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 |
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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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