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Share-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Compensation [Abstract]  
SHARE-BASED COMPENSATION

NOTE 11 – SHARE-BASED COMPENSATION

 

A.General

 

The Company grants options and RSUs under the 2006 Plan and the 2015 Equity Incentive Plan (including the 2015 U.S. Sub-Plan). No new options or RSUs were granted during 2025 or 2024. As of December 31, 2025, the same number of options and RSUs remain outstanding as at December 31, 2024, with no forfeitures or exercises occurring in 2025.

 

B.Details of share-based grants

 

The last options were granted on March 30, 2023 (903 options at $2.82 exercise price). The last RSUs were granted in 2022. No share-based grants were made in 2024 or 2025.

C.Options Fair Value – Black-Scholes parameters

 

The parameters used in applying the Black-Scholes model are as follows:

 

   For the
year ended
December 31,
2025		  For the
year ended
December 31,
2024		   For the
year ended
December 31,
2023		 
Expected volatility 
No grants
   
    -
    117%
Risk-free rate 
No grants
   
-
    3.6%
Dividend yield 
No grants
   
-
    0%
Expected term (years) 
No grants
   
-
    6.08 
Share price 
No grants
   
-
   $1.43 

 

D.Effect of share-based compensation on statements of operations

 

   2025   2024   2023 
Research and development, net   
–
    
–
   $(144)
General and administrative, net  $(12)  $12   $87 
Total  $(12)  $12   $(57)

 

E.Option activity

 

Year ended December 31, 2025:

 

  

 

Number

   Wtd. Avg.
Exercise
Price
($)		   Wtd. Avg.
Remaining
Life
(yrs)		   Aggregate
Intrinsic
Value
($000s)		 
Options outstanding – beginning of year   102,288   $47.13    7.34    
–
 
Options granted   
–
    
–
           
Options forfeited   
–
    
–
           
Options exercised   
–
    
–
           
Options outstanding – end of year   102,288   $47.13    6.34    
–
 
Options exercisable – end of year   55,286   $66.01    5.87    
–
 

 

Year ended December 31, 2024:

 

  

 

Number

   Wtd. Avg.
Exercise
Price
($)		   Wtd. Avg.
Remaining
Life
(yrs)		   Aggregate
Intrinsic
Value
($000s)		 
Options outstanding – beginning of year   102,288   $35.35    8.59    
–
 
Options granted   
–
    
–
           
Options forfeited   
–
    
–
           
Options exercised   
–
    
–
           
Options outstanding – end of year   102,288   $47.13    7.34    
–
 
Options exercisable – end of year   55,286   $66.01    6.87    
–
 

 

(1)Weighted average grant date fair values: 2023: $1.17; 2022: $4.50; 2021: $15.70. No options granted in 2025 or 2024.

 

(2)As of December 31, 2025, all outstanding options (102,288 at $47.13 average exercise price) are out of the money.
F.RSU activity

 

   2025   2024   2023 
Unvested – beginning of year   2,967    2,967    19,703 
Granted   
–
    
–
    
–
 
Vested   
–
    
–
    (6,092)
Forfeited   
–
    
–
    (10,644)
Unvested – end of year   2,967    2,967    2,967 

 

(3)No RSUs were granted in 2025 or 2024. Weighted average grant date fair value of RSUs awarded during 2022 was $9.20.

 

(4)As of December 31, 2025, unrecognized compensation cost related to non-vested arrangements is approximately $– (all prior grants are fully vested or their remaining cost is immaterial).