LEASES |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES |
The
Company has entered into several non-cancelable operating lease agreements, mostly for office spaces.
The
Company’s main lease agreement is of an office building located in Rosh Ha’Ayin, Israel (“Premises”). This lease
agreement includes a right to use office spaces and related facilities. The lease term is for 67 months, starting from July 1, 2022. However,
the Company was given access to the Premises starting from November 2021 in order to allow it to construct leasehold improvements. The
Company has an option to renew the lease for additional 60 months, which will be exercised automatically unless the Company informs the
lessor in advance. The Company currently estimates it is reasonably certain that it will exercise this option. The lease payments for
the Premises are based on an estimation of the Premises’ size in square meters taken prior to construction and may be updated according
to the agreement of the parties on the measurement of the Premises taken after construction. Payments are adjusted periodically to the
Israeli consumer price index (CPI). The ROU asset and lease liability were calculated using the CPI in effect at lease commencement and
will not be subsequently adjusted. In April 2025 changes were introduced to the Premises management fees, giving rise to a lease modification.
As a result, the Company remeasured the operating lease liability with a corresponding increase to the right-of-use asset. The Company
also leases additional office spaces, mainly in Germany.
Below
is a summary of the Company operating right-of-use assets, net and operating lease liabilities:
Additional
information regarding the Company’s operating leases:
Minimum
lease payments over the remaining lease periods as of December 31, 2025, are as follows:
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