Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 22

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 22
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, shipping, and our operations department. We expect our cost
of revenues to increase in absolute dollars to the extent our revenues increase.

Research and development expenses

Research and development expenses consist primarily
of personnel expenses, including salaries and related benefits and share-based compensation for employees, laboratory materials, regulatory
costs, patents, facility costs, and travel expenses, as well as expenses associated with outsourced professional scientific development
services, and the costs of multi-center and other clinical trials.

We expect to continue to incur research and development expenses
for the foreseeable future as we advance the development of our Deep TMS technology for various neurological and/or addiction disorders,
as well as for various hardware and software development projects related to the Deep TMS system.

Selling and marketing expenses

Selling and marketing expenses consist of marketing and commercial
activities related to the sale and lease of our Deep TMS systems, as well as personnel expenses, including salaries and related benefits,
sales commissions and share-based compensation for employees, collection fees and facility costs. Other significant sales and marketing
costs include conferences, trade shows, and promotional and marketing activities, including direct and online marketing, SEO, earned media,
practice support programs, media campaigns and travel expenses.

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While we anticipate relative stability in current headcount
levels for our existing commercial organization, we plan on investing additional resources including certain added roles to align with
our strategic and growth initiatives.

General and administrative expenses

General and administrative expenses consist primarily of personnel
expenses, including salaries and related benefits, share-based compensation, and travel expenses for employees in executive, finance,
information technology, legal, and human resource functions. General and administrative expenses also include the cost of insurance, allowance
for doubtful accounts, professional services, including legal and accounting fees, as well as administrative costs, including corporate
facility costs.

General and administrative costs also include, but are not
limited to, accounting, legal, human resources, consulting, investor relations, listing fees on The Nasdaq Global Market, costs associated
with reporting and compliance in the United States, as well as director and officer insurance premiums, as a result of becoming a public
company in the United States. We anticipate that our general and administrative expenses will decrease as we realign our corporate activities.

Finance income

Our finance income consists primarily of interest earned on
our bank deposits, foreign currency hedging transactions, and remeasurement of warrants.

Finance expenses

Our finance expenses consist primarily of financing costs
related to our outstanding liability to the IIA