STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Share-based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity during the nine months ended September 30, 2022:
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Number of
options
outstanding |
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Weighted
average
exercise
price (*) |
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Average
remaining
contractual life
(in years) |
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Aggregate
intrinsic value
(in thousands) |
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Outstanding – December 31, 2021 |
1,105,938 |
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$ |
2.03 |
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8.8 |
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$ |
1,535 |
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Options granted |
1,131,000 |
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1.44 |
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Options exercised |
(33,683) |
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— |
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| Options cancelled |
(101,334) |
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3.19 |
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Outstanding – September 30, 2022 |
2,101,921 |
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1.69 |
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8.9 |
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4,802 |
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Exercisable – September 30, 2022 |
556,005 |
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$ |
1.33 |
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7.3 |
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$ |
1,505 |
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(*) $ - Indicates exercise price less than $0.01 per share
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the nine months ended September 30, 2022 and 2021, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
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Nine Months ended September 30, |
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2022 |
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2021 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
107.25% - 110.98% |
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90.01% - 93.02% |
| Expected term (in years) |
5.62 - 5.94 |
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5.69 - 5.98 |
| Risk-free rate |
1.47% - 3.10% |
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0.69% - 0.82% |
| Expected dividend yield |
— |
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— |
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| Weighted average grant date fair value per share |
$1.08 - $1.75 |
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$2.07 - $3.00 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSU’s awards activity:
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Nine months ended September 30, 2022 |
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Numbers of Shares |
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Weighted Average Grant Date Fair value |
| Non-Vested at beginning of period |
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30,000 |
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$ |
3.20 |
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| Shares granted |
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248,970 |
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1.36 |
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| Shares vested |
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(21,250) |
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2.33 |
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| Non-vested |
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257,720 |
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$ |
1.49 |
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| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The following is a summary of stock-based compensation expense:
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Three months ended September 30, |
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Nine months ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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| General and administration |
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| Stock options |
148,196 |
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48,594 |
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445,522 |
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75,049 |
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| RSU’s |
100,191 |
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— |
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134,841 |
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— |
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| Total general and administration |
248,387 |
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48,594 |
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580,363 |
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75,049 |
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| R&D |
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| Stock options |
89,469 |
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3,916 |
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179,878 |
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10,160 |
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| RSU’s |
13,600 |
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— |
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13,600 |
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— |
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| Total |
$ |
351,456 |
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$ |
52,510 |
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$ |
773,841 |
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$ |
85,209 |
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