Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 26

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 26
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 reduced ability, to protect our intellectual property,
including any effect of compulsory licensing imposed by government action; and availability of government subsidies or other incentives
that benefit competitors in their local markets that are not available to us.

Tariff policies and potential countermeasures could increase our costs and disrupt our supply chain, which could negatively impact the results
of our operations.

U. S. President Trump has increased, and has indicated
his willingness to continue to increase, the use of tariffs by the U. S. to accomplish certain U. S. policy goals. Such tariffs and any
countermeasures could increase the cost of raw materials and components necessary for our operations, disrupt our supply chain and create
additional operational challenges. Further, it is possible that government policy changes and related uncertainty about policy changes
could increase market volatility. Because of these dynamics, we cannot predict the impact of any future changes to the U. S.’s or
other countries’ trading relationships or the impact of new laws or regulations adopted by the U. S. or other countries on our business.
Such changes in tariffs and trade regulations could have a material adverse effect on our financial condition, results of operations
and cash flows.

Our collaboration
arrangements may not be successful, which could adversely affect our ability to develop and commercialize our products.

We are currently involved in a number of research
and development collaborations with third parties relating to the development of new technologies and additional uses of Deep TMS. These
and any future collaborations that we enter into may not be successful. The success of our collaboration arrangements will depend heavily
on the efforts and activities of our collaborators. If any of our collaboration arrangements are not successful, it could have a material
adverse effect on our business, financial condition, and results of operations.

Collaborations are subject to numerous risks, which
may include that collaborators have significant discretion in determining the efforts and resources that they will apply to collaborations;
collaborators may elect not to pursue development and commercialization of our products or not to continue or renew development or commercialization
programs based on trial or test results, may change their strategic focus due to the acquisition of competitive products or may independently
develop, or develop with third parties, products that compete directly or indirectly with our products or product candidates; availability
of funding or other external factors, such as a business combination that diverts resources or creates competing priorities; a collaborator
with marketing, manufacturing, and distribution rights to one or more products may not commit sufficient resources to or