STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Payment Arrangement, Option, Activity |
The following is a summary of stock option activity during the years ended December 31, 2023 and 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 |
1,251,000 |
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1.70 |
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Forfeitures |
(121,334) |
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2.98 |
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| Options exercised |
(38,806) |
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— |
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| Outstanding – December 31, 2022 |
2,196,798 |
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$ |
1.76 |
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8.7 |
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$ |
6,770 |
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| Options granted |
4,363,800 |
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2.42 |
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| Forfeitures |
(288,001) |
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2.48 |
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| Options exercised |
(180,072) |
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1.19 |
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| Outstanding – December 31, 2023 |
6,092,525 |
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2.22 |
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8.7 |
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$ |
2,945 |
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| Exercisable – December 31, 2023 |
1,212,312 |
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$ |
1.78 |
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7.4 |
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$ |
1,203 |
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(*) Intrinsic value is based on the fair market value of the Company's common stock.
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| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
For the years ended December 31, 2023 and 2022, 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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2023 |
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2022 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
110.23% - 117.62% |
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107.25% - 111.06% |
| Expected term (in years) |
5.85 - 6.07 |
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5.62 - 5.94 |
| Risk-free rate |
3.54% - 4.77% |
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1.47% - 3.17% |
| Expected dividend yield |
$ |
— |
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$ |
— |
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| Weighted average grant date fair value per share |
$1.75 - 3.38 |
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$1.08 - 3.34 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSUs award activity:
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Year ended December 31, |
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2023 |
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2022 |
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Non-vested at beginning of the year |
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253,970 |
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$ |
1.47 |
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30,000 |
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$ |
3.20 |
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| Shares granted |
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222,881 |
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3.11 |
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248,970 |
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1.36 |
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| Shares vested |
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(258,970) |
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1.48 |
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(25,000) |
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2.46 |
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| Non-vested at end of year |
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217,881 |
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$ |
3.12 |
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253,970 |
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$ |
1.47 |
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| 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, |
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2023 |
|
2022 |
| General and administration |
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| Stock options |
$ |
2,069,556 |
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$ |
657,368 |
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| RSUs |
488,971 |
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|
235,035 |
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| Total general and administration |
2,558,527 |
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892,403 |
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| R&D |
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| Stock options |
629,092 |
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213,813 |
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| RSUs |
20,457 |
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|
13,601 |
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| Total R&D |
649,549 |
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|
227,414 |
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| Total stock based compensation |
$ |
3,208,076 |
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$ |
1,119,817 |
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