View Filing Data

Net loss per share, basic and diluted

$ (1,961)

$ (1,482)

$ (0.48)

$ (0.50)

Weighted-average number of common shares outstanding, basic and diluted (*)

^[2]

4,086,223

2,763,573

[1]	The Company adopted ASU 2017-11 using the full retrospective approach. Refer to Note 5 for further information.
[2]	March 31, 2018 share data represents the number of shares adjusted to retroactively reflect the 1:15 reverse stock split effected on September 4, 2018. Refer to Note 1 for further information.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Interim Consolidated Statements of Shareholder's Equity - USD ($)
$ in Thousands

Preferred A Shares [Member]

Common Stock [Member]

^[2]

Additional Paid-in Capital [Member]

^[3]

Treasury Shares [Member]

^[4]

Accumulated Other Comprehensive Income [Member]

Accumulated Deficit [Member]

^[3]

Total

Temporary Equity [Member]

^[5]

Balance at Dec. 31, 2017

^[1]

$ 27

$ 30,569

$ (20,604)

$ 9,992

$ 500

Balance, shares at Dec. 31, 2017

4,001

2,734,300

^[5]

Share-based compensation

416

Conversion of preferred A shares to common stock

^[1]

$ 1

(1)

Conversion of preferred A shares to common stock, shares

(1,537)

103,583

Balance, shares at Mar. 31, 2018

(1,482)

Balance at Mar. 31, 2018

^[1]

$ 28

30,984

(22,086)

8,926

500

2,464

2,837,883

Balance at Dec. 31, 2017

^[1]

$ 27

30,569

(20,604)

9,992

500

Balance, shares at Dec. 31, 2017

4,001

2,734,300

^[5]

Balance at Dec. 31, 2018

$ 31

32,538

(3,375)

(27,864)

1,330

Balance, shares at Dec. 31, 2018

3,012,343

^[5]

Share-based compensation

315

Issuance of common stock and warrants net of issuance expenses

$ 12

9,532

9,544

Issuance of common stock and warrants net of issuance expenses, shares

1,295,323

Unrealized loss on marketable debt security

^[1]

Balance, shares at Mar. 31, 2019

(1,961)

Balance at Mar. 31, 2019

$ 43

$ 42,385

$ (3,375)

^[1]

$ (29,825)

$ 9,228

4,307,666

[1]	Less than 1
[2]	December 31, 2017 share data represent the number of shares adjusted to retroactively reflect the 1:15 reverse stock split effected on September 4, 2018. Refer to Note 1 for further information.
[3]	Refer to Note 6 for further information
[4]	Refer to Note 5 for further information
[5]	Includes 721,107 common stock classified as temporary equity as of December 31, 2017.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

OPERATING ACTIVITIES

Adjustments to reconcile net loss to net cash used in operating activities:

$ (1,961)

$ (1,482)

Depreciation

Amortization of discount (premium) on marketable debt securities

^[1]

Share-based compensation expense

315

416

Changes in assets and liabilities:

Other receivables

(445)

(78)

Other payables and accrued liabilities

(643)

(60)

Net cash used in operating activities

(2,723)

(1,194)

INVESTMENT ACTIVITIES

Purchase of marketable debt security

(2,496)

Purchase of property and equipment

(133)

Net cash used in investing activities

(2,496)

(133)

FINANCING ACTIVITIES

Issuance of common stock and warrants, net of issuance costs

9,562

Net cash provided by financing activities

9,562

Increase (Decrease) in cash and cash equivalents and restricted cash

4,343

(1,327)

Cash and cash equivalents and restricted cash at the beginning of the year

5,263

10,814

Cash and cash equivalents and restricted cash at the end of the year

9,606

9,487

Supplemental disclosure of cash flow information:

Cash received from interest

Non-cash financing transactions:

Conversion of Series A Convertible Preferred Stock into common stock

Recognition of right-of-use asset and lease liability upon adoption of ASU 2016-02

$ 630

[1]	Less than 1

General

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

NOTE 1 - GENERAL

	A.	Description of business:

		Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design and development of next generation micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of improving surgical outcomes for patients.

		It was incorporated on August 2, 1988 in the State of Delaware under the name Cellular Transplants, Inc. The original Certificate of Incorporation was restated on February 14, 1992 to change the name of the Company to Cyto Therapeutics, Inc. On May 24, 2000, the Certificate of Incorporation as restated was further amended to change the name of the Company to StemCells, Inc.

		On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.

		Prior to the Merger, the Company was a biopharmaceutical company that conducted research, development, and commercialization of stem cell therapeutics and related technologies. The sale of substantially all material assets relating to the stem cell business were completed on November 29, 2016.

		The Company and its subsidiaries are collectively referred to as the “Company”. “StemCells” or “StemCells, Inc.” refers to the Company prior to the Merger.

	B.	Risk Factors:

		To date, the Company has not generated revenues from its operations. As of March 31, 2019, the Company had cash and cash equivalent and short-term investment balances of approximately $7,826, which management believes is sufficient to fund its operations for more than 12 months from the date of issuance of these financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products.

		Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. The Company plans to continue to fund its current operations as well as other development activities relating to additional product candidates, through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

	C.	Use of estimates:

		The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates.

Reverse Stock Split

On September 4, 2018, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to affect a one-for-15 reverse stock split of the Company’s common stock (the “Reverse Split”). As a result of the Reverse Split, every 15 shares of the Company’s old common stock were converted into one share of the Company’s new common stock. Fractional shares resulting from the Reverse Split were rounded up to the nearest whole number. The Reverse Split automatically and proportionately adjusted, based on the one-for-fifteen split ratio, all issued and outstanding shares of the Company’s common stock, as well as common stock underlying convertible preferred stock, stock options, warrants and other derivative securities outstanding at the time of the effectiveness of the Reverse Split. The exercise price on outstanding equity based-grants was proportionately increased, while the number of shares available under the Company’s equity-based plans was also proportionately reduced. Share and per share data (except par value) for the periods presented reflect the effects of the Reverse Split. References to numbers of shares of common stock and per share data in the accompanying financial statements and notes thereto for periods ended prior to September 4, 2018 have been adjusted to reflect the Reverse Split on a retroactive basis.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Statements

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).

Operating results for the three-month period ended March 31, 2019, are not necessarily indicative of the results that may be expected for the year ended December 31, 2019

Significant Accounting Policies

The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual audited financial statements with the exception of the following:

Short-term Investments

The Company began investing excess cash in short-term investments during the first quarter of 2019.

Marketable debt securities are considered to be available for sale and are carried at fair value. Unrealized gains and losses net of tax, if any, are reported as a separate component of stockholders’ equity. The cost of marketable debt securities classified as available for sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses and declines in value judged to be other than temporary, if any, are also included in other income, net. Interest on securities classified as available for sale is included in interest income. The cost of securities sold is based on the specific identification method.

Management evaluates whether available-for-sale securities are other-than-temporarily impaired (OTTI) on a quarterly basis. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the security or if it is more likely than not that the Company will be required to sell such security prior to any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the entire difference between the amortized cost and the then-current fair value. During the three months ended March 31, 2019, no investment OTTI losses were realized.

Fair value of financial instruments:

The carrying values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments.

The Company measures the fair value of certain of its financial instruments (marketable debt security) on a recurring basis.

A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases with lease terms of more than 12 months. The Company adopted this ASU effective January 1, 2019 using the modified retrospective application, applying the new standard to leases in place as of the adoption date. Prior periods have not been adjusted.

Arrangements that are determined to be leases at inception are recognized as long-term right-of-use assets (“ROU”) and lease liabilities in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic environment at commencement date in determining the present value of future payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases or payments are recognized on a straight-line basis over the lease term.

Warrants

Prior to January 1, 2019, warrants with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured each reporting period. On January 1, 2019, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2017-11, which includes Part I “Accounting for Certain Financial Instruments with Down Round Features” and Part II “Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception”, which indicates that a down round feature no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own stock. The Company used a full retrospective approach to adoption, and restated its financial statements as of the earliest period presented. As a result of the adoption of 2017-11, the Company’s warrants were reclassified from liabilities to shareholders’ equity.

The cumulative effect of adoption of ASU 2017-11 resulted as follows:

	For the three months ended March 31, 2018			For the year ended December 31, 2018

Derivative warrant liability	$	(15	)	$	(8	)
Additional paid-in capital	$	28		$	28
Accumulated deficit	$	13		$	20

Refer to Note 6 for further information regarding the outstanding warrants as of March 31, 2019.

Recent Accounting Standards:

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments – Credit Losses” to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. The ASU replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. This ASU is effective for the Company in the first quarter of 2020, with early adoption permitted. The Company does not expect that this standard will have a material effect on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements”, which will improve the effectiveness of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure requirements, and is effective for the Company beginning on January 1, 2020. The Company does not expect that this standard will have a material effect on the Company’s consolidated financial statements.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 5 - COMMITMENTS AND CONTINGENCIES

Government Grants:

Microbot Israel obtained from the Israeli Innovation Authority (“IIA”) grants for participation in research and development for the years 2013 through March 31, 2019 in the total amount of approximately $1,524 and, in return, Microbot Israel is obligated to pay royalties amounting to 3%-3.5% of its future sales up to the amount of the grant. The grant is linked to the exchange rate of the dollar to the New Israeli Shekel and bears interest of Libor per annum.

The repayment of the grants is contingent upon the successful completion of the Company’s research and development programs and generating sales. The Company has no obligation to repay these grants, if the project fails, is unsuccessful or aborted or if no sales are generated. The financial risk is assumed completely by the Government of Israel. The grants are received from the Government on a project-by-project basis.

Microbot Israel signed an agreement with the Technion Research and Development Foundation (“TRDF”) in June 2012 by which TRDF transferred to Microbot Israel a global, exclusive, royalty-bearing license. As partial consideration for the license, Microbot Israel shall pay TRDF royalties on net sales (between 1.5%-3%) and on sublicense income as detailed in the agreement.

Contract Research Agreements

Agreement with Washington University

On January 27, 2017, the Company entered into a Contract Research Agreement (the “Research Agreement”) with The Washington University (“Washington U.”), pursuant to which the parties are collaborating to determine the effectiveness of the Company’s self-cleaning shunt.

The study in Washington U. includes several phases. The first phase (initial research) was completed. An agreement on the second phase was entered into in September 2018 with total expected costs of approximately $248.1. Pursuant to the Research Agreement, all rights, title and interest in the data, information and results obtained or arrived at by Washington U. in the performance of its services under the Research Agreement, as well as any patentable inventions obtained or arrived at in the performance of such services, will be jointly owned by the Company and Washington U., and each will have full right to practice and grant licenses in joint inventions. Additionally, Washington U. granted to the Company: (a) a non-exclusive, worldwide, royalty-free, fully paid-up, perpetual and irrevocable license to use and practice patentable inventions (other than joint inventions and improvements to Washington U.’s animal models) obtained or arrived at by Washington U. in the provision of its services under the Research Agreement (“University Inventions”) with respect to the self-cleaning shunt; and (b) an exclusive option to obtain an exclusive worldwide license in University Inventions, on terms to be negotiated between the parties.

Agreement with Wayne State University

On September 12, 2016, the Company entered into a research agreement (the “WSU Agreement”) with Wayne State University (“WSU.”), pursuant to which the parties are collaborating to determine the efficacy of the Company’s self-cleaning shunt.

The study in WSU includes several phases. The first phase (initial research) was completed. An agreement on the second phase was entered into in April 2018 with total expected costs of approximately $130. Pursuant to the WSU Agreement, WSU shall own all data generated by the research and the Company shall have unrestricted free right to use and disclose all the results, information and material generated from the WSU Agreement.

Rights to inventions, improvements or discoveries, whether or not patentable or copyrightable made solely by the employees of the Company in the course of performance of the workplan agreed upon between the Company and WSU shall belong to the Company.

Rights to inventions, improvements or discoveries, whether or not patentable or copyrightable made solely by the employees of WSU in the course of performance of the workplan agreed upon between the Company and WSU shall belong to WSU. WSU shall grant the Company with a worldwide non-exclusive, perpetual, royalty-free license to university inventions to use and practice patentable inventions.

Rights to inventions, improvements or discoveries, whether or not patentable or copyrightable made by at least one employee of WSU and one employee of the Company in the course of performance of the workplan agreed upon between the Company and WSU shall belong to WSU and the Company jointly. Both the Company and WSU will be free to use and license to others the rights of joint inventions for any and all purposes without consultation or obligation to the other party. WSU granted the Company a first option to negotiate an exclusive license to use and practice WSU inventions and its interest in the joint inventions as detailed in the WSU Agreement.

Sabby Litigation

The Company is named as the defendant in a lawsuit (the “Matter”), captioned Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (the “Court”) (Index No. 654581/2017). The complaint alleged, among other things, that the Company breached multiple representations and warranties contained in the Securities Purchase Agreement (the “SPA”) related to the Company’s June 8, 2017 equity financing (the “Financing”) of which the Plaintiffs participated. The complaint sought rescission of the SPA and return of the Plaintiffs’ $3,375 purchase price with respect to the Financing, and damages in an amount to be determined at trial, but alleged to exceed $1,000. A trial was held on February 11, 2019. On February 28, 2019, the Court issued a Decision and Order After Trial to rescind the SPA. The rescission would require the Plaintiffs to transfer back to the Company the shares they purchased in the Financing, and for the Company to return to Plaintiffs their purchase price of $3,375. On March 27, 2019, the Company filed a Notice of Appeal and an Undertaking to stay execution of the judgment pending appeal.

In accordance with New York law, in order to move forward with the appeal and to stay the lower court’s judgment, the Company placed approximately $4,200 (including estimated interest and fees) in escrow with a surety bonding agent on March 26, 2019 in accordance with provisions set forth in the judgment from the Matter, which represents the judgment amount, plus interest and the fee to the bonding company. Accordingly, the Company recorded additional expenses of $25 with respect to interest from the judgement date and up until March 31, 2019.

Tolling and Standstill Agreement

On April 4, 2018, Microbot entered into a Tolling and Standstill Agreement with Empery Asset Master, Ltd., Empery Tax Efficient LP, Empery Tax Efficient II LP, and Hudson Bay Master Fund, Ltd., the other investors in the Financing (“Other Investors”). Pursuant to the Tolling Agreement, among other things, (a) the Other Investors agree not to bring any claims against Microbot arising out of the Matter, (b) the parties agree that if Microbot reaches an agreement to settle the claims asserted by the Sabby Funds in the above suit, Microbot will provide the same settlement terms on a pro rata basis to the Other Investors, and the Other Investors will either accept same or waive all of their claims and (c) the parties froze in time the rights and privileges of each party as of the effective date of the Tolling Agreement, until (i) an agreement to settle the suit is executed; (ii) a judgment in the suit is obtained; or (iii) the suit is otherwise dismissed with prejudice.

No provision has been recorded with respect to the Tolling Agreement since no settlement was reached with respect to the Matter.

Agreement with CardioSert Ltd.

On January 4, 2018, Microbot Israel entered into an agreement with CardioSert Ltd. (“CardioSert”) to acquire certain patent-protected technology owned by CardioSert (the “Technology”).

Pursuant to the Agreement, Microbot Israel made an initial payment of $50 to CardioSert and had 90-days to elect to complete the acquisition. At the end of the 90-day period, at Microbot Israel’s sole option, CardioSert shall assign and transfer the Technology to Microbot Israel and Microbot Israel shall pay to CardioSert additional amounts and securities as determined in the agreement.

On April 10, 2018, Microbot delivered an Exercise Notice to CardioSert Ltd., notifying it that Microbot elected to exercise the option to acquire the Technology owned by CardioSert and therefore made an additional cash payment of $250 and 6,738 shares of common stock (100,000 shares of common stock before the Reverse Split) estimated of $74.

The agreement may be terminated by Microbot Israel at any time for convenience upon 90-days’ notice. The agreement may be terminated by CardioSert in case the first commercial sale does not occur by the third anniversary of the date of signing of the agreement except if Microbot Israel has invested more than $2,000 in certain development stages, or the first commercial sale does not occur within 50 months. In each of the above termination events, or in case of breach by Microbot Israel, CardioSert shall have the right to buy back the Technology from Microbot Israel for $1.00, upon 60 days prior written notice, but only 1 year after such termination. Additionally, the agreement may be terminated by either party upon breach of the other (subject to cure).

CardioSert agreed to assist Microbot Israel in the development of the Technology for a minimum of one year, for a monthly consultation fee of NIS 40,000 covering up to 60 consulting hours per month.

Yehezkel (Hezi) Himelfarb Resignation

Effective as of February 1, 2019, Yehezkel (Hezi) Himelfarb, a member of the Board of Directors of the Company, and the Company’s Chief Operating Officer, resigned from all positions with the Company. Effective as of February 1, 2019, Mr. Himelfarb also resigned from his position as General Manager of Microbot Medical Ltd., a wholly-owned subsidiary of the Company. As a result of Mr. Himelfarb providing certain post-resignation transition services to the Company and the terms of his employment agreement, Mr. Himelfarb will continue to be paid his full salary and certain benefits.

Share Capital

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Share Capital

NOTE 6 - SHARE CAPITAL

Each share of the Series A Convertible Preferred Stock, par value $0.01 per share, issued by the Company in December 2016 and in May 2017 (the “Series A Convertible Preferred Stock”), was convertible, at the option of the holder, into 67 shares of common stock (1,000 shares of common stock before the Reverse Split), and conferred upon the holder dividend rights on an as converted basis. On December 12, 2018, the Company filed a Certificate of Elimination with respect to its Series A Convertible Preferred Stock and as of March 31, 2019, the Company did not have any Series A Convertible Preferred Stock issued or outstanding.

See Note 5 – “Commitment s and Contingencies-Agreement with CardioSert Ltd.,” with respect to the issuance of 6,738 shares of the Company’s common stock

Share Capital Developments

The authorized capital stock consists of 221,000,000 shares of capital stock, which consists of 220,000,000 shares of common par value $0.01 (the “Preferred Stock”). As of March 31, 2019, the Company had 4,307,666 shares of common stock issued and outstanding.

On December 27, 2016, the Company exchanged 655,962 shares (9,735,925 shares before the Reverse Split) or rights to acquire shares of its common stock, for 9,736 shares of a newly designated class of Series A Convertible Preferred Stock.

On January 5, 2017, the Company entered into a definitive securities purchase agreement with an institutional investor (the “Purchaser”) for the purchase and sale of an aggregate of 47,163 shares (700,000 shares before the Reverse Split) of common stock in a registered direct offering for $74.00 per share ($5.00 per share before the Reverse Split) or gross proceeds of $3,500. The Company paid the placement agent a fee of $210 plus reimbursement of out-of-pocket expenses, as well as other offering-related expenses.

On June 5, 2017, the Company entered into a Securities Purchase Agreement with certain institutional investors (the “Investors”) providing for the issuance and sale by the Company to the Investors of an aggregate of 252,652 shares (3,750,000 shares before the Reverse Split) of common stock, at a purchase price per share of $40.50 ($2.70 before the Reverse Split). The gross proceeds to the Company was $10,125 before deducting placement agent fees and offering expenses of $922. See Note 4 – “Commitments and Contingencies-Litigation” with respect to certain rescission rights awarded to two affiliated Investors.

On January 14, 2019, the Company entered into a Securities Purchase Agreement with an accredited institutional investor providing for the issuance and sale by the Company to the purchaser of an aggregate of (i) 330,000 shares of the Company’s common stock, at a purchase price per share of $6.50 and (ii) 125,323 pre-funded warrants each to purchase one share of common stock, at a purchase price per Pre-Funded Warrant of $6.49. The gross proceeds to the Company were approximately $3.0 million. The closing of the offering took place on January 15, 2019. The pre-funded warrants were exercised in full in January 2019.

On January 15, 2019, the Company entered into a Securities Purchase Agreement with certain accredited institutional investors providing for the issuance and sale by the Company to the purchasers of an aggregate of 590,000 shares of the Company’s common stock, at a purchase price per share of $10.00. The gross proceeds to the Company were approximately $5.9 million. The closing of the offering took place on January 17, 2019.

On January 23, 2019 the Company entered into a Securities Purchase Agreement with accredited institutional investors providing for the issuance and sale by the Company to the purchasers of an aggregate of 250,000 shares of the Company’s common stock, at a purchase price per share of $9.875. The gross proceeds to the Company were approximately $2.47 million. The closing of the offering took place on January 25, 2019.

Employee Stock Option Grant

In September 2014, Microbot Israel’s board of directors approved a grant of 26,906 stock options (403,592 stock options before the Reverse Split) (77,846 stock options as retroactively adjusted to reflect the Merger) to its CEO, through MEDX Venture Group LLC. Each option was exercisable into an ordinary share, at an exercise price of $12.00 ($0.80 before the Reverse Split) ($4.20 as retroactively adjusted to reflect the Merger). The stock options were fully vested at the date of grant.

On May 2, 2016, Microbot Israel’s board of directors approved a grant of 33,333 stock options (500,000 stock options before the Reverse Split) (96,482 as retroactively adjusted to reflect the Merger) to certain of its employees and directors. Each stock option was exercisable into an ordinary share, NIS 0.001 par value, of Microbot Israel, at an exercise price equal to the ordinary share’s par value. The stock options were fully vested at the date of grant. As the exercise price of the stock options is nominal, Microbot Israel estimated the fair value of the options as equal to the Company’s share price of $20.25 ($1.35 before the Reverse Split) ($7.05 as retroactively adjusted to reflect the Merger) at the date of grant.

On September 12, 2017, the Company adopted the 2017 Equity Incentive Plan (the “Plan”), which Plan authorizes, among other things, the grant of options to purchase shares of common stock to directors, officers and employees of the Company and to other individuals.

On September 14, 2017, the board of directors approved a grant of stock options to purchase an aggregate of up to 120,848 shares (1,812,712 shares before the Reverse Split) of common stock to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, at an exercise price per share of $15.75 ($1.05 before the Reverse Split). The stock options vest over a period of 3-5 years as outlined in the option agreements. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $120 and $219 respectively included in general and administrative expenses.

On September 14, 2017, the board of directors approved a grant of stock options to purchase an aggregate of up to 72,508 shares (1,087,627 shares before the Reverse Split) of common stock to Mr. Hezi Himelfarb, the Company’s General Manager, COO and a member of the Board, at an exercise price per share of $19.35 ($1.29 before the Reverse Split). The grant was subject to the Israeli Tax Authority’s approval of the plan which occurred on October 14, 2017. In accordance with the option agreement, the options vest for period of 3 years starting from the grand date. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $108 and $108 respectively included in general and administrative expenses.

On December 6, 2017, the board of directors approved a grant of 12,698 stock options (190,475 stock options before the Reverse Split) to purchase an aggregate of up to 12,698 shares of common stock to certain of its directors, at an exercise price per share of $15.75 ($1.05 before the Reverse Split). The stock options vest over a period of 3 years as outlined in the option agreements. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $13 and $15 respectively included in general and administrative expenses.

On December 28, 2017, the board of directors approved a grant of 66,036 stock options (990,543 stock options before the Reverse Split) to purchase an aggregate of up to 66,036 shares of common stock to certain of its employees, at an exercise price per share of $15.3 ($1.02 before the Reverse Split). The stock options vest over a period of 3 years as outlined in the option agreements. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $39 and $71 respectively included in general and administrative expenses and research and development expenses.

On November 2017, certain employees and consultant exercised 31,453 options (471,794 options before the Reverse Split) to 31,453 ordinary shares at exercise price of 0.001 NIS.

In February 2018, an employee exercised options to purchase 2,487 shares (37,300 shares before the Reverse Split) of common stock at an exercise price of $0.001 per share.

On August 13, 2018, the board of directors approved a grant of stock options to purchase an aggregate of up to 10,000 shares (150,000 shares before the Reverse Split) of common stock to Mr. Simon Sharon, the company’s CTO, at an exercise price per share of $9 ($0.6 before the Reverse Split). The grant was subject to the Israeli Tax Authority’s approval of the plan which occurred on October 14, 2017. In accordance with the option agreement, the options vest for period of 3 years starting from the grand date. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $11 and $0 respectively included in research and development expenses.

On January 21, 2019, the board of directors approved a grant of 11,630 stock options to purchase an aggregate of up to 11,630 shares of common stock to certain of its directors, at an exercise price per share of $8.60. The stock options vest over a period of 3 years as outlined in the option agreements. As a result, the Company recognized compensation expenses in the amount of $24 included in general and administrative expenses for the three months ended March 31, 2019.

A summary of the Company’s option activity related to options to employees and directors, and related information is as follows:

	For the three months ended March 31, 2019
	Number of stock options		Weighted average exercise price		Aggregate intrinsic value

Outstanding at beginning of period		398,308	$	11.50	$	108
Granted		11,630		8.6		-
Exercised		-		-		-
Cancelled		-		-		-
Outstanding at end of period		409,938	$	11.38	$	761
Vested at end of period		265,989	$	8.95	$	761

	For the year ended December 31, 2018
	Number of stock options			Weighted average exercise price		Aggregate intrinsic value
Outstanding at beginning of period		414,965		$	11.70	$	1,859
Granted		10,000			9		-
Exercised		(2,487	)		-		-
Cancelled		(24,170	)		-		-
Outstanding at end of period		398,308		$	11.50	$	108
Vested at end of period		245,010		$	8.45	$	108

The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the common stock and the exercise price, multiplied by the number of in-the-money stock options on those dates that would have been received by the stock option holders had all stock option holders exercised their stock options on those dates.) as of March 31, 2019 and December 31, 2018 respectively.

The stock options outstanding as of March 31, 2019 and December 31, 2018, separated by exercise prices, are as follows:

Exercise price $	Stock options outstanding as of March 31, 2019		Stock options outstanding as of December 31, 2018		Weighted average remaining contractual life – years as of March 31, 2019		Weighted average remaining contractual life – years as of December 31, 2018		Stock options exercisable as of March 31, 2019		Stock options exercisable as of December 31, 2018

4.20		77,846		77,846		6.75		7.00		77,846		77,846
15.75		133,546		133,546		8.50		8.75		61,387		53,752
8.6		11,630		-		9.75		-		2,905		-
9.00		10,000		10,000		9.50		9.75		2,500		-
19.35		72,508		72,508		8.50		8.75		34,442		29,003
15.30		41,866		41,866		8.75		9.00		24,367		21,867
(*)		62,542		62,542		7.50		7.75		62,542		62,542
		409,938		398,308		6.75		7.00		265,989		245,010

(*) Less than $0.01.

Compensation expense recorded by the Company in respect of its stock-based employee compensation awards in accordance with ASC 718-10 for the three months ended March 31, 2019 and 2018 was $ 315 and $412, respectively.

The fair value of the stock options is estimated at the date of grant using Black-Scholes options pricing model with the following weighted-average assumptions:

	Three months ended March 31, 2019			Year ended December 31, 2018

Expected volatility		144.4	%		99.4	%
Risk-free interest		1.64	%		2.39	%
Dividend yield		0	%		0	%
Expected life of up to (years)		6.37			5.24

Shares issued to service provider

On May 24, 2018 the Company issued an aggregate of 6,738 nonrefundable shares (100,000 nonrefundable shares before the Reverse Split) of common stock to CardioSert as part of certain patent acquisition. The Company recorded expenses of approximately $74 with respect to the issuance of these shares included in research and development expenses.

Warrants

The remaining outstanding warrants and terms as of March 31, 2019 and December 31, 2018 are as follows:

Issuance date	Outstanding as of December 31, 2018		Outstanding as of March 31, 2019		Exercise Price		Exercisable as of March 31, 2019		Exercisable Through

Series A (2013)		181		181	$	2,754		181		April 2023
Series A (2015)		676		676	$	1,377		676		April 2020
Series B (2016) (a)		2,741		2,741	$	40.5		2,741		March 2022

These warrants contain a full ratchet anti-dilution price protection so that, in most situations upon the issuance of any common stock or securities convertible into common stock at a price below the then-existing exercise price of the outstanding warrants, the warrant exercise price will be reset to the lower common stock sales price.

Prior to January 1, 2019, warrants with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured each reporting period. On January 1, 2019, the Company adopted the provisions of ASU 2017-11, which indicates that a down round feature no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own stock. The Company used a full retrospective approach to adoption, and restated its financial statements as of the earliest period presented. (See note 2)

Repurchase of Shares

The Company had intended to enter into a definitive agreement with up to three Israeli shareholders, some of whom are directors of the Company, that were former shareholders of Microbot Israel, pursuant to which the Company would repurchase, at a discount on the fair value of the share at the date of repurchase, up to $500 of common stock held by them, in the aggregate, if and to the extent such shareholders are unable to sell enough of their shares to cover certain of their Israeli tax liabilities resulting from the Merger. Such repurchase(s), if any, would occur only after the two-year anniversary of the Merger. The transaction would have been subject to negotiating final terms and entering into definitive agreements with such shareholders.

The Company evaluated whether an embedded derivative that requires bifurcation exists within such shares that may be subject to repurchase. The Company concluded the fair value of such derivative instrument would be nominal and, in any case, would represent an asset to the Company as (a) the settlement requires acquiring the shares at a discount on the fair market value of the share at the time of re purchase and in no circumstances the acquisition price will be higher than approximately one dollar per share (representing 25% discount on the fair market value of the share at the merger closing date) and (b) it is assumed that the selling shareholders would use such right as last resort as such repurchase at a discount on the fair market value of such shares results in a loss to be incurred by the selling shareholders.

In accordance with ASC 480-10-S99-3A (formerly EITF D-98), the Company classified the maximum amount it may be required to pay in the event the repurchase right is exercised ($500) as temporary equity.

As of December 31, 2018, the Company determined that no obligation remained to enter into any such definitive agreement as the two-year anniversary of the Merger was in November 2018 and therefore there was no liability for the Company to repurchase any shares from the three Israeli shareholders.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Unaudited Interim Financial Statements

Unaudited Interim Financial Statements

Operating results for the three-month period ended March 31, 2019, are not necessarily indicative of the results that may be expected for the year ended December 31, 2019

Significant Accounting Policies

Significant Accounting Policies

Short-term Investments

Short-term Investments

The Company began investing excess cash in short-term investments during the first quarter of 2019.

Fair Value of Financial Instruments

Fair value of financial instruments:

The carrying values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments.

The Company measures the fair value of certain of its financial instruments (marketable debt security) on a recurring basis.

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Leases

Leases

Warrants

Warrants

The cumulative effect of adoption of ASU 2017-11 resulted as follows:

	For the three months ended March 31, 2018			For the year ended December 31, 2018

Derivative warrant liability	$	(15	)	$	(8	)
Additional paid-in capital	$	28		$	28
Accumulated deficit	$	13		$	20

Refer to Note 6 for further information regarding the outstanding warrants as of March 31, 2019.

Recent Accounting Standards

Recent Accounting Standards:

Share Capital (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Summary of Stock Option Activity

A summary of the Company’s option activity related to options to employees and directors, and related information is as follows:

	For the three months ended March 31, 2019
	Number of stock options		Weighted average exercise price		Aggregate intrinsic value

Outstanding at beginning of period		398,308	$	11.50	$	108
Granted		11,630		8.6		-
Exercised		-		-		-
Cancelled		-		-		-
Outstanding at end of period		409,938	$	11.38	$	761
Vested at end of period		265,989	$	8.95	$	761

	For the year ended December 31, 2018
	Number of stock options			Weighted average exercise price		Aggregate intrinsic value
Outstanding at beginning of period		414,965		$	11.70	$	1,859
Granted		10,000			9		-
Exercised		(2,487	)		-		-
Cancelled		(24,170	)		-		-
Outstanding at end of period		398,308		$	11.50	$	108
Vested at end of period		245,010		$	8.45	$	108

Schedule of Stock Options Outstanding

The stock options outstanding as of March 31, 2019 and December 31, 2018, separated by exercise prices, are as follows:

Exercise price $	Stock options outstanding as of March 31, 2019		Stock options outstanding as of December 31, 2018		Weighted average remaining contractual life – years as of March 31, 2019		Weighted average remaining contractual life – years as of December 31, 2018		Stock options exercisable as of March 31, 2019		Stock options exercisable as of December 31, 2018

4.20		77,846		77,846		6.75		7.00		77,846		77,846
15.75		133,546		133,546		8.50		8.75		61,387		53,752
8.6		11,630		-		9.75		-		2,905		-
9.00		10,000		10,000		9.50		9.75		2,500		-
19.35		72,508		72,508		8.50		8.75		34,442		29,003
15.30		41,866		41,866		8.75		9.00		24,367		21,867
(*)		62,542		62,542		7.50		7.75		62,542		62,542
		409,938		398,308		6.75		7.00		265,989		245,010

(*) Less than $0.01.

Schedule of Stock Options Valuation Assumptions

The fair value of the stock options is estimated at the date of grant using Black-Scholes options pricing model with the following weighted-average assumptions:

	Three months ended March 31, 2019			Year ended December 31, 2018

Expected volatility		144.4	%		99.4	%
Risk-free interest		1.64	%		2.39	%
Dividend yield		0	%		0	%
Expected life of up to (years)		6.37			5.24

Schedule of Warrants Outstanding

The remaining outstanding warrants and terms as of March 31, 2019 and December 31, 2018 are as follows:

Issuance date	Outstanding as of December 31, 2018		Outstanding as of March 31, 2019		Exercise Price		Exercisable as of March 31, 2019		Exercisable Through

Series A (2013)		181		181	$	2,754		181		April 2023
Series A (2015)		676		676	$	1,377		676		April 2020
Series B (2016) (a)		2,741		2,741	$	40.5		2,741		March 2022

Commitments and Contingencies (Details Narrative) - USD ($)						1 Months Ended			3 Months Ended
	Mar. 26, 2019	May 24, 2018	Apr. 10, 2018	Jan. 04, 2018	Jun. 08, 2017	Sep. 30, 2018	Apr. 30, 2018	Jun. 30, 2012	Mar. 31, 2019
NIS [Member]
Monthly consultation fee				$ 40,000
CardioSert Ltd [Member]
Initial payment			$ 250,000	$ 50,000
Number of common shares acquired		6,738	6,738						6,738
Number of common shares acquired, value			$ 74,000
Buy back amount per patent				$ 1.00
CardioSert Ltd [Member] \| Before Reverse Split [Member]
Number of common shares acquired		100,000	100,000
Bonding Agent [Member]
Purchase price of Plaintiffs	$ 4,200
Additional expenses respect to interest from the judgement date	$ 25,000
Securities Purchase Agreement [Member]
Purchase price of Plaintiffs					$ 3,375
Loss contingency, damages sought					1,000
Short-term liability					$ 3,375
Minimum [Member] \| CardioSert Ltd [Member]
Investments				$ 2,000,000
Minimum [Member] \| Technician Research And Development Foundation Limited [Member]
Royalties payable as percentage of future sales								1.50%
Maximum [Member] \| Technician Research And Development Foundation Limited [Member]
Royalties payable as percentage of future sales								3.00%
Second Phase [Member] \| Contract Research Agreements [Member]
Contract expected costs						$ 248,100	$ 130,000
Israeli Innovation Authority [Member] \| 2013 Through March 31, 2019 [Member]
Total grants obtained									$ 1,524,000
Israeli Innovation Authority [Member] \| 2013 Through March 31, 2019 [Member] \| Minimum [Member]
Royalties payable as percentage of future sales									3.00%
Israeli Innovation Authority [Member] \| 2013 Through March 31, 2019 [Member] \| Maximum [Member]
Royalties payable as percentage of future sales									3.50%

Share Capital (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Jan. 23, 2019

Jan. 21, 2019

Jan. 15, 2019

Jan. 14, 2019

Aug. 13, 2018

May 24, 2018

Apr. 10, 2018

Feb. 28, 2018

Dec. 28, 2017

Dec. 06, 2017

Sep. 14, 2017

Jun. 05, 2017

Jan. 05, 2017

Dec. 27, 2016

May 02, 2016

Nov. 30, 2017

May 31, 2017

Sep. 30, 2014

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Dec. 31, 2016

Authorized capital stock

221,000,000

Common stock, shares authorized

220,000,000

Common stock, shares issued

$ 0.01

4,307,666

3,012,343

Common stock, shares outstanding

4,307,666

3,012,343

Proceeds from issuance of shares

$ 9,562

11,630

10,000

$ 8.6

$ 9

$ 315

412

Fair market value percentage

2,487

25.00%

Temporary equity value

$ 500

Purchaser [Member]

Number of common stock shares sold during the period

47,163

Proceeds from issuance of shares

$ 74.00

$ 3,500

Placement agent fee

$ 210

Investor [Member]

Number of common stock shares sold during the period

252,652

Proceeds from issuance of shares

$ 40.50

$ 10,125

Placement agent fee

$ 922

Investor [Member] | Securities Purchase Agreement [Member]

Number of common stock shares sold during the period

250,000

590,000

330,000

Proceeds from issuance and sale of stock

$ 9.875

$ 10.00

$ 6.50

$ 2,470

$ 590

Board of Directors [Member]

11,630

12,698

$ 8.60

$ 15.75

Board of Directors [Member] | General and Administrative Expense [Member]

3 years

Board of Directors [Member] | NIS [Member]

$ 0.001

Harel Gadot [Member]

120,848

Harel Gadot [Member] | General and Administrative Expense [Member]

$ 15.75

Harel Gadot [Member] | Minimum [Member]

120

219

Harel Gadot [Member] | Maximum [Member]

3 years

5 years

Hezi Himelfarb [Member]

72,508

$ 19.35

Hezi Himelfarb [Member] | General and Administrative Expense [Member]

3 years

108

Employees [Member]

$ 0.001

66,036

$ 15.3

3 years

Employees [Member] | General and Administrative Expense [Member]

2,487

Employees and Consultant [Member]

Employees and Consultant [Member] | NIS [Member]

31,453

Mr. Simon Sharon [Member]

$ 0.001

10,000

$ 9

Mr. Simon Sharon [Member] | General and Administrative Expense [Member]

3 years

Board of Directors [Member]

$ 0

Number of common shares acquired

$ 24

CardioSert Ltd [Member]

6,738

CardioSert Ltd [Member] | Research and Development Expense [Member]

Microbot Israel [Member] | Board of Directors [Member]

$ 74

Number of stock option granted as adjustment of reflect merger

33,333

26,906

96,482

77,846

Stock option merger retroactively adjusted exercise price per share

$ 20.25

$ 12.00

$ 7.05

$ 4.20

Before Reverse Split [Member] | Purchaser [Member]

Number of common stock shares sold during the period

700,000

Before Reverse Split [Member] | Investor [Member]

$ 5.00

Number of common stock shares sold during the period

3,750,000

Before Reverse Split [Member] | Board of Directors [Member]

$ 2.70

190,475

Before Reverse Split [Member] | Harel Gadot [Member]

$ 1.05

1,812,712

Before Reverse Split [Member] | Hezi Himelfarb [Member]

$ 1.05

1,087,627

Before Reverse Split [Member] | Employees [Member]

$ 1.29

990,543

$ 1.02

Before Reverse Split [Member] | Employees and Consultant [Member]

37,300

Before Reverse Split [Member] | Mr. Simon Sharon [Member]

471,794

150,000

Before Reverse Split [Member] | CardioSert Ltd [Member]

$ 0.6

Number of common shares acquired

100,000

Before Reverse Split [Member] | Microbot Israel [Member] | Board of Directors [Member]

500,000

403,592

Conversion of stock into shares

$ 1.35

$ 0.80

Common Stock [Member]

^[1]

103,583

Rights to acquire shares of common stock

655,962

Common Stock [Member] | Board of Directors [Member]

Common Stock [Member] | Directors [Member]

11,630

Common Stock [Member] | Employees [Member]

12,698

Pre-Funded Warrant [Member] | Investor [Member] | Securities Purchase Agreement [Member]

66,036

Warrant to purchase for common stock

125,323

Warrant price per share

$ 6.49

Proceeds from issuance and sale of stock

$ 3,000

Treasury Shares [Member]

Repurchase of common stock

$ 500

Series A Convertible Preferred Stock [Member]

Preferred stock, par value

$ 0.01

Conversion of stock into shares

Designated preferred stock

9,736

Series A Convertible Preferred Stock [Member] | Before Reverse Split [Member]

Conversion of stock into shares

1,000

Common Stock [Member] | Before Reverse Split [Member]

Rights to acquire shares of common stock

9,735,925

[1]	December 31, 2017 share data represent the number of shares adjusted to retroactively reflect the 1:15 reverse stock split effected on September 4, 2018. Refer to Note 1 for further information.

Share Capital - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Number of stock options outstanding, Outstanding at beginning of period	398,308	414,965
Number of stock options outstanding, Granted	11,630	10,000
Number of stock options outstanding, Exercised		(2,487)
Number of stock options outstanding, Cancelled		(24,170)
Number of stock options outstanding, Outstanding at end of period	409,938	398,308
Number of stock options outstanding, Vested at end of period	265,989	245,010
Weighted average exercise price, Outstanding at beginning of period	$ 11.50	$ 11.70
Weighted average exercise price, Granted	8.6	9
Weighted average exercise price, Exercised
Weighted average exercise price, Cancelled
Weighted average exercise price, Outstanding at end of period	11.38	11.50
Weighted average exercise price, Vested at end of period	$ 8.95	$ 8.45
Aggregate intrinsic value, Stock Options Outstanding at beginning of period	$ 108	$ 1,859
Aggregate intrinsic value, Stock Options Outstanding at end of period	761	108
Aggregate intrinsic value, Vested at end of period	$ 761	$ 108

Share Capital - Schedule of Stock Options Outstanding (Details) - $ / shares

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 31, 2018

409,938

398,308

6 years 9 months

7 years

Exercise Price One [Member]

265,989

245,010

$ 4.20

77,846

6 years 9 months

7 years

Exercise Price Two [Member]

77,846

$ 15.75

133,546

8 years 6 months

8 years 9 months

Exercise Price Three [Member]

61,387

53,752

$ 8.6

11,630

9 years 9 months

0 years

Exercise Price Four [Member]

2,905

$ 9.00

10,000

9 years 6 months

9 years 9 months

Exercise Price Five [Member]

2,500

$ 19.35

72,508

8 years 6 months

8 years 9 months

Exercise Price Six [Member]

34,442

29,003

$ 15.30

41,866

8 years 9 months

9 years

Exercise Price Seven [Member]

24,367

21,867

^[1]

62,542

7 years 6 months

7 years 9 months