Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 26

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 26
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, 2024. The increase of $1.5 million, or 20%,
is primarily attributed to an increase in head count of the commercial team in the United States, as well as an increase in collection
and selling fees in connection with increased sales.

General and administrative expenses

Our general and administrative expenses were $3.2 million
for the six months ended June 30, 2025, compared to $2.7 million for the six months ended June 30, 2024. The increase of $0.5 million,
or 19%, is primarily attributed to expenditure towards our new business development strategic initiative activities.

Finance income, net

Our finance income, net, was $2.2 million for the six months
ended June 30, 2025, compared to finance income, net of $0.3 million for the six months ended June 30, 2024. The increase of $1.9 million
is primarily attributed to higher returns on investments due to favorable exchange rate movements and effective currency hedging strategies,
along with improved interest income from cash and short-term investments and remeasurement of warrants.

For information on the impact of currency fluctuations on
our company, please see “Item 11. Quantitative and Qualitative Disclosures About Market Risk” of our 2024 Annual Report.

For more information regarding governmental economic, fiscal,
monetary or political policies or factors that have materially affected, or could materially affect, directly or indirectly, the Company’s
operations in Israel, please see also “Item 3D. Risk Factors—Risks Related to Our Functions in Israel” of our
2024 Annual Report.

#### Liquidity and
Capital Resources

As of June 30, 2025, we had cash,
cash equivalents, restricted cash and short-term deposits of $78.3 million and an accumulated deficit of $95.2 million, compared to
cash, cash equivalents, restricted cash and short-term deposits of $69.6 million, and an accumulated deficit of $98.4 million as of
December 31, 2024. We incurred positive cash flows from operating activities of $17.4 million and $4.5 million for the six months
ended June 30, 2025 and 2024, respectively. We incurred operating losses from our inception through the year ended December 31,
2023, and reached a net profit in the six months ended June 30, 2024 through the six months ended June