Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 9

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 9
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Brain Stimulation claims that Deep TMS appears to be associated with a higher relative seizure risk than with generic figure-8 coil TMS.
While the authors of the paper themselves cite numerous reasons to view the results with caution and while the claims in the paper were
based on a small data set obtained from an informal survey which appear to be inconsistent with other more comprehensive studies, we may
nonetheless be unable to successfully educate the public about these often nuanced and technical publication deficiencies and thus the
overall safety of our technology. These reported findings may have a negative effect on market perception of the effectiveness of the
TMS therapy in general, and by extension Deep TMS. In addition, if patients undergoing treatment with any available TMS solutions perceive
the benefits to be inadequate or the administration of TMS to be too burdensome or inconvenient, and/or if adverse events and/or factors
such as discomfort and noise with available TMS solutions are too numerous or severe compared to the relevant rates of alternative therapies
or pharmaceutical options, it will be difficult to demonstrate the value of Deep TMS to patients and physicians. Moreover, psychiatrists
may find it difficult or expensive to train existing employees and/or hire additional staff, allocate sufficient space or operate our
device given that psychiatry is a field not traditionally associated with medical equipment treatment options. As a result of any one
or a combination of these reasons, demand for and the use of Deep TMS may decline or may not increase at the pace or to the levels we
expect.

Even if TMS therapy is widely accepted by physicians
and patients, our success will depend in large part on our ability to educate and train physicians and patients, and to successfully demonstrate
the safety, tolerability, ease of use, efficacy, cost effectiveness and other advantages of Deep TMS. We have been engaging in an active
marketing campaign to raise awareness of Deep TMS and its benefits, but we cannot be assured that these efforts will be successful or
that they will not prove to be too costly. Physicians may find patient set up and the subsequent procedures for future treatment sessions
to be difficult or complicated compared to competing treatment methods. Any of these factors could slow market adoption of Deep TMS.

Our long-term
growth depends on our ability to increase market penetration and further commercialize Deep TMS, as well as develop enhancements and features
to the Deep TMS system through our research and development efforts. If we fail to do so, we may be unable to achieve future growth.

Our strategy depends