Share Capital (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share Capital [Abstract] |
|
| Schedule of Changes in Number of Options Granted |
In the years ended December 31, 2023, 2022 and
2021, the Company granted options as follows (amounts presented reflect the number of shares underlying options):
| |
|
Year ended December 31, 2023 |
|
| |
|
Award
amount |
|
|
Exercise
price range |
|
|
Vesting
period |
|
Expiration |
|
| Employees |
|
|
158,000 |
|
|
$ |
5.65-7.5 |
|
|
4 years |
|
10 years |
|
| |
|
Year ended December 31, 2022 |
|
| |
|
Award
amount |
|
|
Exercise
price range |
|
|
Vesting
period |
|
Expiration |
|
| Employees |
|
|
529,000 |
|
|
$ |
5.33-9.22 |
|
|
4 years |
|
10 years |
|
| Directors |
|
|
217,000 |
|
|
$ |
9.22 |
|
|
4 years |
|
10 years |
|
|
|
|
Year ended December 31, 2021 |
|
| |
|
Award
amount |
|
|
Exercise
price range |
|
|
Vesting
period |
|
Expiration |
|
| Employees |
|
|
96,500 |
|
|
$ |
12.78-20.7 |
|
|
4 years |
|
10 years |
|
| Directors |
|
|
23,000 |
|
|
$ |
15.2 |
|
|
4 years |
|
10 years |
|
|
| Schedule of Fair Value of Options Granted |
The fair value of options granted on the date
of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows:
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Value of one ordinary share |
|
$ |
5.73-7.5 |
|
|
$ |
5.03-9.22 |
|
|
$ |
11.9-20.37 |
|
| Dividend yield |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
| Expected volatility |
|
|
70.27-74.1 |
% |
|
|
67.95-72.27 |
% |
|
|
65.36-66.49 |
% |
| Risk-free interest rate |
|
|
3.62-4.33 |
% |
|
|
0.39-3.03 |
% |
|
|
0.64-1.37 |
% |
| Expected term |
|
|
6.11 years |
|
|
|
6.11 years |
|
|
|
6.11 years |
|
|
| Schedule of Options Data |
A summary of options
data for the years ended December 31, 2023, 2022 and 2021, is as follows:
| |
|
Year ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Weighted-average grant date fair value of options granted, per option |
|
$ |
4.73 |
|
|
$ |
5.32 |
|
|
$ |
9.16 |
|
| Total intrinsic value of the options exercised |
|
$ |
271 |
|
|
$ |
221 |
|
|
$ |
869 |
|
| Total fair value of options vested |
|
$ |
4,380 |
|
|
$ |
2,802 |
|
|
$ |
3,356 |
|
|
| Schedule of Changes in Number of Options Granted |
A summary
of the activity in options granted to employees and directors for the year ended December
31, 2023 is as follows:
| |
|
2023 |
|
| |
|
Number of
options |
|
|
Weighted
average
exercise
price* |
|
|
weighted average remaining contractual term (in years) |
|
|
aggregate intrinsic value* |
|
| Options outstanding at the beginning of the year |
|
|
1,868,749 |
|
|
$ |
6.02 |
|
|
|
6.81 |
|
|
$ |
4,620 |
|
| Granted |
|
|
158,000 |
|
|
|
7.05 |
|
|
|
- |
|
|
|
- |
|
| Exercised |
|
|
(76,441 |
) |
|
|
4.52 |
|
|
|
- |
|
|
|
- |
|
| Expired |
|
|
(83,156 |
) |
|
|
9.79 |
|
|
|
- |
|
|
|
- |
|
| Forfeited |
|
|
(121,272 |
) |
|
|
8.81 |
|
|
|
- |
|
|
|
- |
|
| Options outstanding at the end of the year |
|
|
1,745,880 |
|
|
$ |
5.8 |
|
|
|
5.91 |
|
|
$ |
1,165 |
|
| Options exercisable at the end of the year |
|
|
1,151,015 |
|
|
$ |
5.49 |
|
|
|
4.6 |
|
|
$ |
1,062 |
|
|
* |
After repricing- see Note 8(B)(2)(a). |
A summary
of the activity in options granted to non-employees for the year ended December 31, 2023
is as follows:
| |
|
2023 |
|
| |
|
Number of
options |
|
|
Weighted
average
exercise
price |
|
|
weighted average remaining contractual term (in years) |
|
|
aggregate intrinsic value |
|
| Options outstanding at the beginning of the year |
|
|
15,416 |
|
|
$ |
16.04 |
|
|
|
1.79 |
|
|
$ |
23 |
|
| Exercised |
|
|
(3,750 |
) |
|
|
5.07 |
|
|
|
|
|
|
|
|
|
| Options outstanding at the end of the year |
|
|
11,666 |
|
|
$ |
16.78 |
|
|
|
1.36 |
|
|
$ |
2 |
|
| Options exercisable at the end of the year |
|
|
6,329 |
|
|
$ |
10.00 |
|
|
|
1.34 |
|
|
$ |
2 |
|
|
| Schedule of Outstanding and Exercisable Options |
The following
tables summarize information concerning outstanding and exercisable options as of December 31, 2023:
| December 31, 2023 |
|
| Options outstanding |
|
|
Options exercisable |
|
| Exercise prices * |
|
|
Number of
options
outstanding
at end of year |
|
|
Weighted
average
remaining
contractual Life |
|
|
Number of
options
exercisable
at end of year |
|
|
Weighted
average
remaining
contractual life |
|
| $ |
24.81 |
|
|
|
6,666 |
|
|
|
1.38 |
|
|
|
1,329 |
|
|
|
1.38 |
|
| |
6.07 |
|
|
|
5,000 |
|
|
|
1.33 |
|
|
|
5,000 |
|
|
|
1.33 |
|
| |
10.08 |
|
|
|
2,625 |
|
|
|
0.17 |
|
|
|
2,625 |
|
|
|
0.17 |
|
| |
5.07 |
|
|
|
149,500 |
|
|
|
2.08 |
|
|
|
149,500 |
|
|
|
2.08 |
|
| |
4.02 |
|
|
|
352,464 |
|
|
|
1.29 |
|
|
|
352,464 |
|
|
|
1.29 |
|
| |
9.22 |
|
|
|
3,905 |
|
|
|
0.11 |
|
|
|
3,905 |
|
|
|
0.11 |
|
| |
5.33 |
|
|
|
111,000 |
|
|
|
8.92 |
|
|
|
27,750 |
|
|
|
8.92 |
|
| |
7.5 |
|
|
|
103,000 |
|
|
|
9.25 |
|
|
|
- |
|
|
|
- |
|
| |
6.5 |
|
|
|
33,500 |
|
|
|
9.65 |
|
|
|
- |
|
|
|
- |
|
| |
5.65 |
|
|
|
20,000 |
|
|
|
9.2 |
|
|
|
- |
|
|
|
- |
|
| $ |
6.39 |
|
|
|
969,886 |
|
|
|
7.33 |
|
|
|
614,771 |
|
|
|
6.97 |
|
| |
|
|
|
|
1,757,546 |
|
|
|
|
|
|
|
1,157,344 |
|
|
|
|
|
| * | In U.S. dollars per Ordinary Share. |
|
| Schedule of Share-Based Compensation |
The following table illustrates the effect of share-based compensation on the statements of operations:
| |
|
Year ended December 31 |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Cost of revenues |
|
$ |
- |
|
|
$ |
22 |
|
|
$ |
78 |
|
| Research and development expenses |
|
|
714 |
|
|
|
565 |
|
|
|
525 |
|
| General, administrative and marketing expenses |
|
|
1,223 |
|
|
|
1,587 |
|
|
|
1,017 |
|
| |
|
$ |
1,937 |
|
|
$ |
2,174 |
|
|
$ |
1,620 |
|
|