| MARKETABLE SECURITIES |
NOTE 3 - MARKETABLE SECURITIES
The Company’s marketable securities
include investments in equity securities of IC Hotels (“DNA”), Entera Bio Ltd. (“Entera”), Nano Dimension Ltd.
(“Nano”) and Pelthos Therapeutics Inc. (“Pelthos”), and derivative instruments consisting of put options and
written call options on Nano’s shares, all of which are classified as Level 2 based on Observable market prices in active markets and
measured at fair value, with changes in fair value recognized in income.
Composition:
| | |
March 31,
2026 | | |
December 31,
2025 | |
| Short -term: | |
| | |
| |
| DNA | |
$ | 466 | | |
$ | 540 | |
| Entera | |
| 130 | | |
| 227 | |
| Pelthos (*) | |
| 3,013 | | |
| 4,650 | |
| Nano’s Put options and written Call options, net (**) | |
| 1,356 | | |
| - | |
| | |
$ | 4,965 | | |
$ | 5,417 | |
| | |
March 31,
2026 | |
| | |
March 31,
2026 | | |
December 31,
2025 | |
| Long-term: | |
| | |
| |
| Nano (***) | |
| 17,967 | | |
| 8,371 | |
| | |
$ | 17,967 | | |
| 8,371 | |
| (*) | During the three months ended March 31, 2026, the Company sold
6,577 shares of Pelthos common stock for aggregate proceeds of $173, resulting in a realized gain of $107 recognized in “financial
income (loss), net” in the consolidated statement of comprehensive income (loss). |
| (**) | The written call options and put options on Nano’s shares are held with the same counterparty and are subject to a netting arrangement. Accordingly, they are presented on a net basis in the consolidated balance sheets. As of March 31, 2026, the fair values of written call options and put options were $402 and $1,758, respectively. See Note 18 for further details. |
| (***) | During the three months ended March 31, 2026, the Company purchased
6,401,939 ordinary shares for an aggregate purchase price of $12,258 and sold 1,269,987 shares of Nano common stock for aggregate proceeds
of $2,606, resulting in a realized gain of $647 recognized in “financial income (loss), net” in the consolidated statement
of comprehensive income (loss). See Note 18 for further details. |
During the three months ended March 31,
2026, the Company recognized an unrealized loss of $1,691 related to marketable securities, which was recognized in “financial income
(loss), net.”
|