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Share-Based Payment Transactions
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Transactions [Abstract]  
SHARE-BASED PAYMENT TRANSACTIONS
NOTE 19:- SHARE-BASED PAYMENT TRANSACTIONS

 

  a. The cost of share-based payment recognized in the financial statements:

 

The expenses due to share-based compensation for the years ended December 31, 2022, 2021 and 2020, recognized in the financial statements in respect of the share option plan of the Company is shown in the following table, detailed by departments:

 

   Year ended December 31, 
   2022   2021   2020 
Research and development expenses  $264   $27   $69 
General and administrative expenses   633    16    22 
                
   $897   $43   $91 

 

  1. The 2005 and 2015 ESOP of the Company:

 

During 2005, the Board adopted the 2005 Employees Share Option Plan (the “2005 ESOP”). Ten years later the Board adopted a new plan - the 2015 Employees Share Option Plan (the “2015 ESOP”). Under both the 2005 ESOP and 2015 ESOP, the Company may grant its employees and other service providers options to purchase the Company’s ordinary shares (“Share Options”).

 

On November 13, 2019, the Board reserved an additional number of 6,788 Share Options for the purposes of the 2015 ESOP, bringing the amount of Share Options reserved under the 2015 ESOP to 15,714.

 

On April 21, 2021, the Board reserved an additional number of 338,929 Share Options for the purposes of the 2015 ESOP, bringing the amount of Share Options reserved under the 2015 ESOP to 357,143, out of which a total of 161,114 were still available for grant as of December 31, 2022.

 

  2. On March 12, 2019, the Board approved and granted 1,171 ordinary shares under the 2015 ESOP to a new consultant of the Company. The exercise price was set at $420.00 per share Option.

 

The fair value for Share Options granted to the consultant was estimated using the Black-Scholes OPM with the following parameters:

 

Dividend yield (%)   0 
Expected volatility (%)   76 
Risk-free interest rate (%)   2.61 
Expected life of share options (years)   10 

 

The fair value of the Share Options was set at $224 per Share Option.

 

  3. On October 10, 2019 (the “2019 Grant Date”), the Board approved the grant of 72 Share Options under the 2015 ESOP to directors, officers and employees, some of which required the approval of the general meeting of the Company’s shareholders (the “2019 General Meeting”), which occurred on January 15, 2020. Following the resignation of some directors and employees on December 31, 2019, 15 Share Options (were not granted. Out of the 57 Share Options that were granted, 10 Share Options didn’t require the General Meeting’s approval. The date of commencement for all Share Options granted, the date on which the vesting started, was the 2019 Grant Date. The exercise price was set at $210.00 per Share Option.

 

According to IFRS 2, “Share-based Payment”, the fair value of the Share Options was estimated using the Black-Scholes OPM, in which the fair value estimation for the Share Options which required the 2019 General Meeting’s approval was calculated based on parameters as of December 31, 2019.

 

Based on the above-mentioned, hereinafter are the parameters used in order to estimate the fair value of the Share Options using the Black-Scholes OPM:

 

   December 31,
2019		   October 10,
2019		 
Underlying ordinary share price   78.12    154 
Dividend yield (%)   0    0 
Expected volatility (%)   73    70 
Risk-free interest rate (%)   1.91    1.67 
Expected life of Share Options (years)   9.78    10 

 

The fair value of the Share Options approved on October 10, 2019 by the Board, and on January 15, 2020 at the General Meeting (valuated as of December 31, 2019) was set at $114.1 and $51.1, per Share Option, respectively.

 

  4. On January 3, 2022 (the “2022 Grant Date”), the Board approved the grant of 178,140 Share Options under the 2015 ESOP to directors, officers, employees and consultants, some of which required the approval of the general meeting of the Company’s shareholders (the “2022 General Meeting”), which occurred on February 10, 2022. The date of commencement for all Share Options granted, the date on which the vesting started, was the 2022 Grant Date. The exercise price was set at $6.50 per Share Option.

 

The fair value for Share Options granted to the consultant was estimated using the Black-Scholes OPM with the following parameters:

 

   February 2,
2022		   January 3,
2022		 
Underlying ordinary share price   4.99    6.73 
Dividend yield (%)   0    0 
Expected volatility (%)   133    134 
Risk-free interest rate (%)   2.00    1.46 
Expected life of Share Options (years)   6    6 

 

The fair value of the Share Options granted on January 3, 2022, was set at $6.09 per Share Option, and the fair value of the Share Options granted on February 10, 2022, was set at $4.41 per Share Option.

 

  5. During the year ended December 31, 2022, the Company granted consultants Restricted Share Units (“RSUs”) in respect of services rendered. The RSU’s were granted at a discount rate of 25% to share price quoted on the date of each grant. The total fair value of the RSU’s granted to consultants was $70.

 

  6. During the year ended December 31, 2022, the Company issued consultants 61,000 ordinary shares in respect of services rendered. The ordinary were granted at a discount rate of 25% to share price quoted on the date of each grant. The total fair value of the RSU’s granted to consultants was $48.

 

  b. Movement during the year:

 

  1. The following table lists the number of Share Options, the weighted average exercise prices of share options and changes in directors (and former directors), officers, employees and consultants share options during the years ended on December 31, 2022, and 2021:

 

   Number of
Share
Options		   Weighted
average
exercise
price		 
       USD 
2022        
Share Options outstanding at the beginning of the year   5,431    2.95 
Share Options granted during the year   178,140    6.50 
Share Options outstanding at the end of the year   183,571    6.39 
Share Options exercisable at the end of the year   107,679    6.30 
           
2021:          
Share Options outstanding at the beginning of the year   5,643   $2.41 
Share Options granted during the year   
-
    
-
 
Share Options forfeited during the year   (212)   2.50 
Share Options expired during the year   
-
    
-
 
           
Share Options outstanding at the end of the year   5,431    2.95 
           
Share Options exercisable at the end of the year   4,416    3.28 

 

  2. No Share Options were granted during 2021.

 

  3. The weighted average remaining contractual life of the Share Options outstanding was 5.03 years and 6.35 years as of December 31, 2022, and 2021, respectively.

 

  4. The range of exercise prices of Share Options outstanding at the end of the year was $6.5 - $844 (inclusive) as of December 31, 2022, and $210 - $955 (inclusive) as of December 31, 2021.