STOCK-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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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, 2024 and 2023:
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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, 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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| Options granted |
1,505,000 |
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2.36 |
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| Forfeitures |
(66,748) |
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2.41 |
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| Options exercised |
(144,408) |
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0.94 |
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| Outstanding – December 31, 2024 |
7,386,369 |
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2.26 |
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8.36 |
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$ |
2,627 |
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| Exercisable – December 31, 2024 |
2,413,338 |
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$ |
2.01 |
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7.36 |
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$ |
1,582 |
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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, 2024 and 2023, 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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2024 |
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2023 |
| Weighted-average Black-Scholes option pricing model assumptions: |
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| Volatility |
125.33% - 132.02% |
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110.23% - 117.62% |
| Expected term (in years) |
6.00 - 7.00 |
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5.85 - 6.07 |
| Risk-free rate |
3.59% - 4.60% |
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3.54% - 4.77% |
| Expected dividend yield |
$ |
— |
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$ |
— |
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| Weighted average grant date fair value per share |
$1.81 - 2.85 |
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$1.75 - 3.38 |
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| Schedule of Nonvested Restricted Stock Units Activity |
The following is a summary of RSUs award activity during the years ended December 31, 2024 and 2023:
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Year ended December 31, |
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2024 |
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2023 |
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Number of Shares |
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Weighted Average Grant Date Fair Value |
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Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Non-Vested at beginning of period |
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217,881 |
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$ |
3.12 |
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253,970 |
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$ |
1.47 |
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| Shares granted |
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243,357 |
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2.26 |
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222,881 |
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3.11 |
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| Shares vested |
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(177,827) |
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3.13 |
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(258,970) |
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1.48 |
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| Non-vested at end of year |
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283,411 |
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$ |
2.38 |
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217,881 |
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$ |
3.12 |
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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, |
|
2024 |
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2023 |
| General and administration |
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| Stock options |
$ |
2,362,385 |
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$ |
2,069,556 |
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| RSUs |
581,150 |
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|
488,971 |
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| Total general and administration |
2,943,535 |
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2,558,527 |
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| R&D |
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| Stock options |
1,316,775 |
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629,092 |
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| RSUs |
38,426 |
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|
20,457 |
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| Total R&D |
1,355,201 |
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|
649,549 |
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| Total stock based compensation |
$ |
4,298,736 |
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$ |
3,208,076 |
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