Exhibit 99.1

 

Unaudited Financial Information*

 

Consolidated balance sheets at March 31, 2022 and December 31, 2021 2
Consolidated statements of operations for the three months ended March 31, 2022 and 2021 3
Consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 4

 

 

*The unaudited financial information does not meet the requirement of interim financial statements under GAAP.

 

 

 

 

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.

 

2

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(U.S. dollars in thousands, except share and per share data)

 

   3 Months
Ended
March 31,
2022		   3 Months
Ended
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.

 

3

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(U.S. dollars in thousands)

 

   3 Months
Ended
March 31,
2022		   3 Months
Ended
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 

 

4