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SHARE-BASED PAYMENTS

3 Months Ended

Mar. 31, 2026

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

NOTE 5 – SHARE-BASED PAYMENTS:

a.

2021 Global Equity Incentive Plan (“Incentive Plan”)

The following table summarizes the Company’s stock option activity in the Incentive Plan for the three months ended March 31, 2026:


							Weighted
		Number of		Weighted average			average		Aggregated
		shares under		exercise price per			remaining		intrinsic value
		option		option			life		(in thousands)
Balance, December 31, 2025		348,281		$	4.59		5.94		$	1,031
Granted		—			-
Exercised		—			-
Forfeited		—			-
Outstanding – March 31, 2026		348,281		$	4.59		5.94		$	1,094
Exercisable – March 31, 2026		348,281

As of March 31, 2026, all share-based compensation expense has been recognized.

Restricted Stock Awards

Restricted stock awards (“RSAs”) have been granted to employees. The value of an RSA award is based on the Company’s share price on the date of grant. The Company granted RSAs pursuant to the Incentive Plan.

The following table summarizes the Company’s RSA activity for the three months ended March 31, 2026, as described above from the Incentive Plan:


				Weighted			Weighted average		Aggregated
		Number of		average grant			contractual term		intrinsic value
		shares		date fair value			(in years)		(in thousands)
Balance, December 31, 2025		2,226,566		$	7.39		0.78		$	16,916
Granted		847,904			6.25
Forfeited
Vested		(190,111)
Outstanding – March 31, 2026		2,884,359		$	8.28		1.63		$	22,296
Expected to vest – March 31, 2026		2,884,359		$	8.28		1.63		$	22,296

As of March 31, 2026, there was $8.5 million of total unrecognized compensation cost related to RSAs expected to be recognized over a weighted average period of 1.63 years.

On January 6, 2026, the Company issued 150,000 RSAs to each Mr. Ron Bentsur, Dr. Enrique Poradosu, and Mr. Shay Shemesh. These RSAs vest over three years with one-third vesting on each anniversary of the date of the grant, conditioned upon their continued service.

On January 2, 2025, the Company issued 250,000 RSAs to Mr. Ron Bentsur, and 150,000 RSAs to each of Dr. Enrique Poradosu and Mr. Shay Shemesh (the “January 2025 Grants”). These RSAs vest over three years with one-third vesting on each anniversary of the date of the grant, conditioned upon their continued service. On January 6, 2026, the vesting of the first one-third of the January 2025 Grants was extended to July 15, 2026.

On January 4, 2024, the Company issued 130,000 RSAs to each of Dr. Enrique Poradosu and Mr. Shay Shemesh (the “January 2024 Grants”). These RSAs vest over three years with one-third vesting on each anniversary of the date of

the grant, conditioned upon their continued service. On January 6, 2026, the vesting of the first two-thirds of the January 2024 Grants was extended to July 15, 2026, and the final third vests January 4, 2027.

On January 12, 2023, the Company issued 210,000 RSAs to Mr. Ron Bentsur and 115,000 RSAs to each of Dr. Enrique Poradosu and Mr. Shay Shemesh (the “January 2023 Grants”). These RSAs vest over three years with one-third vesting on each anniversary of the date of the grant, conditioned upon their continued service. On January 6, 2026, the full vesting of the January 2023 Grants was extended to July 15, 2026.

On April 1, 2022, the Company issued 120,000 RSAs to Mr. Bentsur and 60,000 RSAs to each of Dr. Poradosu and Mr. Shemesh (the “April 2022 Grants”). These RSAs vest over three years with one-third vesting on each anniversary of the date of the grant, conditioned upon their continued service. On January 6, 2026, the full vesting of the April 2022 Grants was extended to July 15, 2026.

On July 27, 2021, Mr. Bentsur, Dr. Poradosu, and Mr. Shemesh were granted 96,759 RSAs, 48,399 RSAs, and 48,399 RSAs, respectively, which were not part of the Incentive Plan and excluded from the table above. On January 6, 2026, the vesting of the July 2021 grants to Mr. Bentsur, Dr. Poradosu and Mr. Shemesh was extended to July 15, 2026.

Share Compensation Expense

For the three months ended March 31, 2026, the Company recognized expenses of $0.7 million as part of general and administrative expenses and $1.2 million as part of research and development expenses. For the three months ended March 31, 2025, the Company recognized expenses of $0.5 million as part of general and administrative expenses and $0.9 million as part of research and development expenses.