| SHARE-BASED PAYMENT TRANSACTIONS |
| NOTE 12:- |
SHARE-BASED PAYMENT TRANSACTIONS |
|
a. |
Expenses
recognized in the financial statements: |
| |
|
|
Year ended December 31, |
|
| |
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
NIS in thousand |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
Research and development expenses |
|
|
502 |
|
|
|
495 |
|
|
|
207 |
|
| |
General and administrative expenses |
|
|
176 |
|
|
|
676 |
|
|
|
235 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
678 |
|
|
|
1,171 |
|
|
|
442 |
|
|
b. |
Share-based
payment transactions granted by the Company: |
|
1. |
On
March 19, 2015, the Company’s board of directors approved a grant of unlisted options
exercisable into 40,000 of the Company’s ordinary shares to three of its employees and
one senior officer for an exercise price of NIS 8.118 per shares. The options vest on a quarterly basis for a period of 4 years from the grant date. |
|
2. |
In
October 2015, the Company granted an amount of 200,000 options to acquire up to 200,000
of the Company’s ordinary shares to one of its directors at an exercise price of NIS
3.573 per share. The options vest over a period of three years on a quarterly basis
for 12 consecutive quarters from the date of the grant. The term of the options is 10
years. |
|
3. |
In
February 2016, the Company’s board of directors approved a grant of unlisted options
exercisable into 160,000 of the Company’s ordinary shares to three of its employees and
one senior officer for an exercise price of NIS 4.317 per shares. The options vest on
quarterly basis for a period of 4 years from the grant date. |
|
4. |
In
May 2016, the Company’s board of directors approved a grant of 74,000 shares of the Company
to a service provider. Pursuant to the agreement with the service provider, and as
partial consideration, the Company issued 37,000 ordinary shares and agreed to issue
an additional 37,000 ordinary shares within 180 days, provided that the agreement was
not terminated. During 2016 the Company recorded an amount of NIS 322 for share based
payment expenses relating to this transaction. |
|
5. |
On May 26, 2016 the Company's board of directors approved a grant of 20,000 options exercisable
into 20,000 ordinary shares of the Company to one of its advisers at an exercise price of 5.376 NIS per share. The options will
vest on a quarterly basis for a period of 4 years from the grant date. |
|
6. |
In
March 2017, the Company’s board of directors approved a grant of unlisted options exercisable
into 210,000 of the Company’s ordinary shares to three of its employees for an exercise
price of NIS 3.662 per share. The options vest on a quarterly basis for a period
of 48 months from the grant date. |
|
7. |
In May 2017, the Company's board of directors approved a grant of unlisted options exercisable
into 60,000 of the Company's ordinary shares to an advisor for an exercise price of NIS 3.393 per share. The options vest
on a quarterly basis for a period of 48 months from the grant date. |
|
8. |
In December 2017, the Company's board of directors approved a grant of unlisted options exercisable
into 460,000 and 240,000 of the Company's ordinary shares to the Company's employees and directors, respectively, for an exercise
price of NIS 2.513 and NIS 2.926 per share, respectively. The options vest on a quarterly basis for a period of 48 months
from the grant date. |
|
c. |
Movement
during the year: |
The
following table lists the number of share options, their weighted average exercise prices and modification in option plans of
employees, directors and consultants for the periods indicated:
| |
|
|
Shares subject to options outstanding |
|
| |
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
Number |
|
|
Weighted average exercise price |
|
|
Number |
|
|
Weighted average exercise price |
|
|
Number |
|
|
Weighted average exercise price |
|
| |
|
|
|
|
|
NIS |
|
|
|
|
|
NIS |
|
|
|
|
|
NIS |
|
| |
Outstanding at beginning of year |
|
|
737,028 |
|
|
|
10.12 |
|
|
|
798,579 |
|
|
|
12.21 |
|
|
|
592,707 |
|
|
|
15.33 |
|
| |
Grants |
|
|
970,000 |
|
|
|
2.71 |
|
|
|
180,000 |
|
|
|
4.43 |
|
|
|
240,000 |
|
|
|
4.33 |
|
| |
Forfeited/expired |
|
|
(216,605 |
) |
|
|
15.34 |
|
|
|
(241,551 |
) |
|
|
12.79 |
|
|
|
(34,128 |
) |
|
|
10.96 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Outstanding at end of year |
|
|
1,490,423 |
|
|
|
4.68 |
|
|
|
737,028 |
|
|
|
10.12 |
|
|
|
798,579 |
|
|
|
12.21 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Exercisable at end of year |
|
|
451,266 |
|
|
|
8.39 |
|
|
|
402,500 |
|
|
|
14.90 |
|
|
|
557,749 |
|
|
|
15.56 |
|
|
d. |
The
weighted average remaining contractual life for the shares subject to options outstanding
as of December 31, 2017, 2016 and 2015 was 8.38 years, 5.86 years and 4.67 years,
respectively. |
|
e. |
The
range of exercise prices for shares subject to options outstanding as of December 31,
2017, 2016 and 2015 was between NIS 2.513 and NIS 20.65. |
|
f. |
The fair value of the Company's share options granted for the years ended December 31, 2016 and
2017 was estimated using the binomial option pricing model using the following assumptions: |
| |
|
|
December 31, |
| |
Description |
|
2017 |
|
2016 |
| |
|
|
|
|
|
| |
Risk-free interest rate |
|
1.89%-2.31% |
|
2.01%-2.02% |
| |
Expected volatility |
|
74.4%-77.64% |
|
77.84%-78.22% |
| |
Dividend yield |
|
0 |
|
0 |
| |
Contractual life |
|
10 |
|
10 |
| |
Early Exercise Multiple (Suboptimal Factor) |
|
2.5 |
|
2.5 |
| |
Exercise price |
|
2.513-3.393 |
|
4.317-5.376 |
|