Company: RGNT
Filing Date: 2025-01-24
Form Type: DRS
Source: 0001213900-25-006245
Chunk: 279

Company: REGENTIS BIOMATERIALS LTD.
Filing Date: 2025-01-24
Form: DRS
Chunk 279
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In the event that the 2021 Notes
were not converted or repaid prior to the Maturity Date, the 2021 Notes shall be automatically converted on the Maturity Date, into
the Company’s most senior class of securities then issued and outstanding, based on a price per share reflecting a pre money
valuation of the Company (determined on a fully diluted basis of the date of the conversion) of $30,000.

<div align='center'>F-31</div>

REGENTIS BIOMATERIALS LTD.

NOTES TO FINANCIAL STATEMENTS

U.S. dollars in thousands, except share and per share data

| NOTE 6:- | CONVERTIBLE NOTES (Cont.) |

On March 11, 2023, the 2021 Notes reached
their Maturity Date. Since no repayment occurred, the 2021 Notes were converted at that date into 35,354 preferred D-2 shares. In addition,
the number of 2021 Warrants and their exercise price was determined (refer to Note 7b).

The Company accounts for the 2021 Notes
as follows: the proceeds were first allocated to the warrant liability (Refer to Note 7b) based on the fair value at the issuance date
with the remaining amount allocated to the 2021 Notes. As the conversion feature of the Notes is contingent upon a future event (IPO),
the Company concluded the conversion feature is not a beneficial conversion feature pursuant to the provisions of ASC 470-20, Debt with Conversion and Other Options.

A summary of significant unobservable
inputs (Level 3 inputs) used in measuring the fair value of the 2021 Notes are as follows:

|                  |     | December 31, 
 2023         |   |     | December 31, 
 2022         |       |   |
|:-----------------|:----|:-------------|:--|:----|:-------------|------:|:--|
| Principal amount |     | $            | - |     | $            |   835 |   |
| Discount rate    |     |              | - |     |              |  30.0 | % |
| Term (years)     |     |              | - |     |              |   0.5 |   |
| Fair value       |     |              | - |     |              | 1,018 |   |

The following table presents changes in
the fair value of the 2020