Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 19

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 19
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2025. In addition, as of June 30, 2025, we had shipped
828 H7 Coils as additional coils attached to certain of our new and existing systems following our receipt in August 2018 of marketing
approval from the FDA for our OCD system.

For the six months ended June 30, 2025, our revenues were
$24.2 million compared to $19.1 million for the six months ended June 30, 2024, representing an increase of 27%. Our net income for the
six months ended June 30, 2025 was $3.1 million, compared to $0.7 million for the six months ended June 30, 2024, representing an increase
of 341%. As of June 30, 2025, we had an accumulated deficit of $95.2 million. Our primary sources of capital to date have been from public
offerings in Israel and in the United States, and private placements of our securities, grants from the Israel Innovation Authority (IIA),
borrowings under our credit facilities, the lease and sale and commercialization of our products and services.

We expect our research, development, and clinical trials
expenses to increase in connection with our ongoing activities, particularly as we continue to develop next generation technology
(including in the areas of multichannel and rotational field TMS), rollout additional features on our current platform (including
beta testing of additional remote capabilities), pursue future confirmatory trials and data collection efforts for existing
indications, and seek FDA clearance for new indications such as fatigue in MS, addictions (including alcohol, cocaine and/or opioid
addiction), pain and other potential psychiatric and neurological indications. On November 5, 2024 we consummated a private
placement of 2,103,745 ADSs and warrants to purchase 1,500,000 ADSs to Valor, for aggregate immediate gross proceeds of
approximately $20 million. We believe that our existing cash resources will be sufficient to enable us to fund our operating
expenses and capital expenditure requirements in the foreseeable future.

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Recent Developments

Investment in Stella MSO, LLC

On June 4, 2025, we announced that we entered into a
strategic equity financing agreement with Stella MSO, LLC (“Stella”), a management services organization servicing more
than 20 mental health clinics across the U.S. and Israel that have treated over 30,000 patients to date