# EDGAR Filing Document

**Accession Number:** 0001505065
**File Stem:** 0001213900-25-097496
**Filing Date:** 2025-10
**Character Count:** 32274
**Document Hash:** 2a62bb3effab441a33592f03bacd824c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-097496.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001213900-25-097496

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brainsway Ltd.
- **CENTRAL INDEX KEY:** 0001505065
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90993
- **FILM NUMBER:** 251383156

**BUSINESS ADDRESS:**
- **STREET 1:** 16 HARTUM STREET RAD TOWER, 14TH FLOOR
- **STREET 2:** Har HaHotzvim
- **CITY:** Jerusalem
- **STATE:** L3
- **ZIP:** 9777516
- **BUSINESS PHONE:** 972 2 581-3140

**MAIL ADDRESS:**
- **STREET 1:** 16 HARTUM STREET RAD TOWER, 14TH FLOOR
- **STREET 2:** Har HaHotzvim
- **CITY:** Jerusalem
- **STATE:** L3
- **ZIP:** 9777516
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valor BrainsWay Holdings, LLC
- **CENTRAL INDEX KEY:** 0002044428

**ORGANIZATION NAME:**
- **EIN:** 995148113

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 320 NORTH SANGAMON STREET
- **STREET 2:** SUITE 1200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607
- **BUSINESS PHONE:** 312-683-1900

**MAIL ADDRESS:**
- **STREET 1:** 320 NORTH SANGAMON STREET
- **STREET 2:** SUITE 1200
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Brainsway Ltd.**

*(Name of Issuer)*

**Ordinary Shares, par value NIS 0.04 per share; American Depository Shares, each representing two Ordinary Shares**

*(Title of Class of Securities)*

**10501L106**

*(CUSIP Number)*

**Antonio J. Gracias**<br>c/o Valor Management LLC<br>320 North Sangamon Street, Suite 1200,<br>Chicago IL 60607<br>(312) 683-1900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/06/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor BrainsWay Holdings, LLC** | Name of reporting person<br>**Valor BrainsWay Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 American Depository Shares ("ADSs").

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Ventures II L.P.** | Name of reporting person<br>**Valor Siren Ventures II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Partners II-A L.P.** | Name of reporting person<br>**Valor Siren Partners II-A L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Siren Partners II-B L.P.** | Name of reporting person<br>**Valor Siren Partners II-B L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADS.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor SV Associates II L.P.** | Name of reporting person<br>**Valor SV Associates II L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor SV Capital II LLC** | Name of reporting person<br>**Valor SV Capital II LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Management L.P.** | Name of reporting person<br>**Valor Management L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Management LLC** | Name of reporting person<br>**Valor Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Valor Funds Group LLC** | Name of reporting person<br>**Valor Funds Group LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | Aggregate amount beneficially owned by each reporting person<br>**5314950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.7%** | Percent of class represented by amount in Row (11)<br>**13.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** (1) Amount reflects Ordinary Shares represented by 2,657,475 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Jonathan Shulkin** | Name of reporting person<br>**Jonathan Shulkin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**536494.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**536494.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5851444.00** | Aggregate amount beneficially owned by each reporting person<br>**5851444.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.0%** | Percent of class represented by amount in Row (11)<br>**15.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Aggregate amount reflects Ordinary Shares represented by 2,925,722 ADSs.

| **CUSIP No.** | **10501L106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Antonio Gracias** | Name of reporting person<br>**Antonio Gracias** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**487000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**5314950.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**487000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**5314950.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**5801950.00** | Aggregate amount beneficially owned by each reporting person<br>**5801950.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.9%** | Percent of class represented by amount in Row (11)<br>**14.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

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**Comment for Reporting Person:** (1) Aggregate amount reflects Ordinary Shares represented by 2,900,975 ADSs.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, par value NIS 0.04 per share; American Depository Shares, each representing two Ordinary Shares

**(b) Name of Issuer:**
Brainsway Ltd.

**(c) Address of Issuer's Principal Executive Offices:**
16 Hartum Street, RAD Tower, 14th floor, Har HaHotzum, Jerusalem, L3, 9777516

This Amendment No. 2 to Schedule 13D is being filed by the Reporting Persons named herein and amends and supplements the Schedule 13D of the Reporting Persons initially filed on November 13, 2024, as amended by Amendment No. 1 to Schedule 13D filed on July 1, 2025 (together, the "Original Schedule 13D"). Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Original Schedule 13D. Except as amended hereby, the information set forth in the Original Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby supplemented as follows:

On October 6, 2025, Valor BrainsWay delivered to the Issuer a notice of exercise in which it exercised in full the Warrant to Purchase American Depositary Shares issued to Valor BrainsWay on November 5, 2024 (as subsequently amended, the "Warrant") that entitled Valor BrainsWay to purchase up to 1,500,000 American Depository Shares ("ADSs"), representing up to 3,000,000 Ordinary Shares, at an exercise price of US$9.50686 per ADS.  Valor BrainsWay was permitted to exercise the Warrant on a cashless exercise basis, which based on the closing price of the ADS on September 30, 2025 will result in Valor BrainsWay being issued a total of 553,730 ADSs upon settlement of the exercise.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.  Beneficial ownership of Shares over which Mr. Shulkin has sole voting and dispositive power are held through an entity of which he is the sole owner.  The percent of class reported as beneficially owned on the cover pages of this Statement is based on 37,798,726 Ordinary Shares outstanding as of June 30, 2025 (as reported by the Issuer in its Condensed Consolidated Unaudited Interim Financial Statements furnished in its Form 6-K filed on September 30, 2025) plus the Shares issued upon exercise of the Warrant and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

**(b)**
The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.  Beneficial ownership of Shares over which Mr. Shulkin has sole voting and dispositive power are held through an entity of which he is the sole owner.  The percent of class reported as beneficially owned on the cover pages of this Statement is based on 37,798,726 Ordinary Shares outstanding as of June 30, 2025 (as reported by the Issuer in its Condensed Consolidated Unaudited Interim Financial Statements furnished in its Form 6-K filed on September 30, 2025) plus the Shares issued upon exercise of the Warrant and is calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

**(c)**
Other than as set forth in Item 4, none of the Reporting Persons has effected any transactions in the ADSs or Ordinary Shares during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information included in Item 4 is incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor BrainsWay Holdings, LLC

**Signature:** /s/ Jonathan Shulkin

**Name/Title:** Jonathan Shulkin/Authorized Signatory

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Ventures II L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** By: Valor SV Associates II L.P., its general partner

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Partners II-A L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** By: Valor SV Associates II L.P., its general partner

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Siren Partners II-B L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** By: Valor SV Associates II L.P., its general partner

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor SV Associates II L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** By: Valor SV Capital II LLC, its general partner

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor SV Capital II LLC

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** By: Valor Management L.P., its managing member

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Management L.P.

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias/CEO

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Management LLC

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias/CEO

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Valor Funds Group LLC

**Signature:** /s/Antonio J. Gracias

**Name/Title:** Antonio J. Gracias/Managing Member

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Jonathan Shulkin

**Signature:** /s/ Jonathan Shulkin

**Name/Title:** Jonathan Shulkin

**Date:** 10/08/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Antonio Gracias

**Signature:** /s/ Antonio J. Gracias

**Name/Title:** Antonio J. Gracias

**Date:** 10/08/2025