Company: RGNT
Filing Date: 2025-02-12
Form Type: DRS/A
Source: 0001213900-25-012299
Chunk: 268

Company: REGENTIS BIOMATERIALS LTD.
Filing Date: 2025-02-12
Form: DRS/A
Chunk 268
---
21</div>

REGENTIS BIOMATERIALS LTD.

NOTES TO 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 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. The Company has incurred losses of
$4,132 for the year ended December 31, 2023. As of December 31, 2023