QTREX Quantum Ltd 6-K, filed May 18, 2023
QTREX Quantum Ltd. (QTEX)
About this 6-K
QTREX Quantum Ltd filed this 6-K on May 18, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of May 2023 (Report No. 3)
Commission File Number: 001-40303
Inspira Technologies Oxy B.H.N. Ltd.
(Translation of registrant’s name into English)
2 Ha-Tidhar St.
Ra’anana 4366504, Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
CONTENTS
On May 18, 2023, Inspira Technologies Oxy B.H.N. Ltd., or the Registrant, issued a press release titled “Inspira™ Technologies Reports First Quarter 2023 Financial Results,” a copy of which is furnished as Exhibit 99.1 with this report of foreign private issuer on Form 6-K.
The first paragraph and the sections titled “Highlights,” “Financial Results for the Three Months Ended March 31, 2023,” “Balance Sheet Highlights,” and “Forward-Looking Statements” in the press release are incorporated by reference into the Registrant’s Registration Statements on Form F-3 (Registration No. 333-266748) and Form S-8 (Registration No. 333-259057), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
| Exhibit No. | ||
| 99.1 | Press Release issued by Inspira Technologies Oxy B.H.N. Ltd. on May 18, 2023, titled “Inspira™ Technologies Reports First Quarter 2023 Financial Results.” |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Inspira Technologies Oxy B.H.N. Ltd. | |||
| Date: May 18, 2023 | By: | /s/ Dagi Ben-Noon | |
| Name: | Dagi Ben-Noon | ||
| Title: | Chief Executive Officer | ||
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Exhibit 99.1
Inspira™ Technologies Reports First Quarter 2023 Financial Results
As of March 31, 2023, the Company had $11.5 million in cash, cash equivalents, and short-term bank deposits.
May 18, 2023
Ra’anana, Israel– Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the “Company” or “Inspira Technologies”), a company aiming to revolutionize acute respiratory care, announced today its financial results for the first quarter ended March 31, 2023.
Dagi Ben-Noon, Chief Executive Officer of Inspira Technologies, stated:
“We believe that this is a very important period for the Company, as we continue to progress towards the regulatory submission of the New ALICETM Device with the U.S. Food and Drug Administration (FDA) in the coming months. This is in addition to the ongoing clinical studies of the HYLATM non-invasive blood sensor currently underway at Sheba Medical Centre in Israel. The progress of these devices represents important building blocks of our flagship INSPIRATM ART system, which is advancing in the development process.”
Highlights:
| Ø | May 11, 2023 – We announced that we are developing the VORTX™ Blood Oxygenator, a disposable oxygenator unit (kit) that uses a unique technology for saturating blood with oxygen and removing carbon dioxide. The VORTX is being designed to be sold separately to an addressable market currently estimated at $1.16 billion as well as being made compatible with our INSPIRA ART system and ALICE device. |
| Ø | March 22, 2023 - We announced a First in Human of HYLA™ Blood Sensor in a clinical study. We also announced the first use of the HYLATM in a patient undergoing open-heart surgery at Sheba Medical Centre in Israel. |
| Ø | February 13, 2023 - We announced that we received approval from Sheba Medical Centre to conduct a clinical study of the HYLA™ Blood Sensor. |
| Ø | January 23, 2023 - We announced that we were granted a patent by the U.S. Patent Office for the INSPIRA™ ART System’s Convertible Dual Lumen Cannula Device and Method of Use. All 20 claims were found to be novel, with inventive step and industrial applicability. |
Financial Results for the Three Months Ended March 31, 2023
Research and development expenses for the three months ended March 31, 2023, were $2.0 million, compared to $1.5 million for the corresponding period in 2022. The increase is a result of the Company’s recruitment of employees and the expanded research and development of its new technologies and operations.
Marketing expenses for the three months ended March 31, 2023, were $168 thousand compared to $472 thousand for the corresponding period in 2022. The decrease is attributable to decreases in share-based compensation expenses and a reduction in marketing activities. The marketing department increase its efforts in the first quarter of 2022 with respect to brand awareness and exploring go-to-market capabilities.
General and administrative expenses for the three months ended March 31, 2023, were $1.0 million, compared to $1.5 million for the corresponding period in 2022. The decrease resulted primarily from a decrease in share-based compensation expenses.
Finance income for the three months ended March 31, 2023, was $368 thousand, compared to $2.2 million for the corresponding period in 2022. The change in finance income resulted primarily from the calculation of the fair value of the Company’s financial equity liabilities to pre-initial public offering (IPO) and IPO investors, in addition to the fluctuation in the U.S. dollar – New Israeli Shekel exchange rate during the first quarter of 2023.
Finance expenses for the three months ended March 31, 2023, were $112 thousand, compared to $25 thousand for the corresponding period in 2022.
Net loss for the three months ended March 31, 2023, was $3.0 million, compared to a net loss of $1.3 million for the three months ended March 31, 2022.
Balance Sheet Highlights
Cash, cash equivalents and short-term bank deposits were $11.5 million as of March 31, 2023, compared to $13.9 million as of December 31, 2022.
Financial liabilities at fair value totalled $431 thousand as of March 31, 2023, compared to $368 thousand as of December 31, 2022. The financial liabilities represent the fair value of the Company’s equity liabilities to pre-IPO and IPO investors.
As of March 31, 2023, the Company’s shareholders’ equity totalled $10 million, compared to shareholders’ equity totalling $12.8 million as of December 31, 2022.
Inspira Technologies OXY B.H.N. Ltd.
Inspira Technologies is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration Technology (INSPIRA ART), designed to rebalance patient oxygen saturation levels. This technology potentially allows patients to remain awake during treatment while preventing the need for highly invasive, risky, and costly mechanical ventilation systems that require intubation and medically induced coma. The Company’s products have not yet been tested or used in humans and has not been approved by any regulatory entity.
For more information, please visit our corporate website:
https://inspira-technologies.com/
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Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses its regulatory strategy, the continuation of its progress towards the regulatory submission of the ALICE Device with the FDA, the progress of its clinical studies, and its believe that the progress of its devices represents important building blocks of its INSPIRA ART system. These forward-looking statements and their implications are based solely on the current expectations of the Company’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC, which is available on the SEC’s website, www.sec.gov.
US Public Relations
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
IINN@redchip.com
MRK-ARS-057 Copyright © 2018-2023 Inspira Technologies OXY B.H.N. LTD., All rights reserved.
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UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(US dollars in thousands)
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | 6,362 | 6,783 | ||||||
| Cash deposits | 5,136 | 7,120 | ||||||
| Other accounts receivable | 371 | 591 | ||||||
| Total current assets | 11,869 | 14,494 | ||||||
| Non-Current Assets: | ||||||||
| Right of use assets, net | 1,004 | 1,107 | ||||||
| Property, plant and equipment, net | 535 | 411 | ||||||
| Total non-current assets | 1,539 | 1,518 | ||||||
| Total Assets | 13,408 | 16,012 | ||||||
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Trade accounts payables | 191 | 150 | ||||||
| Other accounts payable | 1,350 | 1,217 | ||||||
| Lease liabilities | 307 | 329 | ||||||
| Financial Liabilities at Fair Value | 431 | 368 | ||||||
| Total current liabilities | 2,279 | 2,064 | ||||||
| Non-Current Liabilities: | ||||||||
| Lease liabilities | 637 | 728 | ||||||
| Loan from the Israeli Innovation Authority | 412 | 398 | ||||||
| Total non- current liabilities | 1,049 | 1,126 | ||||||
| Shareholders’ Equity: | ||||||||
| Share capital and premium | 54,397 | 53,814 | ||||||
| Foreign exchange reserve | (2,222 | ) | (1,928 | ) | ||||
| Accumulated deficit | (42,095 | ) | (39,064 | ) | ||||
| Total equity | 10,080 | 12,822 | ||||||
| Total Liabilities and Shareholders’ Equity | 13,408 | 16,012 | ||||||
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UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
(US dollars in thousands)
| For the Three Months Ended | For the Year Ended | |||||||||||
| March 31, | December 31, | |||||||||||
| 2023 | 2022 | 2022 | ||||||||||
| Research and development expenses | 2,054 | 1,560 | 8,054 | |||||||||
| Marketing expenses | 168 | 472 | 1,325 | |||||||||
| General and administrative expenses | 1,065 | 1,544 | 5,391 | |||||||||
| Operating loss | 3,287 | 3,576 | 14,770 | |||||||||
| Finance (income) | (368 | ) | (2,196 | ) | (4,678 | ) | ||||||
| Finance expenses | 112 | 181 | ||||||||||
| Loss (profit) before tax | 3,031 | 1,380 | 10,273 | |||||||||
| Taxes on income | ||||||||||||
| Loss (profit) for the period | 3,031 | 1,380 | 10,273 | |||||||||
| Other comprehensive loss (profit), net of tax: | ||||||||||||
| Items that will not be reclassified to profit or loss: | ||||||||||||
| Exchange profits(losses) arising on translation to presentation currency | (294 | ) | (425 | ) | (2,138 | ) | ||||||
| Total comprehensive loss for the period | 3,325 | 1,805 | 12,411 | |||||||||
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CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(US dollars in thousands)
For the Three-Month Period Ended March 31, 2023 (Unaudited):
| Share capital and premium | Adjustments arising from translating financial operation | Accumulated deficit | Total | |||||||||||||
| Balance on January 1, 2023 | ||||||||||||||||
| Changes during the period: | 53,814 | (1,928 | ) | (39,064 | ) | 12,822 | ||||||||||
| Loss for the period | - | - | (3,031 | ) | (3,031 | ) | ||||||||||
| Other comprehensive loss | - | (294 | ) | - | (294 | ) | ||||||||||
| Total comprehensive loss | - | (294 | ) | (3,031 | ) | (3,325 | ) | |||||||||
| Share-based compensation | 583 | - | - | 583 | ||||||||||||
| Balance on March 31, 2023 | 54,397 | (2,222 | ) | (42,095 | ) | 10,080 | ||||||||||
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