Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 129

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 129
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 within the ITT-E and completers (CO) cohorts.

Figure 6. Overall 4-week Continuous
Quit Rates for Deep TMS and Sham Treatment Groups

An important secondary endpoint was the reduction
in the number of cigarettes smoked. At baseline, the average number of cigarettes smoked per week was 123 for the active group and 139
for the sham group. After 3 weeks of treatment, the average number of cigarettes smoked per week was reduced to 38 in the active group
and 57 in the sham group (p= 0.0018, active vs. sham). By the sixth week of the study, the average number of cigarettes smoked per week
declined to 31 for the active group and 48 for the sham group (p=0.0125, active vs. sham).

The numbers of cigarettes per week, from baseline
to the 6-week time-point, are shown in the figure below for the two groups. As can be seen, the difference between the Deep TMS and sham
group is significant starting from week 2.

  74  

Figure 7. Number of Cigarettes
Smoked for Deep TMS and Sham Treatment Groups

Sales and
Marketing

United
States

The United States is our primary and most strategic
market, representing approximately 81% of our revenues for the year ended December 31, 2024 and approximately 75% of our revenues for
the years ended December 31, 2023 and 2022. We operate in the United States through our wholly owned subsidiary, BrainsWay USA Inc., as
a direct marketing and sales channel, engaging in the marketing, sales, support, and logistics independently in the United States. As
of December 31, 2024, we had 49 U. S. employees, including 47 sales, marketing and service/operations employees, 1 general and administrative
employee, and 1 medical affairs employee.

In the United States, we sell or lease Deep TMS systems
by one of the following two methods: (i) a fixed-fee lease model in which the Deep TMS system is leased to a customer for a fixed annual
fee, generally with a term of between 48 to 60 months, for unlimited use; and (ii) a sales or purchase model in which the Deep TMS system
is sold to the customer for a fixed purchase price. sales or purchase model. We also utilize and/or are planning to utilize