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SHARE CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2024
SHARE CAPITAL |
Summary of Stock Option Activity |
| a) | Options granted to employees and directors:
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2024
​ |  | ​ |  | Weighted
​ | ​ | Number | ​ | average
​ | ​ | of | ​ | exercise
​ | ​ | options | ​ | price
Outstanding at beginning of year |  | 6,965,601 | ​ | $ | 2.13
Changes during the year: |  |  | ​ |  |
Granted |  | 1,015,725 | ​ |  | 1.10
Forfeited |  | (326,969) | ​ |  | 1.36
Expired | ​ | (252,062) | ​ | ​ | 3.60
Outstanding at end of year |  | 7,402,295 | ​ | $ | 1.98
Exercisable at end of year |  | 4,247,896 | ​ | $ | 2.49
Summary of Restricted Stock Activity | Restricted stock granted to employees: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2024
​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | Number of | ​ | ​ | average
​ | ​ | Restricted | ​ | ​ | of fair value
​ | ​ | Stock | ​ | ​ | at grant date
Outstanding at beginning of year | ​ | 1,173,670 | ​ | $ | 2.16
Changes during the year: | ​ | ​ | ​ | ​ | ​
Granted | ​ | 704,869 | ​ | ​ | 1.24
Forfeited | ​ | (23,410) | ​ | ​ | 1.99
Vested | ​ | (992,313) | ​ | $ | 1.91
Non vested at end of year | ​ | 862,816 | ​ | $ | 1.70
Summary of Share Options Outstanding and Exercisable | The following table summarizes information concerning outstanding and exercisable options as of December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ | ​ | Options outstanding | ​ | Options exercisable
​ |  | Number of |  | Weighted |  | ​ |  | Weighted
​ | ​ | options | ​ | average | ​ | ​ | ​ | average
​ | ​ | outstanding | ​ | remaining | ​ | Number of | ​ | remaining
Exercise | ​ | at end of | ​ | contractual | ​ | options | ​ | contractual
prices | ​ | year | ​ | life | ​ | exercisable | ​ | life
$1.03-$2.00 | ​ | 5,899,166 | ​ | 7.94 | ​ | 2,744,767 | ​ | 6.95
$3.55-$3.73 | ​ | 994,679 | ​ | 4.61 | ​ | 994,679 | ​ | 4.61
$4.69-$5.60 |  | 435,500 |  | 3.88 |  | 435,500 |  | 3.88
$17.20 |  | 72,950 |  | 0.21 |  | 72,950 |  | 0.21
​ |  | 7,402,295 | ​ | ​ |  | 4,247,896 | ​ | ​
Schedule of Stock Option Valuation Assumptions | The fair value of each option granted during 2022, 2023 and 2024 for both employees and directors is estimated at the date of grant using the Black-Scholes option-pricing model. The following weighted average assumptions were applied in determining the options’ fair value on their grant date: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​
Weighted average grants date fair value (USD) | ​ | 1.03 | ​ | 1.84 | ​ | 1.10 | ​
Exercise price (USD) | ​ | 1.03 |  | 1.84 | ​ | 1.10 | ​
Risk free rate | ​ | 3.32 | % | 4.44 | % | 3.55 | %
Volatility | ​ | 85.94 | % | 79.41 | % | 79.29 | %
Dividend yield | ​ | 0 | % | 0 | % | 0 | %
Expected life (Years) | ​ | 6 |  | 5.75 | ​ | 5.75 | ​
Schedule of Stock-Based Compensation Expense in Statement of Operations | The following table illustrates the effect of share-based compensation on the statement of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
(U.S. dollars in thousands) |  | 2022 |  | 2023 |  | 2024
Cost of goods sold | ​ | $ | 135 | ​ | $ | 596 | ​ | $ | 631
Research and development expenses | ​ | ​ | 518 | ​ | ​ | 777 | ​ | ​ | 589
Selling, general and administrative expenses | ​ |  | 1,432 | ​ |  | 2,075 | ​ |  | 2,033
​ | ​ | $ | 2,085 | ​ | $ | 3,448 | ​ | $ | 3,253

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