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(“LL,” and together with its subsidiaries, the “Company”) was originally incorporated under the laws of the State of Israel on June 20, 2001, and commenced operations on the same date under the name Argo Medical Technologies Ltd. This name was later changed to ReWalk Robotics Ltd. on June 18, 2014. On January 29, 2024, the Company announced that it had rebranded as Lifeward, with each subsidiary of LL renamed to reflect the new corporate identity. The Company officially changed its name to Lifeward Ltd. on September 10, 2024.</span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.75pt"></td> <td style="width:20.25pt"><span style="letter-spacing:-0.6pt">b.</span></td> <td style="text-align:justify;padding-right:6.3pt">LL has three wholly owned (directly and indirectly) subsidiaries: (i) <span style="letter-spacing:-0.15pt">Lifeward,</span> Inc. (“LI”) originally incorporated under the laws of Delaware on February 15, 2012 <span style="letter-spacing:-0.15pt">under the name of ReWalk </span>Robotics, Inc., (ii) <span style="letter-spacing:-0.15pt">Lifeward</span> GMBH (“LG”) originally incorporated under the laws of Germany on January 14, 2013 under the name of <span style="letter-spacing:-0.15pt">ReWalk </span>Robotics GMBH, and (iii) Lifeward CA, Inc. ( “LCAI”) originally incorporated in Delaware on October 21, 2004 under the name of Gravus, Inc., which was later changed to AlterG, Inc. on June 30, 2005, and (iv) Oratech Pharmaceuticals Ltd. (“Oratech”), incorporated under the laws of the State of Israel on March 18, 2026.</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.75pt"></td> <td style="width:20.25pt"><span style="letter-spacing:-0.6pt">c.</span></td> <td style="text-align:justify;padding-right:6.3pt">The Company is a medical device company that designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community, now complemented by a biomedical pipeline. The Company’s initial product offerings were the <span style="letter-spacing:-0.15pt">ReWalk </span>Personal and <span style="letter-spacing:-0.15pt">ReWalk </span>Rehabilitation Exoskeleton devices for individuals with spinal cord injury (collectively, the “SCI Products”). These devices are robotic exoskeletons that are designed for individuals with paraplegia that use the Company’s patented tilt-sensor technology and an on-board computer and motion sensors to drive motorized legs that power movement. These SCI Products allow individuals with spinal cord injury the ability to stand and walk again during everyday activities at home or in the community.</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The Company has sought to expand its product offerings beyond the SCI Products through internal development and distribution agreements. In the past, the Company developed the ReStore Exo-Suit device (“ReStore”), a powered, lightweight soft exo-suit intended for use during the rehabilitation of individuals with lower limb disabilities due to stroke. The Company is no longer actively commercializing the ReStore product. The Company distributes the MYOLYN MyoCycle FES Pro cycles to U.S. rehabilitation clinics and the MyoCycle Home cycles available to U.S. veterans through VA hospitals on a non-exclusive basis.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify">In August 2023, the Company acquired AlterG, Inc., a provider of anti-gravity systems. AlterG’s systems utilize patented, NASA-derived Differential Air Pressure (“DAP”) technology designed to reduce the effects of gravity and enable patients to rehabilitate with calibrated support and reduced pain. Following the Company’s rebranding, AlterG, Inc. was renamed LCAI and operates as a wholly owned subsidiary of the Company.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify">In March 2026, the Company expanded its strategic initiatives into biomedical technologies through the acquisition of Oratech, a wholly owned subsidiary focused on the development and commercialization of innovative pharmaceutical technologies and clinical-stage assets. As part of the transaction, the Company acquired intellectual property and related rights associated with ORMD-0801, an oral insulin candidate based on proprietary oral delivery technology, together with certain rights related to the management of future clinical development activities.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> </div> <div></div> </div> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify">The Company markets and sells its products directly to institutions and individuals and through third-party distributors. The Company sells its products directly primarily in the United States, through a combination (depending on the product line) of direct sales and distributors in Germany, Canada, and Australia, and primarily through distributors in other markets. In its direct markets, the Company has established relationships with clinics and rehabilitation centers, professional and college sports teams, and individuals and organizations in the spinal cord injury community, and in its indirect markets, the Company’s distributors maintain these relationships.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:20.3pt"><span style="letter-spacing:-0.6pt">d.</span></td> <td style="text-align:justify">Beginning in the second quarter of 2025, the Company transitioned the manufacturing of its ReWalk exoskeleton products to its facility in Yokneam, Israel, where the Company currently manufactures these systems. The Company depends on one contract manufacturer to manufacture the AlterG products in its portfolio, Cirtronics Corporation. Reliance on this vendor makes the Company vulnerable to possible capacity constraints and reduces control over component availability, delivery schedules, manufacturing yields and costs.</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.75pt"></td> <td style="width:20.25pt"><span style="letter-spacing:-0.6pt">e.</span></td> <td style="text-align:justify;padding-right:6.3pt">As of March 31, 2026, the Company incurred a consolidated net loss of $10.8 million and, as of March 31, 2026, had an accumulated deficit in the total amount of $295.5 million. The Company’s cash and cash equivalents as of March 31, 2026 totaled $11.4 million and the Company’s negative operating cash flow for the three months ended March 31, 2026 was $3.7 million.</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The Company expects to continue to generate operating losses and negative operating cash flows in the foreseeable future and will require additional funding to support its planned operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The Company intends to raise additional capital through one or more financing in order to meet its anticipated cash requirements. On March 25, 2026, the Company completed the previously announced strategic transaction and related financing arrangements, as further described in Notes 6 and 9. The transaction provided the Company with additional liquidity to support its operations. However, despite the additional financing received, management determined that the Company’s existing cash resources are not sufficient to fund planned operations for at least 12 months from the date of issuance of these consolidated financial statements.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">If the Company is unable to obtain additional capital, management may implement measures intended to manage cash expenditures and preserve liquidity. These measures may include prioritizing research and development activities, delaying certain product development initiatives, and reducing discretionary operating expenses such as marketing, travel and other non-essential costs.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Accordingly, the Company has concluded that substantial doubt exists about its ability to continue as a going concern for at least 12 months from the date of issuance of these consolidated financial statements.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern.</p> </div> -10800000 -295500000 11400000 -3700000 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 2:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>BASIS OF PRESENTATION AND SUMMARY OF ESTIMATES</strong></span></span></td> </tr> </table> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"><i>Basis of Presentation and Consolidation</i></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.25pt 0pt 40.95pt;text-align:justify">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In management’s opinion, the accompanying financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. The Company’s interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.25pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the 2025 consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2025 (the “2025 Form 10-K”). There have been no changes in the significant accounting policies from those that were disclosed in the consolidated financial statements for the fiscal year ended December 31, 2025, included in the 2025 Form 10-K, unless otherwise stated.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"><i>Use of Estimates</i></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates estimates, including those related to inventories, fair values of share-based awards, derivatives, contingent liabilities, goodwill impairment, provision for warranty, allowance for credit losses, revenue recognition, and deferred taxes. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.</p> <div> <div style="font-size:10pt"> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 3:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>SIGNIFICANT ACCOUNTING POLICIES</strong></span></span></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 5.5pt"> </p> </div> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">a.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair <span style="letter-spacing:-0.2pt">Value</span> Measurements</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents, restricted cash, prepaid expenses and other assets, trade payables and accrued expenses and other liabilities, are stated at their carrying value which approximates their fair value due to the short time to the expected receipt or payment.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following tables present information about the Company’s financial assets and liabilities that are measured in fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="font-weight:bold;text-align:center"> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="6" style="border-bottom:Black 1pt solid;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration-style:solid"><strong>Fair value measurements as of</strong></span></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Description</strong></span></span></p> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-weight:bold;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair Value</span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Hierarchy</span></span></p> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.75pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.7pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt 0pt 4.9pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial Liabilities:</span></span></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:65%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pre-Funded Warrant Liability</span></span></td> <td style="width:1%"> </td> <td style="vertical-align:bottom;width:9%;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,154</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrant Liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,688</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total liabilities measured at fair value</span></span></td> <td> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,039</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The estimated fair value of the derivative liability and warrant liability is using the Black-Scholes option-pricing model, which is a Level 3 fair value measurement. The model requires the use of several key assumptions, including the stock price, exercise price, expected term, expected volatility, risk-free interest rate, expected dividend yield and assumptions related to the Company’s non-performance risk and other company-specific risk adjustments, which represent significant unobservable inputs.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The estimated fair value of the pre-funded warrant liability was based on the quoted fair value of the underlying instrument, adjusted for company-specific risk considerations and other valuation assumptions. As the valuation incorporated significant unobservable inputs, the pre-funded warrant liability was classified as a Level 3 fair value measurement under ASC 820.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of derivative liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.96</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.37</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">80.01</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>87.91%-93.12%</span></span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.88</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3.65%-3.65%</span></span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of warrant liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt;text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">72.37</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.01</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Derivative liability at fair value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the derivative liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Derivative liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of derivative liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,478</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(647</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Pre-Funded Warrant and Warrant Liabilities at Fair Value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the warrant liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Warrant liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of warrant liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,720</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">122</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,842</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> </div> </div> </div> <p style="margin:0pt"> </p> <div></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible Promissory Notes</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20 the Company first allocates the proceeds to freestanding liability instrument that are measured at fair value at each reporting date, based on their fair value. The remaining proceeds are allocated between the convertible debt and any bifurcated embedded derivatives.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In accordance with ASC 815 “Derivatives and Hedging” (“ASC 815”), the Company bifurcates embedded derivatives for the conversion option that require bifurcation and accounts for it separately from the convertible debt.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies ASC 815, “Derivatives and Hedging” to all features related to convertible debt. When features meet the definition of a derivative that do not qualify for any scope exceptions within ASC 815, they are required to be accounted for separately from the debt instrument and recorded as derivative instrument liabilities. The fair value assigned to the embedded derivative instruments is marked to market in each reporting period. The Company has recorded embedded derivative liabilities related to the convertible promissory note. Liability classified bifurcated embedded derivatives are presented in the same line item with the related debt host liability</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For further information regarding the convertible promissory notes, see Note 9.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> </div> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue Recognition</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generates revenues from sales of products. The Company sells its products directly to end customers and through distributors. The Company sells its products to clinics and rehabilitation centers, professional and college sports teams, private individuals (who finance the purchases by themselves, through fundraising or reimbursement coverage from insurance companies), and distributors.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Disa</span>gg<span style="text-decoration:underline">re</span>g<span style="text-decoration:underline">ation of Revenues (in thousands</span>):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Three Months Ended<br/>March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sale of products</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,967</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,726</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease of products</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">409</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">460</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Service and warranties</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">547</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">848</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total Revenue</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,923</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,034</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Product revenue</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company offered to its customers five products: (1) ReWalk Personal, (2) ReWalk Rehabilitation, (3) AlterG Anti-Gravity system, (4) MyoCycle, and (5) ReStore.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue from Products sold to rehabilitation facilities and end users is recognized at a point in time once the customer has obtained control of the products usually upon delivery.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generally does not grant a right of return for its products.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">With the recent establishment of a Medicare reimbursement pathway for the ReWalk product, the Company includes variable consideration in the form of implicit price concessions if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company reassesses variable consideration at each reporting period and, if necessary, these estimates are adjusted to reflect the anticipated amounts to be collected when those facts and circumstances become known.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For contracts with Medicare, the Company determines the amount of variable consideration that should be included at the transaction price, using contractual agreements and historical reimbursement experience with Medicare. The Company applies constraint to the transaction price, such that revenue is recorded only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in the future. If actual amounts of consideration ultimately received differ from the Company’s estimates, the Company adjusts these estimates, which would affect revenue in the period such adjustments become known. During the three-month period ended March 31, 2026, as a result of a change in estimate, the Company increased revenue by approximately $0.1 million , due to the consideration ultimately received compared with the amounts previously estimated.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> </div> <div></div> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Lease revenue</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A portion of the Company's sales of products to customers are made through lease arrangements which typically include AlterG Anti-Gravity systems. Revenue for the lease of AlterG Anti-Gravity systems is accounted for under ASC Topic 842, Leases. AlterG Anti-Gravity systems being utilized under service agreements, accounted for in accordance with ASC 842 as an operating lease. Revenues are recognized ratably over the lease term.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Service and warranties</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company provides product assurance warranties for periods of 1- 10 years (usually 2 years) that cover the compliance of the products with agreed-upon specifications. A provision is recorded for estimated warranty costs based on the Company's experience.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended for a limited period of time. An assurance type warranty is not accounted for as a separate performance obligation under the revenue model.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In certain contracts, the company also provides a service-type warranty. Service-type warranty is accounted for as a separate performance obligation, and revenue is recognized ratably over the service period as the customer consumes the benefit over the service term.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Contract balances (in thousands</span>):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivable, net of credit losses</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,664</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,138</span></span></td> <td style="padding-bottom:2.5pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred revenues (1)</span></span></td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,174</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,153</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, $443 thousand of the December 31, 2025 deferred revenues balance was recognized as revenues.</span></span></td> </tr> </table> </div> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred revenue is composed primarily of unearned revenue related to service type warranty obligations, multi-year services contracts, as well as other advances and payments which the Company received from customers prior to satisfying the performance obligation, for which revenue has not yet been recognized.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 56.65pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company’s unearned performance obligations as of March 31, 2026 and the estimated revenue expected to be recognized in the future amounts to $2.4 million, which will be fulfilled over one to five years.</span></span></p> </div> </div> <p style="margin:0pt"> </p> <div></div> <div style="font-size:10pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.35pt"> </td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Concentrations of Credit Risks:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The below table reflects the concentration of credit risk for the Company’s current customers as of March 31, 2026, to which substantial sales were made:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Customer A</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">62</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">56</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The allowance for credit losses is based on the Company’s assessment of the collectability of accounts. The Company regularly assessed collectability based on a combination of factors, including an assessment of the current customer’s aging balance, the nature and size of the customer, the financial condition of the customer, and future expected economic conditions. The Company does not have any off-balance sheet credit exposure related to its customers. As of March 31, 2026 and December 31, 2025 trade receivables are presented net of allowance for credit losses in the amount of $234 thousand and $192 thousand respectively.</span></span></p> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 43pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warranty provision</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For assurance-type warranty, the Company records a provision for the estimated cost to repair or replace products under warranty at the time of sale. Factors that affect the Company’s warranty reserve include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.4pt 0pt 40.95pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">US Dollars in thousands</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">343</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Provision</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">133</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Usage</span></span></td> <td style="width:1%;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;text-align:left"> </td> <td style="width:9%;border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(136</span></span></td> <td style="width:1%;padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at March 31, 2026</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">340</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted net loss per ordinary share:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of ordinary shares and warrants outstanding would have been anti-dilutive.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026 and 2025, outstanding warrants, pre-funded warrants, share options and convertible notes convertible or exercisable into 6,973,007 and 357,779 ordinary shares, respectively, were excluded from the calculation of diluted loss per ordinary share because their effect would have been anti-dilutive.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">g.</span></span></td> <td style="text-align:justify;padding-right:6.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goodwill and acquired intangible assets</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goodwill has been recorded in the Company's financial statements resulting from various business combinations. Goodwill represents the excess of the purchase price in a business combination over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed. Goodwill is subject to an annual impairment test.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company currently has one reporting unit.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 350, Intangibles - Goodwill and other (“ASC 350”) requires goodwill to be tested for impairment at least annually and, in certain circumstances, between annual tests. The accounting guidance gives the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit's fair value is less than its carrying amount. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. The Company elects to perform an annual impairment test of goodwill as of December 31 of each year, or more frequently if impairment indicators are present.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company concluded that no impairment of goodwill was identified for the three months ended March 31, 2026 and 2025. Refer to Note 5 for further details. </span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">h.</span></span></td> <td style="text-align:justify;padding-right:6.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquired In-Process Research and Development</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In an asset acquisition, the initial costs of rights to in-process research and development projects acquired are expensed as R&amp;D in the consolidated statements of operations unless the in-process research and development has an alternative future use. In a business combination, the fair value of in-process research and development is capitalized as an indefinite-lived intangible asset, regardless of whether the in-process research and development asset has an alternative future use.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, the Company recognized approximately $4.9 million of acquired in-process research and development expense related to the Oratech asset acquisition, as the acquired in-process research and development assets were determined to have no alternative future use.</span></span></p> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"> </td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">i.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted cash and Other long-term assets:</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other long-term assets include long-term prepaid expenses and restricted cash deposits for offices and cars leasing based upon the term of the remaining restrictions.</span></span></p> </div> <p style="margin:0pt"> </p> </div> <div></div> <div style="font-size:10pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">j.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">New Accounting Pronouncements </span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Recently Implemented Accounting Pronouncements</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In July 2025, the Financial Accounting Standard Board (“FASB”) issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the assets. The Company adopted this guidance on January 1, 2026. on a prospective basis, and elected the practical expedient provided by ASU 2025-05. Under this expedient, the Company assumes that economic conditions as of the balance sheet date remain unchanged for the remaining life of all current accounts receivable and current contract assets arising from transactions under ASC 606. The Company continues to estimate expected credit losses for non-current receivables and contract assets in accordance with ASC 326. The adoption did not have a material impact on its consolidated financial statements.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Recent Accounting Pronouncements Not Yet Adopted</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">i.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ii.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduce two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statement.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">iii.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact on its consolidated financial statement disclosures.</span></span></td> </tr> </table> </div> </div> </div> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">a.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair <span style="letter-spacing:-0.2pt">Value</span> Measurements</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash and cash equivalents, restricted cash, prepaid expenses and other assets, trade payables and accrued expenses and other liabilities, are stated at their carrying value which approximates their fair value due to the short time to the expected receipt or payment.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following tables present information about the Company’s financial assets and liabilities that are measured in fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="font-weight:bold;text-align:center"> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="6" style="border-bottom:Black 1pt solid;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration-style:solid"><strong>Fair value measurements as of</strong></span></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Description</strong></span></span></p> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-weight:bold;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair Value</span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Hierarchy</span></span></p> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.75pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.7pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt 0pt 4.9pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial Liabilities:</span></span></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:65%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pre-Funded Warrant Liability</span></span></td> <td style="width:1%"> </td> <td style="vertical-align:bottom;width:9%;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,154</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrant Liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,688</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total liabilities measured at fair value</span></span></td> <td> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,039</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The estimated fair value of the derivative liability and warrant liability is using the Black-Scholes option-pricing model, which is a Level 3 fair value measurement. The model requires the use of several key assumptions, including the stock price, exercise price, expected term, expected volatility, risk-free interest rate, expected dividend yield and assumptions related to the Company’s non-performance risk and other company-specific risk adjustments, which represent significant unobservable inputs.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The estimated fair value of the pre-funded warrant liability was based on the quoted fair value of the underlying instrument, adjusted for company-specific risk considerations and other valuation assumptions. As the valuation incorporated significant unobservable inputs, the pre-funded warrant liability was classified as a Level 3 fair value measurement under ASC 820.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of derivative liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.96</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.37</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">80.01</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>87.91%-93.12%</span></span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.88</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3.65%-3.65%</span></span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of warrant liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt;text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">72.37</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.01</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Derivative liability at fair value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the derivative liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Derivative liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of derivative liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,478</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(647</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Pre-Funded Warrant and Warrant Liabilities at Fair Value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the warrant liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Warrant liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of warrant liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,720</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">122</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,842</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> </div> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="font-weight:bold;text-align:center"> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="6" style="border-bottom:Black 1pt solid;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration-style:solid"><strong>Fair value measurements as of</strong></span></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Description</strong></span></span></p> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-weight:bold;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Fair Value</span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Hierarchy</span></span></p> </td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.75pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.05pt 0pt 6.7pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 4.95pt 0pt 4.9pt;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Financial Liabilities:</span></span></td> <td> </td> <td> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:65%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Pre-Funded Warrant Liability</span></span></td> <td style="width:1%"> </td> <td style="vertical-align:bottom;width:9%;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,154</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warrant Liability</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>Level 3</span></span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,688</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total liabilities measured at fair value</span></span></td> <td> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">10,039</span></span></td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td style="text-align:left"></td> </tr> </table> </div> 2154000 0 3197000 1366000 4688000 0 10039000 1366000 <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of derivative liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.96</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0.37</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">80.01</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>87.91%-93.12%</span></span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3.88</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span>3.65%-3.65%</span></span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">0</span></span></td> <td style="padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table provides the inputs used for Level 3 fair value measurements of warrant liability:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt;text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>March 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2026</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="border-bottom:Black 1pt solid;text-align:center"> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>December 31,</strong></span></span></p> <p style="margin-top:0;margin-bottom:0"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>2025</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Stock price</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.63</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Term (in years)</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.99</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Volatility</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">72.37</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Risk-free rate</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4.01</span></span></td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Dividend yield</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="text-align:left"> </td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> </table> </div> </div> 6.63 6.96 2.99 0.37 80.01 87.91 93.12 3.88 3.65 3.65 0 0 6.63 0 4.99 0 72.37 0 4.01 0 0 0 <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Derivative liability at fair value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the derivative liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Derivative liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">1,366</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of derivative liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,478</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(647</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,197</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Pre-Funded Warrant and Warrant Liabilities at Fair Value</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The following table summarizes the warrant liability activity as of March 31, 2026 (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="text-align:justify"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Warrant liability</strong></span></span></td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">-</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Issuance of warrant liability</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,720</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Change in fair value</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left;border-bottom:1pt solid black"> </td> <td style="width:9%;text-align:right;border-bottom:1pt solid black"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">122</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance March 31, 2026</span></span></td> <td> </td> <td style="text-align:left;border-bottom:2pt double rgb(0, 0, 0)"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="text-align:right;border-bottom:2pt double rgb(0, 0, 0)"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,842</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> </div> 1366000 2478000 647000 3197000 0 6720000 -122000 6842000 <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Convertible Promissory Notes</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20 the Company first allocates the proceeds to freestanding liability instrument that are measured at fair value at each reporting date, based on their fair value. The remaining proceeds are allocated between the convertible debt and any bifurcated embedded derivatives.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In accordance with ASC 815 “Derivatives and Hedging” (“ASC 815”), the Company bifurcates embedded derivatives for the conversion option that require bifurcation and accounts for it separately from the convertible debt.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company applies ASC 815, “Derivatives and Hedging” to all features related to convertible debt. When features meet the definition of a derivative that do not qualify for any scope exceptions within ASC 815, they are required to be accounted for separately from the debt instrument and recorded as derivative instrument liabilities. The fair value assigned to the embedded derivative instruments is marked to market in each reporting period. The Company has recorded embedded derivative liabilities related to the convertible promissory note. Liability classified bifurcated embedded derivatives are presented in the same line item with the related debt host liability</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For further information regarding the convertible promissory notes, see Note 9.</span></span></p> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue Recognition</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generates revenues from sales of products. The Company sells its products directly to end customers and through distributors. The Company sells its products to clinics and rehabilitation centers, professional and college sports teams, private individuals (who finance the purchases by themselves, through fundraising or reimbursement coverage from insurance companies), and distributors.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Disa</span>gg<span style="text-decoration:underline">re</span>g<span style="text-decoration:underline">ation of Revenues (in thousands</span>):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Three Months Ended<br/>March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sale of products</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,967</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,726</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease of products</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">409</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">460</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Service and warranties</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">547</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">848</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total Revenue</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,923</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,034</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Product revenue</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company offered to its customers five products: (1) ReWalk Personal, (2) ReWalk Rehabilitation, (3) AlterG Anti-Gravity system, (4) MyoCycle, and (5) ReStore.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Revenue from Products sold to rehabilitation facilities and end users is recognized at a point in time once the customer has obtained control of the products usually upon delivery.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company generally does not grant a right of return for its products.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">With the recent establishment of a Medicare reimbursement pathway for the ReWalk product, the Company includes variable consideration in the form of implicit price concessions if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The Company reassesses variable consideration at each reporting period and, if necessary, these estimates are adjusted to reflect the anticipated amounts to be collected when those facts and circumstances become known.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For contracts with Medicare, the Company determines the amount of variable consideration that should be included at the transaction price, using contractual agreements and historical reimbursement experience with Medicare. The Company applies constraint to the transaction price, such that revenue is recorded only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in the future. If actual amounts of consideration ultimately received differ from the Company’s estimates, the Company adjusts these estimates, which would affect revenue in the period such adjustments become known. During the three-month period ended March 31, 2026, as a result of a change in estimate, the Company increased revenue by approximately $0.1 million , due to the consideration ultimately received compared with the amounts previously estimated.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> </div> <div></div> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Lease revenue</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A portion of the Company's sales of products to customers are made through lease arrangements which typically include AlterG Anti-Gravity systems. Revenue for the lease of AlterG Anti-Gravity systems is accounted for under ASC Topic 842, Leases. AlterG Anti-Gravity systems being utilized under service agreements, accounted for in accordance with ASC 842 as an operating lease. Revenues are recognized ratably over the lease term.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Service and warranties</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company provides product assurance warranties for periods of 1- 10 years (usually 2 years) that cover the compliance of the products with agreed-upon specifications. A provision is recorded for estimated warranty costs based on the Company's experience.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">A warranty is considered an assurance type warranty if it provides the customer with assurance that the product will function as intended for a limited period of time. An assurance type warranty is not accounted for as a separate performance obligation under the revenue model.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In certain contracts, the company also provides a service-type warranty. Service-type warranty is accounted for as a separate performance obligation, and revenue is recognized ratably over the service period as the customer consumes the benefit over the service term.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Contract balances (in thousands</span>):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivable, net of credit losses</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,664</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,138</span></span></td> <td style="padding-bottom:2.5pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred revenues (1)</span></span></td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,174</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,153</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, $443 thousand of the December 31, 2025 deferred revenues balance was recognized as revenues.</span></span></td> </tr> </table> </div> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred revenue is composed primarily of unearned revenue related to service type warranty obligations, multi-year services contracts, as well as other advances and payments which the Company received from customers prior to satisfying the performance obligation, for which revenue has not yet been recognized.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 56.65pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company’s unearned performance obligations as of March 31, 2026 and the estimated revenue expected to be recognized in the future amounts to $2.4 million, which will be fulfilled over one to five years.</span></span></p> </div> </div> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="text-decoration:underline">Disa</span>gg<span style="text-decoration:underline">re</span>g<span style="text-decoration:underline">ation of Revenues (in thousands</span>):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Three Months Ended<br/>March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Sale of products</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,967</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,726</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Lease of products</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">409</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">460</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Service and warranties</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">547</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">848</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total Revenue</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,923</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;font-family:Times New Roman, Times, serif">$</span></p> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,034</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> 2967000 3726000 409000 460000 547000 848000 3923000 5034000 100000 P1Y P10Y <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Trade receivable, net of credit losses</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,664</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="vertical-align:bottom;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,138</span></span></td> <td style="padding-bottom:2.5pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Deferred revenues (1)</span></span></td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,174</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,153</span></span></td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, $443 thousand of the December 31, 2025 deferred revenues balance was recognized as revenues.</span></span></td> </tr> </table> </div> 5664000 6138000 2174000 2153000 443000 the estimated revenue expected to be recognized in the future amounts to $2.4 million, <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.35pt"> </td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">d.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Concentrations of Credit Risks:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The below table reflects the concentration of credit risk for the Company’s current customers as of March 31, 2026, to which substantial sales were made:</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Customer A</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">62</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">56</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The allowance for credit losses is based on the Company’s assessment of the collectability of accounts. The Company regularly assessed collectability based on a combination of factors, including an assessment of the current customer’s aging balance, the nature and size of the customer, the financial condition of the customer, and future expected economic conditions. The Company does not have any off-balance sheet credit exposure related to its customers. As of March 31, 2026 and December 31, 2025 trade receivables are presented net of allowance for credit losses in the amount of $234 thousand and $192 thousand respectively.</span></span></p> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Customer A</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">62</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">56</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">%</span></span></td> </tr> </table> </div> 0.62 0.56 234000 192000 <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">e.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Warranty provision</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For assurance-type warranty, the Company records a provision for the estimated cost to repair or replace products under warranty at the time of sale. Factors that affect the Company’s warranty reserve include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.4pt 0pt 40.95pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">US Dollars in thousands</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">343</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Provision</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">133</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Usage</span></span></td> <td style="width:1%;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;text-align:left"> </td> <td style="width:9%;border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(136</span></span></td> <td style="width:1%;padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at March 31, 2026</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">340</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font:10pt Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">US Dollars in thousands</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at December 31, 2025</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">343</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Provision</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">133</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Usage</span></span></td> <td style="width:1%;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;text-align:left"> </td> <td style="width:9%;border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(136</span></span></td> <td style="width:1%;padding-bottom:1pt;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Balance at March 31, 2026</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">340</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> 343000 133000 -136000 340000 <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">f.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted net loss per ordinary share:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of ordinary shares and warrants outstanding would have been anti-dilutive.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026 and 2025, outstanding warrants, pre-funded warrants, share options and convertible notes convertible or exercisable into 6,973,007 and 357,779 ordinary shares, respectively, were excluded from the calculation of diluted loss per ordinary share because their effect would have been anti-dilutive.</span></span></p> 6973007 357779 <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">g.</span></span></td> <td style="text-align:justify;padding-right:6.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goodwill and acquired intangible assets</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Goodwill has been recorded in the Company's financial statements resulting from various business combinations. Goodwill represents the excess of the purchase price in a business combination over the fair value of identifiable tangible and intangible assets acquired and liabilities assumed. Goodwill is subject to an annual impairment test.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company currently has one reporting unit.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 350, Intangibles - Goodwill and other (“ASC 350”) requires goodwill to be tested for impairment at least annually and, in certain circumstances, between annual tests. The accounting guidance gives the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit's fair value is less than its carrying amount. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. The Company elects to perform an annual impairment test of goodwill as of December 31 of each year, or more frequently if impairment indicators are present.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company concluded that no impairment of goodwill was identified for the three months ended March 31, 2026 and 2025. Refer to Note 5 for further details. </span></span></p> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">h.</span></span></td> <td style="text-align:justify;padding-right:6.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Acquired In-Process Research and Development</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In an asset acquisition, the initial costs of rights to in-process research and development projects acquired are expensed as R&amp;D in the consolidated statements of operations unless the in-process research and development has an alternative future use. In a business combination, the fair value of in-process research and development is capitalized as an indefinite-lived intangible asset, regardless of whether the in-process research and development asset has an alternative future use.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, the Company recognized approximately $4.9 million of acquired in-process research and development expense related to the Oratech asset acquisition, as the acquired in-process research and development assets were determined to have no alternative future use.</span></span></p> </div> 4900000 <div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"> </td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">i.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Restricted cash and Other long-term assets:</span></span></td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">  </span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Other long-term assets include long-term prepaid expenses and restricted cash deposits for offices and cars leasing based upon the term of the remaining restrictions.</span></span></p> </div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">j.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">New Accounting Pronouncements </span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Recently Implemented Accounting Pronouncements</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In July 2025, the Financial Accounting Standard Board (“FASB”) issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the assets. The Company adopted this guidance on January 1, 2026. on a prospective basis, and elected the practical expedient provided by ASU 2025-05. Under this expedient, the Company assumes that economic conditions as of the balance sheet date remain unchanged for the remaining life of all current accounts receivable and current contract assets arising from transactions under ASC 606. The Company continues to estimate expected credit losses for non-current receivables and contract assets in accordance with ASC 326. The adoption did not have a material impact on its consolidated financial statements.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><i>Recent Accounting Pronouncements Not Yet Adopted</i></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">i.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ii.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduce two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statement.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:1in"></td> <td style="width:0.5in"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">iii.</span></span></td> <td style="text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact on its consolidated financial statement disclosures.</span></span></td> </tr> </table> </div> <div> <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 4:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>INVENTORIES</strong></span></span></td> </tr> </table> </div> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.45pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The components of inventories are as follows (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 32.45pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Finished products</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,438</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,689</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Work in process</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">151</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">38</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Raw materials</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,662</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,005</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,251</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,732</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">March 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">December 31,</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2026</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2025</span></span></td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Finished products</span></span></td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,438</span></span></td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">3,689</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Work in process</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">151</span></span></td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">38</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Raw materials</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,662</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">2,005</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,251</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">5,732</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> 3438000 3689000 151000 38000 2662000 2005000 6251000 5732000 <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 5:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>GOODWILL AND OTHER INTANGIBLE ASSETS, NET</strong></span></span></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company periodically evaluates whether events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. During the second quarter of 2025, the Company experienced a decline in its stock price, resulting in its market capitalization falling below the carrying value of its single reporting unit. Accordingly, the Company performed a quantitative goodwill impairment assessment.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The fair value of the reporting unit was determined using a market approach, which incorporates the Company’s market capitalization adjusted by an appropriate control premium. Market capitalization is calculated by multiplying the number of shares of common stock outstanding by the market price of the Company’s common stock. The control premium represents the amount a market participant would pay to obtain a controlling interest and was estimated based on publicly available data for comparable transactions.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As a result of this assessment, the Company recorded a goodwill impairment charge of $2.8 million during the year ended December 31, 2025.</span></span></p> </div> 2800000 <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 6:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>ASSET ACQUISITION  </strong></span></span></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 25, 2026, the Company completed the acquisition of Oratech in accordance with the terms of the Share Purchase Agreement (“SPA”) entered into by the parties on January 12, 2026.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As consideration for the transaction, the Company issued an aggregate of 1,250,363 Ordinary Shares and Pre-Funded Warrants to purchase 1,006,113 Ordinary Shares. In addition, the Company issued 1,296,296 freestanding warrants to purchase Ordinary Shares at an exercise price of $5.4 per share and agreed to pay Oramed Pharmaceuticals, Inc. (“Oramed”) certain quarterly revenue sharing payments based on future sales.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company concluded that the Oratech acquisition should be accounted for as an asset acquisition. As such, the consideration paid in the asset acquisition was allocated to the purchased assets. The asset acquisition total consideration was $12.4 million and was comprised of the fair values of the Ordinary Shares, Pre-Funded Warrants and Warrants. The revenue sharing arrangement was excluded from consideration as it did not meet the definition of a derivative under ASC 815.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The acquired assets primarily consist of patented technology and cash in the amount of $6.5 million In connection with the agreement, the Company also entered into a clinical trial management agreement with Oramed in which Oramed will provide clinical trial management services for the Company in connection with the acquired intellectual property. The Company concluded that the costs of the clinical trial services under the agreement are below market value, and as such, the Company recognized approximately $1.0 million as a prepaid asset for future services. The total consideration allocated to the intellectual property was $5.9 million.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The total consideration transferred was allocated to the acquired assets as follows (in thousands):</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Asset</span></span></td> <td> </td> <td colspan="2" style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocated Cost</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash acquired</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,500</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Prepaid clinical trial services asset</span></span></td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">975</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In-process research and development (“IPR&amp;D”)</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,947</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,422</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As the acquired IPR&amp;D asset was determined to have no alternative future use, the allocated value was immediately recognized as research and development expense.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The pre-funded warrants and the freestanding warrants that were allocated to the asset acquisition were classified as liabilities, measured at fair value through earnings, as these instruments are not indexed to the Company's own stock.</span></span></p> 1250363 1006113 1296296 5.4 12400000 6500000 1000000 5900000 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Asset</span></span></td> <td> </td> <td colspan="2" style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Allocated Cost</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:88%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Cash acquired</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6,500</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Prepaid clinical trial services asset</span></span></td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">975</span></span></td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left;padding-bottom:1pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In-process research and development (“IPR&amp;D”)</span></span></td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 1pt solid;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">4,947</span></span></td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Total</span></span></td> <td> </td> <td style="text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">12,422</span></span></td> <td style="text-align:left"> </td> </tr> </table> </div> 6500000 975000 4947000 12422000 <div> <div style="font-size:10pt"> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 7:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>COMMITMENTS AND CONTINGENT LIABILITIES</strong></span></span></td> </tr> </table> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.5pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">a.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Purchase commitments:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company has contractual obligations to purchase goods from its contract manufacturer as well as raw materials from different vendors. Purchase obligations do not include contracts that may be canceled without penalty. As of March 31, 2026, non-cancelable outstanding obligations amounted to approximately $10.4 million.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">b.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Operating lease commitment:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:41.5pt"></td> <td style="width:20.25pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.55pt">(i)</span></span></span></td> <td style="text-align:justify;padding-right:6.3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company operates from leased facilities in Israel, the United States and Germany. These leases expire in 2030. A portion of the Company’s facilities leases is generally subject to annual changes in the Consumer Price Index (the “CPI”). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt"> </p> </div> <div></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:41.5pt"></td> <td style="width:20.25pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.55pt">(ii)</span></span></span></td> <td style="text-align:justify;padding-right:6.3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">LL and LG lease cars for their employees under cancelable operating lease agreements expiring at various dates between 2026 and 2029. A subset of the Company’s car leases is considered variable. The variable lease payments for such car leases are based on actual mileage incurred at the stated contractual rate. LL and LG have an option to be released from these agreements, which may result in penalties in a maximum amount of approximately $33 thousand as of March 31, 2026.</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.3pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">c.</span></span></span></td> <td>Government grants</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company’s research and development efforts are financed, in part, through funding from the Israel Innovation Authority (“IIA”). Since the Company’s inception through March 31, 2026, the Company received funding from the IIA in the total amount of $2.8 million. Out of the $2.8 million in funding from the IIA, a total amount of $1.6 million were royalty-bearing grants, $400 thousand was received in consideration of 209 convertible preferred A shares, which converted after the Company’s initial public offering in September 2014 into ordinary shares in a conversion ratio of 1 to 1, while $833 thousand was received without future obligation. The Company is obligated to pay royalties to the IIA, amounting to 3% of the sales of the products and other related revenues generated from such projects, up to 100% of the grants received. The royalty payment obligations also bear interest at the SOFRPR rate. The obligation to pay these royalties is contingent on actual sales of the applicable products and in the absence of such sales, no payment is required.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, the Company paid royalties to the IIA in the total amount of $117 thousand.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">There were no royalty expenses for the three months ended March 31, 2026 and 2025 respectively.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, the contingent liability to the IIA amounted to $1.6 million. The Israeli Research and Development Law provides that know-how developed under an approved research and development program may not be transferred to third parties without the approval of the IIA. Such approval is not required for the sale or export of any products resulting from such research or development. The IIA, under special circumstances, may approve the transfer of IIA-funded know-how outside Israel, in the following cases:</span></span></p> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">(a)       </span>the grant recipient pays to the IIA a portion of the sale price paid in consideration for such IIA-funded know-how or in consideration for the sale of the grant recipient itself, as the case may be, which portion will not exceed six times the amount of the grants received plus interest (or three times the amount of the grant received plus interest, in the event that the recipient of the know-how has committed to retain the R&amp;D activities of the grant recipient in Israel after the transfer);</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.35pt 0pt 42.75pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">(b)       </span>the grant recipient receives know-how from a third party in exchange for its IIA-funded know-how; (c) such transfer of IIA-funded know-how arises in connection with certain types of cooperation in research and development activities; or (d) If such transfer of know-how arises in connection with a liquidation by reason of insolvency or receivership of the grant recipient.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 42.75pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">d.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Liens:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As part of the Company’s other long-term assets and restricted cash, an amount of $407 thousand has been pledged as security in respect of a guarantee granted to a third party. Such deposit cannot be pledged to others or withdrawn without the consent of such third party.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span style="letter-spacing:-0.05pt">e.</span></span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Legal Claims:</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Occasionally, the Company is involved in various claims such as product liability claims, lawsuits, regulatory examinations, investigations, and other legal matters arising, for the most part, in the ordinary course of business. While the outcome of any pending or threatened litigation and other legal matters is inherently uncertain, the Company does not believe the outcome of any of the matters will have a material adverse effect on the Company’s consolidated results of operation, liquidity or financial condition.</span></span></p> </div> </div> 10400000 The Company operates from leased facilities in Israel, the United States and Germany. These leases expire in 2030. LL and LG lease cars for their employees under cancelable operating lease agreements expiring at various dates between 2026 and 2029. 33000 2800000 2800000 1600000 400000 209 ordinary shares in a conversion ratio of 1 to 1 833000 0.03 1 117000 1600000 407000 <div> <div style="font-size:10pt"> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><strong>NOTE 8:</strong></td> <td style="padding-left:10pt;text-indent:-10pt"><strong>SHAREHOLDERS’ EQUITY</strong></td> </tr> </table> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.5pt"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.45pt"></td> <td style="width:20.5pt"><span style="letter-spacing:-0.05pt">a.</span></td> <td>Reverse share split:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">At the Company’s extraordinary general meeting of shareholders held on January 6, 2026, the Company’s shareholders approved amendments to the Company’s Articles of Association to effect (i) a reverse share split of the Company’s ordinary shares within a range of 1-for-2 to 1-for-12, to be effective at the ratio and on a date to be determined by the Board of Directors, and (ii) an increase in the Company’s authorized share capital to up to 100,000,000 ordinary shares following implementation of the reverse share split. On January 30, 2026, the Finance Committee of the Board approved a one-for-twelve reverse share split of the Company’s ordinary shares, and on February 16, 2026 approved amendments to the Company’s Articles of Association to reflect the implementation of the reverse share split and the increase in authorized share capital.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">On February 24, 2026, the Company effected the one-for-twelve reverse share split of its ordinary shares. As a result of the reverse share split, every twelve issued and outstanding ordinary shares were automatically combined and converted into one ordinary share. The number of the Company’s issued and outstanding ordinary shares was reduced from 18,339,098 pre-split shares to 1,528,207 post-split shares. Concurrently, the total authorized number of ordinary shares under the Company’s Articles of Association increased from 75,000,000 ordinary shares to 100,000,000 ordinary shares.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Appropriate adjustments were also made to all outstanding derivative securities of the Company, including warrants, pre-funded warrants and stock options, such that the number of ordinary shares underlying such securities and the applicable exercise prices were proportionately adjusted in accordance with their terms and the Company’s equity incentive plans.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">No fractional shares were issued in connection with the reverse share split and fractional shares were rounded down to the nearest whole share.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0;text-align:justify;text-indent:0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.45pt"></td> <td style="width:20.5pt"><span style="letter-spacing:-0.05pt">b.</span></td> <td>Share option plans:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">As of March 31, 2025, and December 31, 2025, the Company had reserved 224,439 and 39,851 ordinary shares, respectively, for issuance to the Company’s and its affiliates’ respective employees, directors, officers, and consultants pursuant to equity awards granted under the Company’s 2025 Incentive Compensation Plan (the “2025 Plan”). The Company’s shareholders approved the 2025 Plan on August 1, 2025, and it became effective on the same date. Certain awards granted under the Company’s prior 2014 Incentive Compensation Plan (the “2014 Plan”) remain outstanding and continue to be governed by its terms.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">RSUs have been granted to non-employee directors and employees under the 2025 Plan. An RSU award represents a right to receive the Company’s ordinary shares upon vesting.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Options to purchase ordinary shares have been granted to employees and non-employee directors under the Company’s equity incentive plans.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Any options or RSUs that are forfeited or canceled before expiration become available for future grants under the 2025 Plan, as applicable.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Equity awards granted under the Company’s equity incentive plans generally vest over four years, with certain awards granted to non-employee directors vesting quarterly over one year.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The fair value for options granted during the three months ended March 31, 2026, was estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Expected volatility</td> <td> </td> <td colspan="2" style="text-align:right">95.1</td> <td>%</td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Risk-free rate</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">4.1</td> <td style="width:1%;text-align:left">%</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">-</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Dividend yield</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left">Expected term (in years)</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">6.08</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Share price</td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">6.53</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">There were no options granted during the three months that ended March 31, 2025.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> </div> <div></div> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">A summary of employee and non-employee share options activity during  the three months ended March 31, 2026, is as follows:</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Number</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Weighted</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>average</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>exercise</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>price</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Weighted</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>average</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>remaining</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>contractual</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>life (years)</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Aggregate</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>intrinsic</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>value (in</strong> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>thousands)</strong></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Options outstanding as of December 31, 2025</td> <td> </td> <td colspan="2" style="text-align:right">52,450</td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left">$</td> <td style="text-align:right">13.86</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">9.43</td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left">$</td> <td style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>Granted</td> <td> </td> <td colspan="2" style="text-align:right">212,692</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">6.53</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Exercised</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:52%;padding-bottom:2.5pt">Forfeited</td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">(3</td> <td style="width:1%;padding-bottom:2px;text-align:left">)</td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">2,142</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Options outstanding as of March 31, 2026</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">265,139</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">10.41</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">9.83</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">21</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Options exercisable as of March 31, 2026</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">364</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">1,979.98</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">0.21</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.4pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders that hold options with positive intrinsic value exercised their options on the last date of the exercise period. No options were exercised during the three months ended March 31, 2026 and 2025.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.4pt 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">A summary of employee and non-employee RSUs activity during the three months ended March 31, 2026 is as follows:<br/> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number of</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>shares</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>underlying</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>RSUs</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted-</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>grant date</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>fair value</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unvested RSUs as of December 31, 2025</span></span></td> <td> </td> <td style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">73,433</span></span></td> <td> </td> <td> </td> <td style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15.30</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,941</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.53</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,791</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9.52</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,802</span></span></td> <td style="padding-bottom:2px;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13.80</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unvested RSUs as of March 31, 2026</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">107,781</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11.88</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The fair value of RSUs granted is determined based on the price of the Company's ordinary shares on the date of grant. The weighted average grant date fair value of RSUs granted during the three months ended March 31, 2026 was $6.53. No RSUs were granted during the three months ended March 31, 2025.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">As of March 31, 2026, there were $2.5 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Company's 2014 and 2025 Plan. This cost is expected to be recognized over a period of approximately 3.4 years.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The number of options and RSUs outstanding as of March 31, 2026 is set forth below, with options separated by range of exercise price.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:top"> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;padding-left:0pt;text-align:center"><span style="font-size:10pt"><strong>Range of exercise price</strong></span></td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Options and RSUs</strong></span><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">outstanding as of</strong></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> <strong style="margin-top:0pt;margin-bottom:0pt">March 31, 2026</strong></span></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;border-bottom:black 1.5pt solid;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;padding-left:0pt;text-align:center"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Weighted</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>average </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>remaining </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>contractual </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>life (years) (1)</strong></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;text-align:center;padding-left:0pt"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Options outstanding and </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>exercisable as of</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>March 31, 2026</strong></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Weighted</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">average</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">remaining</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">contractual </p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">life (years) (1)<span style="font-size:10pt;font-weight:400;margin-top:0pt;margin-bottom:0pt"> </span></p> </td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="width:52%;padding-left:0pt;text-align:center"><span style="font-size:10pt">RSUs only</span></td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">107,781</span></td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%;text-align:right"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:top"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$6.53</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">212,692</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.99</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$8.6</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">18,750</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.38</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$14.70</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">33,333</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.18</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$450.70</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">147</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">147</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top"> <td style="border-bottom:black 1.5pt double;padding-left:0pt;text-align:center"><span style="font-size:10pt">$2,257.5-$18,270</span></td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">217</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.35</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">217</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.35</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">372,920</span></td> <td> </td> <td style="border-bottom:black 1pt double"> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">9.83</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">364</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.21</span></td> <td> </td> </tr> </table> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:20.3pt">(1)</td> <td>Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term.</td> </tr> </table> </div> <p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman,Times,serif;text-align:left;font-size:10pt"> </p> <div></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.45pt"></td> <td style="width:20.3pt"><span style="letter-spacing:-0.05pt">c.</span></td> <td>Share-based awards to non-employee consultants:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">As of March 31, 2026, there are no outstanding options or RSUs held by non-employee consultants.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 40.95pt"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.45pt"></td> <td style="width:20.3pt"><span style="letter-spacing:-0.05pt">d.</span></td> <td>Share-based compensation expense for employees and non-employees:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The Company recognized non-cash share-based compensation expenses for both employees and non-employees in the unaudited condensed consolidated statements of operations as follows (in thousands):</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:right"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Cost of revenues</td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">5</td> <td> </td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">4</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%">Research and development, net</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">37</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">36</td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Sales and marketing</td> <td> </td> <td> </td> <td style="text-align:right">58</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">82</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt">General and administrative</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">77</td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">98</td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Total</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:2.5pt double black">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">177</td> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:2.5pt double black">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">220</td> <td style="padding-bottom:2.5pt"> </td> </tr> </table> </div> <p style="margin:0pt"> </p> </div> <div></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.6pt"></td> <td style="width:20.35pt"><span style="letter-spacing:-0.05pt">e.</span></td> <td>Warrants to purchase ordinary shares:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The following table summarizes information about warrants outstanding and exercisable that were classified as equity as of March 31, 2026:</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="font-weight:bold;border-bottom:Black 1pt solid">Issuance date</td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Warrants</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>outstanding</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Exercise price</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>per warrant</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Warrants</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>outstanding</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>and</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>exercisable</strong> </p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Contractual</strong> </p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>term</strong> </p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">(number)</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2"> </td> <td style="padding-bottom:1pt"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">(number)</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2"> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>December 8, 2020 (1)</td> <td> </td> <td colspan="2" style="text-align:right">6,984</td> <td> </td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">112.56</td> <td> </td> <td> </td> <td> </td> <td colspan="1" style="text-align:right">6,984</td> <td> </td> <td> </td> <td> </td> <td colspan="1" style="text-align:right">June 8, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:52%">December 8, 2020 (2)</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">1,294</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%">$</td> <td style="width:9%;text-align:right">150.54</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">1,294</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">June 8, 2026</td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>February 26, 2021 (3)</td> <td> </td> <td> </td> <td style="text-align:right">64,998</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">302.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">64,998</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">August 26, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>February 26, 2021 (4)</td> <td> </td> <td> </td> <td style="text-align:right">7,800</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">384.56</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">7,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">August 26, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>September 29, 2021 (5)</td> <td> </td> <td> </td> <td style="text-align:right">95,314</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">168.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">95,314</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">March 29, 2027</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>September 29, 2021 (6)</td> <td> </td> <td> </td> <td style="text-align:right">11,437</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">213.68</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">11,437</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">September 27, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>January 8, 2025 (7)</td> <td> </td> <td> </td> <td style="text-align:right">151,514</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">33.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">151,514</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">January 10, 2028</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>January 8, 2025 (8)</td> <td> </td> <td> </td> <td style="text-align:right">9,088</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">41.25</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">9,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">January 10, 2028</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>June 26, 2025 (9)</td> <td> </td> <td> </td> <td style="text-align:right">333,328</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">7.8</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">333,328</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">June 26, 2030</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>June 26, 2025 (10)</td> <td> </td> <td style="border-bottom:1pt solid black"> </td> <td style="text-align:right;border-bottom:1pt solid black">20,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">9.75</td> <td> </td> <td> </td> <td style="border-bottom:1pt solid black"> </td> <td style="text-align:right;border-bottom:1pt solid black">20,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">June 26, 2030</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td> </td> <td> </td> <td style="border-bottom:2.5pt double black"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">701,757</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td style="border-bottom:2.5pt double black"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">701,757</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> </tr> </table> </div> <p style="margin:0pt"> </p> <div style="font-size:10pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(1)</span></td> <td style="text-align:justify;padding-right:6.3pt">Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in December 2020. As of March 31, 2026, 42,834 warrants were exercised for a total consideration of $4,821,416. During the three months that ended March 31, 2026, no warrants were exercised.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(2)</span></td> <td style="text-align:justify;padding-right:6.35pt">Represents warrants that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. As of March 31, 2026, 2,690 warrants were exercised for <span style="letter-spacing:-0.15pt">a </span>total consideration of $405,003. During the three months that ended March <span style="letter-spacing:-0.1pt">31, 2026</span>, no warrants were exercised.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(3)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in February 2021.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(4)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(5)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in September 2021.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(6)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s September 2021 registered direct offering.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(7)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in January 2025.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(8)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s January 2025 registered direct offering.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(9)</span></td> <td>Represents warrants that were issued to certain institutional investors in connection with the Company’s public offering of ordinary shares in June 2025.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(10)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s public offering of ordinary shares in June 2025.</td> </tr> </table> </div> </div> </div> </div> <div></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.45pt"></td> <td style="width:20.3pt"><span style="letter-spacing:-0.05pt">f.</span></td> <td>Equity raise:</td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">On January 7, 2025, the Company entered into a securities purchase agreement with certain institutional investors for the issuance and sale of 151,515 ordinary shares and warrants to purchase up to an aggregate of 151,514 ordinary shares at an exercise price of $33 per share. Each ordinary share was sold at an offering price of $33. The warrants are exercisable at any time and from time to time, in whole or in part, following the date of issuance and ending three years from the date of issuance. The offering closed on January 8, 2025. In addition, the Company issued warrants to purchase up to 9,088 ordinary shares, with an exercise price of $41.25 per share, exercisable at any time and from time to time, in whole or in part, following the date of issuance and ending three years from the date of issuance, to certain representatives of H.C. Wainwright as compensation for its role as the placement agent in the January 2025 private placement offering.</p> </div> </div> a reverse share split of the Company’s ordinary shares within a range of 1-for-2 to 1-for-12, to be effective at the ratio 100000000 one-for-twelve reverse share split of the Company’s ordinary shares one-for-twelve reverse share split of its ordinary shares. As a result of the reverse share split, every twelve issued and outstanding ordinary shares were automatically combined and converted into one ordinary share 18339098 18339098 1528207 1528207 75000000 100000000 224439000 39851000 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Expected volatility</td> <td> </td> <td colspan="2" style="text-align:right">95.1</td> <td>%</td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Risk-free rate</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">4.1</td> <td style="width:1%;text-align:left">%</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">-</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Dividend yield</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left">Expected term (in years)</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">6.08</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Share price</td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">6.53</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> </table> </div> 0.951 0 0.041 0 0 0 P6Y29D 6.53 0 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Number</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Weighted</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>average</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>exercise</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>price</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Weighted</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>average</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>remaining</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>contractual</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>life (years)</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Aggregate</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>intrinsic</strong></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>value (in</strong> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>thousands)</strong></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Options outstanding as of December 31, 2025</td> <td> </td> <td colspan="2" style="text-align:right">52,450</td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left">$</td> <td style="text-align:right">13.86</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">9.43</td> <td> </td> <td> </td> <td style="vertical-align:bottom;text-align:left">$</td> <td style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>Granted</td> <td> </td> <td colspan="2" style="text-align:right">212,692</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">6.53</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> <td> </td> <td colspan="2" style="text-align:right">-</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Exercised</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">-</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:52%;padding-bottom:2.5pt">Forfeited</td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">(3</td> <td style="width:1%;padding-bottom:2px;text-align:left">)</td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">2,142</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> <td style="width:1%;padding-bottom:2.5pt"> </td> <td style="width:1%;border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="width:9%;border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="width:1%;padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Options outstanding as of March 31, 2026</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">265,139</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">10.41</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">9.83</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">21</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right"> </td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Options exercisable as of March 31, 2026</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">364</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">1,979.98</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">0.21</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">-</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> 52450 13.86 P9Y5M4D 0 212692 6.53 0 0 3 2142 265139 10.41 P9Y9M29D 21000 364 1979.98 P0Y2M15D 0 <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Number of</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>shares</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>underlying</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>outstanding</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>RSUs</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>Weighted-</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>average</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>grant date</strong></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>fair value</strong></span></span></p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unvested RSUs as of December 31, 2025</span></span></td> <td> </td> <td style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">73,433</span></span></td> <td> </td> <td> </td> <td style="text-align:center"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">15.30</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Granted</span></span></td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">45,941</span></span></td> <td> </td> <td> </td> <td colspan="2" style="text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">6.53</span></span></td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:76%"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Vested</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(3,791</span></span></td> <td style="width:1%;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">9.52</span></span></td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Forfeited</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">(7,802</span></span></td> <td style="padding-bottom:2px;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">)</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">13.80</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Unvested RSUs as of March 31, 2026</span></span></td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">107,781</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">$</span></span></td> <td style="border-bottom:Black 2.5pt double;text-align:right"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">11.88</span></span></td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> </div> 73433 15.3 45941 6.53 3791 9.52 7802 13.8 107781 11.88 6.53 0 2500000 P3Y4M24D <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:top"> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;padding-left:0pt;text-align:center"><span style="font-size:10pt"><strong>Range of exercise price</strong></span></td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">Options and RSUs</strong></span><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"><strong style="margin-top:0pt;margin-bottom:0pt">outstanding as of</strong></span></p> <p style="margin-top:0pt;margin-bottom:0pt"><span style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> <strong style="margin-top:0pt;margin-bottom:0pt">March 31, 2026</strong></span></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;border-bottom:black 1.5pt solid;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;padding-left:0pt;text-align:center"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Weighted</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>average </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>remaining </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>contractual </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>life (years) (1)</strong></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:black 1.5pt solid;text-align:center;padding-left:0pt"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Options outstanding and </strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>exercisable as of</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>March 31, 2026</strong></p> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="text-align:center;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:1.5pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">Weighted</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">average</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">remaining</p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">contractual </p> <p style="font:bold 10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt">life (years) (1)<span style="font-size:10pt;font-weight:400;margin-top:0pt;margin-bottom:0pt"> </span></p> </td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="width:52%;padding-left:0pt;text-align:center"><span style="font-size:10pt">RSUs only</span></td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">107,781</span></td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%;text-align:right"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="padding-left:0pt;width:10%;text-align:right"><span style="font-size:10pt">-</span></td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:top"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$6.53</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">212,692</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.99</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$8.6</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">18,750</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.38</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$14.70</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">33,333</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">9.18</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt;text-align:center"><span style="font-size:10pt">$450.70</span></td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">147</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">147</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;text-align:right"><span style="font-size:10pt">-</span></td> <td> </td> </tr> <tr style="vertical-align:top"> <td style="border-bottom:black 1.5pt double;padding-left:0pt;text-align:center"><span style="font-size:10pt">$2,257.5-$18,270</span></td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">217</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.35</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">217</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.35</span></td> <td> </td> </tr> <tr style="vertical-align:top;background-color:rgb(204,238,255)"> <td style="padding-left:0pt"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">372,920</span></td> <td> </td> <td style="border-bottom:black 1pt double"> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">9.83</span></td> <td style="text-align:right"> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">364</span></td> <td> </td> <td> </td> <td style="padding-left:0pt;border-bottom:black 1pt solid;text-align:right"><span style="font-size:10pt">0.21</span></td> <td> </td> </tr> </table> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:20.3pt">(1)</td> <td>Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term.</td> </tr> </table> 107781 0 6.53 212692 P9Y11M26D 0 8.6 18750 P9Y4M17D 0 14.7 33333 P9Y2M4D 0 450.7 147 147 2257.5 18270 217 P0Y4M6D 217 P0Y4M6D 372920 P9Y9M29D 364 P0Y2M15D <div> <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:right"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Cost of revenues</td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">5</td> <td> </td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">4</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%">Research and development, net</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">37</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">36</td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Sales and marketing</td> <td> </td> <td> </td> <td style="text-align:right">58</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">82</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt">General and administrative</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">77</td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">98</td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt">Total</td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:2.5pt double black">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">177</td> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:2.5pt double black">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">220</td> <td style="padding-bottom:2.5pt"> </td> </tr> </table> </div> 5000 4000 37000 36000 58000 82000 77000 98000 177000 220000 <div> <div> <table cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:85%;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td style="font-weight:bold;border-bottom:Black 1pt solid">Issuance date</td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Warrants</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>outstanding</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Exercise price</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>per warrant</strong></p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Warrants</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>outstanding</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>and</strong></p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>exercisable</strong> </p> </td> <td style="padding-bottom:1pt"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2" style="text-align:center;border-bottom:Black 1pt solid"> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>Contractual</strong> </p> <p style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;margin:0pt 0px"><strong>term</strong> </p> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">(number)</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2"> </td> <td style="padding-bottom:1pt"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">(number)</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="padding-bottom:1pt"> </td> <td colspan="2"> </td> <td style="padding-bottom:1pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>December 8, 2020 (1)</td> <td> </td> <td colspan="2" style="text-align:right">6,984</td> <td> </td> <td> </td> <td>$</td> <td colspan="1" style="text-align:right">112.56</td> <td> </td> <td> </td> <td> </td> <td colspan="1" style="text-align:right">6,984</td> <td> </td> <td> </td> <td> </td> <td colspan="1" style="text-align:right">June 8, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:52%">December 8, 2020 (2)</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">1,294</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%">$</td> <td style="width:9%;text-align:right">150.54</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">1,294</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:9%;text-align:right">June 8, 2026</td> <td style="width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>February 26, 2021 (3)</td> <td> </td> <td> </td> <td style="text-align:right">64,998</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">302.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">64,998</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">August 26, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>February 26, 2021 (4)</td> <td> </td> <td> </td> <td style="text-align:right">7,800</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">384.56</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">7,800</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">August 26, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>September 29, 2021 (5)</td> <td> </td> <td> </td> <td style="text-align:right">95,314</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">168.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">95,314</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">March 29, 2027</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>September 29, 2021 (6)</td> <td> </td> <td> </td> <td style="text-align:right">11,437</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">213.68</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">11,437</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">September 27, 2026</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>January 8, 2025 (7)</td> <td> </td> <td> </td> <td style="text-align:right">151,514</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">33.00</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">151,514</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">January 10, 2028</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>January 8, 2025 (8)</td> <td> </td> <td> </td> <td style="text-align:right">9,088</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">41.25</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">9,088</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">January 10, 2028</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>June 26, 2025 (9)</td> <td> </td> <td> </td> <td style="text-align:right">333,328</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">7.8</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">333,328</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">June 26, 2030</td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td>June 26, 2025 (10)</td> <td> </td> <td style="border-bottom:1pt solid black"> </td> <td style="text-align:right;border-bottom:1pt solid black">20,000</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">9.75</td> <td> </td> <td> </td> <td style="border-bottom:1pt solid black"> </td> <td style="text-align:right;border-bottom:1pt solid black">20,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">June 26, 2030</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td> </td> <td> </td> <td style="border-bottom:2.5pt double black"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">701,757</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td style="border-bottom:2.5pt double black"> </td> <td style="border-bottom:Black 2.5pt double;text-align:right">701,757</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> </tr> </table> </div> <p style="margin:0pt"> </p> <div style="font-size:10pt"> <div> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(1)</span></td> <td style="text-align:justify;padding-right:6.3pt">Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in December 2020. As of March 31, 2026, 42,834 warrants were exercised for a total consideration of $4,821,416. During the three months that ended March 31, 2026, no warrants were exercised.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(2)</span></td> <td style="text-align:justify;padding-right:6.35pt">Represents warrants that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. As of March 31, 2026, 2,690 warrants were exercised for <span style="letter-spacing:-0.15pt">a </span>total consideration of $405,003. During the three months that ended March <span style="letter-spacing:-0.1pt">31, 2026</span>, no warrants were exercised.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(3)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in February 2021.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(4)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(5)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in September 2021.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(6)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s September 2021 registered direct offering.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(7)</span></td> <td>Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in January 2025.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(8)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s January 2025 registered direct offering.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(9)</span></td> <td>Represents warrants that were issued to certain institutional investors in connection with the Company’s public offering of ordinary shares in June 2025.</td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> </p> <table cellpadding="0" cellspacing="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="width:40.95pt"></td> <td style="width:21pt"><span style="letter-spacing:-0.3pt">(10)</span></td> <td>Represents warrants that were issued to the placement agent as compensation for its role in the Company’s public offering of ordinary shares in June 2025.</td> </tr> </table> </div> </div> </div> 6984 112.56 6984 2026-06-08 1294 150.54 1294 2026-06-08 64998 302.4 64998 2026-08-26 7800 384.56 7800 2026-08-26 95314 168 95314 2027-03-29 11437 213.68 11437 2026-09-27 151514 33 151514 2028-01-10 9088 41.25 9088 2028-01-10 333328 7.8 333328 2030-06-26 20000 9.75 20000 2030-06-26 701757 701757 42834 4821416 2690 405003 151515 151514 33 33 9088 41.25 <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="text-align:justify;padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 9:</strong></span></span></td> <td style="text-align:justify;padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>CONVERTIBLE NOTES </strong></span></span></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"> </p> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On November 14, 2025, the Company entered into a Secured Promissory Note (the ”Original Note”) with Oramed in the principal amount of $3.0 million.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In February and March 2026, the Company entered into additional Secured Promissory Notes (the “Additional Notes”) with Oramed, pursuant to which the Company issued non-convertible secured promissory notes in the aggregate principal amount of $1.025 million. The Additional Notes are secured by a lien on the Company’s cash, accrue interest at a rate of 24% per annum, and mature on the earlier of August 12, 2026, or the failure to obtain shareholder approval of the transactions contemplated by the Securities Purchase Agreement and the SPA.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">On March 25, 2026, the Company, Oramed and Creative Value Capital ("CVC") entered into a new agreement pursuant to which the Company issued convertible notes (the "New Notes") and freestanding warrants to Oramed and CVC. Under the terms of the Original Note, if a subsequent financing involving convertible notes was consummated, the Original Note, including accrued and unpaid interest, would automatically convert into the New Notes upon consummation of such financing. In addition, under the terms of the Additional Notes, Oramed had the option to convert the Additional Notes into the New Notes. As such, the Company issued the New Notes in an aggregate principal amount of $10 million and 1,851,851 freestanding warrants with an exercise price of $5.4 per share. In addition, pursuant to the terms of the agreement, the Company may issue up to an additional $10 million principal amount of New Notes, convertible on substantially the same terms as the existing New Notes, upon the achievement of certain specified milestones. Net cash proceeds received by the Company were approximately $5.4 million after giving effect to the exchange of the Original Note and the Additional Notes into the New Notes. The New Notes provide for a secured term loan in an aggregate principal amount of $10.0 million. The loan bears interest at the rate of 8% per annum and matures on March 25, 2029. The New Notes are convertible into 1,851,851 Ordinary Shares at a conversion price of $5.4 per share. The New Notes are secured by a lien on the Company’s cash and contain customary representations, covenants, and events of default. As of March 31, 2026, the Company was in compliant with all covenants.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company concluded that the warrants and the New Notes were freestanding financial instruments. The warrants were classified as liabilities, measured at fair value through earnings as the warrants are not indexed to the Company's own stock. The Company also concluded that the conversion feature met the definition of a derivative and should be bifurcated from the debt host liability. As such, the Company recognized the warrants and the embedded derivative liability at fair value, with the remaining proceeds allocated to the debt host. The debt host was subsequently measured using the effective interest method. The Company derecognized the Original Note and the Additional Notes in connection with the exchange of such notes for the New Notes. The carrying amounts of the warrants, embedded derivative and the debt host, as of March 31, 2026 were $2,848, $3,197 and $4,079, respectively.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the three months ended March 31, 2026, the Company recognized total interest expense of $940 thousand related to the Original Note, the Additional Notes, and the New Notes.</span></span></p> </div> </div> 3000000 1025000.000 0.24 2026-08-12 10000000 1851851 5.4 10000000 5400000 10000000 0.08 2029-03-25 1851851 5.4 2848000 3197000 4079000 940000 <div> <div style="font-size:10pt"> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>NOTE 10:</strong></span></span></td> <td style="padding-left:10pt;text-indent:-10pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><strong>RELATED PARTY TRANSACTIONS</strong></span></span></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 0"> </p> <p style="margin:0pt 6.3pt 0pt 40.95pt;text-align:justify;line-height:normal;font-size:10pt;font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span><span>In </span>connection with the acquisition of Oratech completed on March 25, 2026, the Company entered into various financing and commercial arrangements with Oramed, which is considered a related party to the Company due to its significant ownership interest in the Company and representation on the Company’s board of directors.</span></span></span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Related Party Financing Arrangements</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As part of the transaction, the Company issued convertible promissory notes and warrants to Oramed. As of March 31, 2026, the Company recorded convertible promissory notes, net, of approximately $6.5 million attributable to Oramed and warrant liabilities of approximately $2.6 million attributable to warrants held by Oramed in connection with these financing arrangements. The carrying value of the convertible promissory notes reflects the allocation of proceeds among the various financing instruments and the related accounting treatment.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Refer to Note 3, Significant Accounting Policies, and Note 9, Convertible Promissory Notes, for additional information regarding the terms and accounting treatment of these financing arrangements.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">b.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Asset Acquisition Transaction</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">In connection with the transaction, the Company completed the acquisition of Oratech pursuant to a SPA entered into with Oramed. Refer to Note 6, Asset Acquisition, for additional information regarding the transaction and the related accounting treatment. The acquired assets primarily included intellectual property and other contractual rights related to Oratech’s product development and clinical trial activities. In connection with the transaction, the Company also entered into arrangements related to future clinical trial activities.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As part of the consideration transferred in the transaction, the Company issued pre-funded warrants and freestanding warrants to Oramed. These instruments were classified as liabilities and recorded at fair value in accordance with applicable U.S. GAAP. As of March 31, 2026, liabilities associated with such pre-funded warrants and freestanding warrants issued to Oramed were approximately $4.0 million.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">I</span></span><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">n addition, the Company agreed to make revenue sharing payments to Oramed based on future sales, subject to certain caps and termination provisions.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During the three months ended March 31, 2026, the Company recognized approximately $4.9 million of research and development expense associated with acquired in-process research and development assets that were determined to have no alternative future use.</span></span></p> </div> <div style="margin-top:13.3333px;margin-bottom:0px"></div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt" width="100%"> <tr style="vertical-align:top"> <td style="width:20.65pt"></td> <td style="width:18pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">c.</span></span></td> <td><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Clinical Trial Services Arrangements</span></span></td> </tr> </table> <p style="margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The clinical trial services arrangements include future clinical development, project management, regulatory and operational support services expected to be provided over a 24-month period. Management’s estimate of the fair value associated with such arrangements required significant judgment and was based on assumptions regarding the scope of services, expected costs, specialized expertise, execution capabilities and market participant considerations. The Company believes the assumptions utilized are consistent with market participant assumptions.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of March 31, 2026, the Company recorded a clinical trial services asset of $975 thousand associated with the estimated value of future services expected to be provided under these arrangements.</span></span></p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Certain members of the Company’s Board of Directors are affiliated with Oramed.</span></span></p> </div> </div> 6500000 2600000 4000000 4900000 975000 <div> <div style="line-height:1.25;font-family:'Times New Roman',Times,serif;font-weight:bold"> <table border="0" cellpadding="0" cellspacing="0" style="font:10pt Times New Roman, Times, serif;width:100%;margin-top:0pt;margin-bottom:0pt"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><strong>NOTE 11:</strong></td> <td style="padding-left:10pt;text-indent:-10pt"><strong>FINANCIAL INCOME, NET</strong></td> </tr> </table> </div> <div> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The components of financial expense (income), net were as follows (in thousands):</p> <p style="margin:0pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended<br/>March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Foreign currency transactions and other</td> <td> </td> <td>$</td> <td style="text-align:right">13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">(5</td> <td>)</td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Income from derivatives measurement</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">(525</td> <td style="width:1%;text-align:left">)</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">-</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Interest expense (income)</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">934</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">(56</td> <td style="text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:1pt">Bank fees and commissions</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">26</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">31</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">448</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">(30</td> <td style="padding-bottom:2pt;text-align:left">)</td> </tr> </table> </div> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended<br/>March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Foreign currency transactions and other</td> <td> </td> <td>$</td> <td style="text-align:right">13</td> <td> </td> <td> </td> <td>$</td> <td style="text-align:right">(5</td> <td>)</td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Income from derivatives measurement</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">(525</td> <td style="width:1%;text-align:left">)</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">-</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Interest expense (income)</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">934</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">(56</td> <td style="text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:1pt">Bank fees and commissions</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">26</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">31</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">448</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">(30</td> <td style="padding-bottom:2pt;text-align:left">)</td> </tr> </table> </div> 13000 -5000 -525000 0 934000 -56000 -26000 -31000 448000 -30000 <div> <div style="line-height:1.25"> <table border="0" cellpadding="0" cellspacing="0" style="font-style:normal;font-variant:normal;font-size-adjust:none;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:normal;font-family:Times New Roman, Times, serif;width:100%;margin-top:0pt;margin-bottom:0pt;width:100%"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><strong>NOTE <span style="letter-spacing:-0.15pt">12:</span></strong></td> <td style="padding-left:10pt;text-indent:-10pt"><strong>GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT <span style="letter-spacing:-0.3pt">DATA</span></strong></td> </tr> </table> </div> <div> <div style="font-size:10pt"> <p style="font:bold 10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">Summary information about geographic areas:</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 20.5pt;text-align:justify;text-indent:15.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment and unit and derives revenues mainly from products, lease revenues and warranty and services (see Note 1 for a brief description of the Company’s business and Note 3c for details on the Company's revenue recognition).</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the CODM, which is the Company’s chief executive officer, who reviews financial information and annual operating plans presented on a consolidated basis, for purposes of making operating decisions, evaluating financial performance, and allocating resources. There is no expense or asset information, that are supplemental to those disclosed in these consolidated financial statements, that are regularly provided to the CODM. The allocation of resources and assessment of performance of the operating segment is based on consolidated net loss as shown in our consolidated statements of operations. The CODM considers net loss in the annual forecasting process and reviews actual results when making decisions about allocating resources. Since the Company operates as one operating segment, financial segment information, including profit or loss and asset information, can be found in the consolidated financial statements.</p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.5in;text-align:justify"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The following is a summary of revenues within geographic areas (in thousands):</p> <p style="margin:0pt"> </p> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended<br/>March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Revenues based on customer’s location:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">United States</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">2,361</td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">3,209</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Germany</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">704</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">780</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td>Europe</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">697</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">555</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Asia-Pacific</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">52</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">42</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:1pt">Rest of the world</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">109</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">448</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Total revenues</td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">3,923</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">5,034</td> <td style="text-align:left"> </td> </tr> </table> </div> <p style="margin:0pt"> </p> </div> <div></div> <div style="font-size:10pt"> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">The following is a summary of long-lived assets within geographic areas (in thousands):</p> <p style="margin:0pt"> </p> <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Long-lived assets by geographic region (*):</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%">Israel</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">1,524</td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">1,579</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">United States</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">507</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">545</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt">Germany</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">31</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">5</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">2,062</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">2,129</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%"> <tr style="vertical-align:bottom"> <td style="width:40.95pt"> </td> <td style="width:36pt"><span style="font-size:10pt">(*)</span></td> <td><span style="font-size:10pt">Long-lived assets are comprised of property and equipment, net, and operating lease right-of-use assets.</span></td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> </div> </div> <div> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Major customer data as a percentage of total revenues:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Customer A</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">13.6</td> <td style="width:1%;text-align:left">%</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">15.4</td> <td style="width:1%;text-align:left">%</td> </tr> </table> </div> </div> </div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended<br/>March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Revenues based on customer’s location:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">United States</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">2,361</td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">3,209</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Germany</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">704</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">780</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td>Europe</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">697</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">555</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Asia-Pacific</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">52</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">42</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="text-align:left;padding-bottom:1pt">Rest of the world</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">109</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">448</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">Total revenues</td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">3,923</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left">$</td> <td style="text-align:right">5,034</td> <td style="text-align:left"> </td> </tr> </table> </div> 2361000 3209000 704000 780000 697000 555000 52000 42000 109000 448000 3923000 5034000 <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Long-lived assets by geographic region (*):</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%">Israel</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">1,524</td> <td style="width:1%;text-align:left"> </td> <td style="width:1%"> </td> <td style="width:1%;text-align:left">$</td> <td style="width:9%;text-align:right">1,579</td> <td style="width:1%;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-align:left">United States</td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">507</td> <td style="text-align:left"> </td> <td> </td> <td style="text-align:left"> </td> <td style="text-align:right">545</td> <td style="text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt">Germany</td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">31</td> <td style="padding-bottom:1pt;text-align:left"> </td> <td style="padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;text-align:right">5</td> <td style="padding-bottom:1pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-bottom:2.5pt"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">2,062</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> <td style="padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.5pt double;text-align:left">$</td> <td style="border-bottom:Black 2.5pt double;text-align:right">2,129</td> <td style="padding-bottom:2.5pt;text-align:left"> </td> </tr> </table> </div> <p style="margin-top:0;margin-bottom:0"> </p> <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%"> <tr style="vertical-align:bottom"> <td style="width:40.95pt"> </td> <td style="width:36pt"><span style="font-size:10pt">(*)</span></td> <td><span style="font-size:10pt">Long-lived assets are comprised of property and equipment, net, and operating lease right-of-use assets.</span></td> </tr> </table> </div> 1524000 1579000 507000 545000 31000 5000 2062000 2129000 <div> <div> <div style="font-size:10pt"> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:85%;font:10pt Times New Roman, Times, Serif;margin-left:40.95pt"> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="6" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Three Months Ended March 31,</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom"> <td> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2026</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> <td style="font-weight:bold;padding-bottom:1pt"> </td> <td colspan="2" style="font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="padding-bottom:1pt;font-weight:bold"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Major customer data as a percentage of total revenues:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:76%;text-align:left">Customer A</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">13.6</td> <td style="width:1%;text-align:left">%</td> <td style="width:1%"> </td> <td style="width:1%;text-align:left"> </td> <td style="width:9%;text-align:right">15.4</td> <td style="width:1%;text-align:left">%</td> </tr> </table> </div> </div> </div> 0.136 0.154 <div> <table border="0" cellpadding="0" cellspacing="0" style="width:100%;margin-top:0pt;margin-bottom:0pt;font:10pt Times New Roman, Times, Serif;width:100%;width:100%;width:100%"> <tr style="vertical-align:top"> <td style="padding-left:10pt;text-indent:-10pt;width:4pc"><strong>NOTE 13:</strong></td> <td style="padding-left:10pt;text-indent:-10pt"><strong>SUBSEQUENT EVENTS</strong></td> </tr> </table> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 239.6pt 0pt 5.5pt"> </p> <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 6.3pt 0pt 40.95pt;text-align:justify">On May 18, 2026, the Company completed the initial closing under the Intellectual Property Assignment and Technology Transfer Agreement with Skelable Ltd. In connection with the closing, the Company issued 34,328 ordinary shares and paid $20 thousand in cash as consideration for the acquired intellectual property and related technology assets.</p> </div> 34328 20000 false false <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 32.45pt"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif"><span><span>During the quarter ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K).</span></span></span></span></p> directors or officers false false false false During the three months ended March 31, 2026, $443 thousand of the December 31, 2025 deferred revenues balance was recognized as revenues. Includes net financing expense comprised of interest expense and changes in fair value of warrant and derivative liabilities related to Oramed Pharmaceuticals Inc., a related party, of $416 for the three months ended March 31, 2026. Balance relates entirely to a related party arrangement with Oramed Pharmaceuticals Inc. See Note 8f to the condensed consolidated financial statements. Represents cash acquired in connection with the acquisition of Oratech from Oramed Pharmaceuticals Inc., a related party, of $6,500. See Note 9 to the condensed consolidated financial statements. Represents proceeds from issuance of Additional Notes to Oramed Pharmaceuticals Inc., a related party, of $1,025 for the three months ended March 31, 2026. Includes proceeds from issuance of New Notes, derivative liabilities and warrant liabilities to Oramed Pharmaceuticals Inc., a related party, of $4,397 for the three months. Reflects the one-for-twelve reverse share split that became effective on February 24, 2026. See Note 8a to the condensed consolidated financial statements. See Note 6 to the condensed consolidated financial statements. Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in December 2020. As of March 31, 2026, 42,834 warrants were exercised for a total consideration of $4,821,416. During the three months that ended March 31, 2026, no warrants were exercised. Represents warrants that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. As of March 31, 2026, 2,690 warrants were exercised for a total consideration of $405,003. During the three months that ended March 31, 2026, no warrants were exercised. Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s private placement offering of ordinary shares in February 2021. Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement. Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in September 2021. Represents warrants that were issued to the placement agent as compensation for its role in the Company’s September 2021 registered direct offering. Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in January 2025. Represents warrants that were issued to the placement agent as compensation for its role in the Company’s January 2025 registered direct offering. Represents warrants that were issued to certain institutional investors in connection with the Company’s public offering of ordinary shares in June 2025. Represents warrants that were issued to the placement agent as compensation for its role in the Company’s public offering of ordinary shares in June 2025. Represents amounts due to Oramed Pharmaceuticals Inc. as of December 31, 2025. Oramed became a related party upon completion of the March 2026 transaction. Includes balances attributable to Oramed Pharmaceuticals Inc., a related party, of $6,542 as of March 31, 2026. Includes balances attributable to Oramed Pharmaceuticals Inc., a related party, of $6,557 as of March 31, 2026. Long-lived assets are comprised of property and equipment, net, and operating lease right-of-use assets.