Exhibit 99.3
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (U.S. dollars in thousands) | ||||||||
| March 31, 2022 |
December 31, 2021 |
|||||||
| Current Assets: | (Unaudited) | (Audited) | ||||||
| Cash and cash equivalents | 87,255 | 100,811 | ||||||
| Restricted cash | 132 | 125 | ||||||
| Short term bank deposits | 400 | - | ||||||
| Trade Receivable | 653 | 187 | ||||||
| Prepaid expenses and other receivables | 3,397 | 3,058 | ||||||
| Total current assets | 91,837 | 104,181 | ||||||
| Non-Current Assets | ||||||||
| Operating lease right-of-use assets | 738 | - | ||||||
| Property and equipment, net | 1,375 | 1,165 | ||||||
| Total non-current assets | 2,113 | 1,165 | ||||||
| Total assets | 93,950 | 105,346 | ||||||
| Current liabilities: | ||||||||
| Short term loan | 5,063 | 4,916 | ||||||
| Trade payables | 1,412 | 2,005 | ||||||
| Operating lease liabilities | 396 | - | ||||||
| Employees and payroll accruals | 3,467 | 3,095 | ||||||
| Deferred revenues | 731 | 726 | ||||||
| Accrued expenses and other payables | 1,860 | 4,725 | ||||||
| Total current liabilities | 12,929 | 15,467 | ||||||
| Long term liabilities | ||||||||
| Operating lease liabilities | 326 | |||||||
| Warrant Liability | 6,774 | 10,056 | ||||||
| Total long-term liabilities | 7,100 | 10,056 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Ordinary Shares | * | ) | * | ) | ||||
| Additional paid-in capital | 201,423 | 199,469 | ||||||
| Accumulated Deficit | (127,502 | ) | (119,646 | ) | ||||
| Total shareholders’ equity | 73,921 | 79,823 | ||||||
| Total liabilities and shareholders’ equity | 93,950 | 105,346 | ||||||
| *) | Represents less than $1. |
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||
| 3 Months Ended | 3 Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenues | 876 | 580 | ||||||
| Cost of revenues | 384 | 323 | ||||||
| Gross Profit | 492 | 257 | ||||||
| Operating Expenses: | ||||||||
| Research and development, net | 7,803 | 3,711 | ||||||
| Sales and marketing | 1,182 | 295 | ||||||
| General and administrative | 2,145 | 521 | ||||||
| Total operating expenses | 11,130 | 4,527 | ||||||
| Operating loss | (10,638 | ) | (4,270 | ) | ||||
| Financial expenses (Income), net | (2,782 | ) | 14,106 | |||||
| Net loss | (7,856 | ) | (18,376 | ) | ||||
| Basic and diluted net loss per share attributable to Ordinary Shareholders | (0.12 | ) | (1.98 | ) | ||||
| Weighted-average number of shares used in computing basic and diluted net loss per share attributable to Ordinary Shareholders* | 63,034,545 | 9,300,548 | ||||||
| * | The number of ordinary shares retroactively reflects the 46.25783-for-one stock split of the ordinary shares which was effective on October 7, 2021. |
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| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (U.S. dollars in thousands) | ||||||||
| 3 Months Ended |
3 Months Ended |
|||||||
| March 31, 2022 |
March 31, 2021 |
|||||||
| Cash flows from operating activities: | (Unaudited) | (Unaudited) | ||||||
| Net Loss | (7,856 | ) | (18,376 | ) | ||||
| Adjustments to reconcile loss to net cash used in operating activities: | ||||||||
| Depreciation | 105 | 53 | ||||||
| Stock-based compensation | 1,790 | 146 | ||||||
| Warrants to service providers | 69 | 19 | ||||||
| Revaluation of warrants and accretion | (3,135 | ) | 3,275 | |||||
| Revaluation of convertible loan | - | 10,762 | ||||||
| Change in operating assets and liabilities: | ||||||||
| Increase in trade receivable | (465 | ) | (271 | ) | ||||
| Increase in prepaid expenses and other receivables | (339 | ) | (219 | ) | ||||
| Operating lease ROU assets and liabilities, net | (16 | ) | - | |||||
| Increase (decrease) in trade payables | (668 | ) | 66 | |||||
| Increase in employees and payroll accruals | 372 | 105 | ||||||
| Increase in deferred revenue | 5 | 34 | ||||||
| Increase (decrease) in accrued expenses and other payables | (2,865 | ) | 364 | |||||
| Net cash used in operating activities | (13,003 | ) | (4,042 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Change in bank deposits | (400 | ) | - | |||||
| Purchase of property and equipment | (242 | ) | (340 | ) | ||||
| Net cash used in investing activities | (642 | ) | (340 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayment of long-term loan | - | (451 | ) | |||||
| Proceeds from exercise of warrants | - | 2,440 | ||||||
| Proceeds from exercise of options | 96 | 34 | ||||||
| Proceeds from convertible loan | - | 11,337 | ||||||
| Net cash provided by financing activities | 96 | 13,360 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (13,549 | ) | 8,978 | |||||
| Cash, cash equivalents and restricted cash at the beginning of the year | 100,936 | 2,954 | ||||||
| Cash, cash equivalents and restricted cash at the end of the period | 87,387 | 11,932 | ||||||
3
| RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS | ||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||
| 3 Months Ended | 3 Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| GAAP net loss attributable to ordinary shareholders | (7,856 | ) | (18,376 | ) | ||||
| Add: | ||||||||
| Stock-based compensation | 1,790 | 146 | ||||||
| Warrants to service providers | 69 | 19 | ||||||
| Revaluation of warrants and accretion | (3,135 | ) | 3,275 | |||||
| Revaluation of convertible loan | - | 10,762 | ||||||
| Non-recurring initial public offering expenses | 130 | - | ||||||
| Non-GAAP net loss | (9,002 | ) | (4,174 | ) | ||||
| Basic and diluted Non-GAAP net loss per share attributable to Ordinary Shareholders | (0.14 | ) | (0.45 | ) | ||||
| Weighted-average number of shares used in computing basic and diluted Non-GAAP net loss per share attributable to Ordinary Shareholders* | 63,034,545 | 9,300,548 | ||||||
| * | The number of ordinary shares retroactively reflects the 46.25783-for-one stock split of the ordinary shares which was effective on October 7, 2021. |
| RECONCILIATION OF GAAP NET LOSS TO AJUSTED EBITDA | ||||||||
| (U.S. dollars in thousands) | ||||||||
| 3 Months Ended | 3 Months Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| GAAP net loss attributable to ordinary shareholders | (7,856 | ) | (18,376 | ) | ||||
| Add: | ||||||||
| Financial expenses, net | (2,782 | ) | 14,106 | |||||
| Depreciation | 105 | 53 | ||||||
| Stock-based compensation | 1,790 | 146 | ||||||
| Warrants to service providers | 69 | 19 | ||||||
| Non-recurring initial public offering expenses | 130 | - | ||||||
| Adjusted EBITDA | (8,544 | ) | (4,052 | ) | ||||
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