Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 157

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 157
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, lease payments and management fees are pre-set according to
an escalating price structure per year of the term, such that in the first year of the lease, the fees, including management fees, will
amount to approximately $48,730 plus value added tax, or VAT, per month, in the aggregate, and are paid in NIS and are linked to the Israeli
consumer price index. By the fifth year of the lease term, these fees will amount to approximately $58,280 plus VAT per month, in the
aggregate.

  91  

We previously leased an office space in Boston, MA, where our previous CEO and CFO resided, in
a space comprised of 3,976 square feet leased at a rate of $8,118 per month and this lease expired in November 2024 and was not renewed.
We are currently searching for a new location for our US offices that will be ideally suited to meet our present needs.

ITEM 4A. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTS

You should read the following discussion of our
financial condition and results of operations in conjunction with the financial statements and the notes thereto included elsewhere in
this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual
results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these
differences include those discussed below and elsewhere in this Annual Report, particularly those in “ Item 3. Key Information - D.
Risk Factors.”

Company Overview

BrainsWay is a global leader in advanced noninvasive
neurostimulation treatments for mental health disorders. We are boldly advancing neuroscience with our proprietary Deep Transcranial Magnetic
Stimulation (Deep TMS™) platform technology to improve health and transform lives. We are dedicated to leading through superior
science and building on what we believe to be an unparalleled body of clinical evidence. We are the first and only TMS company to be cleared
by the FDA for three separate mental health condition indications based on clinically proven efficacy as demonstrated in pivotal randomized
placebo-controlled studies. Current indications include major depressive disorder (MDD), including reduction of comorbid anxiety symptoms,
commonly referred to as anxious depression, obsessive-compulsive disorder (OCD), and smoking addiction. We have also received CE Mark
for a variety of psychiatric and neurological indications. We are focused on increasing global