Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Share Capital (Tables)

v3.25.1
Share Capital (Tables)
 12 Months Ended
Dec. 31, 2024
Share Capital [Abstract]  
Schedule of Shares Issued Granted Options

In the years ended December 31, 2024, 2023 and 2022, the Company granted options as follows (amounts presented reflect the number of shares underlying options):

 

    Year ended December 31, 2024  
    Award
amount		     Exercise
price range		     Vesting
period		   Expiration  
Employees     50,500     $ 4.26-5.76     4 years   10 years  
Consultants     25,000       $ 5.26     4 years   10 years  

 

    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  
Schedule of Fair Value of Options Granted The underlying data used for computing the fair value of the options are as follows:
    Year ended December 31,  
    2024     2023     2022  
Value of one ordinary share   $ 4.27-5.46     $ 5.73-7.5     $ 5.03-9.22  
Dividend yield     0 %     0 %     0 %
Expected volatility     70.91-71.14 %     70.27-74.1 %     67.95-72.27 %
Risk-free interest rate     4.21-4.46 %     3.62-4.33 %     0.39-3.03 %
Expected term     6.11 years       6.11 years       6.11 years  
Schedule of Granted Restricted Share Units

A summary of options data for the years ended December 31, 2024, 2023 and 2022, is as follows:

 

    Year ended December 31,  
    2024     2023     2022  
Total fair value of options granted   $ 252     $ 747     $ 3,970  
Weighted-average grant date fair value of options granted, per option   $ 3.33     $ 4.73     $ 5.32  
Total intrinsic value of the options exercised   $ *     $ 271     $ 221  
Total fair value of options vested   $ 1,549     $ 4,380     $ 2,802  

 

* Less than 1
Schedule of Options Granted to Employees and Directors

The following table summarizes the activity in options granted to employees and directors for the year ended December 31, 2024:

 

    2024  
    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     1,745,880     $ 5.80       5.91     $ 1,165  
Granted     50,500       5.15       8.57      
-
  
Exercised     (1,840 )     5.07      
-
      
-
  
Expired     (29,313 )     6.99      
-
      
-
  
Forfeited     (37,472 )     6.22      
-
      
-
  
Options outstanding at the end of the year     1,727,755     $ 5.75       4.99     $
-
  
Options exercisable at the end of the year     1,383,902     $ 5.64       4.27     $
-
  

 

* After repricing- see Note 8(B)(2)(a).
    2024  
    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     11,666     $ 16.78       1.36     $ 2  
Granted     25,000       4.46       9.78      
-
  
Options outstanding at the end of the year     36,666     $ 8.35       6.78     $
-
  
Options exercisable at the end of the year     6,329     $ 9.95       0.34     $
-
  
Schedule of Outstanding and Exercisable Options

The following tables summarize information concerning outstanding and exercisable options as of December 31, 2024:

 

December 31, 2024  
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		  
$ 24.68       6,666       0.38       1,329       0.38  
  7.50       98,562       8.24       43,436       8.24  
  6.50       15,500       8.65       5,531       8.65  
  6.39       948,572       6.33       780,313       6.13  
  6.03       5,000       0.33       5,000       0.33  
  5.76       5,000       9.44      
-
      
-
  
  5.65       17,000       8.92       4,250       8.92  
  5.33       104,157       7.92       52,408       7.92  
  5.26       37,000       9.26      
-
      
-
  
  5.07       145,500       1.08       145,500       1.08  
$ 4.26       29,000       9.91      
-
      
-
  
  4.02       352,464       0.29       352,464       0.29  
          1,764,421               1,390,231          

 

* In U.S. dollars per Ordinary Share.
Schedule of Granted Restricted Share Units

In the year ended December 31, 2024, the Company granted restricted share units, or RSU, as follows:

 

    Year ended
December 31, 2024		  
    Number of RSU granted     Weighted Average
Grant Date
Fair Value		  
Employees     341,000     $ 5.05  
Directors     100,000     $ 4.78  
Schedule of Activity in RSU Granted to Employees and Directors

The following table summarizes the activity in RSU granted to employees and directors under the 2024 Plan for the year ended December 31, 2024:

 

    Number of options     Weighed Average Grant Date Fair Value  
Unvested at the beginning of the period    
-
     $
-
  
Granted     441,000       4.99  
Unvested at the end of the period     441,000     $ 4.99  
Schedule of Share-Based Compensation The following table illustrates the effect of share-based compensation on the statements of operations:
    Year ended December 31  
    2024     2023     2022  
Cost of revenues   $
-
     $
-
     $ 22  
Research and development expenses     783       714       565  
General, administrative and marketing expenses     936       1,223       1,587  
    $ 1,719     $ 1,937     $ 2,174