STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Share-based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity during the years ended December 31, 2025 and 2024:
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Number of
options
outstanding |
|
|
Weighted
average
exercise
price |
|
|
Average
remaining
contractual life
(in years) |
|
|
Aggregate
intrinsic value
(in thousands)
(*) |
|
Outstanding – December 31, 2023 |
|
|
6,092,525 |
|
|
$ |
2.22 |
|
|
|
8.7 |
|
|
$ |
2,945 |
|
Options granted |
|
|
1,505,000 |
|
|
|
2.36 |
|
|
|
|
|
|
|
Forfeitures |
|
|
(66,748 |
) |
|
|
2.41 |
|
|
|
|
|
|
|
Options exercised |
|
|
(144,408 |
) |
|
|
0.94 |
|
|
|
|
|
|
|
Outstanding – December 31, 2024 |
|
|
7,386,369 |
|
|
$ |
2.26 |
|
|
|
8.36 |
|
|
$ |
2,627 |
|
Options granted |
|
|
2,409,490 |
|
|
|
1.66 |
|
|
|
|
|
|
|
Forfeitures |
|
|
(586,486 |
) |
|
|
1.82 |
|
|
|
|
|
|
|
Options exercised |
|
|
(89,784 |
) |
|
|
0.73 |
|
|
|
|
|
|
|
Outstanding – December 31, 2025 |
|
|
9,119,589 |
|
|
|
2.15 |
|
|
|
7.85 |
|
|
$ |
4,305 |
|
Exercisable – December 31, 2025 |
|
|
5,335,461 |
|
|
$ |
2.23 |
|
|
|
7.23 |
|
|
$ |
2,453 |
|
(*) Intrinsic value is based on the fair market value of the Company's common stock.
|
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the years ended December 31, 2025 and 2024, 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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Year ended December 31, |
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|
2025 |
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|
2024 |
|
Weighted-average Black-Scholes option pricing model
assumptions: |
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|
|
|
|
Volatility |
|
111.06% - 125.64% |
|
|
125.33% - 132.02% |
|
Expected term (in years) |
|
5.00 - 6.08 |
|
|
6.00 - 7.00 |
|
Risk-free rate |
|
3.74% - 4.41% |
|
|
3.59% - 4.60% |
|
Expected dividend yield |
|
$ |
— |
|
|
$ |
— |
|
Weighted average grant date fair value per share |
|
$0.71 - $1.99 |
|
|
$1.81 - 2.85 |
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|
| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSUs award activity during the years ended December 31, 2025 and 2024:
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|
Year ended December 31, |
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|
2025 |
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|
2024 |
|
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|
Number of
Shares |
|
|
Weighted
Average Grant
Date Fair
Value |
|
|
Number of
Shares |
|
|
Weighted
Average Grant
Date Fair
Value |
|
Non-Vested at beginning of year |
|
|
283,411 |
|
|
$ |
2.38 |
|
|
|
217,881 |
|
|
$ |
3.12 |
|
Shares granted |
|
|
568,389 |
|
|
|
1.33 |
|
|
|
243,357 |
|
|
|
2.26 |
|
Shares vested |
|
|
(394,278 |
) |
|
|
2.12 |
|
|
|
(177,827 |
) |
|
|
3.13 |
|
Non-vested at end of year |
|
|
457,522 |
|
|
$ |
1.30 |
|
|
|
283,411 |
|
|
$ |
2.38 |
|
|
| Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount |
The following is a summary of stock-based compensation expense:
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|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
General and administration |
|
|
|
|
|
|
Stock options |
|
$ |
1,620,369 |
|
|
$ |
2,362,385 |
|
RSUs |
|
|
755,753 |
|
|
|
581,150 |
|
Total general and administration |
|
|
2,376,122 |
|
|
|
2,943,535 |
|
R&D |
|
|
|
|
|
|
Stock options |
|
|
2,754,292 |
|
|
|
1,316,775 |
|
RSUs |
|
|
16,479 |
|
|
|
38,426 |
|
Total R&D |
|
|
2,770,771 |
|
|
|
1,355,201 |
|
Total stock based compensation |
|
$ |
5,146,893 |
|
|
$ |
4,298,736 |
|
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