Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 8

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 8
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 covenants restricting our operations or our ability to incur additional debt, pay dividends, repurchase our
shares, make investments and engage in merger, consolidation, or asset sale transactions. If we are unable to obtain future financing
through the methods we described above or through other means, our business may be materially impaired and we may be unable to complete
our business objectives and may be required to cease operations, curtail one or more product development or commercialization programs,
significantly reduce expenses, sell assets, seek a merger or joint venture partner, file for protection from creditors, or liquidate all
our assets.

   6  

Risks Related
to our Business and Industry

Our success depends on Deep TMS as a safe treatment
option for patients, as well as market perception and acceptance of TMS generally.

Our business currently depends entirely on the success
of Deep TMS, our proprietary TMS solution. TMS is an emerging treatment option for patients. As a result, physician and patient awareness
of TMS therapy as a treatment option for applicable brain disorders, and experience with TMS therapies, is limited. Because the market
for TMS therapy is still developing and contains a limited number of market participants, sales of Deep TMS could be negatively impacted
by unfavorable market reactions to TMS generally, Deep TMS in particular, and/or negative developments in the industry. For example, with
respect to Deep TMS in particular, in February 2020, we announced that a multicenter study of our Deep TMS system for Post-Traumatic Stress
Disorder (PTSD) was discontinued after interim results showed subjects treated with the H-Coil that was involved in the study (i. e., the
same as that used in our multicenter OCD study) did not demonstrate sufficient efficacy relative to the sham group. While there is prior
and subsequent contrary data supporting the potential for positive outcomes in PTSD with other H-Coils we manufacture, further research
would be needed to scientifically corroborate this hypothesis.

If the use of our Deep TMS system or other TMS therapies
results in serious adverse events (e. g., seizures), or such products malfunction or are misused, patients and physicians may attribute
such negative events to TMS and/or Deep TMS, which may adversely affect market adoption of this form of therapy. For example, a paper
titled “ Seizure risk with repetitive TMS: Survey results from over a half-million treatment sessions” published in 2021 in