| SHARE-BASED PAYMENT TRANSACTIONS |
NOTE
11:- SHARE-BASED PAYMENT TRANSACTIONS
| |
a. |
Expenses
recognized in the financial statements: |
| |
|
Year ended December 31, |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| |
|
USD |
|
| |
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
$ |
159 |
|
|
$ |
138 |
|
|
$ |
123 |
|
| General and administrative expenses |
|
|
158 |
|
|
|
132 |
|
|
|
130 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
317 |
|
|
$ |
270 |
|
|
$ |
253 |
|
| |
b. |
Share-based
payment transactions granted by the Company: |
| |
1. |
In
January 2019, the Company’s board of directors approved a grant of unlisted options exercisable into 340,000 of the
Company’s ordinary shares to two of its employees and one senior officer for an exercise price of NIS 2.344 per shares
(USD 0.68 per share, respectively, based on the exchange rate reported by the Bank of Israel on December 31, 2019). The options
vest on a quarterly basis for a period of 4 years from the grant date. |
| |
2. |
On
March 11, 2019, the Company’s shareholders approved a grant of unlisted options exercisable into 400,000 of the Company’s
ordinary shares to the Company’s chief executive officer for an exercise price of NIS 2.344 per share (USD 0.68
per share, respectively, based on the exchange rate reported by the Bank of Israel on December 31, 2019). The options vest
on a quarterly basis for a period of 48 months from the date of approval by the Company’s Board of Directors on January
7, 2019. |
| |
3. |
On
November 11, 2019, Company’s board of directors approved a grant of unlisted options exercisable into 500,000 of the
Company’s ordinary shares to a Company consultant for an exercise price of NIS 0.28 per share (USD 0.08 per share,
respectively, based on the exchange rate reported by the Bank of Israel on December 31, 2019). The options vest on a quarterly
basis for a period of 48 months. |
| |
4. |
On
May 27, 2020, the Company’s board of directors approved a grant of unlisted options exercisable into 3,750,000 of the
Company’s ordinary shares to its employees, consultants and one senior officer for an exercise price of NIS 0.25 per
shares (USD 0.06 per share, respectively, based on the exchange rate reported by the Bank of Israel on the same day). The
options vest on a quarterly basis for a period of 48 months from the grant date. |
| |
5. |
On
May 27, 2020, the Company’s board of directors approved a grant (subject to shareholders’ approval, which was
obtained on August 12, 2020) of unlisted options exercisable into 2,500,000 of the Company’s ordinary shares to the
Company’s chief executive officer for an exercise price of NIS 0.25 per share (USD 0.06 per share, respectively,
based on the exchange rate reported by the Bank of Israel on the same day). The options will vest on a quarterly basis for
a period of 4 years from the date of approval by the Company’s Board of Directors on May 27, 2020. |
| |
6. |
On
June 14, 2020, the Company’s board of directors approved a grant (subject to shareholders’ approval, which was
obtained on August 12, 2020) of unlisted options exercisable into 3,000,000 of the Company’s ordinary shares to the
Company’s directors for an exercise price of NIS 0.25 per share (USD 0.07 per share, respectively, based on the
exchange rate reported by the Bank of Israel on the same day). The options will vest on a quarterly basis for a period of
4 years from the date of approval by the Company’s Board of Directors on June 14, 2020. |
The
fair value of the Company’s share options granted was estimated using the binomial option pricing model using the following
range assumptions:
| Description |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Risk-free interest rate |
|
|
0.93 - 2.40 |
% |
|
|
1.19%
- 2.40 |
% |
| Expected volatility |
|
|
65.63- 78.77 |
% |
|
|
65.63%- 75.86 |
% |
| Dividend yield |
|
|
0 |
|
|
|
0 |
|
| Contractual life |
|
|
9.83
- 10 |
|
|
|
9.83
- 10 |
|
| Early Exercise Multiple (Suboptimal
Factor) |
|
|
2.5
- 3 |
|
|
|
2.5
- 3 |
|
| Exercise price (NIS) |
|
|
0.25
- 2.344 |
|
|
|
0.28
- 2.344 |
|
| |
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 |
|
| |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| |
|
Number |
|
|
Weighted average exercise price |
|
|
Number |
|
|
Weighted average exercise price |
|
|
Number |
|
|
Weighted average exercise price |
|
| |
|
|
|
|
USD |
|
|
|
|
|
USD |
|
|
|
|
|
USD |
|
| Outstanding at beginning of year |
|
|
2,673,400 |
|
|
|
0.89 |
|
|
|
1,437,400 |
|
|
|
1.20 |
|
|
|
1,490,423 |
|
|
|
1.35 |
|
| Grants |
|
|
9,250,000 |
|
|
|
0.08 |
|
|
|
1,240,000 |
|
|
|
0.44 |
|
|
|
- |
|
|
|
- |
|
| Forfeited/expired |
|
|
- |
|
|
|
- |
|
|
|
(4,000 |
) |
|
|
5.98 |
|
|
|
(53,023 |
) |
|
|
7.53 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at end of year |
|
|
11,923,400 |
|
|
|
0.28 |
|
|
|
2,673,400 |
|
|
|
0.89 |
|
|
|
1,437,400 |
|
|
|
1.20 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable at end of year |
|
|
2,900,276 |
|
|
|
0.74 |
|
|
|
1,134,653 |
|
|
|
1.39 |
|
|
|
736,155 |
|
|
|
2.41 |
|
| |
d. |
The
weighted average remaining contractual life for the shares subject to options outstanding as of December 31, 2020, 2019
and 2018 was 6.98 years, 7.93 years and 7.64 years, respectively. |
| |
e. |
The
range of exercise prices for shares subject to options outstanding
as of December 31, 2020, 2019 and 2018 have been separated into ranges of exercise prices, as follows: |
| Outstanding |
|
Exercisable |
|
| Exercise price per share |
|
Options outstanding |
|
|
Weighted average remaining contractual life in years |
|
|
Weighted average exercise
price per
share |
|
|
Options exercisable |
|
|
Weighted average exercise
price per
share |
|
| $0.08 - $0.91 |
|
|
11,190,000 |
|
|
|
8.59 |
|
|
$ |
0.16 |
|
|
|
2,192,500 |
|
|
$ |
0.27 |
|
| $1.06 - $1.67 |
|
|
555,000 |
|
|
|
0.25 |
|
|
$ |
0.06 |
|
|
|
529,376 |
|
|
$ |
0.22 |
|
| $2.53 - $5.01 |
|
|
178,400 |
|
|
|
0.02 |
|
|
$ |
0.06 |
|
|
|
178,400 |
|
|
$ |
0.26 |
|
| |
|
|
11,923,400 |
|
|
|
|
|
|
|
|
|
|
|
2,900,276 |
|
|
|
|
|
|