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SHARE CAPITAL (Tables)
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
SCHEDULE OF GRANT DATE FAIR VALUE OF PREFERRED INVESTMENT OPTIONS ISSUED TO INVESTORS

The grant date fair values of preferred investment options issued to Wainwright and preferred investment options issued to investors including those that were modified in the years ended December 31, 2024 and 2023 were estimated using the Black-Scholes valuation model with the following:

 

    

For the Years Ended

December 31,

 
    2024    2023 
Expected volatility   103.6%-111.4%   101.3%-122.4%
Risk-free interest   3.9%- 4.8%   3.9%- 4.9%
Dividend yield   -    - 
Expected terms (years)   2.0-5.5    1.4-5.0 
SUMMARY OF STOCK OPTION ACTIVITY

 

  

For the Year Ended

December 31, 2024

 
   Number of stock options   Weighted average exercise price 
         
Outstanding as of December 31, 2023   2,095,362   $5.51 
Granted   562,067    1.24 
Forfeitures   (160,063)   3.23 
Outstanding as of December 31, 2024   2,497,366   $4.70 
           
Vested as of December 31, 2024   1,866,523   $5.63 

 

  

For the Year Ended

December 31, 2023

 
   Number of stock options   Weighted average exercise price 
         
Outstanding as of December 31, 2022   1,507,137   $7.31 
Granted   711,308    1.75 
Forfeitures   (123,083)   5.78 
Outstanding as of December 31, 2023   2,095,362   $5.51 
           
Vested as of December 31, 2023   1,176,118   $7.74 
SCHEDULE OF STOCK OPTIONS OUTSTANDING

The stock options outstanding as of December 31, 2024 and 2023, summarized by exercise prices, are as follows:

 

Exercise price $  Stock options outstanding as of
December 31, 2024
   Stock options outstanding as of
December 31, 2023
   Weighted average remaining contractual life – years as of
December 31, 2024
   Weighted average remaining contractual life – years as of
December 31, 2023
   Stock options exercisable as of
December 31, 2024
   Stock options exercisable as of
December 31, 2023
 
0.00-0.99   86,577    61,577    3.8    2.3    61,577    61,577 
1.00-3.73   1,299,562    860,808    8.7    9.6    731,559    95,925 
4.2-7.26   577,482    639,232    5.9    6.3    539,642    484,871 
8.16-9.64   380,872    380,872    5.6    6.6    380,872    380,872 
15.3-15.75   152,873    152,873    2.7    3.7    152,873    152,873 
    2,497,366    2,095,362              1,866,523    1,176,118 
SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS

The grant date fair values of employee stock options granted in the years ended December 31, 2024 and 2023 were estimated using the Black-Scholes valuation model with the following:

 

  

For the Years Ended

December 31,

 
   2024   2023 
Expected volatility   90.4%-100.7%    86.5%-98.2% 
Risk-free interest   3.5%- 4.3%    3.3%- 4.7% 
Dividend yield   -%    -% 
Expected terms (years)   5-10    5.8 
SCHEDULE OF WARRANTS OUTSTANDING

The remaining outstanding warrants and terms as of December 31, 2024 and 2023 are as follows:

 

Issuance date  Outstanding and exercisable as of December 31, 2024   Outstanding and exercisable as of December 31, 2023   Exercise Price  

Exercisable

Through

Series A October 2022   -    1,022,495   $2.20   (*)
Warrant to underwriters October 2022   51,125    51,125   $6.11   October 21, 2027
Warrant to underwriters May 2023   32,778    32,778   $2.75   November 23, 2026
Warrant to underwriters May 2023   60,476    60,476   $2.75   November 24, 2026
Warrant to underwriters June 2023   35,088    35,088   $2.67   June 2, 2028
Warrant series C June 2023   -    350,878   $2.08   (*)
Warrant to underwriters June 2023   31,231    31,231   $4.06   June 28, 2028
Warrant series D June 2023   -    312,309   $3.19   (*)
Warrant series E January 2024   

1,685,682

  

-

   $1.50   July 3, 2029
Warrant to underwriters January 2024   

84,284

    

-

   $2.03   July 3, 2029
Warrant series F June 2024   

3,133,338

    

-

   $1.50   June 3, 2026
Warrant to underwriters June 2024   

78,333

    

-

   $1.88   June 3, 2026

 

(*)   Exercised during 2024. Refer to Note 10A.