly salary - one month’s salary for each year employed) is recorded on the Company’s balance sheets under “Liability for employee rights upon retirement.” The liability is recorded as if it were payable at each balance sheet date on an undiscounted basis.

The liability is funded in part from the purchase of insurance policies or by the establishment of pension funds with dedicated deposits in the funds. The amounts used to fund these liabilities are included in the Company’s balance sheets under “Funds in respect of employee rights upon retirement.” These policies are the Company’s assets. However, under labor agreements and subject to certain limitations, any policy may be transferred to the ownership of the individual employee for whose benefit the funds were deposited. In the years ended December 31, 2015, 2016 and 2017, the Company deposited approximately $168,000, $164,000 and $166,000, respectively, with insurance companies in connection with its severance payment obligations.

In accordance with the current employment agreements with certain employees, the Company makes regular deposits with certain insurance companies for accounts controlled by each applicable employee in order to secure the employee’s rights upon retirement. The Company is fully relieved from any severance pay liability with respect to each such employee after it makes the payments on behalf of the employee. The liability accrued in respect of these employees and the amounts funded, as of the respective agreement dates, are not reflected in the Company’s balance sheets, as the amounts funded are not under the control and management of the Company and the pension or severance pay risks have been irrevocably transferred to the applicable insurance companies (the “Contribution Plans”).

The amounts of severance pay expenses were approximately $800,000, $842,000 and $906,000 for each of the years ended December 31, 2015, 2016 and 2017, respectively, of which approximately $675,000, $675,000 and $746,000 in the years ended December 31, 2015, 2016 and 2017, respectively, were in respect of the Contribution Plans. Gain (loss) on amounts funded in respect of employee rights upon retirement totaled approximately ($18,000), ($7,000) and $21,000 for the years ended December 31, 2015, 2016 and 2017, respectively.

The Company expects to contribute approximately $830,000 in the year ending December 31, 2018 to insurance companies in connection with its severance liabilities for its operations for that year, approximately $664,000 of which will be contributed to one or more Contribution Plans.

During the five-year period following December 31, 2017, the Company expects to pay future benefits to three employees upon each such employee’s normal retirement age. The Company anticipates that the benefits payable will be approximately $250,000.

COMMITMENTS

12 Months Ended

Dec. 31, 2017

COMMITMENTS [Abstract]

COMMITMENTS

NOTE 6 - COMMITMENTS

Royalty Commitments

The Company is obligated to pay royalties to the National Authority for Technological Innovation (“NATI”) on proceeds from the sale of products developed from research and development activities that were funded, partially, by grants from NATI or its predecessor, the Office of the Chief Scientist of the Israeli Department of Labor (“OCS”). At the time the grants were received, successful development of the related projects was not assured.

In the case of failure of a project that was partly financed as described above, the Company is not obligated to pay any such royalties or repay funding received from NATI or the OCS.

Under the terms of the applicable funding arrangements, royalties of 3% to 6% are payable on the sale of products developed from projects funded by NATI or the OCS, which payments shall not exceed, in the aggregate, 100% of the amount of the grant received (dollar linked), plus, commencing upon January 1, 2001, interest at an annual rate based on LIBOR. In addition, if the Company receives approval to manufacture products developed with government grants outside the State of Israel, it will be required to pay an increased total amount of royalties (possibly up to 300% of the grant amounts plus interest), depending on the manufacturing volume that is performed outside the State of Israel, and, possibly, an increased royalty rate.

Royalty expenses to NATI or the OCS are included in the statement of operations as a component of the cost of revenues both in continuing and discontinued operations and were approximately $2.2 million, $288,000 and $1,384,000 during the years ended December 31, 2015, 2016 and 2017, respectively.

At December 31, 2016 and 2017, the maximum total royalty amount payable by the Company under these funding arrangements is approximately $38.5 million and $42.2 million, respectively (without interest, assuming 100% of the funds are payable).

The Company is a party to certain research and license agreements. Under the agreements, the Company is obligated to pay royalties at varying rates from its future revenues. The aggregate royalties payable under all of the agreements is equal to a varying range of percentages of net sales of licensed products. Royalty expenses under the agreements are included in the statement of operations as a component of the cost of revenues both in continuing and discontinued operations and were approximately $51,000, $286,000 and $0 during the years ended December 31, 2015, 2016 and 2017, respectively.

Under each agreement, the Company is also obligated to pay milestone, licensing and other payments to the counterparties of the agreement. The payments under the agreements are for varying amounts and are subject to varying conditions. If all of the contingencies with respect to milestone payments under the research and license agreements are met, the aggregate milestone payments total payable would be approximately $14.3 million and would be payable, if at all, as the Company’s projects progress over the course of a number of years. Milestone payments of $0, $300,000 and $0 were made during the years ended December 31, 2015, 2016 and 2017, respectively.

None of the agreements has a fixed termination date. Subject to earlier termination for other reasons, each agreement terminates after a certain number of years following the first commercial sale of any licensed product under the agreement or after a certain number of years without the initiation of commercial sales of any product under the agreement.

Subcontracting Agreements

The Company has entered into sub-contracting agreements with several clinical providers and consultants in Israel, the United States and certain other countries in connection with its primary product development process. As of December 31, 2017, total commitments under said agreements were approximately $19.2 million.

Lease Agreements

The Company is a party to a number of lease agreements for its facilities, the latest of which has been extended until 2021. The Company has the option to extend certain of such agreements on two additional occasions for additional five-year periods each, for a total of 10 additional years. Under the leases, the aggregate monthly rental payments are approximately $65,000. As of December 31, 2017, the Company provided bank guarantees of approximately $306,000 in the aggregate, to secure the fulfillment of its obligations under the lease agreements. The future minimum lease payments required under the operating leases for such premises are approximately $783,000, $717,000, $717,000, $580,000, for fiscal years 2018 through 2021, respectively. Lease expenses totaled approximately $1.0 million for each of the years ended December 31, 2015, 2016 and approximately $775,000 for the year ended December 31,2017, respectively.

Vehicle Lease and Maintenance Agreements

The Company entered into several three-year lease and maintenance agreements for vehicles which are regularly amended as new vehicles are leased. The current monthly lease fees aggregate approximately $52,000. The expected lease payments for the years ending December 31, 2018, 2019 and 2020 are approximately $565,000, $385,000 and $186,000, respectively.

SHARE CAPITAL

12 Months Ended

Dec. 31, 2017

SHARE CAPITAL [Abstract]

SHARE CAPITAL

NOTE 7 - SHARE CAPITAL

Rights of the Company’s Common Stock

The Company’s Common Stock is listed on the NYSE American and on the Tel Aviv Stock Exchange. Each share of Common Stock is entitled to one vote. The holders of shares of Common Stock are also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. Since its inception, the Company has not declared any dividends.

Stock based compensation

On December 14, 2006, the Board of Directors adopted the Protalix BioTherapeutics, Inc. 2006 Stock Incentive Plan, as amended (the “Plan”). The Plan has since been amended to, among other things, increase the number of shares of common stock available under the Plan to 13,841,655 shares. The grant of options to Israeli employees under the Plan is subject to the terms stipulated by Sections 102 and 102A of the Israeli Income Tax Ordinance. Each option grant is subject to the track chosen by the Company, either Section 102 or Section 102A of the Israeli Income Tax Ordinance, and pursuant to the terms thereof, the Company is not allowed to claim, as an expense for tax purposes, the amounts credited to employees as a benefit, including amounts recorded as salary benefits in the Company’s accounts, in respect of options granted to employees under the Plan, with the exception of the work-income benefit component, if any, determined on the grant date. For Israeli non-employees, the share option plan is subject to Section 3(i) of the Israeli Income Tax Ordinance.

As of December 31, 2017, 2,554,075 shares of Common Stock remain available for grant under the Plan.

For purposes of determining the fair value of the options and restricted stock granted to employees and non-employees, the Company’s management uses the fair value of the Common Stock.

From January 1, 2015 through December 31, 2017, the Company granted options and shares of restricted stock to certain employees and non-employees as follows:

Options and restricted stock granted to employees:

Below is a table summarizing all of the options grants to employees during the year ended December 31, 2015:

Year of grant			No. of options granted			Exercise price			Vesting period			Fair value at grant (U.S. dollars in thousands)			Expiration period
	2015			1,909,000		$	1.72			4 years		$	1,900			10 years

Set forth below are grants made by the Company to employees (including related parties) during the three-year period ended December 31, 2017 (such grants appear in the table above):

On March 23, 2015, the Company’s compensation committee approved the grant of a 10-year option to purchase 1,909,000 shares of Common Stock to its officers and other employees with an exercise price equal to $1.72 per share under the Plan. The options vest over a four-year period; the first 25% shares vest on the first anniversary of the grant date and the remaining shares vest in 12 equal quarterly increments over the subsequent three-year period. Vesting of the options granted to certain executive officers is subject to acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $1.9 million based on the following weighted average assumptions: dividend yield of 0% for all years; expected volatility of 61.7%; risk-free interest rates of 1.6%; and expected life of six years.

The total unrecognized compensation cost of employee stock options at December 31, 2017 is approximately $130,000. The unrecognized compensation cost of employee stock options is expected to be recognized over a weighted average period of 0.54 years.

The total cash received from employees as a result of employee stock option exercises for the years ended December 31, 2015, 2016 and 2017 was approximately $534,000, $14,000 and $0, respectively. The Company did not realize any tax benefit in connection with these exercises.

Options granted to consultants, directors, and other service providers:

During the three years ended December 31, 2017 there were no option grants by the Company to its consultants, directors, and other service providers. In addition, during the three years ended December 31, 2017, there were no option exercises by any of the Company’s consultants, directors, and other service providers and, consequently, no shares of Common Stock were issued in connection with exercises of options by, nor was any cash received from, the Company’s consultants, directors, and other service providers during such period.

A summary of share option plans, and related information, under all of the Company’s equity incentive plans for the years ended December 31, 2015, 2016 and 2017 is as follows:

Options granted to employees:

	Year ended December 31,
	2015				2016				2017
			Weighted				Weighted				Weighted
	Number		average		Number		Average		Number		average
	of		exercise		of		Exercise		of		exercise
	options		price		options		Price		options		price
Outstanding at beginning of year		5,870,309	$	3.770		6,952,293	$	3.363		4,884,211	$	3.617
Changes during the year:
Granted		1,909,000		1.72
Forfeited and Expired		277,016		5.395		1,514,957		3.748		154,594		4.004
Exercised (*)		550,000		0.972		553,125		0.067
Outstanding at end of year		6,952,293	$	3.363		4,884,211	$	3.617		4,729,617	$	3.604
Exercisable at end of year		4,477,043	$	4.182		3,498,492	$	4.296		4,457,461	$	3.696

(*) The total intrinsic value of options exercised during the years ended December 31, 2015, 2016 and 2017, was approximately $675,000, $213,000 and $0, respectively.

Restricted stock granted to employees:

	Year ended December 31,
	2015		2016
	Number of restricted stock
Outstanding at beginning of year		386,124		127,874
Changes during the year:
Vested		255,749		127,874
Forfeited		2,501		-
Outstanding at end of year		127,874		-

Options and restricted stocks granted to consultants, directors, and other service providers:

	Year ended December 31,
	2015				2016				2017
	Number				Number				Number
	of		Weighted		of		Weighted		of		Weighted
	options/		average		options/		average		options/		average
	restricted		exercise		restricted		exercise		restricted		exercise
	stock		price		stock		price		stock		price
Outstanding at beginning of Year		1,208,592	$	6.136		637,209	$	11.638		208,000	$	3.156
Changes during the year:
Expired		466,883		0.001		429,209		15.748		8,000		0.001
Vested restricted stock		104,500
Outstanding at end of year		637,209		11.638		208,000		3.156		200,000		3.282
Exercisable at end of year		549,709	$	12.954		170,500	$	3.109		200,000	$	3.282

The following tables summarize information concerning outstanding and exercisable options and restricted stock as of December 31, 2017:

December 31, 2017
Options outstanding						Options exercisable
Exercise prices		Number of options outstanding at end of year		Weighted average remaining contractual life		Number of options exercisable		Weighted average remaining contractual life
	n/a (Restricted Stock)						n/a		n/a
$	1.720		1,720,685		7.22		1,617,279		7.22
$	2.350		40,000		0.81		40,000		0.81
$	2.370		900,000		6.74		731,250		6.74
$	2.650		211,682		1.15		211,682		1.15
$	3.020		50,000		0.10		50,000		0.10
$	3.370		150,000		6.56		150,000		6.56
$	5.000		949,250		0.10		949,250		0.10
$	6.900		680,000		2.15		680,000		2.15
$	7.550		160,000		2.65		160,000		2.65
$	9.660		68,000		2.83		68,000		2.83
			4,929,617				4,657,461

The following table illustrates the effect of share-based compensation on the statement of operations:

	Year ended December 31,
(U.S. dollars in thousands)	2015		2016		2017
Research and development expenses	$	904	$	571	$	182
Selling, general and administrative expenses		898		417		155
	$	1,802	$	988	$	337

Private and 144A Offerings

On October 12, 2015, the Company completed a private offering of 5,649,079 shares of the Company’s common stock to Pfizer. See also note 2.

On December 7, 2016, the Company exchanged with certain existing note holders $54.052 million aggregate principal amount of the Company’s outstanding 4.50% Convertible Senior Notes due 2018 for, among other consideration, $40.186 million aggregate principal amount of convertible notes due 2021 (as described in note 8b) and for 23,846,735 shares of common stock. See also note 8b.

On July 24, 2017, the Company entered into a Note Purchase Agreement with certain institutional investors relating to the private issuance and sale by the Company of $10 million in aggregate principal amount of its 7.5% secured convertible promissory notes due 2021. The 7.5% convertible notes were issued pursuant to the base indenture dated December 7, 2016 (the existing 2016 Notes). Concurrently, the Company exchanged with certain existing note holders $9.0 million aggregate principal amount of the Company’s outstanding 4.50% Convertible Senior Notes due 2018 for $8.55 million aggregate principal amount of newly issued 4.50% Senior Convertible Notes due 2022. See also note 8c.

CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2017

CONVERTIBLE NOTES [Abstract]

CONVERTIBLE NOTES

NOTE 8 - CONVERTIBLE NOTES

4.5% Convertible Notes (“2013 Notes”)

On September 18, 2013, the Company completed a private placement of $69.0 million in aggregate principal amount of Senior Convertible Notes (the “2013 Notes”), including $9.0 million aggregate principal amount of 2013 Notes related to the initial purchaser’s over-allotment option, which was exercised in full. In connection with the completion of the offering, the Company entered into an indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, governing the 2013 Notes. The 2013 Notes accrue interest at a rate of 4.50% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2014. In December 2016, $54.1 million aggregate principal amount of 2013 Notes were exchanged for 2016 Notes and shares of common stock (see also note 8b) and in July 2017, $9.0 million aggregate principal amount of 2013 Notes were exchanged for 2017 Notes as defined in note 8c (see also note 8c). Accordingly, $5.9 million aggregate principal amount of 2013 Notes remain outstanding as of December 31, 2017. The 2013 Notes mature on September 15, 2018.

Holders may convert their 2013 Notes at any time prior to the close of business on the business day immediately preceding September 15, 2018. The initial conversion rate for the 2013 Notes is 173.6593 shares of the Common Stock for each $1,000 principal amount of 2013 Notes (equivalent to an initial conversion price of approximately $5.76 per share of the Common Stock). Upon conversion, the Company will deliver a number of shares of Common Stock, per $1,000 principal amount of 2013 Notes, equal to the conversion rate. The conversion rate is subject to adjustment for certain events but will not be adjusted for any accrued and unpaid interest.

The following table sets forth total interest expense recognized for the years ended December 31, 2015, 2016 and 2017 related to the 2013 Notes:

	Year ended December 31,
(U.S. Dollars in thousands)	2015		2016		2017
Contractual interest expense	$	3,105	$	2,943	$	501
Amortization of debt issuance costs and debt discount		444		421		71
Total	$	3,549	$	3,364	$	572

7.5% Convertible Notes (“2016 Notes”)

On December 1, 2016, the Company entered into a note purchase agreement with institutional investors, which held part of the 2013 Notes (the “2016 Purchasers”), relating to the sale by the Company of $22.5 million aggregate principal amount of 7.50% Senior Secured Convertible Notes due 2021 in a private placement pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”). Concurrently with the consummation of the private placement of the 2016 Notes, the Company entered into a privately negotiated exchange agreement (the “2016 Exchange Agreement”) with certain existing note holders identified therein to exchange $54.1 million aggregate principal amount of the Company’s outstanding 2013 Notes for (i) $40.186 million aggregate principal amount of 2016 Notes, (ii) 23,846,735 shares of Common Stock and (iii) cash, equal to the accrued and unpaid interest on the 2013 Notes and any fractional shares. The closing date of the purchase agreement and the 2016 Exchange Agreement was December 7, 2016. The issuance of the 2016 Notes and shares in the exchange and the private placement were made in reliance on the exemption from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof. The net proceeds from the private placement were $19.7 million, after deducting the placement agent’s fees and the Company’s estimated offering expenses.

In connection with the completion of the exchange and the private placement, the Company entered into an indenture (the “2016 Indenture”) with The Bank of New York Mellon Trust Company, N.A., as trustee, governing the 2016 Notes. The 2016 Notes accrue interest at a rate of 7.50% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2017. A portion of the interest payable may be made in shares of Common Stock at the Company’s election. The Notes will mature on November 15, 2021; provided that all of the then-outstanding 2013 Notes, or any Permitted Refinancing Indebtedness (as defined in the 2016 Indenture) have been redeemed, repurchased, otherwise retired, discharged in accordance with their terms or converted into common stock of the Company, or have been effectively discharged, in each case on or prior to June 16, 2018 or the scheduled maturity date of the 2013 Notes (or any Permitted Refinancing Indebtedness incurred in respect thereof) is extended to a date that is after February 15, 2022, otherwise the 2016 Notes will mature on June 15, 2018.

On July 24, 2017, the Company entered into another note purchase agreement with certain institutional investors relating to the private issuance and sale by the Company of $10.0 million in aggregate principal amount of its 2016 Notes. The 2016 Notes were issued pursuant to the 2016 Indenture dated (December 7, 2016). The net proceeds from this purchase agreement were $9.5 million, after deducting the Company’s offering expenses.

Holders may convert their 2016 Notes at any time. The initial conversion rate for the 2016 Notes is 1,176.4706 shares of the Common Stock for each $1,000 principal amount of 2016 Notes (equivalent to an initial conversion price of approximately $0.85 per share of the Common Stock). Upon conversion, the Company may settle the 2016 Notes by paying or delivering, as the case may be, cash, shares of Common Stock or a combination thereof, at the Company’s election.

During 2017, approximately $13.6 million aggregate principal amount of the Company’s 2016 Notes were converted. Settlement of the conversions resulted in the issuance of 8,827,624 shares of Common Stock and cash payments of approximately $11 million, in the aggregate. A total of $59.1 million aggregate principal amount of the 2016 Notes remains outstanding as of December 31, 2017.

Prior to the maturity date, the Company may redeem in cash:

any or all of the 2016 Notes if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days exceeds 150% of the conversion price on each applicable trading day, or

all of the 2016 Notes then outstanding if the aggregate principal amount of the 2016 Notes then outstanding is less than 15% of the aggregate principal amount of the notes issued.

No redemption was made during the years 2016 and 2017.

The 2016 Notes are guaranteed by the Restricted Subsidiaries (as defined in the 2016 Indenture) and are secured by a first-priority security interest in all of the present and after-acquired assets of the Company and each of the Restricted Subsidiaries (the “Collateral”), including, but not limited to, (i) 100% of the capital stock of the Guarantors (as defined in the 2016 Indenture) and each Restricted Subsidiary of the Company that is held by the Company or any Restricted Subsidiary, (ii) intellectual property, including all copyrights, copyright licenses, patents, patent licenses, software, trademarks, trademark licenses and trade secrets and other proprietary information, including, but not limited to, domain names, (iii) all cash, deposit accounts, securities accounts, commodities accounts and contract rights, (iv) all real property and leased property, subject to applicable minimum thresholds, as set forth in the 2016 Indenture, and (v) all other tangible and intangibles of the Company and the Guarantors. In connection with the grant of such liens, the Company entered into certain agreements with both Wilmington Savings Fund Society, FSB, as collateral agent in the United States, and with Altshuler Shaham Trusts Ltd., as security trustee in Israel. The 2016 Indenture restricts the ability of the Company, the Subsidiaries and any future subsidiaries to make certain investments, including transfers of the Company’s assets that constitute collateral securing the 2016 Notes, in its existing and future foreign subsidiaries, subject to certain exceptions.

Upon (i) the occurrence of a fundamental change (as defined in the 2016 Indenture) or (ii) if the Company calls the 2016 Notes for redemption as described below (either event, a “make-whole fundamental change”) and a holder elects to convert its 2016 Notes in connection with such make-whole fundamental change, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares (the “Additional Shares”). In no event will the conversion rate exceed the maximum conversion rate, which is 1,787.3100 shares per $1,000 principal amount of 2016 Notes, which amount is inclusive of repayment of the principal of the 2016 Notes.

If a fundamental change occurs at any time, holders will have the right, at their option, to require the Company to purchase for cash any or all of the 2016 Notes, or any portion of the principal amount thereof, that is equal to $1,000 or an integral multiple of $1,000 in excess thereof, on a date of the Company’s choosing that is not less than 20 calendar days nor more than 35 calendar days after the date of the applicable fundamental change company notice. The price the Company is required to pay for a 2016 Note is equal to 100% of the principal amount of such 2016 Note plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date.

For accounting purposes, since the terms of the 2013 Notes and the 2016 Notes are substantially different, the 2016 Exchange Agreement was considered as an extinguishment, which in essence means recording a gain due to the 2013 Notes that were exchanged for the 2016 Notes recorded at fair value as of the closing date. The gain on extinguishment of $14.1 million was recognized.

As the settlement upon conversion was subject to compliance with the listing standards of the NYSE American, until the Company’s stockholders’ approval was obtained, the Company was prohibited by these rules from issuing shares in excess of 20% of its outstanding shares (calculated as of December 1, 2016). The accounting guidance assumed that the conversion will be settled in cash and, as such, is precluded from equity classification for any part of the 2016 Notes that may have cash settlement. As such, that part of the conversion feature was accounted for as a derivative which is bifurcated from the debt host contract and was measured at fair value through the statement of operations until the Company’s stockholders approved, in April 2017, the issuance of shares in excess of 20% of its outstanding shares. On April 12, 2017, the Company’s stockholders approved the issuance of shares of the Company’s Common Stock in excess of 20% of the Company’s outstanding shares of Common Stock to settle conversion requests and pay interest on the Company’s issued 7.5% convertible notes. As a result, the Company reclassified the embedded derivative to additional paid in capital. During 2017, the measurement of the derivative resulted in a non-cash charge to the Company’s statement of operations of $38,061 thousand. The conversion feature of the 7.5% convertible notes issued in July 2017 is accounted for as equity, which is bifurcated from the debt host contract. With respect to the remainder of the 2016 Notes, for which the conversion feature qualifies for equity classification (since upon conversion the Company at its election may settle the 2016 Notes by paying cash, shares of Common Stock or a combination of cash and shares of Common Stock) separate liability (debt) and equity (conversion option) components of such 2016 Notes were recorded. The Company measures the liability according to amortized cost using the effective interest method.

The Company prepared a valuation of the fair value of the 2016 Notes (a Level 3 valuation) for the issuance dates. The value of the 2016 Notes was estimated by implementing the binomial model. The liability component was valued based on the Income Approach. The following parameters were used:

	December 7, 2016			July 24, 2017
Stock price (USD)		0.3			0.77
Expected term		4.94			4.32
Risk free rate		1.86	%		1.74	%
Volatility		54.12	%		63.79	%
Yield		13.98	%		11.56	%

The following table sets forth total interest expense recognized related to the 2016 Notes:

	Year Ended December 31,
	2016		2017
(U.S. Dollars in thousands)
Contractual interest expense	$	313	$	4,434
Debt discount amortization		147		2,309
Gain on extinguishment		(14,063)
Change in fair value of convertible note embedded derivative		6,473		38,061
Interest payment in connection with conversions				3,918
Income in connection with conversions				(1,643)
Total	$	(7,130)	$	47,079

4.5% Convertible Notes Due 2022 (“2017 Notes”)

On July 24, 2017, the Company entered into a privately negotiated exchange agreement (the “2017 Exchange Agreement”) with certain existing note holders identified therein to exchange $9.0 million aggregate principal amount of the Company’s outstanding 2013 Notes for (i) $8.55 million aggregate principal amount of the Company’s 4.5% convertible promissory notes due 2022, (ii) $275,000 in cash consideration and (iii) cash, equal to the accrued and unpaid interest on the exchanged 2013 Notes.

As the terms of the 2013 Notes and the 2017 Notes are substantially different, the 2017 Exchange Agreement was considered an extinguishment of debt, which in essence means recording a loss due to the 2013 Notes that were exchanged for the 2017 Notes recorded at fair value as of the closing date. The Company recognized a loss of $1.3 million due to the extinguishment.

The Company prepared a valuation of the fair value of the 2017 Notes (a Level 3 valuation) for the issuance date. The value of the 2017 Notes was estimated by implementing the binomial model. The liability component was valued based on the Income Approach. The following parameters were used:

	July 24, 2017
Stock price (USD)		0.77
Expected term		4.57
Risk free rate		1.78	%
Volatility		62.68	%
Yield		15.21	%

The Company accounts for the convertible notes as a liability, on an aggregated basis, in their entirely. The debt discount and debt issuance costs are deferred and amortized over the applicable convertible period.

All of the 2017 Notes were converted during the year ended December 31, 2017 into 11,239,641 shares of Common Stock.

The following table sets forth total interest expense recognized related to the 2017 Notes:

	Year Ended December 31, 2017
(U.S. Dollars in thousands)
Contractual interest expense	$	55
Debt premium amortization		(46)
Loss on extinguishment		1,325
Total	$	1,334

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2017

FAIR VALUE MEASUREMENT [Abstract]

FAIR VALUE MEASUREMENT

NOTE 9 - FAIR VALUE MEASUREMENT

The Company discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.

The fair value of the financial instruments included in the working capital of the Company is usually identical or close to their carrying value.

The fair value of the convertible notes derivative is based on level 3 measurement.

The fair value of the remaining $5.9 million 2013 Notes and the $59.1 million 2016 Notes as of December 31, 2017 is approximately $5.7 million and $76.6 million, respectively, based on a level 3 measurement.

The Company prepared a valuation of the fair value of the 2013 Notes and the 2016 Notes (a Level 3 valuation) as of December 31, 2017. The value of these notes were estimated by implementing the binomial model. The liability component was valued based on the Income Approach. The following parameters were used:

	2013 Notes			2016 Notes
Stock price (USD)		0.6612			0.6612
Expected term		0.71			3.88
Risk free rate		1.66	%		2.08	%
Volatility		79.57	%		68.89	%
Yield		11.86	%		11.89	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

TAXES ON INCOME

12 Months Ended

Dec. 31, 2017

TAXES ON INCOME [Abstract]

TAXES ON INCOME

NOTE 10 - TAXES ON INCOME

The Company

Protalix BioTherapeutics, Inc. is taxed according to U.S. tax laws. The Company’s income is taxed in the United States at the rate of up to 39%.

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, which among other changes reduces the federal corporate tax rate to 21%.

Protalix Ltd.

The Israeli Subsidiary is taxed according to Israeli tax laws:

Tax rates

The income of the Israeli Subsidiary, other than income from “Approved Enterprises,” is taxed in Israel at the regular corporate tax rates which were 26.5% for fiscal year 2015.

In January 2016, the Law for the Amendment of the Income Tax Ordinance (No. 216) was published, enacting a reduction of corporate tax rate beginning in 2016 and thereafter, from 26.5% to 25%.

In December 2016, the Economic Efficiency Law (Legislative Amendments for Implementing the Economic Policy for the 2017 and 2018 Budget Year), 2016 was published, introducing a gradual reduction in corporate tax rate from 25% to 23%. However, the law also included a temporary provision setting the corporate tax rate in 2017 at 24%. As a result, the corporate tax rate was 24% in 2017 and will be 23% in 2018 and thereafter.

Capital gain is subject to capital gain tax according to the corporate tax rate for the year during which the assets are sold.

The Law for the Encouragement of Capital Investments, 1959 (the “Encouragement of Capital Investments Law”)

Under the Encouragement of Capital Investments Law, including Amendment No. 60 to the Encouragement of Capital Investments Law as published in April 2005, by virtue of the “Approved Enterprise” or “Benefited Enterprise” status the Israeli Subsidiary is entitled to various tax benefits as follows:

Reduced tax rates

Income derived from the Approved Enterprise during a 10-year period commencing upon the year in which the enterprise first realizes taxable income is tax exempt, provided that the maximum period to which it is restricted by the Encouragement of Capital Investments Law has not elapsed.

The Israeli Subsidiary has an “Approved Enterprise” plan since 2004 and “Benefited Enterprise” plan since 2009. The period of benefits in respect of the main enterprise of the Company has not yet commenced. The period during which the Company is entitled to benefits in connection with the Benefited Enterprise expires in 2021.

If the Israeli Subsidiary subsequently pays a dividend out of income derived from the “Approved Enterprise” or “Benefited Enterprise” during the tax exemption period, it will be subject to tax on the gross amount distributed (including the company tax on these amounts), at the rate which would have been applicable had such income not been exempted.

Accelerated depreciation

The Israeli Subsidiary is entitled to claim accelerated depreciation, as provided by Israeli law, in the first five years of operation of each asset, in respect of buildings, machinery and equipment used by the Approved Enterprise and the Benefited Enterprise.

Conditions for entitlement to the benefits

The Israeli Subsidiary’s entitlement to the benefits described above is subject to its fulfilling the conditions stipulated by the law, rules and regulations published thereunder, and the instruments of approval for the specific investment in an approved enterprise. Failure by the Israeli Subsidiary to comply with these conditions may result in the cancellation of the benefits, in whole or in part, and the Subsidiary may be required to refund the amount of the benefits with interest. The Israeli Subsidiary received a final implementation approval with respect to its “Approved Enterprise” from the Investment Center.

Amendment of the Law for the Encouragement of Capital Investments, 1959

In recent years, several amendments have been made to the Encouragement of Capital Investments Law which have enabled new alternative benefit tracks, subject to certain conditions.

The Encouragement of Capital Investments Law was amended as part of the Economic Policy Law for the years 2011-2012, which was passed by the Israeli Knesset on December 29, 2010.

The amendment sets alternative benefit tracks to those currently in effect under the provisions of the Encouragement of Capital Investments Law.On December 29, 2016, Amendment 73 to the Encouragement of Capital Investments Law was published. This amendment sets new benefit tracks, inter alia, “Preferred Technological Enterprise” and “Special Preferred Technological Enterprise” (the “Capital Investments Law Amendment”).

The Company elected not to have the Capital Investments Law Amendment apply to the Company.

Tax losses carried forward to future years

As of December 31, 2017, the Company had aggregate net operating loss (“NOL”) carry-forwards equal to approximately $207 million that are available to reduce future taxable income as follows:

The Company

The Company’s carry-forward NOLs, equal to approximately $23 million (as of December 31, 2016, approximately $20 million), may be restricted under Section 382 of the Internal Revenue Code (“IRC”). IRC Section 382 applies whenever a corporation with NOL experiences an ownership change. As a result of IRC Section 382, the taxable income for any post change year that may be offset by a pre-change NOL may not exceed the general IRC Section 382 limitation, which is the fair market value of the pre-change entity multiplied by the IRC long-term tax exempt rate.

Protalix Ltd.

At December 31, 2017, the Israeli Subsidiary had approximately $184 million (as of December 31, 2016, approximately $133 million) of carry-forward NOLs that are available to reduce future taxable income with no limited period of use.

Deferred income taxes:

The components of the Company’s net deferred tax assets at December 31, 2016 and 2017 were as follows:

	December 31,
	2016		2017
(U.S. dollars in thousands)
In respect of:
Timing Differences	$	3,520	$	11,335
Net operating loss carry forwards		38,515		47,033
Valuation allowance		(42,035)		(58,368)
		-		-

Deferred taxes are computed using the tax rates expected to be in effect when those differences reverse.

Reconciliation of the theoretical tax expense to actual tax expense

The main reconciling item between the statutory tax rate of the Company and the effective rate is the provision for a full valuation allowance in respect of tax benefits from carry forward tax losses due to the uncertainty of the realization of such tax benefits (see above).

Tax assessments

In accordance with the Income Tax Ordinance, as of December 31, 2017, all of Protalix Ltd.’s tax assessments through tax year 2012 are considered final.

A summary of open tax years by major jurisdiction is presented below:

Jurisdiction:		Years:
Israel		2013-2017
United States (*)		2013-2017

(*) Includes federal, state and local (or similar provincial jurisdictions) tax positions.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 12 - DISCONTINUED OPERATIONS

As mentioned in note 2, the Company accounted for the termination of the Pfizer Agreement and the sale of the license as a discontinued operation, in accordance with ASU No. 2014-08.

The following summarizes financial information related to the Company’s discontinued operations, in the Company’s consolidated statements of operations:

	2015		2016
(U.S. dollars in thousands)
REVENUES	$	48,674	$	209
COMPANY’S SHARE IN COLLABORATION AGREEMENT		5,048
COST OF REVENUES		(7,697)		(373)
GROSS PROFIT (LOSS)		46,025		(164)
RESEARCH AND DEVELOPMENT EXPENSES		(586)
Less –reimbursements		545
RESEARCH AND DEVELOPMENT EXPENSES, NET		(41)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(564)		(25)
NET (LOSS) INCOME FOR THE YEAR FROM DISCONTINUED OPERATIONS	$	45,420	$	(189)
GAIN ON THE DISPOSAL		39,899
NET (LOSS) INCOME	$	85,319	$	(189)

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2017

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

General

General

The Company’s product pipeline currently includes, among other candidates:

(1) pegunigalsidase alfa, or PRX-102, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder;

Basis of presentation

Basis of presentation

The Company’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).

Use of estimates in the preparation of financial statements

Use of estimates in the preparation of financial statements

Functional currency

Functional currency

Cash equivalents

Cash equivalents

Inventories

Inventories

Inventories are valued at the lower of cost or net realizable value. Cost of raw and packaging materials and purchased products is determined using the “moving average” basis.

Inventory is written down for estimated obsolescence based upon management assumptions about future demand and market conditions.

Property and equipment

Property and equipment

Property and equipment are stated at cost, net of accumulated depreciation and amortization.

The Company’s assets are depreciated by the straight-line method on the basis of their estimated useful lives as follows:

	Years
Laboratory equipment	5
Furniture	10-15
Computer equipment	3

Leasehold improvements are amortized by the straight-line method over the expected lease term, which is shorter than the estimated useful life of the improvements.

Impairment in value of long-lived assets

Impairment in value of long-lived assets

Income taxes

Income taxes

Deferred income taxes

Uncertainty in income taxes

Revenue Recognition

Revenue Recognition

Revenues from supply agreements and from selling products

The Company recognizes revenues from supply agreements and from selling products upon delivery, when the sales price is fixed or determinable and collectability is reasonably assured.

Revenues from Chiesi Agreement

Research and development costs

Research and development costs

Concentration of credit risks and trade receivable

Concentration of credit risks and trade receivable

Share-based compensation

Share-based compensation

Net earnings (loss) per share

Net (loss) earnings per share

Convertible notes

Convertible notes

The debt discount and debt issuance costs regarding the issuance of the 2013 Notes are deferred and amortized over the 2013 Notes period (5 years).

Recently adopted standards

Recently adopted standards

Recently issued accounting pronouncements

Recently issued accounting pronouncements

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2017

INVENTORIES [Abstract]

Schedule of Inventory

Inventories at December 31, 2016 and 2017 consisted of the following:

	December 31,
(U.S. dollars in thousands)	2016		2017
Raw materials	$	2,591	$	3,838
Work in progress		395		485
Finished goods		2,259		3,510
Total inventory	$	5,245	$	7,833

SHARE CAPITAL (Tables)

12 Months Ended

Dec. 31, 2017

SHARE CAPITAL [Abstract]

Schedule of Options and Restricted Stocks Granted

Below is a table summarizing all of the options grants to employees during the year ended December 31, 2015:

Year of grant			No. of options granted			Exercise price			Vesting period			Fair value at grant (U.S. dollars in thousands)			Expiration period
	2015			1,909,000		$	1.72			4 years		$	1,900			10 years

Summary of Stock Option Activity - Options Granted to Employees

Options granted to employees:

	Year ended December 31,
	2015				2016				2017
			Weighted				Weighted				Weighted
	Number		average		Number		Average		Number		average
	of		exercise		of		Exercise		of		exercise
	options		price		options		Price		options		price
Outstanding at beginning of year		5,870,309	$	3.770		6,952,293	$	3.363		4,884,211	$	3.617
Changes during the year:
Granted		1,909,000		1.72
Forfeited and Expired		277,016		5.395		1,514,957		3.748		154,594		4.004
Exercised (*)		550,000		0.972		553,125		0.067
Outstanding at end of year		6,952,293	$	3.363		4,884,211	$	3.617		4,729,617	$	3.604
Exercisable at end of year		4,477,043	$	4.182		3,498,492	$	4.296		4,457,461	$	3.696

(*) The total intrinsic value of options exercised during the years ended December 31, 2015, 2016 and 2017, was approximately $675,000, $213,000 and $0, respectively.

Summary of Restricted Stock Activity - Options Granted to Employees

Restricted stock granted to employees:

	Year ended December 31,
	2015		2016
	Number of restricted stock
Outstanding at beginning of year		386,124		127,874
Changes during the year:
Vested		255,749		127,874
Forfeited		2,501		-
Outstanding at end of year		127,874		-

Schedule of Options Granted to Service Providers

Options and restricted stocks granted to consultants, directors, and other service providers:

	Year ended December 31,
	2015				2016				2017
	Number				Number				Number
	of		Weighted		of		Weighted		of		Weighted
	options/		average		options/		average		options/		average
	restricted		exercise		restricted		exercise		restricted		exercise
	stock		price		stock		price		stock		price
Outstanding at beginning of Year		1,208,592	$	6.136		637,209	$	11.638		208,000	$	3.156
Changes during the year:
Expired		466,883		0.001		429,209		15.748		8,000		0.001
Vested restricted stock		104,500
Outstanding at end of year		637,209		11.638		208,000		3.156		200,000		3.282
Exercisable at end of year		549,709	$	12.954		170,500	$	3.109		200,000	$	3.282

Schedule of Information about Share Options Outstanding

The following tables summarize information concerning outstanding and exercisable options and restricted stock as of December 31, 2017:

December 31, 2017
Options outstanding						Options exercisable
Exercise prices		Number of options outstanding at end of year		Weighted average remaining contractual life		Number of options exercisable		Weighted average remaining contractual life
	n/a (Restricted Stock)						n/a		n/a
$	1.720		1,720,685		7.22		1,617,279		7.22
$	2.350		40,000		0.81		40,000		0.81
$	2.370		900,000		6.74		731,250		6.74
$	2.650		211,682		1.15		211,682		1.15
$	3.020		50,000		0.10		50,000		0.10
$	3.370		150,000		6.56		150,000		6.56
$	5.000		949,250		0.10		949,250		0.10
$	6.900		680,000		2.15		680,000		2.15
$	7.550		160,000		2.65		160,000		2.65
$	9.660		68,000		2.83		68,000		2.83
			4,929,617				4,657,461

Schedule of Stock-Based Compensation Expense in Statement of Operations

The following table illustrates the effect of share-based compensation on the statement of operations:

	Year ended December 31,
(U.S. dollars in thousands)	2015		2016		2017
Research and development expenses	$	904	$	571	$	182
Selling, general and administrative expenses		898		417		155
	$	1,802	$	988	$	337

CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2017

Seven Point Five Percentage Convertible Notes [Member]

Fair Value Measurements, Recurring and Nonrecurring

	December 7, 2016			July 24, 2017
Stock price (USD)		0.3			0.77
Expected term		4.94			4.32
Risk free rate		1.86	%		1.74	%
Volatility		54.12	%		63.79	%
Yield		13.98	%		11.56	%

Four Point Five Percentage Convertible Notes One [Member]

Fair Value Measurements, Recurring and Nonrecurring

	July 24, 2017
Stock price (USD)		0.77
Expected term		4.57
Risk free rate		1.78	%
Volatility		62.68	%
Yield		15.21	%

Notes 2013 [Member]

Schedule of Interest Expense Recognized

The following table sets forth total interest expense recognized for the years ended December 31, 2015, 2016 and 2017 related to the 2013 Notes:

	Year ended December 31,
(U.S. Dollars in thousands)	2015		2016		2017
Contractual interest expense	$	3,105	$	2,943	$	501
Amortization of debt issuance costs and debt discount		444		421		71
Total	$	3,549	$	3,364	$	572

Notes 2016 [Member]

Schedule of Interest Expense Recognized

The following table sets forth total interest expense recognized related to the 2016 Notes:

	Year Ended December 31,
	2016		2017
(U.S. Dollars in thousands)
Contractual interest expense	$	313	$	4,434
Debt discount amortization		147		2,309
Gain on extinguishment		(14,063)
Change in fair value of convertible note embedded derivative		6,473		38,061
Interest payment in connection with conversions				3,918
Income in connection with conversions				(1,643)
Total	$	(7,130)	$	47,079

Notes 2017 [Member]

Schedule of Interest Expense Recognized

The following table sets forth total interest expense recognized related to the 2017 Notes:

	Year Ended December 31, 2017
(U.S. Dollars in thousands)
Contractual interest expense	$	55
Debt premium amortization		(46)
Loss on extinguishment		1,325
Total	$	1,334

TAXES ON INCOME (Tables)

12 Months Ended

Dec. 31, 2017

TAXES ON INCOME [Abstract]

Schedule of Deferred Tax Assets

The components of the Company’s net deferred tax assets at December 31, 2016 and 2017 were as follows:

	December 31,
	2016		2017
(U.S. dollars in thousands)
In respect of:
Timing Differences	$	3,520	$	11,335
Net operating loss carry forwards		38,515		47,033
Valuation allowance		(42,035)		(58,368)
		-		-

Schedule of Open Tax Years

A summary of open tax years by major jurisdiction is presented below:

Jurisdiction:		Years:
Israel		2013-2017
United States (*)		2013-2017

(*) Includes federal, state and local (or similar provincial jurisdictions) tax positions.

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION [Abstract]

Supplemental Information, Balance Sheets

Balance sheets:

	December 31,
	2016		2017
(U.S. dollars in thousands)
a. Other assets:
Institutions	$	333	$	394
State of Israel (see note 6a)		1,046		195
Restricted deposit		477		623
Prepaid expenses		416		433
Assets of discontinued operation		327		215
Sundry		49		74
	$	2,648	$	1,934

	December 31,
	2016		2017
(U.S. dollars in thousands)
b. Accounts payable and accruals – other:
Payroll and related expenses	$	1,190	$	1,386
Interest payable		511		645
Provision for vacation		1,399		1,650
Accrued expenses		3,575		4,802
Royalties payable		226		301
Property and equipment suppliers		595		526
	$	7,496	$	9,310

Supplemental Information, Statements of Operations

Statements of operations:

	December 31,
	2015		2016		2017
(U.S. dollars in thousands)
Revenues:
Pfizer			$	5,226	$	12,181
Brazil	$	4,364	$	3,973	$	7,061
	$	4,364	$	9,199	$	19,242

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following summarizes financial information related to the Company’s discontinued operations, in the Company’s consolidated statements of operations:

	2015		2016
(U.S. dollars in thousands)
REVENUES	$	48,674	$	209
COMPANY’S SHARE IN COLLABORATION AGREEMENT		5,048
COST OF REVENUES		(7,697)		(373)
GROSS PROFIT (LOSS)		46,025		(164)
RESEARCH AND DEVELOPMENT EXPENSES		(586)
Less –reimbursements		545
RESEARCH AND DEVELOPMENT EXPENSES, NET		(41)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(564)		(25)
NET (LOSS) INCOME FOR THE YEAR FROM DISCONTINUED OPERATIONS	$	45,420	$	(189)
GAIN ON THE DISPOSAL		39,899
NET (LOSS) INCOME	$	85,319	$	(189)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

SIGNIFICANT ACCOUNTING POLICIES (Useful Lives of Property and Equipment) (Details)	12 Months Ended
	Dec. 31, 2017
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years
Furniture [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	10 years
Furniture [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Oct. 19, 2017	Oct. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Common Stock, Par or Stated Value Per Share			$ 0.001	$ 0.001
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			76,848,199	23,532,492	19,778,424
Tax Rate Assumption Related To Deferred Tax Difference Reversal			The Company used tax rates of 39%, 24% and 23%.
Maximum [Member]
Significant Accounting Policies [Line Items]
Additional AmountPayable For Achievement Of Regulatory And Commercial Milestones	$ 320.0
Brazil [Member]
Significant Accounting Policies [Line Items]
Percentage Of Adult Gaucher Patients Treated With alfataliglicerase			10.00%
Pfizer Agreement [Member]
Significant Accounting Policies [Line Items]
Proceeds From Exchange For Rights To Royalties		$ 36.0
Amended Pfizer Agreement [Member] \| Protalix Bio Therapeutics Incorporation [Member] \| Brazil [Member]
Significant Accounting Policies [Line Items]
Collaborative Arrangement Revenues and Expenses Sharing Percentage		100.00%
Chiesi Agreement [Member]
Significant Accounting Policies [Line Items]
Future research and development reimbursement			$ 25.0
Upfront Nonrefundable Noncreditable Payment Receivable	25.0
Additional Amounts Payable To Cover Development Costs	25.0
Maximum Entitlement Of Development Costs To Cover Per Year	$ 10.0
Chiesi Agreement [Member] \| Minimum [Member]
Significant Accounting Policies [Line Items]
Payment On Net Sales Percentage	15.00%
Chiesi Agreement [Member] \| Maximum [Member]
Significant Accounting Policies [Line Items]
Payment On Net Sales Percentage	35.00%

COMMERCIALIZATION AGREEMENTS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 19, 2017	Oct. 31, 2015	Nov. 30, 2009
Maximum [Member]
Additional AmountPayable For Achievement Of Regulatory And Commercial Milestones	$ 320.0
Protalix Bio Therapeutics Incorporation [Member]
Collaborative Arrangement Profit Share Percentage			40.00%
Pfizer [Member]
Stock Issued During Period, Shares, New Issues		5,649,079
Debt Instrument, Face Amount		$ 4.3
Chiesi Agreement [Member]
Upfront Nonrefundable Noncreditable Payment Receivable	25.0
Additional Amounts Payable To Cover Development Costs	25.0
Maximum Entitlement Of Development Costs To Cover Per Year	$ 10.0
Chiesi Agreement [Member] \| Maximum [Member]
Payment On Net Sales Percentage	35.00%
Chiesi Agreement [Member] \| Minimum [Member]
Payment On Net Sales Percentage	15.00%

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 35,141	$ 34,304
Less - accumulated depreciation and amortization	(27,465)	(25,601)
Property, Plant and Equipment, Net	7,676	8,703
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	16,561	16,265
Furniture And Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,438	2,342
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	16,123	15,678
Equipment Under Construction [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 19	$ 19

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Raw materials	$ 3,838	$ 2,591
Work in progress	485	395
Finished goods	3,510	2,259
Total inventory	$ 7,833	$ 5,245

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee severance obligation payments	$ 166,000	$ 164,000	$ 168,000
Contributions	746,000	675,000	675,000
Severance expense	906,000	842,000	800,000
Net gain (loss) for the period	21,000	$ (7,000)	$ (18,000)
Benefits Payable During Next Five Years	250,000
Contribution to Insurance Companies [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	830,000
Contribution to Defined Contribution Plans [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 664,000

COMMITMENTS (Narrative) (Details) - USD ($)	12 Months Ended
COMMITMENTS (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments And Contingencies [Line Items]
Subcontracting commitment amount	$ 19,200,000
Milestone Potential Payable	14,300,000
Milestone Payment, Amount Paid	0	$ 300,000	$ 0
OCS [Member]
Commitments And Contingencies [Line Items]
Royalty expense included in cost of revenue	1,384,000	288,000	2,200,000
Research And License Agreements [Member]
Commitments And Contingencies [Line Items]
Royalty expense included in cost of revenue	0	286,000	51,000
Lease Agreements [Member]
Commitments And Contingencies [Line Items]
Monthly rent/lease expense	65,000
Future minimum lease payments, 2018	783,000
Future minimum lease payments, 2019	717,000
Future minimum lease payments, 2020	717,000
Cash deposited as bank guarantee	306,000
Lease/rent expense	775,000	1,000,000	$ 1,000,000
Future minimum lease payments, 2021	580,000
Vehicle Lease And Maintenance Agreements [Member]
Commitments And Contingencies [Line Items]
Monthly rent/lease expense	52,000
Future minimum lease payments, 2018	565,000
Future minimum lease payments, 2019	385,000
Future minimum lease payments, 2020	$ 186,000
Minimum [Member] \| OCS [Member]
Commitments And Contingencies [Line Items]
Royalties based on sale of products developed from funded projects, percentage	3.00%
Maximum [Member] \| OCS [Member]
Commitments And Contingencies [Line Items]
Royalties based on sale of products developed from funded projects, percentage	6.00%
Accrued royalties	$ 42,200,000	$ 38,500,000
Percentage of Royalties to Grant Received	100.00%	100.00%	100.00%
Maximum [Member] \| Products Manufactured Outside Of Israel [Member]
Commitments And Contingencies [Line Items]
Percentage of Royalties to Grant Received	300.00%	300.00%	300.00%

SHARE CAPITAL (Summary of Option and Restricted Stock Granted to Employees) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted \| shares	1,909,000
2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price \| $ / shares	$ 1.72
Vesting period	4 years
Fair value at grant \| $	$ 1,900
Expiration period	10 years

SHARE CAPITAL (Options Granted to Employees) (Details) - Options And Restricted Stock Granted To Employees [Member] - $ / shares

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Number of options

Outstanding at beginning of year

4,884,211

6,952,293

5,870,309

Granted

1,909,000

Forfeited and Expired

154,594

1,514,957

277,016

Exercised

^[1]

553,125

550,000

Outstanding at end of year

4,729,617

4,884,211

6,952,293

Exercisable at end of year

4,457,461

3,498,492

4,477,043

Weighted average exercise price

Outstanding at beginning of year

$ 3.617

$ 3.363

$ 3.77

Granted

1.72

Forfeited and Expired

4.004

3.748

5.395

Exercised

^[1]

0.067

0.972

Outstanding at end of year

3.604

3.617

3.363

Exercisable at end of year

$ 3.696

$ 4.296

$ 4.182

[1]	The total intrinsic value of options exercised during the years ended December 31, 2015, 2016 and 2017, was approximately $675,000, $213,000 and $0, respectively.

SHARE CAPITAL (Restricted Stock Granted to Employees) (Details) - Employees [Member] - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year	127,874	386,124
Vested	127,874	255,749
Forfeited	0	2,501
Outstanding at end of year	0	127,874

SHARE CAPITAL (Options and Restricted Stocks Granted to Consultants, Directors and Other Service Providers) (Details) - Options and Restricted Stocks Granted To Consultants Directors And Other Service Providers [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of options/ restricted stock
Outstanding at beginning of year	208,000	637,209	1,208,592
Expired	8,000	429,209	466,883
Vested restricted stock		0	104,500
Outstanding at end of year	200,000	208,000	637,209
Exercisable at end of year	200,000	170,500	549,709
Weighted average exercise price
Outstanding at beginning of year	$ 3.156	$ 11.638	$ 6.136
Expired	0.001	15.748	0.001
Outstanding at end of year	3.282	3.156	11.638
Exercisable at end of year	$ 3.282	$ 3.109	$ 12.954

SHARE CAPITAL (Summary of Outstanding and Restricted Stocks) (Details) - Options and Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options and restricted stock outstanding at end of year	4,929,617
Number of options exercisable at end of year	4,657,461
1.720 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 1.720
Number of options and restricted stock outstanding at end of year	1,720,685
Weighted average remaining contractual life	7 years 2 months 19 days
Number of options exercisable at end of year	1,617,279
Weighted average remaining contractual life, exercisable	7 years 2 months 19 days
2.350 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 2.350
Number of options and restricted stock outstanding at end of year	40,000
Weighted average remaining contractual life	9 months 22 days
Number of options exercisable at end of year	40,000
Weighted average remaining contractual life, exercisable	9 months 22 days
2.370 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 2.370
Number of options and restricted stock outstanding at end of year	900,000
Weighted average remaining contractual life	6 years 8 months 26 days
Number of options exercisable at end of year	731,250
Weighted average remaining contractual life, exercisable	6 years 8 months 26 days
2.650 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 2.650
Number of options and restricted stock outstanding at end of year	211,682
Weighted average remaining contractual life	1 year 1 month 24 days
Number of options exercisable at end of year	211,682
Weighted average remaining contractual life, exercisable	1 year 1 month 24 days
3.020 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 3.020
Number of options and restricted stock outstanding at end of year	50,000
Weighted average remaining contractual life	1 month 6 days
Number of options exercisable at end of year	50,000
Weighted average remaining contractual life, exercisable	1 month 6 days
3.370 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 3.370
Number of options and restricted stock outstanding at end of year	150,000
Weighted average remaining contractual life	6 years 6 months 22 days
Number of options exercisable at end of year	150,000
Weighted average remaining contractual life, exercisable	6 years 6 months 22 days
5.000 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 5.000
Number of options and restricted stock outstanding at end of year	949,250
Weighted average remaining contractual life	1 month 6 days
Number of options exercisable at end of year	949,250
Weighted average remaining contractual life, exercisable	1 month 6 days
6.900 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 6.900
Number of options and restricted stock outstanding at end of year	680,000
Weighted average remaining contractual life	2 years 1 month 24 days
Number of options exercisable at end of year	680,000
Weighted average remaining contractual life, exercisable	2 years 1 month 24 days
7.550 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 7.550
Number of options and restricted stock outstanding at end of year	160,000
Weighted average remaining contractual life	2 years 7 months 24 days
Number of options exercisable at end of year	160,000
Weighted average remaining contractual life, exercisable	2 years 7 months 24 days
9.660 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise price \| $ / shares	$ 9.660
Number of options and restricted stock outstanding at end of year	68,000
Weighted average remaining contractual life	2 years 9 months 29 days
Number of options exercisable at end of year	68,000
Weighted average remaining contractual life, exercisable	2 years 9 months 29 days

SHARE CAPITAL (Share Based Compensation Expense Allocation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 337	$ 988	$ 1,802
Research and Development Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	182	571	904
Marketing, General and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 155	$ 417	$ 898

SHARE CAPITAL (Narrative) (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 07, 2016

Oct. 12, 2015

Jul. 24, 2017

Jun. 24, 2017

Dec. 31, 2016

Mar. 23, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 02, 2016

Dec. 14, 2006

^[1]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock available for issuance

2,554,075

13,841,655

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total

1,909,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total

$ 130,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

6 months 14 days

Proceeds from Stock Options Exercised

$ 14,000

$ 534,000

Debt Conversion, Converted Instrument, Amount

$ 16,263,000

Debt Conversion, Converted Instrument, Shares Issued

23,846,735

11,239,641

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

$ 0

$ 213,000

$ 675,000

Four Point Five Percentage Convertible Notes [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.50%

Debt Conversion, Converted Instrument, Amount

$ 54,052,000

$ 54,100,000

Debt Instrument, Face Amount

$ 9,000,000

Debt Instrument Maturity Year

2018 years

Convertible Notes Due Two Thousand Twenty One [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Debt Conversion, Converted Instrument, Amount

40,186,000

Debt Instrument, Face Amount

$ 40,186,000

Seven Point Five Percentage Convertible Notes [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

0.00%

7.50%

Debt Conversion, Converted Instrument, Shares Issued

1,176.4706

Debt Instrument, Face Amount

$ 10,000,000

$ 22,500,000

Debt Instrument Maturity Year

2021 years

Four Point Five Percentage Convertible Notes One [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

4.50%

Debt Instrument, Face Amount

$ 8,550,000

Debt Instrument Maturity Year

2022 years

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock issued

5,649,079

23,846,735

5,649,079

Option to purchase shares of common stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

10 years

Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value

$ 1,900,000

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate

0.00%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

0.00%

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

1.60%

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price

$ 1.72

Option to purchase shares of common stock [Member] | Vest on the first anniversary of the grant date [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

25.00%

[1]	The total intrinsic value of options exercised during the years ended December 31, 2015, 2016 and 2017, was approximately $675,000, $213,000 and $0, respectively.

CONVERTIBLE NOTES (Schedule of Interest Expense Recognized) (Details) - 2013 Notes [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Contractual interest expense	$ 501	$ 2,943	$ 3,105
Amortization of debt issuance costs and debt discount	71	421	444
Total	$ 572	$ 3,364	$ 3,549

CONVERTIBLE NOTES (Fair Value Income Approach) (Details) - $ / shares		1 Months Ended
	Dec. 07, 2016	Jul. 24, 2017
Seven Point Five Percentage Convertible Notes [Member]
Stock price (USD)	$ 0.3	$ 0.77
Expected term	4 years 11 months 8 days	4 years 3 months 25 days
Risk free rate	1.86%	1.74%
Volatility	54.12%	63.79%
Yield	13.98%	11.56%
Four Point Five Percentage Convertible Notes One [Member]
Stock price (USD)		$ 0.77
Expected term		4 years 6 months 25 days
Risk free rate		1.78%
Volatility		62.68%
Yield		15.21%

CONVERTIBLE NOTES (Schedule Of Debt Interest Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain (Loss) on extinguishment	$ 1,325	$ (14,063)
Change in fair value of convertible note embedded derivative	(38,061)	(6,473)
2016 Notes [Member]
Contractual interest expense	4,434	313
Debt discount (premium) amortization	2,309	147
Gain (Loss) on extinguishment		(14,063)
Change in fair value of convertible note embedded derivative	38,061	6,473
Interest payment in connection with conversions	3,918
Income in connection with conversions	(1,643)
Total	47,079	$ (7,130)
Notes 2017 [Member]
Contractual interest expense	55
Debt discount (premium) amortization	(46)
Gain (Loss) on extinguishment	1,325
Total	$ 1,334

CONVERTIBLE NOTES (Narrative) (Details) - USD ($)		1 Months Ended					12 Months Ended
CONVERTIBLE NOTES (Narrative) (Details) - USD ($)	Dec. 07, 2016	Jul. 31, 2017	Jul. 24, 2017	Jun. 24, 2017	Apr. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 02, 2016	Sep. 18, 2013
Number of shares for basis conversion											173.6593
Net proceeds from issuance of convertible notes			$ 9,500,000				$ 9,542,000	$ 19,681,000
Principal amount, related to the initial purchaser's over-allotment option											$ 9,000,000
Debt Conversion, Converted Instrument, Amount							16,263,000
Gain (Loss) on Extinguishment of Debt							$ (1,325,000)	14,063,000
Percentage Of Excess Shares Outstanding							20.00%
Debt Conversion, Converted Instrument, Shares Issued	23,846,735						11,239,641
Repayments of Convertible Debt							$ 10,961,000
Stockholders Approval Description For Common Stock Issuance					the issuance of shares in excess of 20% of its outstanding shares. On April 12, 2017, the Companys stockholders approved the issuance of shares of the Companys Common Stock in excess of 20% of the Companys outstanding shares of Common Stock to settle conversion requests and pay interest on the Companys issued 7.5% convertible notes.
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net							$ (38,061,000)	$ (6,473,000)
Convertible Notes Payable [Member]
Principal amount											$ 69,000,000
Seven Point Five Percentage Convertible Notes [Member]
Principal amount				$ 10,000,000						$ 22,500,000
Maturity						Nov. 15, 2021
Interest rate				0.00%			7.50%			7.50%
Conversion price per share							$ 0.85
Base value for conversion rate						$ 1,000	$ 1,000
Gain (Loss) on Extinguishment of Debt							14,100,000
Maximum Debt Instrument Convertible Conversion Share Number						$ 1,787.3100
Debt Instrument, Redemption, Description						Prior to the maturity date, the Company may redeem in cash: a) any or all of the 2016 Notes if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days exceeds 150% of the conversion price on each applicable trading day, or b) all of the 2016 Notes then outstanding if the aggregate principal amount of the 2016 Notes then outstanding is less than 15% of the aggregate principal amount of the notes issued.
Debt Conversion, Converted Instrument, Shares Issued						1,176.4706
Debt Instrument Maturity Year				2021 years
Four Point Five Percentage Convertible Notes [Member]
Principal amount			9,000,000	$ 9,000,000
Interest rate	4.50%			4.50%
Debt Conversion, Converted Instrument, Amount	$ 54,052,000					$ 54,100,000
Debt Instrument Maturity Year				2018 years
Convertible Notes Due Two Thousand Twenty One [Member]
Principal amount	40,186,000
Debt Conversion, Converted Instrument, Amount	$ 40,186,000
Convertible Notes 2013 [Member]
Interest rate											4.50%
Conversion price per share											$ 5.76
Four Point Five Percentage Convertible Notes 2013 [Member]
Debt Conversion, Converted Instrument, Amount		$ 9,000,000					$ 5,900,000
Seven Point Five Percentage Convertible Notes 2016 [Member]
Principal amount			10,000,000
Debt Conversion, Converted Instrument, Shares Issued							8,827,624
Repayments of Convertible Debt							$ 11,000,000
Long-term Debt, Gross							59,100,000
Debt Conversion, Original Debt, Amount							$ 13,600,000
Four Point Five Percentage Convertible Notes One [Member]
Principal amount			$ 8,550,000	$ 8,550,000
Interest rate			4.50%	4.50%
Repayments of Convertible Debt			$ 275,000
Debt Instrument Maturity Year			2022 years	2022 years

FAIR VALUE MEASUREMENT (The liability component was valued based on the Income Approach) (Details) - $ / shares		1 Months Ended	12 Months Ended
	Dec. 07, 2016	Jul. 24, 2017	Dec. 31, 2017
Four Point Five Percentage Convertible Notes [Member] \| Fair Value, Inputs, Level 3 [Member]
Stock price (USD)			$ 0.6612
Expected term			8 months 16 days
Risk free rate			1.66%
Volatility			79.57%
Yield			11.86%
Seven Point Five Percentage Convertible Notes [Member]
Stock price (USD)	$ 0.3	$ 0.77
Expected term	4 years 11 months 8 days	4 years 3 months 25 days
Risk free rate	1.86%	1.74%
Volatility	54.12%	63.79%
Yield	13.98%	11.56%
Seven Point Five Percentage Convertible Notes [Member] \| Fair Value, Inputs, Level 3 [Member]
Stock price (USD)			$ 0.6612
Expected term			3 years 10 months 17 days
Risk free rate			2.08%
Volatility			68.89%
Yield			11.89%

FAIR VALUE MEASUREMENT (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2017	Jul. 24, 2017	Jun. 24, 2017	Dec. 02, 2016
Four Point Five Percentage Convertible Notes [Member]
Debt Instrument, Face Amount		$ 9.0	$ 9.0
Seven Point Five Percentage Convertible Notes [Member]
Debt Instrument, Face Amount			$ 10.0	$ 22.5
Seven Point Five Percentage Convertible Notes 2016 [Member]
Debt Instrument, Face Amount		$ 10.0
Fair Value, Inputs, Level 3 [Member] \| Four Point Five Percentage Convertible Notes [Member]
Convertible Debt, Fair Value Disclosures	$ 5.7
Fair Value, Inputs, Level 3 [Member] \| Seven Point Five Percentage Convertible Notes [Member]
Convertible Debt, Fair Value Disclosures	76.6
Fair Value, Inputs, Level 3 [Member] \| Four Point Five Percentage Convertible Notes 2013 [Member]
Debt Instrument, Face Amount	5.9
Fair Value, Inputs, Level 3 [Member] \| Seven Point Five Percentage Convertible Notes 2016 [Member]
Debt Instrument, Face Amount	$ 59.1

TAXES ON INCOME (Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
In respect of:
Timing Differences	$ 11,335	$ 3,520
Net operating loss carry forwards	47,033	38,515
Valuation allowance	(58,368)	(42,035)
Deferred Tax Assets, Net of Valuation Allowance, Total	$ 0	$ 0

TAXES ON INCOME (Open Tax Years) (Details)

12 Months Ended

Dec. 31, 2017

ISRAEL [Member] | Minimum [Member]

Income Tax Contingency [Line Items]

Open tax year

2013

ISRAEL [Member] | Maximum [Member]

Income Tax Contingency [Line Items]

Open tax year

2017

UNITED STATES [Member] | Minimum [Member]

Income Tax Contingency [Line Items]

Open tax year

2013

^[1]

UNITED STATES [Member] | Maximum [Member]

Income Tax Contingency [Line Items]

Open tax year

2017

^[1]

[1]	Includes federal, state and local (or similar provincial jurisdictions) tax positions.

TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Statutory income tax rate			39.00%
Net operating loss carry forwards			$ 207
Scenario, Plan [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate		21.00%
Law for Amending the Israel Income Tax Ordinance - 2009, Tax year [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate	26.50%
Law for Amending the Israel Income Tax Ordinance, Tax Thereafter [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate	25.00%
Restricted Amount [Member]
Income Tax Disclosure [Line Items]
Net operating loss carry forwards			$ 23	$ 20
Protalix Ltd. [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate			24.00%
Net operating loss carry forwards			$ 184	$ 133
Protalix Ltd. [Member] \| Scenario, Plan [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate		23.00%
Protalix Ltd. [Member] \| Law for Amending the Israel Income Tax Ordinance, Tax Thereafter [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate				25.00%	26.50%
Minimum [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate			23.00%
Maximum [Member]
Income Tax Disclosure [Line Items]
Statutory income tax rate				25.00%

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Other assets:
Institutions	$ 394	$ 333
State of Israel (see note 6a)	195	1,046
Restricted deposit	623	477
Prepaid expenses	433	416
Assets of discontinued operation	215	327
Sundry	74	49
Other assets	$ 1,934	$ 2,648

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Accounts Payable and Accruals, Other) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accounts payable and accruals - other:
Payroll and related expenses	$ 1,386	$ 1,190
Interest payable	645	511
Provision for vacation	1,650	1,399
Accrued expenses	4,802	3,575
Royalties payable	301	226
Property and equipment suppliers	526	595
Accounts Payable, Current	$ 9,310	$ 7,496

DISCONTINUED OPERATIONS (Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES		$ 209	$ 48,674
COMPANY’S SHARE IN COLLABORATION AGREEMENT			5,048
COST OF REVENUES		(373)	(7,697)
GROSS PROFIT (LOSS)		(164)	46,025
RESEARCH AND DEVELOPMENT EXPENSES			(586)
Less -reimbursements			545
RESEARCH AND DEVELOPMENT EXPENSES, NET			(41)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(25)	(564)
NET (LOSS) INCOME FOR THE YEAR FROM DISCONTINUED OPERATIONS		(189)	45,420
GAIN ON THE DISPOSAL			39,899
NET (LOSS) INCOME		$ (189)	$ 85,319

RELATED PARTY TRANSACTIONS (Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Compensation To The non-executive Directors [Member]
Related Party Transaction [Line Items]
Compensation (including share based compensation) to the non-executive directors (includes the interim Chairman of the Board through 2015 and the Chairman of the Board for part of 2015)	$ 499	$ 560	$ 631

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Parenthetical]	12 Months Ended
	Dec. 31, 2015 shares
Restricted Stock [Member]
Share-based compensation related to restricted stock award, forfeitures, (in shares)	2,501