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SHARE CAPITAL
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
SHARE CAPITAL

NOTE 9 - SHARE CAPITAL

 

Share Capital Developments

 

As of December 31, 2021, and 2020, the Company has 7,108,133 shares of common stock issued and outstanding.

 

Employee Stock Option Grants

 

During the year ended December 31, 2020, the Company granted Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, options to purchase an aggregate of 166,666 shares of the Company’s common stock, at an exercise price per share of $9.64. The stock options vest over a period of one year as outlined in the option agreements evidencing such grant. As a result, the Company recognized compensation expenses for the year ended December 31, 2020 in the total amount of $1,237.

 

During the year ended December 31, 2020, the Company granted certain employees, consultants and directors, options to purchase an aggregate of 47,479 shares of the Company’s common stock, at an exercise price per share of $6.16 - $8.16. The stock options vest over a period of 3 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2020 in the total amount of $700.

 

During the year ended December 31, 2021, the Company granted to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, options to purchase an aggregate of 190,000 shares of the Company’s common stock, at an exercise price per share of $8.48. The stock options vest over a period of 2 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2021 in the total amount of $646.

 

During the year ended December 31, 2021, the Company granted to certain employees and consultants and directors, options to purchase an aggregate of 231,426 shares of the Company’s common stock, at an exercise price per share of $6.72 - $7.26. The stock options vest over a period of 3 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2021 in the total amount of $740.

 

A summary of the Company’s option activity related to options to employees and directors, and related information is as follows:

 

   For the Year Ended December 31, 2021 
   Number of stock options   Weighted average exercise price 
         
Outstanding as of December 31, 2020   575,722   $9.14 
Granted   421,426    7.60 
Exercised   (965)   - (*) 
Forfeited   (8,818)   - 
Outstanding as of December 31, 2021   997,148   $8.48 
           
Vested at end of period   568,053   $9.08 

 

   For the Year Ended December 31, 2020 
   Number of stock options   Weighted average exercise price 
         
Outstanding as of December 31, 2019   371,360   $9.19 
Granted   214,145    9.00 
Exercised   (965)    (*) 
Forfeited   (8,818)   - 
Outstanding as of December 31, 2020   575,722   $9.14 
           
Vested at end of period   332,104   $9.13 

 

 

(*)Less than $ 0.01

 

 

MICROBOT MEDICAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

(Except share and per share data)

 

The Company recognizes forfeitures of outstanding options as they occur.

 

The intrinsic value is calculated as the difference between the fair market value of the common stock and the exercise price, multiplied by the number of in-the-money stock options on those dates that would have been received by the stock option holders had all stock option holders exercised their stock options on those dates as of December 31, 2021 and December 31, 2020, respectively.

 

As of December 31, 2021, and 2020, the aggregate intrinsic value of the outstanding options is $974 and $702 respectively, and the aggregate intrinsic value of the exercisable options is $815 and $657, respectively.

 

As of December 31, 2021, there were approximately $2,143 of total unrecognized compensation costs, net of expected forfeitures, related to unvested share-based compensation awards granted under the Share Incentive Plan. The costs are expected to be recognized over a weighted average period of 1.8 years

 

The stock options outstanding as of December 31, 2021 and December 31, 2020, summarized by exercise prices, are as follows:

 

Exercise price $   Stock options outstanding as of
December 31,
2021		   Stock options outstanding as of
December 31,
2020		   Weighted average remaining contractual life – years as of
December 31,
2021		   Weighted average remaining contractual life – years as of
December 31,
2020		   Stock options exercisable as of
December 31,
2021		   Stock options exercisable as of
December 31,
2020		 
4.20    77,846    77,846    3.0    4.0    77,846    77,846 
5.06    15,808    15,808    7.8    8.8    11,064    6,320 
5.95    17,503    17,503    7.6    8.6    13,564    8,312 
6.16    31,492    31,492    8.5    9.5    16,834    6,250 
6.72    125,000    -    9.4    -    31,249    - 
7.00    81,426    -    9.8    -    -    - 
7.22    11,084    11,084    8.9    9.3    4,432    - 
7.26    25,000    -    9.8    -    -    - 
8.16    4,902    4,902    8.6    9.5    2,328    - 
8.48    190,000    -    9.1    -    -    - 
8.60    9,304    9,304    7.1    8.1    9,304    7,208 
9.00    10,000    10,000    6.6    7.6    10,000    7,750 
9.64    166,666    166,666    8.2    9.2    166,666    - 
15.30    38,533    38,533    6.0    7.0    38,533    38,533 
15.75    131,007    131,007    5.7    6.7    124,656    118,308 
(*)     61,577    61,577    4.3    5.3    61,577    61,577 
     997,148    575,722    7.6    7.3    568,053    332,104 

 

(*)Less than $0.01.

 

Compensation expense recorded by the Company for its stock-based employee compensation awards in accordance with ASC 718-10 for the years ended December 31, 2021 and 2020 was $1,386 and $1,937, respectively.

 

 

MICROBOT MEDICAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

(Except share and per share data)

 

Employee Stock Option Grants

 

The grant date fair values of stock options granted in the years ended December 31, 2021 and 2020 were estimated using the Black-Scholes valuation model with the following:

 

   For the Years Ended December 31, 
   2021   2020 
Expected volatility   118.34%-134.27%   113.86%-135.21%
Risk-free interest   0.42%-1.22%   0.33%-1.62%
Dividend yield   0%   0%
Expected terms (years)   5.28-5.33    5.5-5.8 

 

Warrants

 

The remaining outstanding warrants and terms as of December 31, 2021 and 2020 are as follows:

 

Issuance date  Outstanding and exercisable as of December 31, 2021 and 2020   Exercise Price    Exercisable Through
Series A (2013   183   $2,754.00    April 9, 2023
Series B (2016)   2,770   $40.50    March 14, 2022
Warrant to underwriters 1.2019   8,082   $8.13    July 14, 2022
Warrant to underwriters 1.2019   29,500   $12.50    July 15, 2022
Warrant to underwriters 12.2019   45,643   $13.13    June 25, 2023
Warrant to underwriters 12.2019   47,619   $13.13    June 27, 2023
Warrant to underwriters 12.2019   45,045   $13.88    June 30, 2023