Company: BWAY
Filing Date: 2025-05-01
Form Type: 424B3
Source: 0001171843-25-002668
Chunk: 11

Company: Brainsway Ltd.
Filing Date: 2025-05-01
Form: 424B3
Chunk 11
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 third-party distributors; |

| · | our ability to develop enhancements to our Deep TMS system through our research and development efforts; |

| · | our reliance on third parties to conduct our clinical trials and manufacture our product candidates for clinical testing; |

| · | our ability to complete and obtain favorable results from existing clinical trials, and to launch and successfully complete new clinical trials, for Deep TMS indications; |

| · | our ability to obtain and comply with regulatory approvals of Deep TMS and enhancements to our Deep TMS system within our anticipated timeframes, or at all; |

| · | our ability to obtain and maintain adequate protection of our intellectual property, including intellectual property licensed to us; |

We caution you to carefully consider these risks and
not to place undue reliance on our forward-looking statements. Except as required by law, we assume no responsibility for updating any
forward-looking statements.

| 5 |

<div align='center'>CAPITALIZATION</div>

The table below sets forth our capitalization as of
December 31, 2024. The financial data in the following table should be read in conjunction with our financial statements and notes thereto
incorporated by reference herein.

|                                                                                                             |     | As of December 31, 2024 |         |
|:------------------------------------------------------------------------------------------------------------|:----|:------------------------|--------:|
|                                                                                                             |     | -in USD thousands       |         |
| Total liabilities(1)                                                                                        |     | $                       |  32,003 |
| Share Capital                                                                                               |     |                         |     413 |
| Share Premium                                                                                               |     |                         | 157,597 |
| Share-based payment reserve                                                                                 |     |                         |   4,872 |
| Adjustments arising from translating financial statements from functional currency to presentation currency |     |                         |  -2,188 |
| Accumulated deficit                                                                                         |     |                         | -98,381 |
| Total equity                                                                                                |     |                         |  62,313 |
| Total capitalization                                                                                        |     | $                       |  94,316 |

| (1) | Includes $14,973 under current liabilities, mainly accounts payable, accrued expenses, employee and payroll accruals, deferred revenues and liability in respect of research and development grants. |

| 6 |

<div align='center'>USE OF PROCEEDS</div>

We will not receive any proceeds from the sale of the
Offered ADSs by the selling shareholder pursuant to this prospectus and