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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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