XML 39 R17.htm IDEA: XBRL DOCUMENT
v3.20.4

Shareholders' Equity (Deficit) | 12 Months Ended
--- | ---
Dec. 31, 2020
Stockholders' Equity Note [Abstract] |
SHAREHOLDERS’ EQUITY (DEFICIT) | NOTE 10:- SHAREHOLDERS’ EQUITY (DEFICIT)
| a. | General:
On June 21, 2020, the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying an additional reverse share split and cancelling the shares’ par value (See Note 1d). Following the reverse share split and the cancellation of the par value, all Ordinary shares, Convertible Preferred shares, options, convertible loans, warrants, exercise prices and per share data have been adjusted retroactively for all periods presented in these consolidated financial statements.
| b. | Ordinary share capital is composed as follows:
|  | December 31, 2020 |  |  | December 31, 2019 |
|  | Authorized |  |  | Issued and outstanding |  |  | Authorized |  |  | Issued and outstanding |
|  | Number of shares |
Ordinary shares with no par value |  |  | 47,800,000 |  |  |  | 18,494,739 |  |  |  | 22,466,000 |  |  |  | 562,748 |
| c. | Ordinary shares rights:
The Ordinary shares confer upon their holders the right to participate in the general meetings of the Company, to vote at such meetings (each share represents one vote), and to participate in any distribution of dividends or any other distribution of the Company’s property, including the distribution of surplus assets upon liquidation.
| d. | Share option plans:
The Company has authorized through its 2012 Share Option Plan, the grant of options to officers, directors, advisors, management and other key employees of up to 3,672,094 Ordinary shares. The options granted generally have a three-year vesting period and expire ten years after the date of grant. Options granted under the Company’s option plan that are cancelled or forfeited before expiration become available for future grant. As of December 31, 2020, 1,019,457 of the Company’s options were available for future grants. A summary of the status of options to employees under the Company’s option plan as of December 31, 2020 and 2019 and changes during the relevant period ended on that date is presented below:
|  | Year ended December 31, 2020 |
|  | Number of options |  |  | Weighted average exercise price |  |  | Aggregate intrinsic value |  |  | Weighted average remaining contractual life (years) |
Outstanding at beginning of year |  |  | 1,217,985 |  |  | $ | 4.62 |  |  | $ | 3,411 |  |  |  | 5.04 |
Granted |  |  | 1,064,959 |  |  |  | 7.08 |  |  |  |  |  |  |  |  |
Exercised |  |  | (395 | ) |  |  | 6.80 |  |  |  | 1 |  |  |  |  |
Forfeited and cancelled |  |  | (89,157 | ) |  |  | 5.99 |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 2,193,392 |  |  | $ | 5.72 |  |  | $ | 9,263 |  |  |  | 6.58 |
Exercisable options |  |  | 1,306,421 |  |  | $ | 4.78 |  |  | $ | 6,686 |  |  |  | 4.63 |
Vested and expected to vest |  |  | 2,193,392 |  |  | $ | 5.72 |  |  | $ | 9,263 |  |  |  | 6.58 |
|  | Year ended December 31, 2019 |
|  | Number of options |  |  | Weighted average exercise price |  |  | Aggregate intrinsic value |  |  | Weighted average remaining contractual life (years) |
Outstanding at beginning of year |  |  | 1,234,955 |  |  | $ | 4.59 |  |  | $ | 4,608 |  |  |  | 5.96 |
Granted |  |  | 82,216 |  |  |  | 8.04 |  |  |  |  |  |  |  |  |
Exercised |  |  | (1,523 | ) |  |  | 4.54 |  |  |  | 4 |  |  |  |  |
Forfeited and cancelled |  |  | (97,663 | ) |  |  | 6.50 |  |  |  |  |  |  |  |  |
Outstanding at end of year |  |  | 1,217,985 |  |  | $ | 4.62 |  |  | $ | 3,411 |  |  |  | 5.04 |
Exercisable options |  |  | 1,108,207 |  |  | $ | 4.29 |  |  | $ | 3,406 |  |  |  | 4.66 |
Vested and expected to vest |  |  | 1,217,985 |  |  | $ | 4.62 |  |  | $ | 3,406 |  |  |  | 5.04 |
The Black-Scholes assumptions used to value the employee options at the grant dates are as follows: The fair value for options granted to employees during 2020 is estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: expected volatility of 74.35%-84.77%, risk free interest rates of 0.23%-1.38%, dividend yield of 0%, and an expected term of 5-6 years. The fair value for options granted to employees during 2019 is estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: expected volatility of 69.8%-76.14%, risk free interest rates of 2.26%-3.13%, dividend yield of 0%, and an expected term of 6-7 years. The fair value for options granted to employees during 2018 is estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions: expected volatility of 91.44%-96.87%, risk free interest rates of 3.43%-3.90%, dividend yield of 0%, and an expected term of 6-7 years. These assumptions and estimates were determined as follows:
| o | Fair Value of Ordinary Shares- Prior to the IPO, the fair value was determined by the Company’s board of directors, with input from management and valuation reports prepared by third-party valuation specialists. After the IPO, the fair value of each Ordinary share was based on the closing price of the Company’s publicly traded Ordinary shares as reported on the date of the grant.
| o | Risk-Free Interest Rate- The risk-free rate for the expected term of the options is based on the Black-Scholes option pricing model on the yields of U.S. Treasury securities with maturities appropriate for the expected term of employee share option awards.
| o | Expected Term- The expected term represents the period that options are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options.
| o | Expected Volatility- As the Company has a short trading history for its Ordinary shares, the expected volatility is derived from the average historical share volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.
| o | Expected Dividend Yield- The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero percent was used.
The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the three years ended December 31, 2020, 2019 and 2018, was comprised as follows:
|  | Year ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Research and development |  |  | 1,806 |  |  |  | 180 |  |  |  | 239 |
Marketing and business development |  |  | 140 |  |  |  | 90 |  |  |  | 17 |
General and administrative |  |  | 2,631 |  |  |  | 706 |  |  |  | 739 |
Total share-based compensation expense |  |  | 4,577 |  |  |  | 976 |  |  |  | 995 |
As of December 31, 2020, there were unrecognized compensation costs of $10,071, which are expected to be recognized over a weighted average period of approximately 2.7 years. The options outstanding as of December 31, 2020 are comprised, as follows:
Exercise price ($) |  |  | Options outstanding as of December 31, 2020 |  |  | Weighted average exercise price ($) |  |  | Weighted average remaining contractual term |  |  | Options exercisable as of December 31, 2020 |  |  | Weighted average exercise price ($) |  |  | Weighted average remaining contractual term |
|  |  |  |  |  |  |  |  | Years |  |  |  |  |  |  |  |  | Years |
| *)0.22 |  |  |  | 249,561 |  |  |  | *)0.22 |  |  |  | 2.21 |  |  |  | 249,561 |  |  |  | *)0.22 |  |  |  | 2.21 |
| 1.75 |  |  |  | 107,904 |  |  |  | 1.75 |  |  |  | 2.21 |  |  |  | 107,904 |  |  |  | 1.75 |  |  |  | 2.21 |
| 3.59 |  |  |  | 83,503 |  |  |  | 3.59 |  |  |  | 2.33 |  |  |  | 83,503 |  |  |  | 3.59 |  |  |  | 2.33 |
| 5.07 |  |  |  | 260,296 |  |  |  | 5.07 |  |  |  | 3.36 |  |  |  | 260,296 |  |  |  | 5.07 |  |  |  | 3.36 |
| 9.23 |  |  |  | 200,229 |  |  |  | 9.23 |  |  |  | 4.88 |  |  |  | 200,229 |  |  |  | 9.23 |  |  |  | 4.88 |
| 3.10 |  |  |  | 29,947 |  |  |  | 3.10 |  |  |  | 5.42 |  |  |  | 29,947 |  |  |  | 3.10 |  |  |  | 5.42 |
| 3.93 |  |  |  | 51,385 |  |  |  | 3.93 |  |  |  | 5.98 |  |  |  | 51,385 |  |  |  | 3.93 |  |  |  | 5.98 |
| 4.10 |  |  |  | 20,914 |  |  |  | 4.10 |  |  |  | 6.19 |  |  |  | 20,914 |  |  |  | 4.10 |  |  |  | 6.19 |
| 4.18 |  |  |  | 1,195 |  |  |  | 4.18 |  |  |  | 6.40 |  |  |  | 1,195 |  |  |  | 4.18 |  |  |  | 6.40 |
| 7.70 |  |  |  | 66,326 |  |  |  | 7.70 |  |  |  | 6.84 |  |  |  | 66,326 |  |  |  | 7.70 |  |  |  | 6.84 |
| 8.42 |  |  |  | 7,589 |  |  |  | 8.42 |  |  |  | 7.78 |  |  |  | 5,461 |  |  |  | 8.42 |  |  |  | 7.77 |
| 8.65 |  |  |  | 15,035 |  |  |  | 8.65 |  |  |  | 7.62 |  |  |  | 10,940 |  |  |  | 8.65 |  |  |  | 7.53 |
| 8.02 |  |  |  | 46,069 |  |  |  | 8.02 |  |  |  | 8.30 |  |  |  | 35,004 |  |  |  | 8.02 |  |  |  | 8.32 |
| 6.80 |  |  |  | 58,731 |  |  |  | 6.80 |  |  |  | 9.11 |  |  |  | 14,858 |  |  |  | 6.80 |  |  |  | 9.11 |
| 6.62 |  |  |  | 904,608 |  |  |  | 6.62 |  |  |  | 9.45 |  |  |  | 168,898 |  |  |  | 6.62 |  |  |  | 9.44 |
| 11.04 |  |  |  | 90,100 |  |  |  | 11.04 |  |  |  | 9.86 |  |  |  | - |  |  |  | 11.04 |  |  |  | - |
|  |  |  |  | 2,193,392 |  |  |  | 5.72 |  |  |  | 6.58 |  |  |  | 1,306,421 |  |  |  | 4.78 |  |  |  | 4.63 |
| *) | The exercise price of the options is denominated in NIS and was translated to U.S. dollars in the table above using the exchange rate as of the issuance date of the options.
| e. | Options issued to non-employees:
Outstanding options granted to consultants as of December 31, 2020 were as follows:
Grant date |  | Options outstanding as of December 31, 2020 |  |  | Average Exercise price per share |  |  | Options exercisable as of December 31, 2020 |  |  | Exercisable through
March 2013 |  |  | 22,258 |  |  | $ | 1.76 |  |  |  | 22,258 |  |  | March 2023
October 2013 |  |  | 5,719 |  |  |  | 5.06 |  |  |  | 5,719 |  |  | October 2023
June 2014 |  |  | 5,617 |  |  |  | 5.06 |  |  |  | 5,617 |  |  | June 2024
September 2014 |  |  | 5,719 |  |  |  | 5.06 |  |  |  | 5,719 |  |  | September 2024
April 2016 |  |  | 5,975 |  |  |  | 3.10 |  |  |  | 5,975 |  |  | April 2026
December 2016 |  |  | 7,170 |  |  |  | 3.93 |  |  |  | 7,170 |  |  | March 2023
June 2017 |  |  | 197,722 |  |  |  | 4.10 |  |  |  | 136,594 |  |  | June 2027
August 2017 |  |  | 5,617 |  |  |  | 9.29 |  |  |  | 5,617 |  |  | August 2027
November 2017 |  |  | 17,925 |  |  |  | 7.70 |  |  |  | 17,925 |  |  | March 2027
August 2019 |  |  | 71,700 |  |  |  | 8.18 |  |  |  | 64,195 |  |  | August 2029
June 2020 |  |  | 88,430 |  |  |  | 6.62 |  |  |  | - |  |  | June 2030
|  |  | 433,852 |  |  |  |  |  |  |  | 276,789 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration