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STOCK BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2025
STOCK BASED COMPENSATION |
STOCK BASED COMPENSATION | NOTE 6 – STOCK BASED COMPENSATION In March 2022, the Board of Directors of the Company approved the Amended and Restated Equity Incentive Plan (the “Amended Plan”), which was approved by the shareholders at the Company’s Annual General Meeting of Shareholders held on April 12, 2022, which increased the number of ordinary shares reserved for issuance under such equity incentive plan to 15% of the Company’s outstanding ordinary shares on a fully-diluted basis, or 9,850,995 ordinary shares represented by 281,455 ADSs as of June 30, 2025. Under the Amended Plan, the Company may grant options to its directors, officers, employees, consultants, advisers and service providers. As of June 30, 2025, 101,400 ADSs remained available for issuance. The following table summarizes stock-based activities under the Amended Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted |  | Weighted
​ | ​ | ​ | ​ | Average | ​ | Average
​ | ​ | ADS Underlying | ​ | Exercise | ​ | Contractual
​ | ​ | Options | ​ | Price | ​ | Terms
Outstanding at December 31, 2024 |  | 55,541 | ​ | $ | 150.47 |  | 9.76
Granted |  | 124,514 | ​ | ​ | 9.07 |  | ​
Canceled |  | — | ​ | ​ | — |  | ​
Outstanding at June 30, 2025 |  | 180,055 | ​ | $ | 52.69 |  | 9.30
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable options at June 30, 2025 |  | 2,043 | ​ | $ | 2,576.66 |  | 7.88
​ The above table does not include options to acquire 31,469 granted to certain Company directors in lieu of cash payment of a portion of their respective 2025 annual retainer fees, which are subject to shareholder approval the Company’s Annual General Meeting scheduled to be held August 21, 2025. The intrinsic value of exercisable options at June 30, 2025 was $0. Stock options granted during the six months ended June 30, 2025 were valued using the Black-Scholes option-pricing model with the following weighted average assumptions: ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, |
​ | ​ | 2025 |
Expected volatility |  | ​ | 108.4 | %
Risk-free interest rate |  | ​ | 4.4 | %
Expected dividend yield |  | ​ | 0.0 | %
Expected life of options in years |  | ​ | 6.4 | ​
Exercise Price | ​ | $ | 9.07 | ​
Fair value of common stock | ​ | $ | 9.07 | ​
Estimate fair value of option | ​ | $ | 7.73 | ​
​ The Company did not grant any options in the six months ended June 30, 2024. Stock based compensation expense was approximately $321,000 ($86,000 included in research and development expense and $235,000 included in general and administrative expenses) in the three months ended June 30, 2025 and approximately $682,000 ($206,000 included in research and development expense and $476,000 included in general and administrative expenses) in the six months ended June 30, 2025. Stock based compensation expense was approximately $313,000 ($68,000 included in research and development expense and $245,000 included in general and administrative expenses) in the three months ended June 30, 2024 and approximately $619,000 ($118,000 included in research and development expense and $501,000 included in general and administrative expenses) in the six months ended June 30, 2024. At June 30, 2025, the total unrecognized compensation expense related to non-vested options was approximately $3.1 million and is expected to be recognized over the remaining weighted average service period of approximately 3.35 years.

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