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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Payment Arrangement, Option, Activity | The following is a summary of stock option activity during the years ended December 31, 2023 and 2022:
| Number of options outstanding |  | Weighted average exercise price |  | Average remaining contractual life (in years) |  | Aggregate intrinsic value (in thousands) (*)
Outstanding – December 31, 2021 | 1,105,938 |  |  | $ | 2.03 |  |  | 8.8 |  | $ | 1,535 |
Options granted | 1,251,000 |  |  | 1.70 |  |  |  |  |
Forfeitures | (121,334) |  |  | 2.98 |  |  |  |  |
Options exercised | (38,806) |  |  | — |  |  |  |  |
Outstanding – December 31, 2022 | 2,196,798 |  |  | $ | 1.76 |  |  | 8.7 |  | $ | 6,770 |
Options granted | 4,363,800 |  |  | 2.42 |  |  |  |  |
Forfeitures | (288,001) |  |  | 2.48 |  |  |  |  |
Options exercised | (180,072) |  |  | 1.19 |  |  |  |  |
Outstanding – December 31, 2023 | 6,092,525 |  |  | 2.22 |  |  | 8.7 |  | $ | 2,945 |
Exercisable – December 31, 2023 | 1,212,312 |  |  | $ | 1.78 |  |  | 7.4 |  | $ | 1,203 |
(*) Intrinsic value is based on the fair market value of the Company's common stock.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For the years ended December 31, 2023 and 2022, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:
| Year ended December 31,
| 2023 |  | 2022
Weighted-average Black-Scholes option pricing model assumptions: |  |  |
Volatility | 110.23% - 117.62% |  | 107.25% - 111.06%
Expected term (in years) | 5.85 - 6.07 |  | 5.62 - 5.94
Risk-free rate | 3.54% - 4.77% |  | 1.47% - 3.17%
Expected dividend yield | $ | — |  |  | $ | — |
Weighted average grant date fair value per share | $1.75 - 3.38 |  | $1.08 - 3.34
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of RSUs award activity:
|  | Year ended December 31,
|  | 2023 |  | 2022
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested at beginning of the year |  | 253,970 |  |  | $ | 1.47 |  |  | 30,000 |  |  | $ | 3.20 |
Shares granted |  | 222,881 |  |  | 3.11 |  |  | 248,970 |  |  | 1.36 |
Shares vested |  | (258,970) |  |  | 1.48 |  |  | (25,000) |  |  | 2.46 |
Non-vested at end of year |  | 217,881 |  |  | $ | 3.12 |  |  | 253,970 |  |  | $ | 1.47 |
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following is a summary of stock-based compensation expense:
| Year ended December 31,
| 2023 |  | 2022
General and administration |  |  |
Stock options | $ | 2,069,556 |  |  | $ | 657,368 |
RSUs | 488,971 |  |  | 235,035 |
Total general and administration | 2,558,527 |  |  | 892,403 |
R&D |  |  |
Stock options | 629,092 |  |  | 213,813 |
RSUs | 20,457 |  |  | 13,601 |
Total R&D | 649,549 |  |  | 227,414 |
Total stock based compensation | $ | 3,208,076 |  |  | $ | 1,119,817 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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