SHARE BASED PAYMENTS |
NOTE 5 – SHARE BASED PAYMENTS: | a. | 2021 Global Equity Incentive Plan (“Incentive Plan”) |
The following table summarizes the Company’s stock option activity in the Incentive Plan for the three months ended March 31, 2024: | | | | | | | | | | | | | | | Weighted | | | | | Number of | | Weighted average | | average | | Aggregated | | | shares under | | Exercise price per | | remaining | | Intrinsic value | | | option | | Option | | Life | | (in thousands) | Balance, December 31, 2023 | | 348,281 | | 4.59 | | 7.94 | | 1,317 | Granted | | — | | — | | | | | Exercised | | — | | — | | | | | Forfeited | | — | | — | | | | | Outstanding – March 31, 2024 | | 348,281 | | 4.59 | | 7.69 | | 1,257 | Exercisable – March 31, 2024 | | 222,086 | | 4.39 | | 7.71 | | | Expected to vest – March 31, 2024 | | 348,281 | | 4.59 | | 7.69 | | 1,257 |
As of March 31, 2024, there was $0.1 million of unrecognized share-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 0.49 years. Restricted Stock Awards Restricted stock awards (“RSAs”) have been granted to employees. The value of an RSA award is based on the Company’s share price on the date of grant. The Company granted RSAs pursuant to the Incentive Plan. The following table summarizes the Company’s RSA activity for the three months ended March 31, 2024, as described above from the Incentive Plan: | | | | | | | | | | | | | Weighted | | Weighted average | | Aggregated | | | Number of | | average grant | | contractual term | | Intrinsic value | | | shares | | date fair value | | (in years) | | (in thousands) | Balance, December 31, 2023 | | 941,496 | | 8.23 | | 1.80 | | 7,852 | Granted | | 434,527 | | 8.37 | | | | | Vested | | (201,083) | | 7.50 | | | | | Outstanding – March 31, 2024 | | 1,174,940 | | 8.27 | | 1.32 | | 9,635 | Expected to vest – March 31, 2024 | | 1,174,940 | | 8.27 | | 1.32 | | 9,635 |
There were 60,000,000 shares of common share authorized as of March 31, 2024. As of March 31, 2024, and December 31, 2023, 18,356,060 and 17,418,886 shares were issued and outstanding, respectively, which includes 1,174,940 and 941,496 of unvested RSAs as of March 31, 2024, and December 31, 2023, respectively. As of March 31, 2024, there was $5.4 million of total unrecognized compensation cost related to RSAs expected to be recognized over a weighted average period of 1.32 years. For the three months ended March 31, 2024, the Company issued 130,000 RSAs to each of Dr. Enrique Poradosu and Mr. Shay Shemesh. These RSAs vest over three years with 1/3 vesting on each anniversary of the date of the grant. On January 12, 2023, the Company issued 210,000 RSAs to Mr. Ron Bentsur and 115,000 RSAs to each of Dr. Enrique Poradosu and Mr. Shay Shemesh (the “January 2023 Grants”). These RSAs vest over three years with 1/3 vesting on each anniversary of the date of the grant. On January 4, 2024, the vesting of the first 1/3 of the January 2023 Grants were extended to July 15, 2024. On April 1, 2022, the Company issued 120,000 RSAs to Mr. Bentsur and 60,000 RSAs to each of Dr. Poradosu and Mr. Shemesh (the “April 2022 Grants”). These RSAs vest over three years with 1/3 vesting on each anniversary of the date of the grant. On January 4, 2024, the vesting of the first 2/3 of the April 2022 Grants were extended to July 15, 2024. On July 27, 2021, Mr. Bentsur, Dr. Poradosu, and Mr. Shemesh were granted 96,759 RSAs, 48,399 RSAs, and 48,399 RSAs, respectively, which were not part of the Incentive Plan and excluded from the table above. On January 4, 2024, the vesting of the July 2021 grant to Mr. Bentsur, Dr. Poradosu and Mr. Shemesh was extended to July 15, 2024. Share Compensation Expense For the three months ended March 31, 2024, the Company recognized expenses of $0.5 million as part of general and administrative expenses and $0.8 million as part of research and development expenses. For the three months ended March 31, 2023, the Company recognized expenses of $0.5 million as part of general and administrative expenses and $0.8 million as part of research and development expenses.
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