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TAXES ON INCOME (Tables) | 12 Months Ended
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Dec. 31, 2024
TAXES ON INCOME |
Schedule of Taxes on Income | The following table summarizes the Company’s taxes on income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Year Ended December 31, | ​
(U.S. dollars in thousands) | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​
Current taxes on income | ​ | $ | 530 | ​ | $ | 3,346 | ​ | $ | 986 | ​
Deferred taxes on income | ​ | ​ | ​ | ​ | ​ | (3,092) | ​ | ​ | 236 | ​
Total taxes on income | ​ | $ | 530 | ​ | $ | 254 | ​ | $ | 1,222 | ​
Schedule of Deferred Tax Assets | The components of the Company’s net deferred tax assets at December 31, 2023 and 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(U.S. dollars in thousands) |  | 2023 |  | 2024
In respect of: |  | ​ |  |  | ​ |
Research and development expenses | ​ | $ | 4,625 | ​ | $ | 3,055
Other timing differences | ​ |  | (1,387) | ​ |  | 452
Net operating loss carry forwards | ​ |  | 51,472 | ​ |  | 50,014
Valuation allowance | ​ |  | (51,618) | ​ |  | (50,665)
​ | ​ |  | 3,092 | ​ |  | 2,856
Schedule of Reconciliation of Tax Expense | A reconciliation of the statutory U.S. federal income tax rate of 21% in 2024, 2023 and 2022 to the effective income tax rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(U.S. dollars in thousands) |  | 2022 |  | 2023 |  | 2024
Tax computed at the statutory U.S. income tax rate |  | $ | (3,023) |  | $ | 1,799 |  | $ | 872
Differences in tax rate | ​ | ​ | 1,512 | ​ | ​ | (899) | ​ | ​ | (436)
Statutorily non-deductible expenses | ​ | ​ | 2,979 | ​ | ​ | 1,684 | ​ | ​ | 506
Change in Valuation allowances | ​ | ​ | (2,970) | ​ | ​ | (6,932) | ​ | ​ | (953)
Utilization of carry-forward losses and other temporary items without deferred taxes recognition | ​ | ​ | 2,032 | ​ | ​ | 3,602 | ​ | ​ | 1,233
Withholding tax | ​ | ​ | - | ​ | ​ | 1,000 | ​ | ​ | -
​ | ​ | $ | 530 | ​ | $ | 254 | ​ | $ | 1,222
Schedule of Company's Valuation Allowance | The following table presents the change in the Company’s valuation allowance during the periods presented: ​
​ | ​ | ​ | ​
(U.S. dollars in thousands) | ​ | ​ | ​
Balance at December 31, 2022 | ​ | $ | (58,550)
Additions to valuation allowance | ​ | ​ | (728)
Reductions to valuation allowance | ​ | ​ | 7,660
Balance at December 31, 2023 | ​ | $ | (51,618)
​ | ​ | ​ | ​
Balance at December 31, 2023 | ​ | $ | (51,618)
Additions to valuation allowance | ​ | ​ | -
Reductions to valuation allowance | ​ | ​ | 953
Balance at December 31, 2024 | ​ | $ | (50,665)
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | Provisions of ASC 740-10, Income Taxes, clarify whether to recognize assets or liabilities for tax positions taken that may be challenged by a tax authority. A reconciliation of the beginning and ending amount of unrecognized tax benefits, is as follows: ​
​ | ​ | ​ | ​
(U.S. dollars in thousands) | ​ | ​ | ​
Balance at December 31, 2022 | ​ | $ | 530
Increase for tax position related to current year | ​ | ​ | 275
Balance at December 31, 2023 | ​ | $ | 805
​ | ​ | ​ | ​
Balance at December 31, 2023 | ​ | $ | 805
Increase for tax position related to current year | ​ | ​ | -
Balance at December 31, 2024 | ​ | $ | 805
Schedule of Open Tax Years | A summary of open tax years by major jurisdiction is presented below:
​ | ​ | ​
Jurisdiction: |  | Years:
Israel |  | 2020-2024
United States (*) |  | 2021-2024
​
(*) | Includes federal, state and local (or similar provincial jurisdictions) tax positions.

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