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Shareholders’ Deficiency
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS’ DEFICIENCY

NOTE 6:- SHAREHOLDERS’ DEFICIENCY

 

  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 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:

 

   June 30, 2021   December 31, 2020 
   Authorized   Issued and
outstanding		   Authorized   Issued and
outstanding		 
   Unaudited     
   Number of shares 
Ordinary Shares with no par value   47,800,000    18,756,570    47,800,000    18,494,739 

 

  c. Share option plans:

 

The Company 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 four year or 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 June 30, 2021 (unaudited), 932,189 of the Company’s options were available for future grants.

 

A summary of the status of the Company’s option plan as of June 30, 2021 (unaudited), and changes during the period then ended is presented below:

 

   Number
of options		   Weighted
average
exercise
price		   Aggregate
intrinsic
value		 
   Unaudited 
             
Outstanding at beginning of period   2,193,392    5.72   $9,263 
Granted   56,000    10.07    58 
Exercised   (43,866)   6.42    227 
Forfeited and cancelled   (7,573)   6.62    19 
                
Outstanding at end of period   2,197,953    5.82    7,387 
                
Exercisable options   1,473,947    5.01    5,997 
                
Vested and expected to vest   2,197,953    5.82    7,387 

 

As of June 30, 2021 (unaudited), there were unrecognized compensation costs of $8,286, which are expected to be recognized over a weighted average period of approximately 2.3 years.

 

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2021 and for the six months ended June 30, 2020 (unaudited), was comprised as follows:

 

   Six months ended
June 30,		 
   2021   2020 
   Unaudited 
         
Research and development  $1,013   $762 
Market and business development   162    58 
General and administrative   1,063    1,437 
           
Total share-based compensation expense  $2,238   $2,257 

 

43,866 options were exercised by employees during the six months ended June 30, 2021 (unaudited).

 

The options outstanding as of June 30, 2021 (unaudited) have been separated into ranges of exercise prices, as follows:

 

Exercise
price		  Options
outstanding
as of
June 30,
2021		   Weighted
average
exercise
price		   Weighted
average
remaining
contractual
term		   Options
exercisable
as of
June 30,
2021		   Weighted
average
exercise
price		   Weighted
average
remaining
contractual
term		 
           (years)           (years) 
                         
*)0.22   
245,535
    *)0.22   1.72    
245,535
    *)0.22   1.72 
1.75   107,904    1.75    1.72    107,904    1.75    1.72 
3.59   83,503    3.59    2.26    83,503    3.59    2.26 
5.07   253,722    5.07    3.00    253,722    5.07    3.00 
9.23   199,930    9.23    4.07    199,930    9.23    4.07 
3.10   26,959    3.10    4.94    26,959    3.10    4.94 
3.93   51,385    3.93    5.48    51,385    3.93    5.48 
4.10   20,914    4.10    5.69    20,914    4.10    5.69 
4.18   1,195    4.18    5.90    1,195    4.18    5.90 
7.70   59,345    7.70    6.34    59,345    7.70    6.34 
8.42   7,589    8.42    7.28    6,625    8.42    7.28 
8.65   14,340    8.65    7.11    12,840    8.65    7.11 
8.02   26,290    8.02    7.73    19,611    8.02    7.73 
6.80   58,731    6.80    8.62    25,222    6.80    8.62 
6.62   894,511    6.62    8.96    359,257    6.62    8.96 
11.04   90,100    11.04    9.37    
-
    11.04    
-
 
10.07   56,000    10.07    9.62    
-
    10.07    
-
 
                               
    2,197,953    5.82    6.16    1,473,947    5.01    4.76 

 

*)The exercise price as per the option terms was denominated in NIS and translated to $ in the table above using the exchange rate as of the grant date. The options were granted at Ordinary Share par value.

  

  d. Options issued to non-employees:

 

The outstanding options granted to consultants as of June 30, 2021 (unaudited) were as follows:

 

Grant date  Options
outstanding
as of
June 30,
2021		   Exercise
price
per share		   Options
exercisable
as of
June 30,
2021		   Exercisable
through
                
October 2013   5,719   $5.07    5,719   October 2023
September 2014   5,719   $5.07    5,719   September 2024
April 2016   5,975   $3.10    5,975   April 2026
December 2016   7,170   $3.93    7,170   December 2026
June 2017   197,722   $4.10    156,970   June 2027
November 2017   17,925   $7.70    17,925   November 2027
August 2019   71,700   $8.18    67,197   August 2029
June 2020   64,530   $6.62-$6.80    21,306   June 2030
April 2021   62,741   $9.57    
-
   April 2031
                   
    439,201         287,981    

 

33,492 options were exercised by non- employees during the six months ended June 30, 2021 (unaudited).