Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 7

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 7
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 we have funded our operations primarily through offerings of
our securities, through research and development grants from the Israel Innovation Authority and other sources, and through sales and
leases of our Deep TMS systems as well as revenue generated through pay-per-use models on certain installed systems and services provided
to our customers. We expect to continue generating revenues primarily through sales, leases, pay-per-use fees, service fees and other
potential income generated by the commercial distribution of Deep TMS systems for approved indications.

The adequacy of our available funds to meet our operating
and capital requirements will depend on many factors, including our ability to achieve revenue growth and maintain favorable operating
margins; our ability to increase the market share of Deep TMS and expand our operations and offerings, including our sales and marketing
efforts; the cost, progress and results of our future research, product development and clinical programs for additional enhancements
to Deep TMS and future indications for the system; the costs and timing of obtaining regulatory approvals for future indications or expanded
labeling for existing indications of Deep TMS; our ability to improve or maintain coverage and reimbursement arrangements with third-party
and government payors; the terms and conditions of commercial agreements for marketing and distribution of Deep TMS; the effect of competing
technological and market developments; and costs incurred in enforcing and defending certain of the patents and other intellectual property
rights upon which our technologies are based, to the extent such rights are breached or challenged.

On November 5, 2024, we consummated a private placement
of 2,103,745 ADSs and warrants to purchase 1,500,000 ADSs to Valor BrainsWay Holdings, LLC, or Valor, for aggregate immediate gross proceeds
of approximately $20 million. We cannot be certain that in the future alternative financing sources will be available to us at such times
or in the amounts we need or whether we can negotiate commercially reasonable terms or at all, or that our actual cash requirements will
not be greater than anticipated. Any issuance of additional equity or equity-linked securities could be dilutive to our existing shareholders,
and any new equity securities could have rights, preferences, and privileges superior to those of holders of the Ordinary Shares or ADSs.
For example, in connection with the private placement to Valor, we amended our Articles of Association to provide Valor the right to designate
for nomination one or two members to our Board of Directors, depending on the percentage of their holdings. Moreover, future debt financing,
if available, may involve