Company: RGNT
Filing Date: 2025-01-27
Form Type: DRS/A
Source: 0001213900-25-006676
Chunk: 246

Company: REGENTIS BIOMATERIALS LTD.
Filing Date: 2025-01-27
Form: DRS/A
Chunk 246
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ENTIS BIOMATERIALS LTD.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

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

| NOTE 1: | GENERAL |

| a. | Regentis Biomaterials Ltd.                                                                                                       
 (the “Company”) commenced operations in September 2004. The Company develops innovative tissue repair solutions that             
 seek to restore the health and enhance the quality of life of patients. The Company’s current efforts are focused on orthopedic  
 treatments using our Gelrin platform based on degradable hydrogel implants to regenerate damaged or diseased tissue. Gelrin is a 
 unique hydrogel matrix of polyethylene glycol diacrylate and denatured fibrinogen. The Company’s lead product                    
 candidate is GelrinC, a cell-free, off-the-shelf hydrogel that is cured into an implant in the knee                              
 for the treatment of painful injuries to articular knee cartilage.                                                               |

| b. | Transaction with OceanTech Corp. |

On May 2, 2023, OceanTech Acquisitions
I Corp., a Delaware corporation (“OceanTech”), R.B. Merger Sub Ltd., an Israeli company and a wholly-owned subsidiary of
OceanTech (“Merger Sub”), Aspire Acquisition LLC, OceanTech’s sponsor (the “Sponsor”), and the Company
executed a definitive Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, among other things, Merger
Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary
of OceanTech. In May 2024, due to OceanTech not meeting certain Nasdaq compliance requirements, the Company and OceanTech couldn’t
proceed with the Merger and as a result the Merger Agreement was cancelled.

| c. | Going concern and management plans |

The accompanying condensed unaudited
financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities
in the normal course of business. Since its inception, the Company has devoted substantially all of its efforts to research and development,
clinical trials, and raising capital. The Company is still in its development and clinical stage and has not yet generated revenues.
The extent of the Company’s future operating losses and the timing of becoming profitable are uncertain. As of June 30, 2024, the Company’s
accumulated deficit