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.

 

2

 

 

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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