# EDGAR Filing Document

**Accession Number:** 0001828098
**File Stem:** 0001213900-25-080945
**Filing Date:** 2025-8
**Character Count:** 84025
**Document Hash:** 8cc3383c36ed43adef1e2b160857a0f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-080945.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001213900-25-080945

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Steakholder Foods Ltd.
- **CENTRAL INDEX KEY:** 0001828098
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOD & KINDRED PRODUCTS [2000]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40173
- **FILM NUMBER:** 251260157

**BUSINESS ADDRESS:**
- **STREET 1:** 5 DAVID FIKES ST.,
- **CITY:** REHOVOT
- **STATE:** L3
- **ZIP:** 7632805
- **BUSINESS PHONE:** 972-73-332-2853

**MAIL ADDRESS:**
- **STREET 1:** 5 DAVID FIKES ST.,
- **CITY:** REHOVOT
- **STATE:** L3
- **ZIP:** 7632805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MeaTech 3D Ltd.
- **DATE OF NAME CHANGE:** 20210224

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Meat-Tech 3D Ltd.
- **DATE OF NAME CHANGE:** 20201013

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 2 0549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE MONTH OF AUGUST 2025**

**COMMISSION FILE NUMBER 001-40173**

**Steakholder Foods Ltd.**

(Translation of registrant's name into English)

**Steakholder Foods Ltd. 5 David Fikes St., Rehovot 7632805 Israel**

**+972 -73-541-2206**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K**

**Explanatory Note**

This Report of Foreign Private Issuer on Form 6-K (this "Form 6-K") is being furnished by Steakholder Foods Ltd. ("Steakholder Foods") to the Securities and Exchange Commission (the "SEC") for the sole purposes of: (i) furnishing, as Exhibit 99.1 to this Form 6-K, unaudited consolidated interim financial statements of Steakholder Foods as at and for the six-month period ended June 30, 2025; and (ii) furnishing, as Exhibit 99.2 to this Form 6-K, Management's Discussion and Analysis of Financial Condition and Results of Operations, which discusses and analyzes Steakholder Foods' financial condition and results of operations as at and for the six-month period ended June 30, 2025.

The following exhibits are furnished as part of this Form 6-K:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Unaudited Consolidated Interim Financial Statements as at June 30, 2025](ea025365801ex99-1_steak.htm) |
| 99.2 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](ea025365801ex99-2_steak.htm) |
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Condensed Consolidated Interim Statements of Financial Position, (ii) Unaudited Condensed Consolidated Interim Statement of Income and of Comprehensive Loss, (iii) Unaudited Condensed Consolidated Interim Statements of Changes in Equity, (v) Unaudited Condensed Consolidated Interim Statements of Cash Flows, and (vi) the Notes to the Condensed Consolidated Interim Financial Statements. |

---

Exhibit 99.1 and 99.2 to this Report on Form 6-K shall be deemed to be incorporated by reference into Steakholder Foods' registration statements on Form F-3 (File Nos. [333-276845](https://www.sec.gov/Archives/edgar/data/1828098/000121390024009641/ea192568-f3_steakholder.htm), [333-285501](https://www.sec.gov/Archives/edgar/data/1828098/000121390025019436/ea0232368-f3_steakholder.htm), [333-286445](https://www.sec.gov/Archives/edgar/data/1828098/000121390025030116/ea0237494-f3_steakhold.htm) and [333-289323](https://www.sec.gov/Archives/edgar/data/1828098/000121390025072614/ea0251932-f3_steakhold.htm)) and Form S-8 (File Nos. [333-255419](https://www.sec.gov/Archives/edgar/data/1828098/000117891321001402/zk2125901.htm), [333-267045](https://www.sec.gov/Archives/edgar/data/1828098/000117891322003225/zk2228383.htm), [333-271112](https://www.sec.gov/Archives/edgar/data/1828098/000117891323001333/zk2329408.htm), [333-279010](https://www.sec.gov/Archives/edgar/data/1828098/000121390024037863/ea0204840-s8_steakhold.htm) and [333-286245](https://www.sec.gov/Archives/edgar/data/1828098/000121390025025760/ea0236254-s8_steakholder.htm)).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Steakholder Foods Ltd.** | **Steakholder Foods Ltd.** | **Steakholder Foods Ltd.** |
| By: | /s/ Arik Kaufman | /s/ Arik Kaufman |
|  | Name: | Arik Kaufman |
|  | Title: | Chief Executive Officer |

---

Date: August 27, 2025

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**STEAKHOLDER FOODS LTD**

**<u>Steakholder Foods Ltd.</u>**

**<u>Unaudited Condensed Consolidated Financial Statements As At June 30, 2025</u>**

---

| | |
|:---|:---|
| **Financial statements of Steakholder Foods Ltd.** | |
| **Contents:** | |
|  | <br>**Page** |
| [Unaudited Condensed consolidated balance sheets](#fin_001) | F-2 |
| [Unaudited Condensed consolidated statement of comprehensive loss](#fin_002) | F-3 |
| [Unaudited Condensed consolidated statements of changes in equity](#fin_003) | F-4 |
| [Unaudited Condensed consolidated statements of cash flows](#fin_004) | F-6 |
| [Notes to the condensed consolidated financial statements](#fin_005) | F-7 |

---

**STEAKHOLDER FOODS LTD**

**CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED)**

**U.S. dollars in thousands (except share data)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| Cash and cash equivalents | 1377 | 1260 |
| Marketable securities (including related parties) | 48 | 102 |
| Assets held for disposal | 441 | - |
| Prepaid expenses and other current assets | 245 | 411 |
| <u>Total current assets</u> | 2111 | 1773 |
| NON-CURRENT ASSETS: |  |  |
| Restricted deposits | 13 | 314 |
| Long-term loan | 54 | 54 |
| Convertible loan | 1747 | - |
| Right-of-use asset | - | 2788 |
| Property and equipment, net | 1933 | 2858 |
| <u>Total non-current assets</u> | 3747 | 6014 |
| <u>Total Assets</u> | 5858 | 7787 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| Accounts payables and accruals | 727 | 927 |
| Other liabilities | 103 | 192 |
| Trade payables | 43 | 166 |
| Current lease liability | - | 386 |
| <u>Total current liabilities</u> | 873 | 1671 |
| NON-CURRENT LIABILITIES |  |  |
| Convertible loan | 874 | - |
| Long term lease liability | - | 2069 |
| <u>Total non-current liabilities</u> | 874 | 2069 |
| COMMITMENTS AND CONTINGENT LIABILITIES |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |
| Ordinary shares – no par value, Authorized 5,000,000,000 shares. Issued and outstanding 915,704,159 and 349,603,759 at June 30, 2025 and December 31, 2024, respectively | - | - |
| Receivables on account of shares | (122) | - |
| Additional paid in capital | 86774 | 82744 |
| Accumulated deficit | (82541) | (78697) |
| <u>Total shareholders' equity</u> | 4111 | 4047 |
| <u>Total liabilities and shareholders' equity</u> | 5858 | 7787 |

---

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

**STEAKHOLDER FOODS LTD**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)**

**U.S. dollars in thousands (except share and per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025** | **2024** |
| Research and development | 1158 | 1641 |
| Marketing | 363 | 576 |
| Marketing with related party | - | 143 |
| General and administrative | 1924 | 2002 |
| Total operating loss | 3445 | 4362 |
| Financial expenses (income), net | 193 | (41) |
| Other expenses | 206 | 14 |
| Total comprehensive loss | 3844 | 4335 |
| Net loss per share – basic and diluted | 0.0071 | 0.011 |
| Weighted average shares outstanding – basic and diluted | 544608702 | 398123569 |

---

The accompanying notes are an integral part of the condensed consolidated financial statements.

**STEAKHOLDER FOODS LTD**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)**

**U.S. dollars in thousands (except per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | | |
|  | **Shares** | **Value(\*)** | **Receivables <br> on account**<br> **of shares** | **Additional <br> Paid-in**<br>**Capital** | **Accumulated**<br>**deficit** | **Total <br> Shareholders'**<br>**Equity** |
| Balance as of December 31, 2024 | 349603759 |  | &nbsp;&nbsp;&nbsp;&nbsp; - | 82744 | (78697) | 4047 |
| Share-based compensation | 20645500 |  |  | 184 |  | 184 |
| Issuance of shares and warrants, net | 527987700 |  | (122) | 3686 |  | 3564 |
| Issuance of shares according to the ATMOA | 17467200 |  |  | 160 |  | 160 |
| Net loss for the period | - |  | - | - | (3844) | (3844) |
| Balance as of June 30, 2025 | 915704159 |  | (122) | 86774 | (82541) | 4111 |

---

(\*) No par value

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

**STEAKHOLDER FOODS LTD**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | | | |
|  | **Shares** | **Value(\*)** | **Additional Paid-in**<br>**Capital** | **Accumulated**<br>**deficit** | **Total Shareholders'**<br>**Equity** |
| Balance as of December 31, 2023 | 251756047 |  | 76058 | (70176) | 5882 |
| Share-based compensation | 6050080 |  | 233 |  | 233 |
| Exercise and issuance of warrants, net | 24440000 |  | 5985 |  | 5985 |
| Net loss for the period | - |  | - | (4335) | (4335) |
| Balance as of June 30, 2024 | 282246127 |  | 82276 | (74511) | 7765 |

---

(\*) No par value

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

**STEAKHOLDER FOODS LTD**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)**

**U.S. dollars in thousands**

---

| | | |
|:---|:---|:---|
|  | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025** | **2024** |
| <u>Cash flows from operating activities:</u> |  |  |
| Net Loss | (3844) | (4335) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation | 481 | 228 |
| Change in fair value of marketable securities (including related parties) | 36 | 109 |
| Reduction in the carrying amount of right of use assets | 2788 | 209 |
| Change in operating lease liabilities | (2480) | (205) |
| Share-based compensation | 184 | 90 |
| Loss on Disposal of Fixed Assets | 3 | - |
| Share-based compensation with related party | - | 143 |
| Decrease (increase) in prepaid expenses and other current assets | 176 | (258) |
| Other expenses | - | 14 |
| Foreign exchange gain or losses | 46 | (59) |
| Non-cash finance expenses | 160 | - |
| increase (decrease) in trade payables | (4) | 218 |
| Decrease in other liabilities | (97) | - |
| Interest income | (7) | - |
| Interest expenses | 4 | - |
| Decrease in accounts payables and accruals | (261) | (530) |
| Net cash used in operating activities | (2815) | (4376) |
| <u>Cash flows from investing activities:</u> |  |  |
| Acquisition of fixed assets | (74) | (344) |
| Decrease (increase) in restricted deposit | 312 | (7) |
| Proceeds from realization of property and equipment | 22 | 28 |
| Grant of short-term loan | - | (52) |
| Investment in convertible loan | (1740) | - |
| Investment in marketable securities (including related parties) | 22 | - |
| Net cash used in investing activities | (1458) | (375) |
| <u>Cash flows from financing activities:</u> |  |  |
| Proceeds from issuance of shares and warrants | 3677 | - |
| Issuance costs | (183) | (619) |
| Proceeds from issuance and exercise of warrants | - | 6604 |
| Proceeds from convertible loans | 870 | - |
| Net cash provided by financing activities | 4364 | 5985 |
| Effect of exchange rate changes on cash and cash equivalents | 26 | (46) |
| Increase in cash and cash equivalents | 117 | 1188 |
| Cash and cash equivalents, beginning of the year | 1260 | 4248 |
| Cash and cash equivalents end of the period | 1377 | 5436 |
| <u>Supplemental disclosure of cash flow information:</u> |  |  |
| Non-cash purchase of property and equipment | - | 91 |
| Non-cash Issuance costs | 5 | - |
| Receivables on account of shares | 122 | - |

---

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

**STEAKHOLDER FOODS LTD**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)**

**NOTE 1 – GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Steakholder Foods Ltd.
(formerly Ophectra Real Estate and Investments Ltd., Meat-Tech 3D Ltd. and MeaTech 3D Ltd.) (the "Company") was incorporated
in Israel on July 22, 1992 as a private company limited by shares in accordance with the Companies Ordinance, 1983, and later
a publicly-traded company whose ordinary shares were listed for trade on the Tel Aviv Stock Exchange (TASE). In March 2021, the Company
completed an initial public offering on the Nasdaq Capital Market (Nasdaq), listing American Depositary Shares (ADSs), each representing
one hundred (100) ordinary shares of no par value, for trade under the ticker STKH, and later voluntarily de-listed its ordinary shares
from the TASE. The Company's official address is 5 David Fikes St., Rehovot, Israel. In July 2022, the Company changed its name
from MeaTech 3D Ltd. to Steakholder Foods Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company is developing and selling two types of 3D-printing
production machines, plant-based premix blends and plant-based products that aim to replicate the complex textures of traditional meats
such as beef steaks, white fish, shrimp, and eel. Also, the Company is exploring the integration of cultivated cells, preparing for future
advancements in food technology. The Company believes that its alternative protein and cultivated meat technologies hold significant
potential to reduce the environmental impact of food production (including reducing carbon footprint and promoting biodiversity), improve
the supply chain, and offer consumers a range of new product offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Since its inception, the Company has incurred significant
losses and negative cash flows from operations and as of June 30, 2025, has an accumulated deficit of USD 82,541 thousand. The Company
has financed its operations mainly through fundraising from various investors. The Company's management expects that the Company
may continue to generate losses and negative cash flows from operations for the foreseeable future. In considering the Company's
expected cash usage, the Company's cash balance as of June 30, 2025, and as of the date of approval of the financial statements
is not sufficient to continue the Company's operations for at least 12 months, which raises substantial doubt about the Company's
ability to continue as a going concern.

In order to continue the Company's operations, including research and development and sales and marketing, the Company is looking to secure financing from various sources, including capital inflows from strategic partnerships or additional investment funding (See also Note 3 and Note 11). There is no assurance that the Company will be successful in obtaining the level of financing necessary to finance its operations. If the Company is unsuccessful in securing sufficient financing, it may need to cease operations. The condensed consolidated interim financial statements do not include any adjustments that might result from the outcome of this uncertainty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Since October 2023, Israel has been in a state of war, which escalated in June 2025 before a ceasefire was reached.
Some employees were called to reserve duty; however, our product and business development activities remain on track. The situation remains
volatile, and its duration and impact are uncertain. The Company has not identified any material adverse effect on its operations or financial
statements as of June 30, 2025.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of preparation:

 

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's 2024 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's Annual Report on Form 20-F for the year ended December 31, 2024.

The results of operations for the six months ended June 30, 2025 shown in these financial statements are not necessarily indicative of the results to be expected for the full year ending December 31, 2025*.*

**STEAKHOLDER FOODS LTD**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)**

&nbsp;&nbsp;&nbsp;&nbsp;B. Use of Estimates

The preparation of condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated interim financial statements and accompanying notes. The accounting and measurement estimates that require management's subjective judgments include, but are not limited to, those related to share-based compensation, and the fair value measurement of financial instrument at each reporting period. The Company evaluates its estimates and judgments on an ongoing basis and revises them when necessary. Actual results may differ from the original or revised estimates.

The Company classifies the Any Market Purchase Agreements (ATMOA) entered (see Note 3B) as a derivative instrument measured at fair value at each reporting period, as settlement provisions under this agreement are not indexed to the Company's own stock.

The Company classifies assets as held for sale (see Note 4A) when management commits to a formal plan to actively market the assets at a reasonable price relative to fair value, the assets are available for immediate sale in their current condition, an active program to locate a buyer and complete the transaction has been initiated, the sale is expected to be completed within one year, with no significant changes anticipated to the plan. Once designated as held for sale, the Company records the assets at the lower of their carrying value or estimated fair value, less costs to sell, ceases depreciation and amortization, and reassesses their fair value each reporting period until disposal.

&nbsp;&nbsp;&nbsp;&nbsp;C. Concentrations of credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, restricted deposits, Convertible loan and marketable securities.

For cash and cash equivalents and restricted deposits, the Company is exposed to credit risk in the event of default by the financial institutions to the extent of the amounts recorded on the consolidated balance sheets exceed government-insured limits. The Company maintains its cash and cash equivalents and restricted deposits with financial institutions that management believes is of high credit quality and has not experienced any losses on these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;D. Significant accounting policies

The accounting policies applied in these interim financial statements are the same as those applied in the Company's annual audited consolidated financial statement for the year ended December 31, 2024.

**NOTE 3 – SHAREHOLDERS' EQUITY**

&nbsp;&nbsp;&nbsp;&nbsp;A. On February 27, 2025, the Company entered into a securities purchase agreement
(the "SPA") with a certain investor ("the Investor"), whereby the Investor purchased, following true-up adjustment:
(i) 38,532 ADSs, each representing one hundred (500) ordinary shares, no par value, at a final offering price of $5.6955 per ADS, (ii)
warrants to purchase up to 219,472 ADSs with an exercise price of $10.00 per ADS, and (iii) pre-funded warrants to purchase up to 180,940
ADSs, where the purchase of ADSs pursuant to the SPA would have otherwise resulted in the Investor, together with its affiliates and certain
related parties, beneficially owning more than 4.99% of the Company's outstanding ADSs immediately following the consummation of
the SPA. The Investor purchased each pre-funded warrant for $5.695. The gross proceeds were approximately $1.25 million, and the net proceeds
were approximately $1.2 million. Issuance costs were recognized as a reduction in equity. Each of the pre-funded warrants is exercisable
for one ADS at an exercise price of $0.0005 per ADS, is immediately exercisable and may be exercised at any time until all of the pre-funded
warrants are exercised in full. The warrants and pre-funded warrants were classified as equity.

&nbsp;&nbsp;&nbsp;&nbsp;B. On February 27, 2025, the Company entered into an At-the-Money Offering Agreement ("ATMOA")
with the Investor, establishing an $8 million equity line of credit (the "Commitment Amount") with the Investor. Pursuant
to the ATMOA, the Company shall have the right, but not the obligation, to issue to the Investor, and the Investor is obligated to purchase
upon notification, up to $0.5 million in ADSs (unless mutually agreed on an amount of up to $3 million) at any one time, and $8 million
in total over the duration of the ATMOA. The purchase price in respect of any purchase notice shall equal 6% less than the lowest dollar
volume-weighted average price of the ADSs during the five business days prior to the closing of any purchase thereunder.

**STEAKHOLDER FOODS LTD**

**NOTE 3 – SHAREHOLDERS' EQUITY (CONT.)**

In April 2025, in consideration for the Investor's execution and delivery of the ATMOA, the Company paid the Investor 34,934 ADSs, as a commitment fee equal to two percent of the Commitment Amount (based on the dollar volume-weighted average price of the ADSs preceding the issuance date). Accordingly, financing expenses of $160 thousand were recognized as an increase in Additional Paid-In Capital.

The ATMOA cannot be used to the extent that it would require the allocation of ADSs, if those ADSs, when aggregated with all other ADSs and ordinary shares then beneficially owned by the Investor and its affiliates, would result in the Investor and its affiliates having beneficial ownership of more than 4.99% of the voting power of the Company and the number of ordinary shares and ADSs outstanding immediately after their allocation.

The ATMOA will automatically terminate on the earlier of (i) June 30, 2026; (ii) the date on which the ADSs cease trading on the Nasdaq; and (iii) the date on which the Investor has purchased $8 million worth of ADSs pursuant to the ATMOA.

&nbsp;&nbsp;&nbsp;&nbsp;C. From January 1, 2025 through June 30, 2025, the Company sold 522,017 ADSs under its At-the-Market offering,
generating gross proceeds of approximately $1.7 million and net proceeds of approximately $1.62 million of which $0.12 million were received
after the cut-off date, after deducting underwriter fees of approximately $0.08 million. Since July 1, 2025, the Company has sold an additional
143,002 ADSs under the At-the-Market offering, resulting in gross proceeds of approximately $0.5 million and net proceeds of approximately
$0.48 million, after deducting underwriter fees of approximately $0.02 million.

&nbsp;&nbsp;&nbsp;&nbsp;D. On April 28, 2025, the Company effected an adjustment to the ratio of ordinary shares to American Depositary
Shares ("ADSs") at a ratio of 5:1, such that after the ratio adjustment was effected, every 5 ADSs were consolidated into
1 ADS and each ADS now represents five hundred (500) ordinary shares, instead of one hundred (100) ordinary shares prior to the ratio
adjustment. All share and per share amounts, and exercise prices of stock options, warrants, and pre-funded warrants, if applicable, in
the condensed consolidated interim financial statements and notes thereto have been adjusted for all periods presented to give effect
to this adjustment to the ratio of ordinary shares to ADSs.

The table below summarizes the Company's equity securities in ADS terms, as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants <br> outstanding <br> as of <br> June 30, <br> 2025** | **Exercise <br> price in <br> USD** | **Expiration <br> date** |
| Pre-funded warrants (\*) | - | 0.01 | - |
| Shares in abeyance | - | - | - |
| Ordinary warrants | 825507 | 10-62.50 | 3-4.6 years  |
| Total outstanding | 825507 | - | - |

---

(\*) During the six months ended June 30, 2025, 180,940 ADS pre-funded warrants were exercised.

**NOTE 4 – EVENT DURING THE PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;A. On March 20, 2025, as part of the Company's cost-reduction strategy, the Company signed an amendment to the lease agreement (amendment lease agreement) in regards with the lease agreement of the laboratory and offices of the Company, originally signed in 2021. The original lease was signed for a four-year term with an option to extend the lease for an additional four-year term. According to the amendment lease agreement, a third party will take over the lease agreement from the Company and the Company will sublease the property from March through November 2025 in a reduced amount, effectively reducing the Company's rental expenses by about 50%. As such the right-of-use asset and the lease liability, which were valued at USD 2.8 million and USD 2.4 million, respectively, as of December 31, 2024, are not presented as of the balance sheet date. The Company had no penalty in regards to the early termination of the original lease due to the replacement of the third party as the lessee in the original lease agreement. In addition, under the terms of the amendment lease agreement, certain
assets, primarily leasehold improvements and some furniture, are to be sold by the Company to the third party. As a result, the Company
classified USD 441 thousand as assets held for disposal as of June 30, 2025.

On July 9, 2025, the Company established a bank guarantee in connection with the sublease agreement, backed by a restricted deposit of USD 189 thousand. As the restricted deposit was made subsequent to June 30, 2025, no restricted cash was recognized in the accompanying financial statements.

**STEAKHOLDER FOODS LTD**

**NOTE 4 – EVENT DURING THE PERIOD (CONT.)**

&nbsp;&nbsp;&nbsp;&nbsp;B. On June 5, 2025, the Company entered into a securities purchase agreement with Gefen Capital
Investments LP – Series Twine for a private placement of 124,286 ADSs at $7.00 per ADS, raising gross proceeds of $870,000. The
placement closed on June 10, 2025. Proceeds are designated for funding Twine Solutions Ltd. under a convertible loan agreement.

On the same date, the Company entered into a $870,000 convertible loan agreement with D.B.W. Holdings (2005) Ltd., bearing 8% annual interest and maturing on May 30, 2027. If the Company acquires all of Twine's share capital by August 30, 2025 (or within a 30-day extension), the loan will convert into ADSs at $7.00 per share. Otherwise, it remains repayable at maturity. The Company also committed to register the resale of conversion shares.

Additionally, the Company provided Twine with a $1.74 million convertible loan, bearing 8% interest and maturing on August 31, 2025 (extendable by 30 days). If the acquisition is completed before maturity, the Company may convert the loan into Twine Series BB Preferred Shares at $0.02079 per share. If not, the loan converts automatically at maturity. All agreements include customary terms and conditions.

On June 5, 2025, the Company entered into a non-binding memorandum of understanding with Twine with respect to the Acquisition Transaction. The Acquisition Transaction remains subject to final due diligence, definitive agreements, approval by the Company's shareholders at a general meeting and customary closing conditions.

**NOTE 5 – ACCOUNT PAYABLES AND ACCRUALS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Accrued expenses |  | 266 |  | 394 |
| Employee benefits |  | 451 |  | 523 |
| Other | | 10 | | 10 |
|  | | 727 | | 927 |

---

**NOTE 6 – FAIR VALUE MEASUREMENT** 

The Company applies ASC Topic 820, Fair Value Measurement ("ASC 820"), that defines fair value and establishes a framework for measuring and disclosing fair value. The Company measures certain financial assets and liabilities at fair value based on applicable accounting guidance using a fair value hierarchy, which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value.

**STEAKHOLDER FOODS LTD**

**NOTE 6 – FAIR VALUE MEASUREMENT (CONT.)**

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following tables present information about the Company's financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  | **Fair value measurements using input type** | **Fair value measurements using input type** | **Fair value measurements using input type** | **Fair value measurements using input type** |
|  | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial Assets:** |  |  |  |  |
| Marketable securities | $48 | $48 | $- | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Fair value measurements using input type** | **Fair value measurements using input type** | **Fair value measurements using input type** | **Fair value measurements using input type** |
|  | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Financial Assets:** |  |  |  |  |
| Marketable securities | $102 | $102 | $- | $- |

---

The Company re-measured the asset using a Level 1 fair value measurement, as its prices are quoted in an active market.

*ATMOA*

 

The Company's At-the-Market Offering Agreement (ATMOA), as described in Note 3B, is, in substance, a purchased call option over the Company's own shares. Accordingly, the ATMOA has no substantial fair value until shares are sold under the agreement. Upon the sale of shares under the ATMOA, the difference between the cash proceeds received (net of transaction costs) and the closing price of the Company's ordinary shares on the date of issuance is recognized as financing income or expense. As of June 30, 2025, the fair value of the ATMOA is zero.

Fair value gain and losses arising from the ATMOA are measured with reference to the spot price of the Company's shares sold, less consideration receivable from the ATMOA Investor.

**NOTE 7 – SEGMENT REPORTING**

The Company operates and manages its business as one reportable and operating segment - development and sales of 3D printing production machines and plant-based products. The Company's chief operating decision maker is the Chief Executive Officer. The Company's chief operating decision maker uses consolidated operating loss and net loss to measure segment profit or loss, allocate resources, and assess performance.

To make operating decisions, the CODM examines, within each operational function, the payroll and employee benefits. The accounting policies of the development and sales of 3D printing production machines and plant-based products segment are the same as those described in the summary of significant accounting policies. The CODM does not examine the segment's assets.

The following table presents the operations for the reportable segment during the six months ended June 30, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** |
| Research and development **-** Payroll and Employee benefits | 779 | 1126 |
| Marketing **-** Payroll and Employee benefits | 262 | 249 |
| General and administrative **-** Payroll and Employee benefits | 392 | 565 |
| Depreciation and amortization expenses | 481 | 228 |
| Share-based compensation expenses | 184 | 233 |
| Other operating expenses (\*) | 1347 | 1961 |
| **Total operating expenses** | 3445 | 4362 |
| Loss from marketable securities | 36 | 109 |
| Interest income | (13) | (122) |
| Other financial expenses (income), net | 170 | (28) |
| Other expenses | 206 | 14 |
| Loss for the year | 3844 | 4335 |

---

(\*) Other operating expenses include materials, directors and officers insurance, public relations and advertising, consulting and professional services, corporate costs and facility costs.

**STEAKHOLDER FOODS LTD**

**NOTE 8 – SHARE-BASED COMPENSATION**

The Company has adopted a share-based compensation plan, the 2022 Share Incentive Plan (the Plan), from which share-based compensation awards can be granted to employees, directors and consultants. As of June 30, 2025, there were 206,337 ADSs authorized for issuance and not yet issued under the Plan.

The Company has issued stock option and restricted share unit (RSU) awards to management, other employees, consultants, and directors. These awards generally vest ratably over a three-year period and the option awards expire after a term of five years or four years from the date of grant. The Company's option and RSUs awards have vesting conditions based on service periods. During the first six months of 2025, the Company allocated RSUs vesting into 1,500 ADSs to an officer. In addition, the Company allocated 37,197 ADSs to employees in lieu of annual bonuses.

The fair value of the Company's stock options granted to a consultant for the six months ended June 30, 2024 were estimated using the following assumptions:

---

| | |
|:---|:---|
|  | **2024** |
| Expected volatility | 91.04% |
| Risk free interest rate | 4.73% |
| Expected dividend | 0% |
| Expected term (in years) | 5 years |

---

The expected volatility was determined on the basis of a weighted average share price volatility of the Company, as well as similar companies, for a period equal to the share options expected terms. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. Share price was determined according to quoted share prices on Nasdaq.

Transactions related to the grant of options to employees, directors and consultant under the Company's options plan during the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> options** | **Weighted<br> average <br> exercise<br> price<br> (USD)** | **Weighted<br> average<br> remaining<br> contractual<br> term<br> (in years)** | **Aggregate<br> Intrinsic<br> Value<br> (USD)** |
| Outstanding at January 1, 2025 | 8698270 | 0.6 | 5.3 | 0.02 |
| Expired | (771000) | 0.64 | - | - |
| Outstanding at June 30, 2025 | 7927270 | 0.06 | 5.3 | 0.02 |
| Vested and expected to vest at end of period | 7927270 | 0.06 | 5.3 | - |
| Exercisable at June 30, 2025 | 7927270 | 0.06 | 5.3 | - |

---

Transactions related to restricted share units (RSUs) during the six months ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of<br> RSU and <br> PSU** | **Weighted<br> average<br> grant date<br> fair value<br> (USD)** |
| Outstanding at January 1, 2025 | 6406300 | 0.04 |
| Granted | 19348500 | 0.01 |
| Vested | (20645500) | 0.01 |
| Forfeited | (410800) | 0.07 |
| Outstanding at June 30, 2025 | 4698500 | 0.04 |

---

The total equity-based compensation expense related to all of the Company's equity-based awards recognized for the six months ended June 30, 2025 and 2024 amounted for approximately USD 184 thousand and USD 233 thousand, respectively.

**STEAKHOLDER FOODS LTD**

**NOTE 9 - BASIC AND DILUTED NET LOSS PER ORDINARY SHARE**

The Company follows FASB ASC 260, Earnings Per Share ("ASC 260"), which requires the reporting of both basic and diluted earnings per ordinary share. Earnings per share ("EPS") is calculated using the weighted average number of ordinary shares outstanding during each period.

Basic earnings per share is computed by dividing net loss from continuing operations and net loss from discontinued operations attributable to ordinary shareholders by the weighted-average number of ordinary shares, including (i) pre-funded warrants to purchase ordinary shares, outstanding for the period because their exercise requires only little or no consideration. (ii) shares held in abeyance because there is no consideration required for delivery of the shares.

Diluted net loss per share is computed by dividing the net loss by the weighted-average number of ordinary shares and dilutive ordinary share equivalents outstanding for the period determined using the treasury-share and if-converted methods, as applicable. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be anti-dilutive.

A reconciliation of net loss available to ordinary shareholders and the number of shares in the calculation of basic and diluted loss per share is as follows (in thousands, except share and per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** | **Six months ended <br> June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
| Net loss attributable to ordinary shareholders |  | 3844 |  | 4335 |
| Weighted-average shares used in computing net loss per share, basic and diluted |  | 544608702 |  | 398123569 |
| Net loss per share, basic and diluted |  | 0.0071 |  | 0.011 |

---

In computing diluted loss per share for the six months ended June 30, 2025 and 2024, no account was taken of the potential dilution that could occur upon the exercise of warrants, conversion of convertible loan, options granted under employee stock compensation plans, and contingently issuable shares, amounting to 487,798,059 and 322,195,110 shares outstanding, respectively, since they had an anti-dilutive effect on net loss per share.

**NOTE 10 – RELATED PARTY BALANCES AND TRANSACTIONS**

The directors of the Company are entitled to a service fee and share-based compensation (and in the case of the Chairman of the Board, domestic travel expenses and an annual performance-based bonus). In the six months ended June 30, 2025 and 2024, the Company incurred net expenses of USD 358 thousand and USD 485 thousand, respectively, for directors fees and share-based compensation in the condensed consolidated interim financial statement of comprehensive loss.

Mr. Kaufman, CEO of the company, and Yaron Kaiser, Chairman, are also founding partners of BlueOcean Sustainability Fund, LLC, doing business as BlueSoundWaves which provides the Company with marketing, consulting, and investor engagement services in the U.S., in exchange for warrants to purchase ordinary shares and restricted share units, which are recognized as share-based payments expenses. In the six months ended June 30, 2024, the Company incurred net marketing expenses of USD 143 thousand, to this related party.

**STEAKHOLDER FOODS LTD**

**NOTE 11 – SUBSEQUENT EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;A. On July 16, 2025, the Company offered and sold in a public offering on a best efforts basis (the "Offering")
(i) 184,174 ADSs, (ii) 2,196,780 pre-funded warrants to purchase up to 2,196,780 ADSs (the "Pre-Funded Warrants"), and (iii)
2,380,954 warrants to purchase up to 2,380,954 ADSs (the "Common Warrants" and together with the Pre-Funded Warrants, the
"Warrants"), at a combined public offering price of $1.05 per ADS and accompanying Common Warrant, and $1.04 per Pre-Funded
Warrant and accompanying Common Warrant. Aggregate gross proceeds from the Offering (without taking into account any proceeds from any
future exercises of Warrants) were approximately $2.5 million, and net proceeds were approximately $2.04 million, after deducting the
fees and expenses of H.C. Wainwright & Co., LLC, which acted as the sole placement agent (the "Placement Agent") and other
offering expenses payable by the Company. The Offering closed on July 17, 2025.

The Pre-Funded Warrants were exercisable at any time at an exercise price of $0.01 per ADS and have been exercised as of the date hereof. The Common Warrants have an exercise price of $1.05 per ADS, are immediately exercisable, and expire on the five-year anniversary of the date of issuance.

The Placement Agent acted on a "best efforts" basis, in connection with the Offering. The Company issued to the Placement Agent or its designees 166,667 warrants to purchase up to 166,667 ADSs, representing 7.0% of the sum of the ADSs and Pre-Funded Warrants sold in the Offering (the "Placement Agent Warrants"). The Placement Agent Warrants have substantially the same terms as the Common Warrants issued and sold in the Offering, except that the Placement Agent Warrants have an exercise price of $1.3125 per ADS (representing 125% of the combined public offering price per ADS and accompanying Common Warrant) and will expire on July 16, 2030.

## Exhibit 99.2

**Exhibit 99.2**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and results of operations provides information that we believe to be relevant to an assessment and understanding of our results of operations and financial condition for the periods described. This discussion should be read in conjunction with our condensed consolidated interim financial statements and the notes to the financial statements, which are included in this Report of Foreign Private Issuer on Form 6-K. In addition, this information should also be read in conjunction with the information contained in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission, or the SEC, on March 31, 2025, or the Annual Report, including the consolidated annual financial statements as of December 31, 2024 and their accompanying notes included therein.*

***Forward-Looking Statements***

This Report of Foreign Private Issuer on Form 6-K contains historical information and forward-looking statements concerning Steakholder Foods' business, operations and financial performance and condition as well as plans, objectives, and expectations for Steakholder Foods' business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect Steakholder Foods' current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause Steakholder Foods' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan" or words or phases of similar meaning and include, without limitation, Steakholder Foods' expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before Steakholder Foods can potentially launch commercial sales; Steakholder Foods' research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; Steakholder Foods' ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; our ability to identify, evaluate and complete any strategic alternative or acquisition that yields value for our shareholders; security, political and economic instability in the Middle East that could harm our business, including due to the current security situation in Israel; and other risks and uncertainties, including those identified in the Annual Report. New risks and uncertainties may emerge from time to time, and it is not possible for Steakholder Foods to predict their occurrence or how they will affect Steakholder Foods. If one or more of the factors affecting Steakholder Foods' forward-looking information and statements proves incorrect, then Steakholder Foods' actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, Steakholder Foods cautions you not to place undue reliance on its forward-looking information and statements. Steakholder Foods disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

The terms "Steakholder Foods," "Company," "we," "us" or "ours" in this Report of Foreign Private Issuer on Form 6-K refer to Steakholder Foods Ltd. and its subsidiaries, unless the context otherwise requires.

***General***

We are an international deep-tech food company that initiated activities in 2019 and are listed on the Nasdaq Capital Market under the ticker "STKH". We are focusing on alternative protein machinery production, initially for three-dimensional printing of meat and seafood analogs, followed by hybrid meats that combine cultivated and plant-based elements. We believe that our alternative protein and cultivated meat technologies hold significant potential to reduce the environmental impact of food production (including reducing carbon footprint and promoting biodiversity), improve the supply chain, and offer consumers a range of new product offerings.

We aim to provide production technology and associated supplies needed to commercially produce structured alternative protein products. To that end, we are developing three-dimensional printing capabilities that can mimic meat and seafood texture, flavor, nutritional values and more. Our initial commercial offering combines three-dimensional printers and their supplies, primarily plant-based ingredient blends for printing plant-based meat and fish analogs. So far, we have developed two main types of three-dimensional printer: (1) meat printer - a food production machine that produces meat analogs with a fibrous texture, mimicking meats such as beef, pork and chicken; and (2) fish printer – a food production machine that produces fish and seafood analogs with a flaky texture, such as fish and seafood.

During 2023, we focused our efforts on commercializing our three-dimensional printers and their ingredient blend supplies for plant-based foods initially. As a result, our first commercial offering is intended to affordably generate revenues for our partners and customers by manufacturing plant-based meat and fish analogs, which are not expected to require the lengthy regulatory processes associated with cultivated meats and other novel foods.

In September 2024, we announced the opening of our first full-scale Demonstration Center. The state-of-the-art facility features live demonstrations of the company's innovative 3D printers—the MX200 and HD144—showcasing real-time production of plant-based meat and seafood alternatives, and promoting customer engagement.

In September 2024, we also received a purchase order from Bondor Foods Ltd. to supply our proprietary plant-based premixes for the production of a line of white fish and salmon patties, and in October 2024, we received a purchase order from Wyler Farm Ltd. to supply premixes for the production of plant-based beef.

In November 2024, together with UMAMI Bioworks, a leading global cultivated seafood platform provider, we announced the culmination of a two-year R&D collaboration, establishing the feasibility of producing 3D-printed cultivated fish products at scalable volumes, and with the support of the Singaporean National Additive Manufacturing Innovation Cluster, or NAMIC, we aim to develop and refine 3D-printed fish fillets, targeting both local and international markets.

In July 2025, we announced that the first Steakholder-formulated, plant-based, white-fish kebabs and salmon patties have commenced sales at leading vegan specialty stores across Israel, under the brand name Green Future (Atid Yarok). The kebabs and patties are being manufactured by our partner Bondor Foods, following a pilot roll-out and commercial scale-up.

We are led by our Chief Executive Officer, Arik Kaufman, who has founded various Nasdaq- and TASE - traded foodtech companies, and is a founding partner of BlueOcean Sustainability Fund, LLC, led by Ashton Kutcher, Guy Oseary and Effie Epstein, which has partnered with us to assist in attempting to accelerate our growth. Mr. Kaufman holds extensive personal experience in the fields of food-tech and bio-tech, and has led and managed numerous complex commercial negotiations, as part of local and international fundraising, mergers and acquisitions, or M&A, transactions. We have carefully selected personnel for the rest of our executive management team who possess substantial industry experience and share our core values.

**Recent Developments**

*February 2025 ELOC*

On February 27, 2025, we entered into an Any Market Purchase Agreement, or the ELOC Purchase Agreement, with Alumni Capital LP, or Alumni, establishing an $8 million ELOC with Alumni. Pursuant to the ELOC Purchase Agreement, we may sell to Alumni up to $8 million, or the Commitment Amount, of our ADSs, or the Purchase Notice ADSs, from time to time during the term of the ELOC Purchase Agreement.

In April 2025, in consideration for Alumni's execution and delivery of the ELOC Purchase Agreement, we paid Alumni 34,934 ADSs, or the Commitment ADSs, as a commitment fee equal to two percent of the Commitment Amount, (based on the dollar volume-weighted average price of the ADSs preceding the issuance date) following the effective date of the registration statement to which the Purchase Notice ADSs or the Commitment ADSs relate.

Beginning in April 2025, when all conditions set forth in the ELOC Purchase Agreement were satisfied, and until the termination date described below, under the terms and subject to the conditions of the ELOC Purchase Agreement, from time to time, at our discretion, we have the right, but not the obligation, to issue to Alumni, and Alumni is obligated to purchase, the Purchase Notice ADSs, subject to certain limitations set forth in the ELOC Purchase Agreement. Specifically, from time to time, we may, at our discretion, direct Alumni to purchase on any single business day no greater than $500,000 in ADSs, unless waived upon mutual discretion between us and Alumni, up to an amount no greater than $3,000,000. The purchase price in respect of any purchase notice shall equal the lowest dollar volume-weighted average price of the ADSs during the five business days prior to the closing of any purchase thereunder, multiplied by 94%.

The ELOC Purchase Agreement also prohibits us from directing Alumni to purchase any ADSs if those ADSs, when aggregated with all other ADSs and Ordinary Shares then beneficially owned by Alumni and its affiliates, would result in Alumni and its affiliates having beneficial ownership, at any single point in time, of more than 4.99% of the voting power of the Company and the number of Ordinary Shares and ADSs outstanding immediately after to the issuance of Purchase Notice ADSs.

The ELOC Purchase Agreement will automatically terminate on the earlier of (i) June 30, 2026; (ii) the date on which the ADSs cease trading on Nasdaq; and (iii) the date on which Alumni shall have purchased Purchase Notice ADSs pursuant to this ELOC Purchase Agreement for an aggregate purchase price of the Commitment Amount. The ELOC Purchase Agreement does not include any of the following: (i) limitations on our use of amounts we receive as the purchase price for the ADSs sold to Alumni; (ii) financial or business covenants; (iii) restrictions on future financings; (iv) rights of first refusal; or (v) participation rights or penalties.

The ELOC Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties. Pursuant to the ELOC Purchase Agreement, on March 31, 2025, we filed a registration statement on Form F-1 to which the Purchase Notice ADSs or the Commitment ADSs relate with the SEC, covering the resale of the ADSs issued or sold to Alumni under the ELOC Purchase Agreement, which was declared effective by the SEC on April 7, 2025 .

The net proceeds under the ELOC Purchase Agreement to us will depend on the frequency and prices at which we sell our ADSs, our ability to meet the conditions set forth in the ELOC Purchase Agreement and any impacts of the ownership limitations described above. We expect that any proceeds received by us from such sales of ADSs under the ELOC Purchase Agreement will be used for working capital and general corporate purposes. As of the date of this Report of Foreign Private Issuer on Form 6-K, we have not yet issued any Purchase Notice ADSs pursuant to the ELOC Purchase Agreement.

*February 2025 Private Placement*

On February 27, 2025, we also entered into a securities purchase agreement, or the February SPA, with Alumni, whereby Alumni purchased (i) 38,532 ADSs at a final offering price of $5.6955 per ADS, (ii) warrants to purchase up to 219,472 ADSs with an exercise price of $10.00 per ADS, or the ADS Warrants, and (iii) pre-funded warrants to purchase up to 180,940 ADSs, or February Pre-Funded Warrants, to the extent the purchase of ADSs pursuant to the February SPA would have otherwise resulted in Alumni, together with its affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding ADSs immediately following the consummation of the February SPA. Each of the February Pre-Funded Warrants was exercisable for one ADS. The February Pre-Funded Warrants were purchased for $5.695 each, had an exercise price of $0.0005 per ADS, were immediately exercisable and could be exercised at any time until all of the February Pre-Funded Warrants were exercised in full.

As of June 30, 2025 and as of the date of this Report of Foreign Private Issuer on Form 6-K, all of the February Pre-Funded Warrants have been exercised, while none of the 219,472 ADS Warrants have been exercised, and all remain outstanding.

Following the closing of the transactions contemplated pursuant to the February SPA, we filed a registration statement on Form F-3, providing for the resale of the ADSs, ADSs issuable from time to time upon exercise of the February Pre-Funded Warrants and ADSs issuable from time to time upon exercise of the ADS Warrants. The registration statement was declared effective on March 13, 2025, and we have committed to make commercially reasonable efforts to have keep it effective at all times until the holder of the ADS Warrants no longer owns any ADS Warrants or February Pre-Funded Warrants.

*ADS Ratio Change*

Effective as of April 28, 2025, we adjusted the ratio of the ADSs in relation to the Ordinary Shares, or the ADS Ratio Change. The adjustment changed the ratio from one (1) ADS representing one hundred (100) Ordinary Shares to a new ratio of one (1) ADS representing five hundred (500) Ordinary Shares. This ratio adjustment essentially served as a one-for-five reverse ADS split for ADS holders.

Unless otherwise noted, the financial information, share numbers, option numbers, warrant numbers, other derivative security numbers and exercise prices appearing in this prospectus, including those as of dates prior to the completion of the ADS Ratio Change, have been adjusted to give effect to the ADS Ratio Change. Documents incorporated by reference into the registration statement of which this prospectus forms a part that were filed prior to April 28, 2025, do not give effect to the ADS Ratio Change.

*June 2025 Private Placement, Convertible Loans and Memorandum of Understanding for Acquisition Transaction*

On June 5, 2025, we entered into a securities purchase agreement, or the June 2025 Private Placement Agreement, with Gefen Capital Investments' LP. – Series Twine, or Gefen, the controlling shareholder of Twine Solutions Ltd., or Twine, for the purchase and sale in the June 2025 Private Placement of 124,286 ADS, at an offering price of $7.00 per ADS. The June 2025 Private Placement closed on June 10, 2025.

The June 2025 Private Placement Agreement contains customary representations and warranties and conditions to the sale of the ADSs pursuant thereto. The gross proceeds to us from the June 2025 Private Placement were $870,000. We used the proceeds from the June 2025 Private Placement to provide funding to Twine pursuant to the Twine Convertible Loan Agreement (as defined below).

On June 5, 2025, we entered into a convertible loan agreement, or the June 2025 Convertible Loan Agreement, with D.B.W. Holdings (2005) Ltd., or the Lender, pursuant to which the Lender provided us with a convertible loan in the amount of $870,000, or the D.B.W. CLA Loan Amount. The D.B.W. CLA Loan Amount bears interest at the rate of 8% per annum, has a maturity date of May 30, 2027, or the D.B.W. Maturity Date, and may be repaid in whole or in part at any time by us. The closing of the transaction contemplated by the June 2025 Convertible Loan Agreement was June 10, 2025. We used the D.B.W. CLA Loan Amount to provide funding to Twine pursuant to the Twine Convertible Loan Agreement (as defined below).

Pursuant to the June 2025 Convertible Loan Agreement, in the event that we consummate a transaction or a series of transactions pursuant to which we will acquire the entire outstanding share capital of Twine, or the Acquisition Transaction, prior to August 30, 2025, unless extended by up to thirty (30) days by written notice to us from Lender, or the Target Date, then three (3) business days following the closing of the Acquisition Transaction, or the Conversion Date, the outstanding D.B.W. CLA Loan Amount and accrued interest shall be automatically and without further action converted into our ADSs, or the D.B.W. Conversion Shares, at a conversion price of $7.00 per ADS, or the D.B.W. Conversion Price. The number and kind of D.B.W. Conversion Shares and the D.B.W. Conversion Price are subject to adjustments as set forth in the June 2025 Convertible Loan Agreement. In the event that the Acquisition Transaction is not consummated by the Target Date, the D.B.W. CLA Loan Amount shall not be converted and shall become due and payable on the D.B.W. Maturity Date. The June 2025 Convertible Loan Agreement contains customary contains representations, warranties and other provisions customary for transactions of this nature, including various negative and affirmative covenants and events of default.

Pursuant to the June 2025 Private Placement Agreement and the June 2025 Convertible Loan Agreement, we agreed to file one or more registration statements with the SEC, providing for the resale of the ADSs issued in the June 2025 Private Placement and issuable pursuant to the June 2025 Convertible Loan Agreement as soon as practicable (and in any event within 90 calendar days of the date of the June 2025 Private Placement Agreement and June 2025 Convertible Loan Agreement), and to use commercially reasonable efforts to have such resale registration statement or statements declared effective by the SEC within three trading days after we or our counsel has been advised that the staff of the SEC has "no review" or no further comments, and in any case by August 31, 2025, and to keep such resale registration statement or statements effective at all times until the selling shareholders no longer own any securities being registered therein. On August 6, 2025, we filed such resale registration statement on Form F-3 with the SEC, which was declared effective by the SEC on August 13, 2025.

On June 5, 2025, we entered into a convertible loan agreement, or the Twine Convertible Loan Agreement, with Twine, pursuant to which we provided Twine with a convertible loan in the amount of $1,740,000, or the Twine CLA Loan Amount. The Twine CLA Loan Amount bears interest at the rate of 8% per annum, has a maturity date of August 31, 2025 unless extended by up to thirty (30) days by written notice to us from Twine, or the Twine Maturity Date, and may not be repaid in whole or in part by Twine prior to the Twine Maturity Date without our prior written consent. The closing of the transaction contemplated by the Twine Convertible Loan Agreement was June 10, 2025. The proceeds from the Twine Convertible Loan Agreement are intended to be used by Twine to accelerate its commercial expansion.

Pursuant to the Twine Convertible Loan Agreement, in the event that we consummate the Acquisition Transaction prior to the Twine Maturity Date, or the Twine Conversion Date, we shall, subject to the provisions of the Twine Convertible Loan Agreement, have the option to either (i) leave the Twine CLA Loan Amount outstanding until Twine Maturity Date, on which date Twine will repay the Twine CLA Loan Amount in full plus interest or (ii) convert the Twine CLA Loan Amount into Series BB Preferred Shares of Twine, or the Twine Conversion Shares, or any other securities into which such Twine Conversion Shares have been converted or exchanged for prior to the Twine Conversion Date, at a conversion price of $0.02079 per Twine Conversion Share, unless adjusted in accordance with the Twine's articles of association, or the Twine Conversion Price. In the event that the Acquisition Transaction is not consummated by the Twine Maturity Date, the Twine CLA Loan Amount shall be automatically and without further action converted into the Twine Conversion Shares at the Twine Conversion Price.

The Twine Convertible Loan Agreement contains customary representations, warranties and other provisions customary for transactions of this nature, including various negative and affirmative covenants and events of default.

On June 5, 2025, we entered into a non-binding memorandum of understanding with Twine with respect to the Acquisition Transaction. The Acquisition Transaction remains subject to final due diligence, definitive agreements, approval by a general meeting of our shareholders and customary closing conditions.

*July 2025 Follow-On Offering*

On July 16, 2025, we offered and sold in a public offering on a best efforts basis, or the July Follow-On Offering, (i) 184,174 ADSs, (ii) 2,196,780 pre-funded warrants to purchase up to 2,196,780 ADSs, or the July Pre-Funded Warrants, and (iii) 2,380,954 warrants to purchase up to 2,380,954 ADSs, or the July Common Warrants and, together with the July Pre-Funded Warrants, the July Warrants, at a combined public offering price of $1.05 per ADS and accompanying July Common Warrant, and $1.04 per July Pre-Funded Warrant and accompanying July Common Warrant. Aggregate gross proceeds from the July Follow-On Offering (without taking into account any proceeds from any future exercises of Warrants) are approximately $2.5 million. The July Follow-On Offering closed on July 17, 2025.

The July Pre-Funded Warrants may be exercised at any time until exercised in full at an exercise price of $0.01 per ADS. The July Common Warrants have an exercise price of $1.05 per ADS, are immediately exercisable, and expire on the five-year anniversary of the date of issuance.

A holder of the July Warrants will not have the right to exercise any portion of its July Warrants if the holder (together with such holder's affiliates, and any persons acting as a group together with such holder or any of such holder's affiliates or any other persons whose beneficial ownership of Ordinary Shares would be aggregated with the holder's or any of the holder's affiliates), would beneficially own Ordinary Shares in excess of 4.99% of the number of the Ordinary Shares outstanding immediately after giving effect to such exercise.

As of the date of this Report of Foreign Private Issuer on Form 6-K, all of the July Pre-Funded Warrants have been exercised, while none of the 2,380,954 July Common Warrants have been exercised, and all remain outstanding.

The investors in the July Follow-On Offering entered into a definitive securities purchase agreement with the Company, or the July Purchase Agreement. The July Purchase Agreement contains representations, warranties, indemnification and other provisions customary for transactions of this nature. Pursuant to the July Purchase Agreement, we agreed to abide by certain customary standstill restrictions for a period of forty-five (45) days following the closing of the July Follow-On Offering, subject to limited exceptions. In addition, subject to limited exceptions, the July Purchase Agreement provides that for a period of one year following the closing of the July Follow-On Offering, we will not effect or enter into an agreement to effect a "variable rate transaction" as defined in the July Purchase Agreement.

H.C. Wainwright & Co., LLC acted as the sole placement agent, or the July Placement Agent, on a "best efforts" basis, in connection with the July Follow-On Offering. On May 20, 2025, we entered into a letter agreement with the July Placement Agent to serve as exclusive underwriter, agent or advisor in any offering of our securities for a six-month term, or the July Engagement Agreement. Under the July Engagement Agreement, we agreed to pay the July Placement Agent an aggregate cash fee equal to 7.5% of the gross proceeds received by us in the July Follow-On Offering. We also agreed under the July Engagement Agreement to reimburse the July Placement Agent $25,000 for its non-accountable expenses, up to $90,000 for legal fees and out-of-pocket expenses and for its clearing expenses in the amount of up to $15,950. Pursuant to the July Engagement Agreement, we issued to the July Placement Agent or its designees 166,667 warrants to purchase up to 166,667 ADSs, representing 7.0% of the sum of the ADSs and July Pre-Funded Warrants sold in the July Follow-On Offering, or the July Placement Agent Warrants. The July Placement Agent Warrants have substantially the same terms as the July Common Warrants issued and sold in the July Follow-On Offering, except that the July Placement Agent Warrants have an exercise price of $1.3125 per ADS (representing 125% of the combined public offering price per ADS and accompanying July Common Warrant) and will expire on July 16, 2030. The July Engagement Agreement contains representations, warranties, indemnification and other provisions customary for transactions of this nature.

The immediate net proceeds to us from the July Follow-On Offering were approximately $2.04 million, after deducting the fees and expenses of the July Placement Agent and other offering expenses payable by us. We intend to use the proceeds from the July Follow-On Offering for additional working capital, for funding the growth of our business, including for the re-purchase of our securities and for general corporate purposes.

**Corporate Information**

We were incorporated in May 2018 in Israel as DocoMed Ltd., and originally provided digital health services. In July 2019, we changed our name to MeaTech Ltd., or MeaTech, and commenced our cultured meat technology development operations. In January 2020, MeaTech completed a merger with Ophectra, whereupon the name of Ophectra was changed to Meat-Tech 3D Ltd., MeaTech 3D Ltd. and later Steakholder Foods Ltd. Our principal executive offices are located at 5 David Fikes St., P.O. Box 4061, Rehovot 7638205 Israel. The phone number at our principal executive offices is +972-73-332-2853.

**Impact of the War in Israel**

In October 2023, Israel was attacked by a terrorist organization and entered a state of war on several fronts. In June 2025, in light of continued nuclear threats and intelligence assessments indicating imminent attacks, Israel launched a preemptive strike directly targeting military and nuclear infrastructure inside Iran, aimed at disrupting Iran's capacity to coordinate or launch further hostilities against Israel, as well as to degrade its nuclear program. In response, Iran launched multiple waves of drones and ballistic missiles at Israeli cities. While most of these attacks were intercepted, several caused civilian casualties and damage to infrastructure. The Israeli military conducted additional operations against Iranian assets. While a ceasefire was reached between Israel and Iran in June 2025 after 12 days of hostilities, the situation remains volatile. A broader regional conflict involving additional state and non-state actors remains a significant risk. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. Some of our employees in Israel were called up for reserve service; however, our product and business development activities remain on track. The intensity and duration of the security situation in Israel is difficult to predict at this stage, as are such war's economic implications on our business and operations and on Israel's economy in general. If the ceasefires declared collapse or a new war commences or hostilities expand to other fronts, our operations may be adversely affected.

We are closely monitoring the developments of this war. See "*Item 3.D Risk Factors—Risks Related to Our Operations in Israel– Conditions in Israel, including Israel's conflicts with Hamas and other parties in the Middle East, as well as political and economic instability, may adversely impact our business operations.*" in the Annual Report for additional information.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

*Research and Development Expenses.* Research and Development expenses decreased by 31%, from $1.6 million in the six-month period ended June 30, 2024 to $1.1 million in the six-month period ended June 30, 2025. The decrease resulted mainly from decreased manpower expenses.

*Marketing Expenses*. Marketing expenses decreased by 43%, from $0.7 million in the six-month period ended June 30, 2024 to $0.4 million in the six-month period ended June 30, 2025. The decrease resulted mainly from decreases in public relations expenses.

*General and Administrative Expenses.* General and administrative expenses decreased by 5%, from $2.0 million in the six-month period ended June 30, 2024 to $1.9 million in the six-month period ended June 30, 2025. The decrease resulted mainly from decreased manpower expenses and share-based compensation expenses.

*Financial Income, Net.* Net financial expenses of $0.2 million were recorded in the six-month period ended June 30, 2025, compared to a net financial income of $0.04 million in the six-month period ended June 30, 2024. The change resulted mainly from an increase in finance expenses due to a commitment fee related to the ELOC Purchase Agreement and decrease in interest income.

*Total comprehensive loss*. The total comprehensive loss decreased by 11.6%, from $4.3 million in the six-month period ended June 30, 2024 to $3.8 million in the six-month period ended June 30, 2025.

**Liquidity and Capital Resources**

As of June 30, 2025, we had $1.4 million in cash and cash equivalents, compared to $1.3 million as of December 31, 2024. The increase resulted mainly from the proceeds of issuances of shares and warrants in the first half of 2025, offset by our ongoing operations. The current balance of cash and cash equivalents is not sufficient to continue our operations for at least 12 months from the date of approval of the financial statements.

*Net cash used in operating activities*

For the six months ended June 30, 2025, we used cash in the amount of $2.8 million in our operating activities, compared to $4.4 million for the six months ended June 30, 2024. This decrease was primarily due to a reduction in our expenses as part of our cost-reduction strategy*.* 

*Net cash used in investing activities*

For the six months ended June 30, 2025, we used cash in the amount of $1.5 million in our investing activities, compared to $0.4 million for the six months ended June 30, 2024. The increase is mainly due to the provision of the convertible loan described in the Twine Convertible Loan Agreement.

*Net cash provided by financing activities*

For the six months ended June 30, 2025, our net cash provided by financing activities was in the amount of $4.4 million, compared to $5.9 million for the six months ended June 30, 2024. The decrease resulted from the difference between the proceeds of a warrant exercise in 2024 and the proceeds from issuance of shares and warrants and the June 2025 Convertible Loan Agreement in 2025.

Other than the Acquisition Transaction (see "*Recent Developments— June 2025 Private Placement, Convertible Loans and Memorandum of Understanding for Acquisition Transaction*" above for additional information), we do not currently have any specific commitments or plans for acquisitions; to the extent we do engage in acquisitions, we will do so after ensuring that we will have sufficient funds available to meet our capital requirements, and such acquisitions are likely to affect our projected cash needs. To meet future capital needs, we would need to raise additional capital through equity or debt financing or other strategic transactions. However, any such financing may not be on favorable terms or even available to us. Our failure to obtain sufficient funds on commercially acceptable terms when needed would have a material adverse effect on our business, results of operations and financial condition. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and the actual amount of our expenses could vary materially and adversely as a result of a number of factors. We have based our estimates on assumptions that may prove to be wrong, and our expenses could prove to be significantly higher than we currently anticipate.

Our future capital requirements will depend on many factors, including, but not limited to:

● the progress and costs of our commercialization activities;

● the costs of development and expansion of our operational infrastructure;

● the costs and timing of developing technologies sufficient to allow food production equipment manufacturers and food manufacturers to product products compliant with applicable regulations;

● our ability, or that of our collaborators, to achieve development milestones and other events or developments under potential future licensing agreements;

● the amount of revenues and contributions we receive under future licensing, collaboration, development and commercialization arrangements with respect to our technologies;

● the costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights;

● the costs of contracting with third parties to provide sales and marketing capabilities for us or establishing such capabilities ourselves, once our technologies are developed and ready for commercialization;

● the costs of acquiring or undertaking development and commercialization efforts for any future products or technology;

● the magnitude of our general and administrative expenses; and

● any additional costs that we may incur under future in- and out-licensing arrangements relating to our technologies and futures products.

Until we can generate significant recurring revenues, we expect to satisfy our future cash needs through capital raising or capital inflows from strategic partnerships. We cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available on favorable terms, or at all, we may be required to delay, reduce the scope of or eliminate research or development efforts or plans for commercialization with respect to our technologies and make necessary change to our operations to reduce the level of our expenditures in line with available resources.

We are a development-stage technology company and it is not possible for us to predict with any degree of accuracy the outcome of our research and development efforts. As such, it is not possible for us to predict with any degree of accuracy any significant trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on our net loss, liquidity or capital resources, or that would cause financial information to not necessarily be indicative of future operating results or financial condition. However, to the extent possible, certain trends, uncertainties, demands, commitments and events are described herein.

Since inception, we have incurred significant losses and negative cash flows from operations and have an accumulated deficit of $82.5 million as of June 30, 2025. We have financed our operations mainly through fundraising from various investors.

On August 1, 2024, we entered into an At The Market Offering Agreement, or the Offering Agreement, with H.C. Wainwright & Co., LLC, as sales agent, or the Sales Agent, pursuant to which we may offer and sell, from time to time, to or through the Sales Agent, our ADSs having an aggregate offering price of up to $4.0 million. In April 2025, we increased the aggregate offering price under the Offering Agreement to $1,368,000, which did not include the ADSs having an aggregate sales price of approximately $0.7 million that were sold under the Offering Agreement as of such date. In May 2025, we increased the aggregate offering price under the Offering Agreement to $1,172,000, which did not include the additional ADSs having an aggregate sales price of approximately $0.8 million that were sold under the Offering Agreement as of such date. We agreed to pay the Sales Agent a fixed commission rate equal to 3.0% of the gross sales price of the ADSs sold pursuant to the Offering Agreement. During the six month period ended June 30, 2025, we sold 522,017 ADSs at an average gross sales price of $3.22 per ADS for aggregate gross proceeds of $1.7 million (net proceeds of $1.6 million) under the Offering Agreement. Subsequent to June 30, 2025 and as of the date of this Report of Foreign Private Issuer on Form 6-K, we sold 143,002 ADSs at an average gross sales price of $3.80 per ADS for aggregate proceeds of $0.5 million under the Offering Agreement.

In February 2025, we entered into a securities purchase agreement with gross proceeds of approximately $1.25 million, and established an $8 million equity line of credit. In June 2025, we entered into a securities purchase agreement with gross proceeds of approximately $870,000, and we also entered into convertible loan agreements pursuant to which we received a convertible loan in the amount of $870,000 and we provided a convertible loan in the amount of $1,740,000. In addition, in July 2025, we entered into a securities purchase agreement with gross proceeds of approximately $2.5 million. However, our management expects that we will continue to generate losses and negative cash flows from operations for the foreseeable future. Consequently, our management is of the opinion that our existing cash will not be sufficient to continue the Company's operations for at least 12 months from the date of approval of the financial statements. As a result, there is substantial doubt about our ability to continue as a going concern.

Management's plans include continuing to secure sufficient financing through the sale of additional equity securities or capital inflows from strategic partnerships, including the Acquisition Transaction. Additional funds may not be available when we need them on terms that are acceptable to us, or at all. If we are unsuccessful in securing sufficient financing, we may need to cease operations.

Our financial statements include no adjustments for measurement or presentation of assets and liabilities, which may be required should we fail to operate as a going concern.

***Research and Development, Patents and Licenses, Etc.***

There have been no material changes to our research and development activities from those reported under "Item 5.C.—Research and development, patents and licenses, etc." in the Annual Report.

***Critical Accounting Policies and Estimates***

There have been no material changes to the significant accounting policies and estimates described in "Item 5.A. —Operating Results" in the Annual Report other than as described in Note 2B in our Unaudited Condensed Consolidated Financial Statements as at June 30, 2025.