6-K
Rail Vision Ltd. (RVSN)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
Form6-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 March 2025
Commission file number: 001-41334
RAILVISION LTD.
(Translation of registrant’s name into English)
15Ha’Tidhar St
Ra’anana,4366517 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form<br> 20-F ☒ | Form<br> 40-F ☐ |
|---|
CONTENTS
Attached hereto and incorporated herein is the Registrant’s press release issued on March 31, 2025, titled “Rail Vision Announces Second Half and Full Year 2024 Financial Results: Reports Strong Revenue Growth for the Full Year 2024, Driven by Key Orders and Market Expansion.”
EXHIBITINDEX
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.
| Rail Vision Ltd. | ||
|---|---|---|
| Date:<br> March 31, 2025 | By: | /s/ Ofer Naveh |
| Name: | Ofer<br> Naveh | |
| Title: | Chief<br> Financial Officer |
Exhibit99.1
RailVision Announces Second Half and Full Year 2024 Financial Results: Reports Strong Revenue Growth for the Full Year 2024, Driven by KeyOrders and Market Expansion
Ra’anana, Israel, March 31, 2025 (GLOBE NEWSWIRE) – Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), an early commercialization stage technology company seeking to revolutionize railway safety and the data-related market, today announced its financial results for the second half and full year ended December 31, 2024. The Company reported significant revenue growth and operational progress, strengthening its market presence in the U.S. and beyond.
“2024 was a transformative year for Rail Vision,” said Shahar Hania, CEO of Rail Vision. “Since the beginning of 2024, we’ve secured over $34 million in funding, delivered key orders to global industry leaders and strengthened our U.S. market presence. With expanding fleet management, data services, and cloud integration, we are moving beyond hardware to a complete railway safety and analytics ecosystem.”
CommercialExecution
| ● | In<br> early 2025, received a purchase order from a Central American freight operator for its MainLine<br> system. |
|---|---|
| ● | Completed<br> in 2024 the first deliveries of MainLine systems related to a $1.4 million order from Israel<br> Railways for ten Main Line Systems after successful evaluation, —marking the first-ever<br> national rail installation of the Company’s AI-based tech. |
| ● | Completed<br> multiple installations in 2024, including with a Class 1 U.S. freight operator, Loram, a<br> top U.S. rail maintenance firm, and a leading Latin American mining company. |
| ● | Secured<br> an initial $1 million order in January 2024 from a leading U.S.-based rail services company,<br> followed by a $200,000 follow-on order in June 2024. |
GlobalExpansion
| ● | Entered<br> the Indian market through a non-binding MOU with Sujan Ventures, targeting thousands of locomotives<br> operated by Indian Railways. |
|---|---|
| ● | Joined<br> the MxV Rail Technology Roadmap Program under the American Association of Railroads to support<br> safety and efficiency initiatives across North America. |
ProductInnovation
| ● | Launched<br> an Active Control System enabling semi-autonomous train operation in collaboration with a<br> U.S. rail company. |
|---|---|
| ● | Introduced<br> D.A.S.H., a proprietary SaaS platform delivering real-time operational insights and enhanced<br> safety. |
Milestonesand IP Protection
| ● | Gained<br> regulatory approval from Israel Railways for its MainLine System, unlocking a $300,000 milestone<br> payment. |
|---|---|
| ● | Secured<br> a U.S. patent and received a notice of allowance in Japan for its AI-powered obstacle detection<br> system. |
FullYear 2024 Financial Results
| ● | Revenues<br> for the year ended December 31, 2024, increased by 815% to $1.3 million, compared to $142,000<br> for the year ended December 31, 2023. The increase was primarily driven by installations<br> for a leading global mining company that purchased a Rail Vision Main Line System, the first<br> installation of Rail Vision’s Main Line Systems for Israel Railways and the successful<br> delivery and installation of Rail Vision’s Shunting Yard systems to Loram and a Class<br> 1 US Railroad company. |
|---|---|
| ● | Research<br> and development expenses for the year ended December 31, 2024, decreased to $5,279,000 compared<br> to $7,145,000 for the year ended December 31, 2023. The decrease was primarily attributable<br> to a decrease in salaries and related personnel expenses due to a reduction in workforce,<br> including a reduction in our employee base by 12 R&D employees, and a decrease in R&D<br> equipment purchases |
| ● | General<br> and administrative expenses totaled $4,175,000 for the year ended December 31, 2024, compared<br> to $4,339,000 for the year ended December 31, 2023, representing a decrease of $164,000<br> or 3.7%. The decrease was primarily attributable to a decrease in salaries as<br> part of the process of reducing costs and a decrease in share-based payment expenses of grants<br> which were fully vested or forfeited in 2024. |
| ● | As<br> a result of the foregoing, the Company’s operating loss for the year ended December<br> 31, 2024, was $9,004,000 compared to an operating loss of $11,403,000 for the year ended<br> December 31, 2023. |
| ● | For<br> the year ended December 31, 2024, we recorded expenses in amount of $20,181,000 due to the<br> revaluation of derivatives and warrants liabilities in connection with warrants issued in<br> a private placement and a convertible loan credit facility that we entered into in January<br> 2024 and an equity line facility that the Company established in October 2024. For the year<br> ended December 31, 2023, we did not incur any expenses related to revaluation of derivatives<br> and warrants liabilities. |
| ● | Other<br> financial expenses amounted to $1,523,00 for the year ended December 31, 2024, compared to<br> $255,000 other financial income for the year ended December 31, 2023. The decrease was primarily<br> attributable to the full amortization of discount related to a convertible loan credit facility<br> that we entered into in January 2024 and set up fees of an equity line facility that the<br> Company established in October 2024. |
| ● | GAAP<br> net loss for the year ended December 31, 2024, was $30,708,000, or $1.85 per ordinary share,<br> compared to a GAAP net loss of $11,148,000, or $4.30 per ordinary share, in the year ended<br> December 31, 2023. |
| ● | Non-GAAP<br> net loss for the year ended December 31, 2024, was $10,129,000, or $0.61 per ordinary share,<br> compared to a non-GAAP net loss of $10,875,000, or $4.20 per ordinary share, in the year<br> ended December 31, 2023. |
BalanceSheet Highlights
| ● | As<br> of December 31, 2024, cash and cash equivalents rose to $17.5 million from $3.3 million<br> as of December 31, 2023. The increase compared to December 31, 2023, is mainly due to the<br> proceeds received from a private placement and credit facility, from warrants exercised by<br> shareholders and from issuance of shares under the equity line facility that the Company<br> established in October 2024, totaling $24.1 million gross ($23.9 net proceeds), less cash<br> used during 2024. |
|---|
Cashposition and financing activities
| ● | Rail<br> Vision secured during 2024 and the first quarter of 2025 over $34 million in gross proceeds<br> to fuel its business through various financing transactions, including a private placement<br> of its shares and warrants, exercises of warrants and using its equity line facility. |
|---|---|
| ● | In<br> October 2024, the Company established an equity line facility, as amended in February 2025,<br> pursuant to which it has the right to sell up to $30.0 million of its ordinary shares, subject<br> to certain limitations, from time to time during the 36-month period following the date of<br> execution of the agreement. As of the date hereof, the Company has issued an aggregate of<br> 22,210,892 ordinary shares for aggregate gross proceeds of approximately $18.3 million. |
SecondHalf Financial Results
| ● | Revenues<br> for the six months ended December 31, 2024, were $539,000, compared to $142,000 for the six<br> months ended December 31, 2023, representing an increase of 380%, mainly comprised from installation<br> of Rail Vision’s Main Line Systems for Israel Railways and the successful delivery<br> and installation of Rail Vision’s Shunting Yard systems to a Class 1 US Railroad company. |
|---|---|
| ● | Research<br> and development expenses for the six months ended December 31, 2024, were $2,821,000, compared<br> to $3,463,000 for the six months ended December 31, 2023 representing a decrease of 18%.<br> The decrease in R&D expenses was primarily attributable to a decrease in R&D salaries<br> due to a reduction in the Company employee base by 12 R&D employees. |
| ● | General<br> and administrative expenses for the six months ended December 31, 2024, were $2,059,000,<br> similar to $2,036,000 in the six months ended December 31, 2023. |
| ● | As<br> a result of the foregoing, the Company’s operating loss for the six months ended December<br> 31, 2024, was $4,819,000 compared to an operating loss of $5,418,000 for the six months ended<br> December 31, 2023. |
| ● | For<br> the six months ended December 31, 2024, the Company recorded expenses in amount of $1,346,000<br> due to the revaluation of derivatives and warrants liabilities in connection with the equity<br> line facility that the Company established in October 2024. For the six months ended December<br> 31, 2023, we did not incur any expenses related to revaluation of derivatives and warrants<br> liabilities. |
| --- | --- |
| ● | Financial<br> expenses amounted to $219,000 for the six months ended December 31, 2024, compared to $155,000<br> financial income for the six months ended December 31, 2023. The decrease was primarily attributable<br> to set up fees related to the equity line facility that the Company established in October<br> 2024. |
| ● | GAAP<br> net loss for the six months ended December 31, 2024, was $6,384,000, or $0.30 per ordinary<br> share, compared to a GAAP net loss of $5,313,000, or $1.77 per ordinary share, in the six<br> months ended December 31, 2023. |
| ● | Non-GAAP<br> net loss for the six months ended December 31, 2024, was $4,736,000 or $0.23 per ordinary<br> share, compared to a non-GAAP net loss of $5,204,000, or $1.74 per ordinary share, in the<br> six months ended December 31, 2023. |
A copy of Rail Vision’s annual report on Form 20-F for the year ended December 31, 2024 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on Rail Vision’s investor relations website at https://ir.railvision.io/. Rail Vision will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at [email protected].
Useof Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the company’s earnings release contains non-GAAP financial measures of net loss for the period that excludes the effect of stock-based compensation expenses and revaluation of derivative warrant liabilities. The company’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of the company’s on-going operations. Management also uses both GAAP and non-GAAP information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-GAAP financial measures disclosed by the company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these Non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures and not rely on any single financial measure to evaluate the company’s business. For more information on the non-GAAP financial measures, please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” later in this release. This accompanying table has more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
AboutRail Vision Ltd.
Rail Vision is a development stage technology company that is seeking to revolutionize railway safety and the data-related market. The company has developed cutting edge, artificial intelligence based, industry-leading technology specifically designed for railways. The company has developed its railway detection and systems to save lives, increase efficiency, and dramatically reduce expenses for the railway operators. Rail Vision believes that its technology will significantly increase railway safety around the world, while creating significant benefits and adding value to everyone who relies on the train ecosystem: from passengers using trains for transportation to companies that use railways to deliver goods and services. In addition, the company believes that its technology has the potential to advance the revolutionary concept of autonomous trains into a practical reality. For more information, please visit https://www.railvision.io/
Forward-LookingStatements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses moving beyond hardware to a complete railway safety and analytics ecosystem. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F filed with the SEC on March 31, 2025. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites.
Contacts
Shahar Hania
Chief Executive Officer
Rail Vision Ltd.
15 Ha’Tidhar St
Ra’anana, 4366517 Israel
Telephone: +972- 9-957-7706
InvestorRelations:
Michal Efraty
RailVision Ltd.
BALANCESHEETS
(U.S.dollars in thousands, except share data and per share data)
| As<br> of December 31, | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| Audited | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 17,238 | $ | 3,066 | ||
| Restricted cash | 230 | 223 | ||||
| Accounts receivable | 495 | — | ||||
| Inventories | 1,304 | 977 | ||||
| Other current assets | 436 | 336 | ||||
| Total<br> current assets | 19,703 | 4,602 | ||||
| Non-current Assets: | ||||||
| Operating lease - right of use asset | 582 | 889 | ||||
| Fixed assets, net | 312 | 430 | ||||
| 894 | 1,319 | |||||
| Total<br> assets | 20,597 | 5,921 | ||||
| LIABILITIES<br> AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Trade accounts payables | 107 | 185 | ||||
| Current operating lease liability | 305 | 285 | ||||
| Other accounts payable | 2,266 | 2,140 | ||||
| Total<br> current liabilities | 2,678 | 2,610 | ||||
| Non-current operating<br> lease liability | 217 | 524 | ||||
| Total<br> liabilities | 2,895 | 3,134 | ||||
| Shareholders’ equity | ||||||
| Ordinary shares | — | 68 | ||||
| Additional paid in capital | 114,372 | 68,681 | ||||
| Accumulated deficit | (96,670 | ) | (65,962 | ) | ||
| Total<br> shareholders’ equity | 17,702 | 2,787 | ||||
| Total<br> liabilities and shareholders’ equity | 20,597 | 5,921 |
RailVision Ltd.
STATEMENTSOF COMPREHENSIVE LOSS
(U.S.dollars in thousands, except share data and per share data)
| Year<br> ended December 31, | Six<br> months ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Audited | Unaudited | |||||||||||
| Revenues | $ | 1,300 | $ | 142 | $ | 539 | $ | 142 | ||||
| Cost<br> of revenues | (850 | ) | (61 | ) | (478 | ) | (61 | ) | ||||
| Gross<br> profit | 450 | 81 | 61 | 81 | ||||||||
| Research<br> and development expenses | (5,279 | ) | (7,145 | ) | (2,821 | ) | (3,463 | ) | ||||
| General<br> and administrative expenses | (4,175 | ) | (4,339 | ) | (2,059 | ) | (2,036 | ) | ||||
| Operating<br> loss | (9,004 | ) | (11,403 | ) | (4,819 | ) | (5,418 | ) | ||||
| Financial<br> (expenses) income: | ||||||||||||
| Revaluation<br> of derivatives and warrants liabilities | (20,181 | ) | — | (1,346 | ) | — | ||||||
| Other<br> financing income (expenses), net | (1,523 | ) | 255 | (219 | ) | 105 | ||||||
| Net<br> loss for the period | (30,708 | ) | (11,148 | ) | (6,384 | ) | (5,313 | ) | ||||
| Basic<br> and diluted loss per share | $ | (1.85 | ) | $ | (4.30 | ) | $ | (0.30 | ) | $ | (1.77 | ) |
| Weighted<br> average number of shares outstanding used to compute basic and diluted loss per ordinary share | 16,625,543 | 2,587,290 | 20,984,913 | 2,998,278 |
RailVision Ltd.
AUDITEDSTATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S.dollars in thousands, except share data and per share data)
| Ordinary<br> Shares | Additional | Total | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number<br> of<br><br>shares | paid in capital | Accumulated<br> Deficit | shareholders’<br>equity | |||||||||||
| BALANCE<br> AS OF JANUARY 1, 2023 | 1,987,005 | 63,033 | (54,814 | ) | 8,265 | |||||||||
| CHANGES<br> DURING 2023: | ||||||||||||||
| Issuance of shares as<br> a result of exercise of warrants | 24,431 | (1 | ) | — | — | |||||||||
| Issuance of units of ordinary<br> shares and warrants, net of issuance expenses (*) | 986,842 | 5,376 | — | 5,397 | ||||||||||
| Share-based payment | — | 273 | 273 | |||||||||||
| Net<br> loss | — | — | (11,148 | ) | (11,148 | ) | ||||||||
| BALANCE<br> AS OF DECEMBER 31, 2023 | 2,998,278 | 68,681 | (65,962 | ) | 2,787 | |||||||||
| CHANGES<br> DURING 2024: | ||||||||||||||
| Cancelation of the par<br> value of ordinary shares | — | ) | 68 | — | — | |||||||||
| Issuance of units of ordinary<br> shares and pre-funded warrants, net of issuance costs (**) | 3,554,200 | (***) | 1,404 | — | 1,404 | |||||||||
| Exercise of warrants to<br> ordinary shares, net of issuance costs (****) | 16,758,487 | 25,561 | — | 25,561 | ||||||||||
| Classification of warrant<br> liabilities to equity warrants | — | 6,143 | — | 6,143 | ||||||||||
| SEPA set up fees | 288,684 | 152 | — | 152 | ||||||||||
| Issuance of ordinary shares<br> in relation to the SEPA | 14,116,595 | 12,117 | 12,117 | |||||||||||
| Restricted Share Units<br> vesting | 227,647 | 173 | — | 173 | ||||||||||
| Share-based payment | — | 73 | — | 73 | ||||||||||
| Net<br> loss | — | — | (30,708 | ) | (30,708 | ) | ||||||||
| BALANCE<br> AS OF DECEMBER 31, 2024 | 37,943,891 | 114,372 | (96,670 | ) | 17,702 |
All values are in US Dollars.
| (*) | Issuance costs in the amount of approximately $603 |
|---|---|
| (**) | Issuance costs in the amount of approximately $39. |
| (***) | Including<br> 1,902,742 Pre-funded Warrants which were exercised to 1,902,742 ordinary shares during February and March 2024. |
| (****) | Issuance costs in the amount of approximately $252. |
RailVision Ltd.
STATEMENTSOF CASH FLOWS
(U.S.dollars in thousands)
| Year<br> ended December 31, | Six months ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| **** | Audited | **** | **** | Unaudited | **** | |||||||
| Cash<br> flows from operating activities | ||||||||||||
| Net loss for the period | $ | (30,708 | ) | $ | (11,148 | ) | $ | (6,384 | ) | $ | (5,313 | ) |
| Adjustments<br> to reconcile loss to net cash used in operating activities: | ||||||||||||
| Depreciation | 148 | 171 | 63 | 91 | ||||||||
| Share-based payment | 398 | 273 | 303 | 108 | ||||||||
| Effect of exchange rate changes on cash and<br> cash equivalents | 27 | (70 | ) | (29 | ) | (70 | ) | |||||
| Revaluation of derivative warrant liabilities | 20,181 | — | 1,346 | — | ||||||||
| Amortization of a discount related to a convertible<br> loan credit facility | 1,229 | — | — | — | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Decrease (increase) in accounts receivables | (495 | ) | 115 | (360 | ) | 115 | ||||||
| Decrease (increase) in other current assets | (100 | ) | (111 | ) | (82 | ) | (31 | ) | ||||
| Increase in Inventories | (327 | ) | (977 | ) | (336 | ) | (486 | ) | ||||
| Change in operating lease liability | 20 | (8 | ) | 33 | 31 | |||||||
| Increase (decrease) in trade accounts payable | (78 | ) | 129 | 19 | (38 | ) | ||||||
| Increase in other accounts<br> payable | 23 | 1,108 | 340 | 484 | ||||||||
| Net<br> cash used in operating activities | (9,682 | ) | (10,518 | ) | (5,087 | ) | (5,109 | ) | ||||
| Cash<br> flows from investing activities | ||||||||||||
| Purchase of fixed assets | (30 | ) | (152 | ) | (24 | ) | (15 | ) | ||||
| Net<br> cash used in investing activities | (30 | ) | (152 | ) | (24 | ) | (15 | ) | ||||
| Cash<br> flows from financing activities: | ||||||||||||
| Proceeds from a convertible loan credit facility<br> and issuance of warrants | 1,500 | — | — | — | ||||||||
| Payments on convertible loan credit facility | (1,000 | ) | — | — | — | |||||||
| Proceeds from exercise<br> of warrants, net of issuance expenses | 9,687 | — | 1,874 | — | ||||||||
| Proceeds from issuance of shares and warrants,<br> net of issuance expenses | 13,731 | 5,397 | 10,770 | (63 | ) | |||||||
| Net<br> cash provided by financing activities | 23,918 | 5,397 | 12,644 | (63 | ) | |||||||
| Effect of exchange rate changes on cash and<br> cash equivalents | (27 | ) | 70 | 29 | 70 | |||||||
| Increase (Decrease) in cash, cash equivalents<br> and restricted cash | 14,179 | (5,203 | ) | 7,562 | (5,117 | ) | ||||||
| Cash, cash equivalents<br> and restricted cash at the beginning of the period | 3,289 | 8,492 | 9,906 | 8,406 | ||||||||
| Cash,<br> cash equivalents and restricted cash at the end of the period | $ | 17,468 | $ | 3,289 | $ | 17,468 | $ | 3,289 | ||||
| Non<br> Cash Activities: | ||||||||||||
| Conversion of a convertible<br> loan credit facility to ordinary shares | 500 | — | — | — | ||||||||
| Issuance expenses recorded<br> in other accounts payables | 103 | — | 103 | (65 | ) |
RailVision Ltd.
UNAUDITEDRECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S.dollars in thousands, except share data and per share data)
| Year<br> ended December 31, | Six months ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||||||
| GAAP operating<br> loss | (9,004 | ) | (11,403 | ) | (4,819 | ) | (5,418 | ) | ||||
| Stock-based compensation in research and development<br> expenses | 120 | 62 | 102 | 34 | ||||||||
| Stock-based compensation<br> in general and administrative expenses | 126 | 212 | 48 | 75 | ||||||||
| Non-GAAP<br> operating loss | (8,758 | ) | (11,129 | ) | (4,669 | ) | (5,309 | ) | ||||
| GAAP<br> Revaluation of derivatives and warrants liabilities expenses | (20,181 | ) | — | (1,346 | ) | — | ||||||
| Revaluation of derivative warrant liabilities | 20,181 | — | 1,346 | — | ||||||||
| Non-GAAP<br> Revaluation of derivatives and warrants liabilities expenses | — | — | — | — | ||||||||
| GAAP Other financing income<br> (expenses), net | (1,523 | ) | 255 | (219 | ) | 105 | ||||||
| Revaluation of derivative<br> warrant liabilities | 152 | — | 152 | — | ||||||||
| Non-GAAP<br> Other financing income (expenses), net | (1,371 | ) | 255 | (67 | ) | 105 | ||||||
| GAAP net loss | (30,708 | ) | (11,148 | ) | (6,384 | ) | (5,313 | ) | ||||
| Stock-based compensation expenses | 398 | 273 | 302 | 109 | ||||||||
| Revaluation of derivative<br> warrant liability expenses | 20,181 | — | 1,346 | — | ||||||||
| Non-GAAP<br> net loss | (10,129 | ) | (10,875 | ) | (4,736 | ) | (5,204 | ) | ||||
| GAAP<br> Basic and diluted loss per share | (1.85 | ) | (4.30 | ) | (0.30 | ) | (1.77 | ) | ||||
| Non-GAAP<br> Basic and diluted loss per share | (0.61 | ) | (4.20 | ) | (0.23 | ) | (1.74 | ) | ||||
| Weighted<br> average number of shares outstanding used to compute basic and diluted loss per ordinary share | 16,625,543 | 2,587,290 | 20,984,913 | 2,998,278 |