v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Loss before tax for the year $ (174,590) $ (35,401) $ (20,914)
Share based compensation 114,205 3,657 3,269
Issuance of restricted shares to investors 7,811
Depreciation and amortization 3,450 2,273 225
Decrease in other current receivables 1,239 140 2,938
Impairment of intangible assets 1,542 2,197
Impairment of goodwill 6,025 6,813
Increase (decrease) in trade payables (862) (2,780) 2,074
Increase (decrease) in other payables (440) 1,761 (235)
Increase in other liabilities 19
Revaluation of financial liabilities at fair value (1,500) 1,890 1,496
Interest expenses and revaluation of convertible notes 18,812 6,818 3,899
Financial expenses due to bridge loans principal amounts 44 435
Remeasurement of investment in associated company (22,164)
Interest expenses due to short term loan 3,634
Share in losses of associated companies, net 101
Issuance of ordinary shares and warrants due to underwriter fees 990 238 11
Issuance cost due to inducement Alpha warrant B’s exercise price 184
Issuance of ordinary shares due to commitment/facility fee 2,639 460
SPAC transaction - listing costs 16,802
Net cash flow used in operating activities (17,001) (11,314) (12,479)
Cash flows from investing activities:      
Purchase of property, plant and equipment (21) (60)
Capitalized development cost (169) (976)
Net cash flow used in investing activities (190) (1,036)
Cash flows from financing activities:      
Repayment of short-term loan (500)
Repayment of convertible notes (563)
Payment of lease liabilities (53) (80) (42)
Repayment of bridge loans (370) (34) (30)
Repayment of pre-paid advances/ advance payment for equity, net (423) 2,679
Proceeds from issuance of ordinary shares and pre-funded warrants 6,945 2,630
Exercise of warrants and pre-funded warrants into ordinary shares 2,399 642
Proceeds from issuance of convertible notes and warrants, net 31,231 3,303 2,606
Proceeds from short term loan 1,000
Proceeds from issuance of bridge loans and warrants 550
Issuance of shares in the SPAC transaction, net 2,919
Net cash flow provided by financing activities 29,745 13,110 11,954
Increase (decrease) in cash and cash equivalents 12,744 1,606 (1,561)
Cash and cash equivalents at beginning of year 2,343 168 1,398
Exchange rate differences on cash and cash equivalent (2,886) 569 331
Cash and cash equivalents at end of year 12,201 2,343 168
Appendix A – Non-cash transactions during the year:      
Conversion of financial liability into ordinary shares 4,134 645 5,330
Conversion of bridge loans into ordinary shares and warrants 6 128 5,192
Conversion of convertible notes and warrants into ordinary shares 43,146 8,530 175
Exercise of cashless options into ordinary shares 314 2,925
Exercise of warrants and pre-funded warrants into ordinary shares 4,824 1,008
Issuance cost 152
Other current receivable in connection to exercise of Series A Common Warrant 1,510
Remeasurement of investment in associated company (22,164)
Issuance of warrants to the placement agent in connection to RBW May agreement $ (1,728)