Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 27

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 27
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 30, 2025, mainly due to an
increase in sales. Our primary sources of capital to date have been from public offerings in the U.S. and Israel and private
placements of our securities, grants from the IIA, and leases and sales of our Deep TMS systems. From inception through June 30,
2025, we raised approximately $149 million from placements of our securities and the exercise of options.

| 8 |

Our primary contractual obligations
consist of liabilities in respect of research and development grants received from the IIA, royalties in respect of license agreements
for the use of some of our intellectual property with Yeda and PHS, as well as lease liabilities in respect of corporate facilities and
vehicles. For information about our contractual obligations, see Notes 11 and 12 to our financial statements included in our 2024 Annual
Report.

In November 2024, we raised approximately $20 million in immediate
proceeds from a private placement of 2,103,745 ADSs and warrants to purchase 1,500,000 ADSs to Valor (as discussed below, please see “Outstanding Warrants”). In June 2025, we invested $5 million toward the aforementioned strategic equity financing agreement with Stella.
Based on our current business plan, we believe that our cash resources as of June 30, 2025 and the anticipated revenues from sales of
our products will be sufficient to fund our operating expenses and capital expenditure requirements in the foreseeable future, including
the subsequent investments made toward our business development strategic initiative transactions with Axis and Neurolief.

#### Cash Flows
The table below summarizes our cash flow activities for the indicated periods:

|                                                        |     | Six Months Ended June 30, |                            |   |     |        |   |
|                                                        |     |                           |                       2025 |   |     |   2024 |   |
|                                                        |     |                           | -in U.S. dollars thousands |   |     |        |   |
| Net cash provided by operating activities              |     |                           |                     17,393 |   |     |  4,526 |   |
| Net cash provided by (used in) investing activities    |     |                           |                    (17,825 | ) |     | 33,488 |   |
| Net cash used in financing activities                  |     |                           |                     (1,019 | ) |     |   (624 | ) |
| Exchange rate differences on