| SHARE-BASED COMPENSATION |
NOTE 16 – SHARE-BASED COMPENSATION | a) | Equity Incentive Plan – general |
As of June 30, 2026, 1,046,508 Ordinary Shares were authorized for future grants to employees, directors and consultants under the 2019 Equity Incentive Plan (the “2019 Plan”). | b) | Stock option information |
The following table contains additional information on options granted under the 2019 Plan: | | | Three months ended June 30, | | | | | 2026 | | | 2025 | | | | | Number of
options | | | Weighted average exercise price | | | Number of
options | | | Weighted average exercise price | | | Outstanding at beginning of period | | | 177,960 | | | $ | 102.09 | | | | 191,754 | | | | 80.7 | | | Forfeited and expired | | | - | | | $ | - | | | | (334 | ) | | | 65.7 | | | Outstanding at end of period | | | 177,960 | | | $ | 102.09 | | | | 191,420 | | | | 80.7 | | | Exercisable at end of period | | | 174,596 | | | $ | 80.01 | | | | 159,561 | | | | 83.4 | | | | | | | | | | | | | | | | | | | | | Non-vested at beginning of period | | | 3,364 | | | $ | 3,364 | | | | 32,010 | | | | 66.75 | | | Vested | | | - | | | $ | - | | | | - | | | | - | | | Forfeited | | | - | | | $ | - | | | | (150 | ) | | | 48.15 | | | Non-vested at the end of period | | | 3,364 | | | $ | 3,364 | | | | 31,860 | | | | 66.9 | | | | | Six months ended June 30, | | | | | 2026 | | | 2025 | | | | | Number of options | | | Weighted average exercise price | | | Number of options | | | Weighted average exercise price | | | Outstanding at beginning of period | | | 182,547 | | | $ | 80.45 | | | | 193,201 | | | $ | 80.55 | | | Granted | | | - | | | | | | | $ | - | | | $ | - | | | Forfeited and expired | | | (4,587 | ) | | $ | 102.09 | | | | (1,781 | ) | | $ | 63.75 | | | Outstanding at end of period | | | 177,960 | | | $ | 79.89 | | | | 191,420 | | | $ | 80.7 | | | Exercisable at end of period | | | 174,596 | | | $ | 80.01 | | | | 159,561 | | | $ | 83.4 | | | | | | | | | | | | | | | | | | | | | Non vested at beginning of period | | | 3,364 | | | $ | 3,364 | | | | 38,799 | | | $ | 65.7 | | | Granted | | | - | | | $ | - | | | | - | | | $ | - | | | Forfeited and expired | | | - | | | $ | - | | | | (1,030 | ) | | $ | 54.75 | | | vested | | | - | | | $ | - | | | | (5,975 | ) | | $ | 61.05 | | | Outstanding at end of period | | | 3,364 | | | $ | 3,364 | | | | 31,794 | | | $ | 66.9 | | During the three and six-month periods ended June 30, 2026 and 2025, the Company recognized $9, $18, $101 and $212 thousand, respectively, of share-based compensation expenses related to stock options. As of June 30, 2026, the total unrecognized estimated compensation cost related to outstanding non-vested stock options was $16 thousand, which is expected to be recognized over a weighted average period of 0.83 years. | c) | Set forth below is data regarding the range of exercise prices and remaining contractual life (in years) for options outstanding at June 30, 2026: |
| Exercise price | | | Number of options outstanding | | | Remaining contractual Life (in years) | | | Intrinsic Value of Options Outstanding | | | No. of options exercisable | | | | | | | | | | | | (in thousands) | | | | | | $ | 21.30 | | | | 1,000 | | | | 8 | | | $ | - | | | | 250 | | | $ | 40.35 | | | | 6,021 | | | | 0.68 | | | | - | | | | 6,021 | | | $ | 40.35 | | | | 37,191 | | | | 7.51 | | | | - | | | | 37,191 | | | $ | 48.15 | | | | 14,075 | | | | 7.63 | | | | - | | | | 14,075 | | | $ | 54.95 | | | | 16,667 | | | | 3.84 | | | | - | | | | 16,667 | | | $ | 70.20 | | | | 1,936 | | | | 3.75 | | | | - | | | | 1,936 | | | $ | 80.10 | | | | 9,641 | | | | 5.75 | | | | - | | | | 9,641 | | | $ | 80.10 | | | | 29,271 | | | | 6.38 | | | | - | | | | 29,157 | | | $ | 89.51 | | | | 10,000 | | | | 6.38 | | | | - | | | | 7,500 | | | $ | 93.30 | | | | 2,746 | | | | 1.50 | | | | - | | | | 2,746 | | | $ | 93.30 | | | | 22,112 | | | | 7.51 | | | | - | | | | 22,112 | | | $ | 122.85 | | | | 10,000 | | | | 7.51 | | | | - | | | | 10,000 | | | $ | 151.80 | | | | 162 | | | | 2.37 | | | | - | | | | 162 | | | $ | 151.80 | | | | 406 | | | | 7.51 | | | | - | | | | 406 | | | $ | 183.40 | | | | 16,667 | | | | 4.91 | | | | - | | | | 16,667 | | | $ | 321.00 | | | | 65 | | | | 7.51 | | | | - | | | | 65 | | | | | | | | 177,960 | | | | | | | $ | - | | | | 174,596 | | | d) | The following table contains information concerning restricted stock units granted under the 2019 Plan: |
| | | Three months ended June 30, | | | | | 2026 | | | 2025 | | | | | Number of
shares | | | Weighted average grant date fair value | | | Number of
shares | | | Weighted average grant date fair value | | | Nonvested at beginning of period | | | 28,672 | | | $ | 14.75 | | | | 78,290 | | | $ | 17.25 | | | Vested | | | - | | | $ | - | | | | (229 | ) | | $ | 154.2 | | | Forfeited | | | - | | | $ | - | | | | (433 | ) | | $ | 24.15 | | | Nonvested at end of period | | | 28,672 | | | $ | 14.75 | | | | 77,628 | | | $ | 17.1 | | | | | Six months ended June 30, | | | | | 2026 | | | 2025 | | | | | Number of shares | | | Weighted average grant date fair value | | | Number of shares | | | Weighted average grant date fair value | | | Nonvested at beginning of period | | | 145 | | | $ | 21.15 | | | | 82,305 | | | $ | 26.55 | | | Granted | | | 442,054 | | | $ | 15.54 | | | | - | | | $ | - | | | Vested | | | (413,527 | ) | | $ | 15.6 | | | | (2,844 | ) | | $ | 146.1 | | | Forfeited | | | - | | | $ | - | | | | (1,832 | ) | | $ | 28.5 | | | Nonvested at end of period | | | 28,672 | | | $ | 14.75 | | | | 77,629 | | | $ | 22.05 | | The Company estimates the fair value of restricted stock units based on the closing sales price of the Ordinary Shares on the date of grant (or the closing bid price, if no sales were reported). For the three and six-month periods ended June 30, 2026 and 2025, the Company recognized $149, $6,722, $194 and $376 thousand, respectively, of share-based compensation expense related to restricted stock units. Total share-based compensation expense related to restricted stock units not yet recognized as of June 30, 2026 was $333 thousand, which is expected to be recognized over a weighted average period of 3.5 years. | e) | The following table summarizes share-based compensation expenses related to grants under the 2019 Plan included in the statements of operations: |
| | | Three months ended June 30, | | | Six months ended June 30, | | | (in thousands) | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | Research & development | | $ | 114 | | | $ | 111 | | | $ | 196 | | | $ | 246 | | | General & administrative | | | 44 | | | | 184 | | | | 6,544 | | | | 342 | | | Total | | $ | 158 | | | $ | 295 | | | $ | 6,740 | | | $ | 588 | |
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