Israel | Not applicable | |
(State or other jurisdiction of | (I.R.S. Employer Identification No.) | |
3 Hatnufa Street, Floor 6, Yokneam Ilit, Israel | 2069203 | |
(Address of principal executive offices) | (Zip Code) | |
+972.4.959.0123 Registrant's telephone number, including area code Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act |
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Title of each class | Trading | Name of each exchange on which registered | ||
Ordinary shares, par value NIS 0.25 | RWLK | Nasdaq Capital Market |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☒ | Smaller reporting company ☒ |
Emerging growth company ☐ |
Page No. | ||
i
• | our expectations regarding future growth, including our ability to increase sales in our existing geographic markets and expand to new markets; |
• | our ability to maintain and grow our reputation and the market acceptance of our |
• | our ability to achieve reimbursement from third-party payors or advance Centers for Medicare & Medicaid Services (“CMS”) coverage for our products, including our ability to |
• | our ability to regain and maintain compliance with the continued requirements of the Nasdaq Capital Market and the risk that our ordinary shares will be delisted if we do not comply with such requirements; |
• | our ability to, successfully integrate the |
• | our ability to have sufficient funds to meet certain future capital requirements, which could impair our efforts to develop and commercialize existing and new products; |
• | our limited operating history and our ability to leverage our sales, marketing and training infrastructure; |
• | our ability to grow our business through acquisitions of businesses, products or technologies, and the failure to manage acquisitions, or the failure to integrate them with our existing business, which could have a material adverse effect on our business, financial condition, and operating results; |
• | our expectations as to our clinical research program and clinical results; |
• | our ability to obtain certain components of our products from third-party suppliers and our continued access to our product manufacturers; |
• | our ability to improve our products and develop new products; |
• | our compliance with medical device reporting regulations to report adverse events involving our products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on our ability to market and sell our products; |
• | our ability to gain and maintain regulatory approvals and to comply with any post-marketing requests |
• | the risk of a cybersecurity attack or breach of our information technology systems significantly disrupting our business operations; |
• | our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; |
• | the impact of substantial sales of our shares by certain shareholders on the market price of our ordinary shares; |
• | our ability to use effectively the proceeds of our offerings of securities; |
• | the |
• | the adverse effect that the recent COVID-19 pandemic has had and continues to have on our business and results of operations; |
• | market and other conditions, including the extent to which inflation or global instability may disrupt our business operations or our financial condition or the financial condition of our customers and |
• | other factors discussed in the |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 74,027 | $ | 88,337 | ||||
Trade receivable, net | 447 | 585 | ||||||
Prepaid expenses and other current assets | 1,091 | 610 | ||||||
Inventories | 3,330 | 2,989 | ||||||
Total current assets | 78,895 | 92,521 | ||||||
LONG-TERM ASSETS | ||||||||
Restricted cash and other long-term assets | 1,001 | 1,064 | ||||||
Operating lease right-of-use assets | 638 | 881 | ||||||
Property and equipment, net | 237 | 284 | ||||||
Total long-term assets | 1,876 | 2,229 | ||||||
Total assets | $ | 80,771 | $ | 94,750 |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
(unaudited) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Current maturities of operating leases | $ | 606 | $ | 641 | ||||
Trade payables | 1,908 | 1,384 | ||||||
Employees and payroll accruals | 989 | 1,142 | ||||||
Deferred revenues | 369 | 316 | ||||||
Other current liabilities | 348 | 555 | ||||||
Total current liabilities | 4,220 | 4,038 | ||||||
LONG-TERM LIABILITIES | ||||||||
Deferred revenues | 808 | 866 | ||||||
Non-current operating leases | 85 | 418 | ||||||
Other long-term liabilities | 68 | 45 | ||||||
Total long-term liabilities | 961 | 1,329 | ||||||
Total liabilities | 5,181 | 5,367 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
SHAREHOLDERS’ EQUITY | ||||||||
Share capital | ||||||||
Ordinary share of NIS 0.25 par value-Authorized: 120,000,000 shares at September 30, 2022 and December 31, 2021; Issued: 62,901,945 and 62,480,163 shares as of September 30, 2022 and December 31, 2021 respectively; Outstanding: 62,717,316 and 62,480,163 shares as of September 30, 2022 and December 31, 2021 respectively | 4,678 | 4,661 | ||||||
Additional paid-in capital | 279,519 | 278,903 | ||||||
Treasury Shares at cost, 184,629 ordinary shares | (170 | ) | - | |||||
Accumulated deficit | (208,437 | ) | (194,181 | ) | ||||
Total shareholders’ equity | 75,590 | 89,383 | ||||||
Total liabilities and shareholders’ equity | $ | 80,771 | $ | 94,750 |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | $ | 886 | $ | 1,972 | $ | 3,332 | $ | 4,724 | ||||||||
Cost of revenues | 665 | 832 | 2,100 | 2,150 | ||||||||||||
Gross profit | 221 | 1,140 | 1,232 | 2,574 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development, net | 1,065 | 638 | 2,928 | 2,243 | ||||||||||||
Sales and marketing | 2,588 | 1,821 | 7,119 | 5,105 | ||||||||||||
General and administrative | 2,001 | 1,343 | 5,282 | 4,050 | ||||||||||||
Total operating expenses | 5,654 | 3,802 | 15,329 | 11,398 | ||||||||||||
Operating loss | (5,433 | ) | (2,662 | ) | (14,097 | ) | (8,824 | ) | ||||||||
Financial expenses, net | 1 | 27 | 69 | 14 | ||||||||||||
Loss before income taxes | (5,434 | ) | (2,689 | ) | (14,166 | ) | (8,838 | ) | ||||||||
Taxes on income (tax benefit) | 26 | (14 | ) | 90 | 40 | |||||||||||
Net loss | $ | (5,460 | ) | $ | (2,675 | ) | $ | (14,256 | ) | $ | (8,878 | ) | ||||
Net loss per ordinary share, basic and diluted | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.23 | ) | $ | (0.21 | ) | ||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 62,793,847 | 46,570,130 | 62,611,580 | 43,021,972 |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
Ordinary Shares | Additional paid-in | Treasury | Accumulated | Total shareholders’ | ||||||||||||||||||||
Number | Amount | capital | Stock | deficit | equity | |||||||||||||||||||
Balance as of July 1, 2021 | 46,201,052 | $ | 3,394 | $ | 250,332 | - | $ | (187,648 | ) | $ | 66,078 | |||||||||||||
Share-based compensation to employees and non-employees | - | - | 231 | - | - | 231 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of employees and non-employees RSUs | 234,225 | 18 | (18 | ) | - | - | - | |||||||||||||||||
Issuance of ordinary shares in a “registered direct" offering, net of issuance expenses in the amount of $3,228 (1) | 15,403,014 | 1,199 | 26,918 | - | - | 28,117 | ||||||||||||||||||
Exercise of pre-funded warrants and warrants (1) (2) | 610,504 | 47 | 1,195 | - | - | 1,242 | ||||||||||||||||||
Net loss | - | - | - | - | (2,675 | ) | (2,675 | ) | ||||||||||||||||
Balance as of September 30, 2021 | 62,448,795 | 4,658 | 278,658 | - | (190,323 | ) | 92,993 | |||||||||||||||||
Balance as of July 1, 2022 | 62,678,308 | 4,675 | 279,215 | - | (202,977 | ) | 80,913 | |||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 320 | - | - | 320 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees | 223,637 | 16 | (16 | ) | - | - | - | |||||||||||||||||
Treasury Shares | (184,629 | ) | (13 | ) | - | (170 | ) | - | (183 | ) | ||||||||||||||
Net loss | - | - | - | - | (5,460 | ) | (5,460 | ) | ||||||||||||||||
Balance as of September 30, 2022 | 62,717,316 | 4,678 | 279,519 | (170 | ) | (208,437 | ) | 75,590 |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share data)
Ordinary Share | Additional paid-in | Treasury | Accumulated | Total shareholders’ | ||||||||||||||||||||
Number | Amount | capital | Stock | deficit | equity | |||||||||||||||||||
Balance as of December 31, 2020 | 25,332,225 | 1,827 | 201,392 | - | (181,445 | ) | 21,774 | |||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 599 | - | - | 599 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of employees and non-employees RSUs | 366,796 | 29 | (29 | ) | - | - | - | |||||||||||||||||
Issuance of ordinary shares in a “best effort” offering, net of issuance expenses in the amount of $3,679 (1) | 10,921,502 | 832 | 35,489 | - | - | 36,321 | ||||||||||||||||||
Issuance of ordinary shares in a “registered direct" offering, net of issuance expenses in the amount of $3,228 (1) | 15,403,014 | 1,199 | 26,918 | - | - | 28,117 | ||||||||||||||||||
Exercise of pre-funded warrants and warrants (1) (2) | 10,425,258 | 771 | 14,289 | - | - | 15,060 | ||||||||||||||||||
Net loss | - | - | - | - | (8,878 | ) | (8,878 | ) | ||||||||||||||||
Balance as of September 30, 2021 | 62,448,795 | 4,658 | 278,658 | - | (190,323 | ) | 92,993 | |||||||||||||||||
Balance as of December 31, 2021 | 62,480,163 | 4,661 | 278,903 | - | (194,181 | ) | 89,383 | |||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 646 | - | - | 646 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of employees and non-employees RSUs | 421,782 | 30 | (30 | ) | - | - | - | |||||||||||||||||
Treasury Shares | (184,629 | ) | (13 | ) | - | (170 | ) | - | (183 | ) | ||||||||||||||
Net loss | - | - | - | - | (14,256 | ) | (14,256 | ) | ||||||||||||||||
Balance as of September 30, 2022 | 62,717,316 | 4,678 | 279,519 | (170 | ) | (208,437 | ) | 75,590 |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
Cash flows used in operating activities: | ||||||||
Net loss | $ | (14,256 | ) | $ | (8,878 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation | 161 | 210 | ||||||
Share-based compensation to employees and non-employees | 646 | 599 | ||||||
Deferred taxes | 2 | (57 | ) | |||||
Finance expense, net | 182 | - | ||||||
Trade receivables, net | 138 | (591 | ) | |||||
Prepaid expenses, operating lease right-of-use assets and other assets | (115 | ) | 320 | |||||
Inventories | (550 | ) | 372 | |||||
Trade payables | 524 | (624 | ) | |||||
Employees and payroll accruals | (153 | ) | 20 | |||||
Deferred revenues | (5 | ) | 8 | |||||
Operating lease liabilities and other liabilities | (552 | ) | (282 | ) | ||||
Net cash used in operating activities | (13,978 | ) | (8,903 | ) | ||||
Cash flows used in investing activities: | ||||||||
Purchase of property and equipment | (25 | ) | (28 | ) | ||||
Net cash used in investing activities | (25 | ) | (28 | ) | ||||
Cash flows from financing activities: | ||||||||
Purchase of treasury shares | (183 | ) | - | |||||
Issuance of ordinary shares in a private placement, net of issuance expenses paid in the amount of $3,679 (1) | - | 36,321 | ||||||
Issuance of ordinary shares in a "registered direct" offerings, net of issuance expenses in the amount of $2,918 (1) | - | 28,427 | ||||||
Exercise of pre-funded warrants and warrants (1) (2) | - | 15,060 | ||||||
Net cash provided by (used in) financing activities | (183 | ) | 79,808 | |||||
Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | (182 | ) | - | |||||
Increase (decrease) in cash, cash equivalents, and restricted cash | (14,186 | ) | 70,877 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 89,050 | 21,054 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 74,682 | $ | 91,931 | ||||
Supplemental disclosures of non-cash flow information | ||||||||
“Registered direct” offerings issuance cost not yet paid (1) | $ | - | $ | 310 | ||||
Classification of other current assets to property and equipment, net | $ | 22 | $ | 16 | ||||
Classification of inventory to property and equipment, net | $ | 67 | $ | 32 | ||||
Classification of inventory to other current assets | $ | 207 | $ | 72 | ||||
Supplemental cash flow information: | ||||||||
Cash and cash equivalents | $ | 74,027 | $ | 91,227 | ||||
Restricted cash included in other long-term assets | 655 | 704 | ||||||
Total Cash, cash equivalents, and restricted cash | $ | 74,682 | $ | 91,931 |
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 32,590 | $ | 67,896 | ||||
Trade receivable, net (Net from credit losses of $352 and $26 as of September 30, 2023 and December 31, 2022, respectively) | 3,529 | 1,036 | ||||||
Prepaid expenses and other current assets | 2,254 | 649 | ||||||
Inventories | 6,043 | 2,929 | ||||||
Total current assets | 44,416 | 72,510 | ||||||
LONG-TERM ASSETS | ||||||||
Restricted cash and other long-term assets | 772 | 694 | ||||||
Operating lease right-of-use assets | 2,077 | 836 | ||||||
Property and equipment, net | 1,047 | 196 | ||||||
Intangible assets | 13,369 | - | ||||||
Goodwill | 7,538 | - | ||||||
Total long-term assets | 24,803 | 1,726 | ||||||
Total assets | $ | 69,219 | $ | 74,236 |
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
(unaudited) | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Current maturities of operating leases liability | $ | 1,245 | $ | 564 | ||||
Trade payables | 5,658 | 1,950 | ||||||
Employees and payroll accruals | 1,701 | 1,282 | ||||||
Deferred revenues | 1,611 | 301 | ||||||
Earnout liability | 1,906 | - | ||||||
Other current liabilities | 693 | 685 | ||||||
Total current liabilities | 12,814 | 4,782 | ||||||
LONG-TERM LIABILITIES | ||||||||
Earnout liability | 1,741 | - | ||||||
Deferred revenues | 1,645 | 890 | ||||||
Non-current operating leases liability | 856 | 333 | ||||||
Other long-term liabilities | 387 | 66 | ||||||
Total long-term liabilities | 4,629 | 1,289 | ||||||
Total liabilities | 17,443 | 6,071 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
Shareholders’ equity: | ||||||||
Share capital | ||||||||
Ordinary share of NIS 0.25 par value-Authorized: 120,000,000 shares at September 30, 2023 (unaudited) and December 31, 2022; Issued: 64,047,124 and 63,023,506 shares at September 30, 2023 (unaudited) and December 31, 2022, respectively; Outstanding: 60,024,517 and 60,090,298 shares as of September 30, 2023 (unaudited) and December 31, 2022 respectively | 4,481 | 4,489 | ||||||
Additional paid-in capital | 280,742 | 279,857 | ||||||
Treasury Shares at cost, 4,022,607 and 2,933,208 ordinary shares at September 30, 2023 and December 31, 2022 respectively | (3,203 | ) | (2,431 | ) | ||||
Accumulated deficit | (230,244 | ) | (213,750 | ) | ||||
Total shareholders’ equity | 51,776 | 68,165 | ||||||
Total liabilities and shareholders’ equity | $ | 69,219 | $ | 74,236 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | $ | 4,403 | $ | 886 | $ | 6,970 | $ | 3,332 | ||||||||
Cost of revenues | 3,540 | 665 | 4,960 | 2,100 | ||||||||||||
Gross profit | 863 | 221 | 2,010 | 1,232 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development, net | 1,262 | 1,065 | 2,830 | 2,928 | ||||||||||||
Sales and marketing | 4,088 | 2,588 | 9,076 | 7,119 | ||||||||||||
General and administrative | 3,455 | 2,001 | 7,579 | 5,282 | ||||||||||||
Total operating expenses | 8,805 | 5,654 | 19,485 | 15,329 | ||||||||||||
Operating loss | (7,942 | ) | (5,433 | ) | (17,475 | ) | (14,097 | ) | ||||||||
Financial (expenses) income, net | 411 | (1 | ) | 1,047 | (69 | ) | ||||||||||
Loss before income taxes | (7,531 | ) | (5,434 | ) | (16,428 | ) | (14,166 | ) | ||||||||
Taxes on income | - | 26 | 66 | 90 | ||||||||||||
Net loss | $ | (7,531 | ) | $ | (5,460 | ) | $ | (16,494 | ) | $ | (14,256 | ) | ||||
Net loss per ordinary share, basic and diluted | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.23 | ) | ||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 59,798,413 | 62,793,847 | 59,509,781 | 62,611,580 |
Ordinary Shares | Additional paid-in | Treasury | Accumulated | Total shareholders’ | ||||||||||||||||||||
Number | Amount | capital | Shares | deficit | equity | |||||||||||||||||||
Balance as of June 30, 2022 | 62,678,308 | 4,675 | 279,215 | - | (202,977 | ) | 80,913 | |||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 320 | - | - | 320 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of employees and non-employees RSUs | 223,637 | 16 | (16 | ) | - | - | - | |||||||||||||||||
Treasury Shares at cost | (184,629 | ) | (13 | ) | - | (170 | ) | (183 | ) | |||||||||||||||
Net loss | - | - | - | - | (5,460 | ) | (5,460 | ) | ||||||||||||||||
Balance as of September 30, 2022 | 62,717,316 | 4,678 | 279,519 | (170 | ) | (208,437 | ) | 75,590 | ||||||||||||||||
Balance as of June 30, 2023 | 59,346,139 | 4,435 | 280,455 | (3,203 | ) | (222,713 | ) | 58,974 | ||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 333 | - | - | 333 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees | 678,378 | 46 | (46 | ) | - | - | - | |||||||||||||||||
Net loss | - | - | - | - | (7,531 | ) | (7,531 | ) | ||||||||||||||||
Balance as of September 30, 2023 | 60,024,517 | 4,481 | 280,742 | (3,203 | ) | (230,244 | ) | 51,776 |
Ordinary Shares | Additional paid-in | Treasury | Accumulated | Total shareholders’ | ||||||||||||||||||||
Number | Amount | capital | Shares | deficit | equity | |||||||||||||||||||
Balance as of December 31, 2021 | 62,480,163 | 4,661 | 278,903 | - | (194,181 | ) | 89,383 | |||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 646 | - | - | 646 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of employees and non-employees RSUs | 421,782 | 30 | (30 | ) | - | - | - | |||||||||||||||||
Treasury Shares at cost | (184,629 | ) | (13 | ) | - | (170 | ) | - | (183 | ) | ||||||||||||||
Net loss | - | - | - | - | (14,256 | ) | (14,256 | ) | ||||||||||||||||
Balance as of September 30, 2022 | 62,717,316 | 4,678 | 279,519 | (170 | ) | (208,437 | ) | 75,590 | ||||||||||||||||
Balance as of December 31, 2022 | 60,090,298 | 4,489 | 279,857 | (2,431 | ) | (213,750 | ) | 68,165 | ||||||||||||||||
Share-based compensation to employees and non-employees | - | - | 955 | - | - | 955 | ||||||||||||||||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees | 1,023,618 | 70 | (70 | ) | - | - | - | |||||||||||||||||
Treasury shares at cost | (1,089,399 | ) | (78 | ) | - | (772 | ) | - | (850 | ) | ||||||||||||||
Net loss | - | - | - | - | (16,494 | ) | (16,494 | ) | ||||||||||||||||
Balance as of September 30, 2023 | 60,024,517 | 4,481 | 280,742 | (3,203 | ) | (230,244 | ) | 51,776 |
Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
Cash flows used in operating activities: | ||||||||
Net loss | $ | (16,494 | ) | $ | (14,256 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 898 | 161 | ||||||
Share-based compensation | 955 | 646 | ||||||
Remeasurement of earn out liability | 40 | - | ||||||
Deferred taxes | - | 2 | ||||||
Interest income | (13) | - | ||||||
Exchange rate fluctuations | 24 | 182 | ||||||
Changes in assets and liabilities: | ||||||||
Trade receivables, net | (720 | ) | 138 | |||||
Prepaid expenses, operating lease right-of-use assets and other assets | (849 | ) | (115 | ) | ||||
Inventories | (480 | ) | (550 | ) | ||||
Trade payables | 1,895 | 524 | ||||||
Employees and payroll accruals | (347 | ) | (153 | ) | ||||
Deferred revenues | (23 | ) | (5 | ) | ||||
Operating lease liabilities and other liabilities | (1,069 | ) | (552 | ) | ||||
Net cash used in operating activities | (16,183 | ) | (13,978 | ) | ||||
Cash flows used in investing activities: | ||||||||
Purchase of property and equipment | (2 | ) | (25 | ) | ||||
Acquisition of a business, net of cash acquired | (18,068 | ) | - | |||||
Net cash used in investing activities | (18,070 | ) | (25 | ) | ||||
Cash flows from financing activities: | ||||||||
Purchase of treasury shares | (992 | ) | (183 | ) | ||||
Net cash used in financing activities | (992 | ) | (183 | ) | ||||
Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | (24 | ) | (182 | ) | ||||
Decrease in cash, cash equivalents, and restricted cash | (35,269 | ) | (14,368 | ) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 68,555 | 89,050 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 33,286 | $ | 74,682 | ||||
Supplemental disclosures of non-cash flow information | ||||||||
Classification of other current assets to property and equipment, net | $ | - | $ | 22 | ||||
Classification of inventory to property and equipment, net | $ | 194 | $ | 67 | ||||
Classification of property and equipment, net to inventory | $ | 39 | $ | - | ||||
ROU assets obtained from new lease liabilities | $ | 513 | $ | - | ||||
Supplemental cash flow information: | ||||||||
Cash and cash equivalents | $ | 32,590 | $ | 74,027 | ||||
Restricted cash included in other long-term assets | 696 | 655 | ||||||
Total Cash, cash equivalents, and restricted cash | $ | 33,286 | $ | 74,682 |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
a. | ReWalk Robotics Ltd. (“RRL”, and together with its subsidiaries, the “Company”) was incorporated under the laws of the State of Israel on June 20, 2001 and commenced operations on the same date. |
b. | RRL has three wholly-owned (directly and indirectly) subsidiaries: (i) ReWalk Robotics, Inc. (“RRI”) incorporated under the laws of Delaware on February 15, 2012, (ii) ReWalk Robotics GMBH (“RRG”) incorporated under the laws of Germany on January 14, 2013, and (iii) AlterG, Inc. (“AlterG” or “AGI”) incorporated in Delaware on October 21, 2004 under the name of Gravus, Inc. On June 30, 2005, the Company changed its name and re-incorporated in Delaware under the name of AlterG, Inc. |
c. | The Company is a medical device company that is designing, developing, and commercializing innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with physical and neurological conditions. The Company’s initial product offerings were the ReWalk Personal and ReWalk 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 our 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. |
a.ReWalk Robotics Ltd. (“RRL”, and together with its subsidiaries, the “Company”) was incorporated under the laws of the State of Israel on June 20, 2001 and commenced operations on the same date.
b.RRL has two wholly-owned subsidiaries: (i) ReWalk Robotics Inc. (“RRI”) incorporated under the laws of Delaware on February 15, 2012 and (ii) ReWalk Robotics GMBH. (“RRG”) incorporated under the laws of Germany on January 14, 2013.
During the second quarter of 2020, the Company finalized two separate agreements to distribute additional product lines in the U.S. market. The Company is the exclusive distributor of the MediTouch Tutor movement biofeedback systems in the United States and has distribution rights for the MYOLYN MyoCycle FES cycles to U.S. rehabilitation clinics and personal sales through the U.S. Department of Veterans Affairs (“VA”) hospitals. These new products have improved the Company’s product offering to clinics as well as patients within the VA as they both have similar clinician and patient profiles.
c.The worldwide spread of COVID-19 has resulted in a global economic slowdown and is expected to continue to disrupt general business operations until the disease is contained. This has had a negative impact on the Company’s sales and results of operations since the start of the pandemic, and the Company expects that it will continue to negatively affect its sales and results of operations; however, the Company is currently unable to predict the scale and duration of that impact. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require an update of its accounting estimates or judgments or revision of the carrying value of its assets or liabilities. This determination may change as new events occur and additional information is obtained. Actual results could differ from management’s estimates and judgments, and any such differences may be material to the Company’s financial statements.
d. | As of September 30, 2023, the Company incurred a consolidated net loss of $16.5 million and has an accumulated deficit in the total amount of $230.2 million. The Company’s cash and cash equivalents as of September 30, 2023 totaled $32.6 million and the Company’s negative operating cash flow for the nine months ended September 30, 2023 was $16.2 million. The Company has sufficient funds to support its operations for more than 12 months following the issuance date of its unaudited condensed consolidated financial statements for the nine months ended September 30, 2023. |
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
d.As of September 30, 2022, the Company incurred a consolidated net loss of $14.3 million and has an accumulated deficit in the total amount of $208.4 million. The Company’s cash and cash equivalent as of September 30, 2022 totaled $74.0 million and the Company’s negative operating cash flow for the nine months ended September 30, 2022 was $14.0 million. The Company has sufficient funds to support its operations for more than 12 months following the issuance date of its condensed consolidated unaudited financial statements for the three and nine months ended September 30, 2022. The Company expects to incur future net losses and its transition to profitability is dependent upon, among other things, the successful development and commercialization of its products and product candidates, andthe establishment of contracts for the distribution of new product lines, or the acquisition of additional product lines, any of which, or in combination, would contribute to the achievement of a level of revenues adequate to support its cost structure. Until the Company achieves profitability or generates positive cash flows, it will continue to need to raise additional cash. The Company intends to fund future operations through cash on hand, additional private and/or public offerings of debt or equity securities, cash exercises of outstanding warrants or a combination of the foregoing. In addition, the Company may seek additional capital through arrangements with strategic partners or from other Sourcessources and will continue to address its cost structure. Notwithstanding, there can be no assurance that the Company will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.
810
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
a. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Units placed | $ | 751 | $ | 1,855 | $ | 2,986 | $ | 4,310 | ||||||||
Spare parts, warranties and other | 135 | 117 | 346 | 414 | ||||||||||||
Total Revenues | $ | 886 | $ | 1,972 | $ | 3,332 | $ | 4,724 |
b. | Goodwill and Other Intangibles |
911
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
c. | Fair Value Measurements |
Fair value measurements as of | ||||||||||
Description | Fair Value Hierarchy | September 30, 2023 | December 31, 2022 | |||||||
Financial assets: | ||||||||||
Money market funds included in cash and cash equivalent | Level 1 | $ | 2,507 | $ | - | |||||
Treasury bills included in cash and cash equivalent | Level 1 | 2,507 | - | |||||||
Total Assets Measured at Fair Value | $ | 5,014 | $ | - | ||||||
Financial Liabilities: | ||||||||||
Earnout | Level 3 | $ | 3,647 | $ | - | |||||
Total liabilities measured at fair value | $ | 3,647 | $ | - |
12
Units placedREWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Earnout | ||||
Initial Measurement (August 11, 2023) | $ | 3,607 | ||
Change in fair value | 40 | |||
Balance September 30, 2023 | $ | 3,647 |
d. | Revenue Recognition |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Product | $ | 3,632 | $ | 484 | $ | 5,563 | $ | 2,377 | ||||||||
Rental | 303 | 267 | 685 | 609 | ||||||||||||
Service and warranty | 468 | 135 | 722 | 346 | ||||||||||||
Total Revenues | $ | 4,403 | $ | 886 | $ | 6,970 | $ | 3,332 |
13
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
14
In the beginning of 2018, the Company updated its service policy for REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
10
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, | December 31, | September 30, | December 31, | |||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Trade receivable, net (1) | $ | 447 | $ | 585 | ||||||||||||
Trade receivable, net of credit losses (1) | $ | 3,529 | $ | 1,036 | ||||||||||||
Deferred revenues (1) (2) | $ | 1,177 | $ | 1,182 | $ | 3,256 | $ | 1,191 |
(1) | Balance presented net of unrecognized revenues that were not yet collected. |
(2) | During the nine months ended September 30, |
1115
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Concentrations of Credit Risks: The below table reflects the concentration of credit risk for the Company’s current customers as of September 30, 2023, to which substantial sales were made: |
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
Customer A | * | ) | 27 | % | ||||
Customer B | * | ) | 13 | % | ||||
Customer C | - | 13 | % | |||||
Customer D | - | 11 | % |
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Customer A | 27 | % | 12 | % | ||||
Customer B | 27 | % | * | ) | ||||
Customer C | 19 | % | * | ) | ||||
Customer D | 18 | % | * | ) | ||||
Customer E | * | ) | 20 | % | ||||
Customer F | * | ) | 18 | % | ||||
Customer G | * | ) | 16 | % | ||||
Customer H | * | ) | 10 | % |
*) | Less than 10% |
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. Trade receivables deemed uncollectable are charged against the allowance for credit losses when identified. As of September 30, 2023, and December 31, 2022, trade receivables are presented net of allowance for credit losses in the amount of $352 thousand and $26 thousand, respectively. |
f. | Warranty provision |
US Dollars in thousands | US Dollars in thousands | |||||||
Balance at December 31, 2021 | $ | 112 | ||||||
Balance at December 31, 2022 | $ | 92 | ||||||
AGI acquisition – see note 5 | 535 | |||||||
Provision | 245 | 271 | ||||||
Usage | (265 | ) | (285 | ) | ||||
Balance at September 30, 2022 | $ | 92 | ||||||
Balance at September 30, 2023 | $ | 613 |
g. | Basic and diluted net loss per ordinary share: 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. For the nine months ended September 30, 2023 and 2022, the total number of ordinary shares related to the outstanding warrants and share option plans aggregated to 19,463,658 and 19,464,888, respectively, was excluded from the calculations of diluted loss per ordinary share since it would have an anti-dilutive effect. |
1216
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The Company has repurchased its ordinary shares from time to time in the open market and holds such repurchased shares as treasury stock. The Company presents the cost to repurchase treasury stock as a reduction of shareholders’ equity.
New Accounting Pronouncements |
i. |
Financial Instruments |
September 30, | December 31, | |||||||
2023 | 2022 | |||||||
Finished products | $ | 3,805 | $ | 2,421 | ||||
Raw materials | 2,238 | 508 | ||||||
$ | 6,043 | $ | 2,929 |
13NOTE 5:BUSINESS COMBINATION
Cash | $ | 18,493 | ||
Earnout payments | $ | 3,607 | ||
Total consideration | $ | 22,100 |
17
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Cash and cash equivalent | $ | 478 | ||
Restricted cash | 51 | |||
Accounts receivable | 1,773 | |||
Inventory | 3,330 | |||
Prepaid expenses and other current assets | 470 | |||
Right of use asset | 1,151 | |||
Property and equipment, net | 827 | |||
Other non-current assets | 30 | |||
Goodwill | 7,538 | |||
Intangible assets | 14,133 | |||
Accounts payable | (2,082 | ) | ||
Accrued compensation | (766 | ) | ||
Other accrued liabilities | (1,059 | ) | ||
Deferred revenue | (2,088 | ) | ||
Warranty Obligations | (535 | ) | ||
Leases Liability | (1,151 | ) | ||
Total purchase consideration | $ | 22,100 |
Estimated Fair Value | Estimated Useful Life (Years) | |||||||
Trademark | $ | 795 | 3 | |||||
Technology | 6,161 | 4 | ||||||
Customer relationship - Warranty | 201 | 2 | ||||||
Customer relationship - Rental | 2,102 | 4 | ||||||
Customer relationship - Distribution | 4,578 | 5 | ||||||
Backlog | 296 | 1 |
NOTE 4: INVENTORIES18
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | $ | 5,920 | $ | 6,403 | $ | 18,041 | $ | 18,146 | ||||||||
Net loss | $ | (6,422 | ) | $ | (5,785 | ) | $ | (16,042 | ) | $ | (20,729 | ) |
19
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
September 30, | December 31, | |||||||
2022 | 2021 | |||||||
Finished products | $ | 2,807 | $ | 2,284 | ||||
Raw materials | 523 | 705 | ||||||
$ | 3,330 | $ | 2,989 |
During the nine months ended September 30, 2022, and 2021, the Company wrote off inventory in the amount of $32 and $ 65 thousand, respectively.
September 30, 2023 | ||||||||||||
Cost | Accumulated Amortization | Intangible Assets, Net | ||||||||||
Trademark | 795 | (37 | ) | 758 | ||||||||
Technology | 6,161 | (215 | ) | 5,946 | ||||||||
Customer relationship - Warranty | 201 | (14 | ) | 187 | ||||||||
Customer relationship - Rental | 2,102 | (74 | ) | 2,028 | ||||||||
Customer relationship - Distribution | 4,578 | (128 | ) | 4,450 | ||||||||
Backlog | 296 | (296 | ) | - | ||||||||
Total Amortized Intangible Assets | 14,133 | (764 | ) | 13,369 |
Fiscal 2023 (period remaining) | $ | 844 | ||
Fiscal 2024 | 3,347 | |||
Fiscal 2025 | 3,307 | |||
Fiscal 2026 | 3,143 | |||
Fiscal 2027 | 2,172 | |||
Fiscal 2028 | 556 | |||
Total | 13,369 |
20 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 2022 $ 165 2023 520 2025 14 Total lease payments 756 Less: imputed interest (65 ) Present value of future lease payments 691 Less: current maturities of operating leases (606 ) Non-current operating leases $ 85 Weighted-average remaining lease term (in years) 1.51 Weighted-average discount rate 12.5 %5: 7:COMMITMENTS AND CONTINGENT LIABILITIESa. a.Purchase commitments:TheThe 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 September 30, 2022,2023, non-cancelable outstanding obligations amounted to approximately $1.6$2.2 million.b. (i) b.Operating lease commitment:REWALK ROBOTICS LTD. AND SUBSIDIARIES(i)The Company operates from leased facilities in Israel, the United States, and Germany. These leases in Israel and United States will expire in 2023 while the operating lease in Germany is renewed every month. 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.(ii)RRL and RRG lease cars for their employees under cancelable operating lease agreements expiring at various dates in between 2022 and 2025. A subset of the Company’s cars leases is considered variable. The variable lease payments for such cars leases are based on actual mileage incurred at the stated contractual rate. RRL and RRG have an option to be released from these agreements, which may result in penalties in a maximum amount of approximately $18 thousand as of September 30, 2022.(ii) Company'sCompany’s future lease payments for its facilities and cars, which are presented as current maturities of operating leases and non-current operating leases liabilities on the Company'sCompany’s condensed consolidated balance sheets as of September 30, 2022,2023 are as follows (in thousands): 2024 57 $175$269 thousand and $179$175 thousand for the three months ended September 30, 2022,2023, and 2021,2022, respectively. For the nine months ended September 30, 2022,2023, and 2021,2022, the lease expense was $538$657 thousand and $543$538 thousand, respectively.c. 14REWALK ROBOTICS LTD. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
c.Royalties:
The Company’s research and development efforts are financed, in part, through funding from the Israel Innovation Authority (the “IIA”) and the Israel-U.S. Binational Industrial Research and Development Foundation (“BIRD”IIA”). During the three and nine months that ended September 30, 2022, the Company received $23 thousand and $207 thousand respectively from the IIA to fund its research and development efforts.
Additionally,There were no royalty payments for the Exclusive License Agreement between the Companythree and Harvard University’s Wyss Institute for Biologically Inspired Engineering “"Harvard”") requires the Company to pay Harvard royalties on net sales. See note 6 below for more information about the Collaboration Agreementnine months ended September 30, 2023 and the License Agreement.
Royalties expenses in cost of revenue were $3 and $2 thousand for the three months ended September 30, 2022 and 2021, respectively.2022. For the nine months ended September 30, 2022, and 2021, the royaltiesroyalty expenses were $7 thousand and $8 thousand, respectively.
21
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(a) 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 research and developmentR&D activities of the grant recipient in Israel after the transfer); (b) 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) ifIf such transfer of know-how arises in connection with a liquidation by reason of insolvency or receivership of the grant recipient.
d. | Liens: |
AsAs part of the Company’s other long-term assets and restricted cash, an amount of $655$696 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.
e.Legal Claims:
e. | Legal Claims: |
15
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
22
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
16
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
a. | Share option plans: |
As of September 30, 2022,2023, and December 31, 2021,2022, the Company had reserved 2,934,6791,020,872 and 233,9572,934,679 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’sCompany's 2014 Incentive Compensation Plan (the “2014 Plan”).
2022,2023 and 2021.2022.employees and non-employeesemployee share options activity during the nine months ended September 30, 2022,2023 is as follows:
Number | Average exercise price | Average remaining contractual life (in years) | Aggregate intrinsic value (in | |||||||||||||
Options outstanding as of December 31, 2021 | 61,832 | $ | 38.34 | 4.55 | $ | - | ||||||||||
Granted | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited | (17,838 | ) | 31.13 | - | - | |||||||||||
Options outstanding as of September 30, 2022 | 43,994 | $ | 41.27 | 4.64 | $ | - | ||||||||||
| ||||||||||||||||
Options exercisable as of September 30, 2022 | 42,440 | $ | 42.58 | 4.57 | $ | - |
No options were exercised during the three and nine months that ended September 30, 2022,2023 and 2021.
1723
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
The fair value of RSUs granted is determined based on the price of the Company’s ordinary shares on the date of grant.
RSUs generally vest over four years, with certain RSUs to non-employee directors vesting quarterly over one year. Any RSUs that is canceled before the vesting becomes available for future grants under the 2014 Plan.
Number of underlying outstanding RSUs | Weighted grant value | |||||||
Unvested RSUs as of January 1, 2022 | 1,356,284 | $ | 1.61 | |||||
Granted | 2,152,757 | 1.00 | ||||||
Vested | (421,782 | ) | 1.65 | |||||
Forfeited | (210,641 | ) | 1.53 | |||||
Unvested RSUs as of September 30, 2022 | 2,876,618 | $ | 1.15 |
Number of shares underlying outstanding RSUs | Weighted average grant date fair value | |||||||
Unvested RSUs as of December 31, 2022 | 2,755,057 | $ | 1.16 | |||||
Granted | 2,225,475 | 0.67 | ||||||
Vested | (1,023,618 | ) | 1.14 | |||||
Forfeited | (110,438 | ) | 1.16 | |||||
Unvested RSUs as of September 30, 2023 | 3,846,476 | $ | 0.87 |
Range of exercise price | Options September 30, | Weighted average remaining contractual life (years) (1) | Options September 30, | Weighted average remaining contractual life (years) (1) | Options and RSUs outstanding as of September 30, 2023 | Weighted average remaining contractual life (years) (1) | Options outstanding and exercisable as of September 30, 2023 | Weighted average remaining contractual life (years) (1) | |||||||||||||||||||||
RSUs only | 2,876,618 | - | - | - | 3,846,476 | - | - | - | |||||||||||||||||||||
$5.37 | 12,425 | 6.49 | 10,871 | 6.49 | 12,425 | 5.49 | 12,425 | 5.49 | |||||||||||||||||||||
$20.42 - $33.75 | 13,317 | 5.46 | 13,317 | 5.46 | 12,943 | 4.6 | 12,943 | 4.6 | |||||||||||||||||||||
$37.14 - $38.75 | 8,946 | 1.23 | 8,946 | 1.23 | 8,090 | 0.23 | 8,090 | 0.23 | |||||||||||||||||||||
$50 - $52.5 | 6,731 | 4.72 | 6,731 | 4.72 | |||||||||||||||||||||||||
$182.5 - $524.25 | 2,575 | 3.10 | 2,575 | 3.10 | |||||||||||||||||||||||||
$50 - $52.50 | 6,731 | 3.72 | 6,731 | 3.72 | |||||||||||||||||||||||||
$182.5 - $524 | 2,575 | 2.1 | 2,575 | 2.1 | |||||||||||||||||||||||||
2,920,612 | 4.64 | 42,440 | 4.57 | 3,889,240 | 3.74 | 42,764 | 3.74 |
(1) |
|
b. | Share-based awards to non-employee consultants: |
The Company granted 47,522 fully vested RSUs on June 30, 2022, to a non-employee consultant. As of September 30, 2022,2023, there are no outstanding options or RSUs held by non-employee consultants.
1824
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
c.Warrants to purchase ordinary shares:
c. | Treasury shares: |
d. | Warrants to purchase ordinary shares: The following table summarizes information about warrants outstanding and exercisable that were classified as equity as of September 30, 2023: |
Issuance date | Warrants outstanding | Exercise price per warrant | Warrants outstanding and exercisable | Contractual term | |||||||||
(number) | (number) | ||||||||||||
December 31, 2015 (1) | 4,771 | $ | 7.500 | 4,771 | See footnote (1) | ||||||||
December 28, 2016 (2) | 1,908 | $ | 7.500 | 1,908 | See footnote (1) | ||||||||
November 20, 2018 (3) | 126,839 | $ | 7.500 | 126,839 | November 20, 2023 | ||||||||
November 20, 2018 (4) | 106,680 | $ | 9.375 | 106,680 | November 15, 2023 | ||||||||
February 25, 2019 (5) | 45,600 | $ | 7.187 | 45,600 | February 21, 2024 | ||||||||
April 5, 2019 (6) | 408,457 | $ | 5.140 | 408,457 | October 7, 2024 | ||||||||
April 5, 2019 (7) | 49,015 | $ | 6.503 | 49,015 | April 3, 2024 | ||||||||
June 5, 2019, and June 6, 2019 (8) | 1,464,665 | $ | 7.500 | 1,464,665 | June 5, 2024 | ||||||||
June 5, 2019 (9) | 87,880 | $ | 9.375 | 87,880 | June 5, 2024 | ||||||||
June 12, 2019 (10) | 416,667 | $ | 6.000 | 416,667 | December 12, 2024 | ||||||||
June 10, 2019 (11) | 50,000 | $ | 7.500 | 50,000 | June 10, 2024 | ||||||||
February 10, 2020 (12) | 28,400 | $ | 1.250 | 28,400 | February 10, 2025 | ||||||||
February 10, 2020 (13) | 105,840 | $ | 1.563 | 105,840 | February 10, 2025 | ||||||||
July 6, 2020 (14) | 448,698 | $ | 1.760 | 448,698 | January 2, 2026 | ||||||||
July 6, 2020 (15) | 296,297 | $ | 2.278 | 296,297 | January 2, 2026 | ||||||||
December 8, 2020 (16) | 586,760 | $ | 1.340 | 586,760 | June 8, 2026 | ||||||||
December 8, 2020 (17) | 108,806 | $ | 1.792 | 108,806 | June 8, 2026 | ||||||||
February 26, 2021 (18) | 5,460,751 | $ | 3.600 | 5,460,751 | August 26, 2026 | ||||||||
February 26, 2021 (19) | 655,290 | $ | 4.578 | 655,290 | August 26, 2026 | ||||||||
September 29, 2021 (20) | 8,006,759 | $ | 2.000 | 8,006,759 | March 29, 2027 | ||||||||
September 29, 2021 (21) | 960,811 | $ | 2.544 | 960,811 | September 27, 2026 | ||||||||
19,420,894 | 19,420,894 |
25
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Issuance date | Warrants outstanding | Exercise price per warrant | Warrants outstanding exercisable | Contractual term | ||||||||||||
(number) | (number) | |||||||||||||||
December 31, 2015 (1) | 4,771 | $ | 7.500 | 4,771 | See footnote (1) | |||||||||||
December 28, 2016 (2) | 1,908 | $ | 7.500 | 1,908 | See footnote (1) | |||||||||||
November 20, 2018 (3) | 126,839 | $ | 7.500 | 126,839 | November 20, 2023 | |||||||||||
November 20, 2018 (4) | 106,680 | $ | 9.375 | 106,680 | November 15, 2023 | |||||||||||
February 25, 2019 (5) | 45,600 | $ | 7.187 | 45,600 | February 21, 2024 | |||||||||||
April 5, 2019 (6) | 408,457 | $ | 5.140 | 408,457 | October 7, 2024 | |||||||||||
April 5, 2019 (7) | 49,015 | $ | 6.503 | 49,015 | April 3, 2024 | |||||||||||
June 5, 2019, and June 6, 2019 (8) | 1,464,665 | $ | 7.500 | 1,464,665 | June 5, 2024 | |||||||||||
June 5, 2019 (9) | 87,880 | $ | 9.375 | 87,880 | June 5, 2024 | |||||||||||
June 12, 2019 (10) | 416,667 | $ | 6.000 | 416,667 | December 12, 2024 | |||||||||||
June 10, 2019 (11) | 50,000 | $ | 7.500 | 50,000 | June 10, 2024 | |||||||||||
February 10, 2020 (12) | 28,400 | $ | 1.250 | 28,400 | February 10, 2025 | |||||||||||
February 10, 2020 (13) | 105,840 | $ | 1.563 | 105,840 | February 10, 2025 | |||||||||||
July 6, 2020 (14) | 448,698 | $ | 1.760 | 448,698 | January 2, 2026 | |||||||||||
July 6, 2020 (15) | 296,297 | $ | 2.278 | 296,297 | January 2, 2026 | |||||||||||
December 8, 2020 (16) | 586,760 | $ | 1.340 | 586,760 | June 8, 2026 | |||||||||||
December 8, 2020 (17) | 108,806 | $ | 1.792 | 108,806 | June 8, 2026 | |||||||||||
February 26, 2021 (18) | 5,460,751 | $ | 3.600 | 5,460,751 | August 26, 2026 | |||||||||||
February 26, 2021 (19) | 655,290 | $ | 4.578 | 655,290 | August 26, 2026 | |||||||||||
September 29, 2021 (20) | 8,006,759 | $ | 2.000 | 8,006,759 | March 29, 2027 | |||||||||||
September 29, 2021 (21) | 960,811 | $ | 2.544 | 960,811 | September 27, 2026 | |||||||||||
19,420,894 | 19,420,894 |
(1) |
| |
(2) | Represents common warrants that were issued as part of the $8.0 million drawdown under the Loan Agreement which occurred on December 28, 2016. See footnote 1 for exercisability terms. |
19
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(3) |
|
(4) |
| |
(5) | Represents warrants that were issued to the exclusive placement agent as compensation for its role in the Company’s follow-on public offering in February 2019. |
(6) | Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in April 2019. | |
(7) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s April 2019 registered direct offering. | |
(8) | Represents warrants that were issued to certain institutional investors in a warrant exercise agreement on June 5, 2019, and June 6, 2019, respectively. | |
(9) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s June 2019 warrant exercise agreement and concurrent private placement of warrants. | |
(10) | Represents warrants that were issued to certain institutional investors in a warrant exercise agreement in June 2019. | |
(11) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s June 2019 registered direct offering and concurrent private placement of | |
(12) | Represents warrants that were issued to certain institutional purchasers in a private placement in the Company’s best efforts offering of ordinary shares in February 2020. | |
(13) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2020 best efforts offering. |
26
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(14) | Represents warrants that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in July 2020. | |
(15) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s July 2020 registered direct offering. |
(16) | Represents warrants that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in December 2020. |
(17) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. | |
(18) | Represents warrants that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in February 2021. |
20
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(19) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s February 2021 private | |
(20) | Represents warrants that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in September 2021. | |
(21) | Represents warrants that were issued to the placement agent as compensation for its role in the Company’s September 2021 registered direct offering. |
e. | The Company recognized non-cash share-based compensation expense for both employees and non-employees in the condensed consolidated statements of operations as follows (in thousands): |
Nine Months Ended September 30, | ||||||||
2023 | 2022 | |||||||
Cost of revenues | $ | 5 | $ | 10 | ||||
Research and development, net | 112 | 60 | ||||||
Sales and marketing | 270 | 167 | ||||||
General and administrative | 568 | 409 | ||||||
Total | $ | 955 | $ | 646 |
27
The Company recognized non-cash share-based compensation expense for employees and non-employees in the condensed consolidated statements of operations as follows (in thousands):
Nine Months Ended September 30, | ||||||||
2022 | 2021 | |||||||
Cost of revenues | $ | 10 | $ | 7 | ||||
Research and development | 60 |
| 34 | |||||
Sales and marketing | 167 | 120 | ||||||
General and administrative | 409 | 438 | ||||||
Total | $ | 646 | $ | 599 |
e.Equity raise:
1. Follow-on offerings and warrants exercise:
On February 19, 2021, the Company entered into a purchase agreement with certain institutional and other accredited investors for the issuance and sale of 10,921,502 ordinary shares, par value NIS 0.25 per share at $3.6625 per ordinary share and warrants to purchase up to an aggregate of 5,460,751 ordinary shares with an exercise price of $3.6 per share, exercisable from February 19, 2021 until August 26, 2026. Additionally, the Company issued warrants to purchase up to 655,290 ordinary shares, with an exercise price of $4.578125 per share, exercisable from February 19, 2021 until August 26, 2026, to certain representatives of H.C. Wainwright & Co., LLC (“H.C. Wainwright”) as compensation for its role as the placement agent in our February 2021 Offering.
21
REWALK ROBOTICS LTD. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
On September 27, 2021, the Company signed a purchase agreement with certain institutional investors for the issuance and sale of 15,403,014 ordinary shares, par value NIS 0.25 per share, pre-funded warrants to purchase up to an aggregate of 610,504 ordinary shares and ordinary warrants to purchase up to an aggregate of 8,006,759 ordinary shares at an exercise price of $2.00 per share. The Pre-Funded Warrants have an exercise price of $0.001 per Ordinary Share and are immediately exercisable and can be exercised at any time after their original issuance until such pre-funded warrants are exercised in full. Each ordinary share was sold at an offering price of $2.035 and each pre-funded warrant was sold at an offering price of $2.034 (equal to the purchase price per ordinary share minus the exercise price of the pre-funded warrant). The offering of the ordinary shares, the pre-funded warrants and the ordinary shares that are issuable from time to time upon exercise of the pre-funded warrants was made pursuant to the Company’s shelf registration statement on Form S-3 initially filed with the Securities and Exchange Commission (“SEC”) on May 9, 2019, and declared effective by the SEC on May 23, 2019, and the ordinary warrants were issued in a concurrent private placement. The ordinary warrants are exercisable at any time and from time to time, in whole or in part, following the date of issuance and ending five and one-half years from the date of issuance. All of the pre-funded warrants were exercised in full on September 27, 2021, and the offering closed on September 29, 2021. Additionally, the Company issued warrants to purchase up to 960,811 ordinary shares, with an exercise price of $2.5438 per share, exercisable from September 27, 2021, until September 27, 2026, to certain representatives of H.C. Wainwright as compensation for its role as the placement agent in our September 2021 registered direct offering.
As of September, 30, 2022, a total of 9,814,754 previously issued warrants with exercise prices ranging from $1.25 to $1.79 have been exercised for total gross proceeds of approximately $13.8 million.
f. Treasury stock:
On June 2, 2022, the Company’s Board of Directors approved a share repurchase program to repurchase up to $8 million of its Ordinary Shares, par value NIS 0.25 per share. On July 21, 2022, the Company received approval from an Israeli court for the share repurchase program, valid through January 20, 2023.
As of September 30, 2022, pursuant to the Company’s share repurchase program, the Company had repurchased a total of 184,629 of its outstanding ordinary shares at a total cost of $183,540.
As to ordinary shares repurchased after September 30, 2022, see Note 10.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Foreign currency transactions and other | $ | 1 | $ | 22 |
| $ | 50 | $ | (6 | ) | ||||||
Bank commissions | - | 5 | 19 | 20 | ||||||||||||
$ | 1 | $ | 27 | $ | 69 | $ | 14 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Foreign currency transactions and other | $ | 17 | $ | (1 | ) | $ | 39 | $ | (50 | ) | ||||||
Interest income | 394 | - | 1,024 | - | ||||||||||||
Bank commissions | - | - | (16 | ) | (19 | ) | ||||||||||
$ | 411 | $ | (1 | ) | $ | 1,047 | $ | (69 | ) |
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenues based on customer’s location: United States $ 1,193 $ 1,951 Europe 2,023 2,711 Asia-Pacific 113 58 Africa 3 4 Total revenues $ 3,332 $ 4,724 September 30, December 31, 2022 2021 Long-lived assets by geographic region (*): Israel $ 515 $ 629 United States 303 493 Germany 57 43 $ 875 $ 1,1659: 11:GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATAunitssystems and services (see Note 1 for a brief description of the Company’s business).services. The following is a summary of revenues within geographic areas (in thousands): $ 395 $ 821 488 1,148 2 1 1 2 $ 886 $ 1,972 22REWALK ROBOTICS LTD. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Revenues | $ | 886 | $ | 1,972 | $ | 3,332 | $ | 4,724 | $ | 4,403 | $ | 886 | $ | 6,970 | $ | 3,332 | ||||||||||||||||
Cost of revenues | 665 | 832 | 2,100 | 2,150 | 3,540 | 665 | 4,960 | 2,100 | ||||||||||||||||||||||||
Gross profit | 221 | 1,140 | 1,232 | 2,574 | 863 | 221 | 2,010 | 1,232 | ||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Research and development, net | 1,065 | 638 | 2,928 | 2,243 | 1,262 | 1,065 | 2,830 | 2,928 | ||||||||||||||||||||||||
Sales and marketing | 2,588 | 1,821 | 7,119 | 5,105 | 4,088 | 2,588 | 9,076 | 7,119 | ||||||||||||||||||||||||
General and administrative | 2,001 | 1,343 | 5,282 | 4,050 | 3,455 | 2,001 | 7,579 | 5,282 | ||||||||||||||||||||||||
Total operating expenses | 5,654 | 3,802 | 15,329 | 11,398 | 8,805 | 5,654 | 19,485 | 15,329 | ||||||||||||||||||||||||
Operating loss | (5,433 | ) | (2,662 | ) | (14,097 | ) | (8,824 | ) | (7,942 | ) | (5,433 | ) | (17,475 | ) | (14,097 | ) | ||||||||||||||||
Financial expenses, net | 1 | 27 | 69 | 14 | ||||||||||||||||||||||||||||
Financial (expenses) income, net | 411 | (1 | ) | 1,047 | (69 | ) | ||||||||||||||||||||||||||
Loss before income taxes | (5,434 | ) | (2,689 | ) | (14,166 | ) | (8,838 | ) | (7,531 | ) | (5,434 | ) | (16,428 | ) | (14,166 | ) | ||||||||||||||||
Taxes on income (tax benefit) | 26 | (14 | ) | 90 | 40 | |||||||||||||||||||||||||||
Operating loss | ||||||||||||||||||||||||||||||||
Taxes on income | — | 26 | 66 | 90 | ||||||||||||||||||||||||||||
Net loss | $ | (5,460 | ) | $ | (2,675 | ) | $ | (14,256 | ) | $ | (8,878 | ) | $ | (7,531 | ) | $ | (5,460 | ) | $ | (16,494 | ) | $ | (14,256 | ) | ||||||||
Net loss per ordinary share, basic and diluted | $ | (0.09 | ) | $ | (0.06 | ) | $ | (0.23 | ) | $ | (0.21 | ) | $ | (0.13 | ) | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.23 | ) | ||||||||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 62,793,847 | 46,570,130 | 62,611,580 | 43,021,972 | 59,798,413 | 62,793,847 | 59,509,781 | 62,611,580 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(in thousands, except unit amounts) | (in thousands, except unit amounts) | |||||||||||||||
Personal unit revenues | $ | 822 | $ | 1,357 | $ | 2,837 | $ | 3,818 | ||||||||
Rehabilitation unit revenues | 64 | 615 | 495 | 906 | ||||||||||||
Revenues | $ | 886 | $ | 1,972 | $ | 3,332 | $ | 4,724 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues | $ | 4,403 | $ | 886 | $ | 6,970 | $ | 3,332 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Gross profit | $ | 221 | $ | 1,140 | $ | 1,232 | $ | 2,574 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Gross profit | $ | 863 | $ | 221 | $ | 2,010 | $ | 1,232 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Research and development expenses, net | $ | 1,065 | $ | 638 | $ | 2,928 | $ | 2,243 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Research and development expenses, net | $ | 1,262 | $ | 1,065 | $ | 2,830 | $ | 2,928 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Sales and marketing expenses | $ | 2,588 | $ | 1,821 | $ | 7,119 | $ | 5,105 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Sales and marketing expenses | $ | 4,088 | $ | 2,588 | $ | 9,076 | $ | 7,119 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
General and administrative expenses | $ | 2,001 | $ | 1,343 | $ | 5,282 | $ | 4,050 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
General and administrative expenses | $ | 3,455 | $ | 2,001 | $ | 7,579 | $ | 5,282 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Financial expenses, net | $ | 1 | $ | 27 | $ | 69 | $ | 14 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Financial (expenses) income, net | $ | 411 | $ | (1 | ) | $ | 1,047 | $ | (69 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Taxes on income (tax benefit) | $ | 26 | $ | (14 | ) | $ | 90 | $ | 40 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Taxes on income | $ | — | $ | 26 | $ | 66 | $ | 90 |
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2022 | 2021 | 2023 | 2022 | |||||||||||||
Net cash used in operating activities | $ | (13,978 | ) | $ | (8,903 | ) | $ | (16,183 | ) | $ | (13,978 | ) | ||||
Net cash used in investing activities | (25 | ) | (28 | ) | (18,070 | ) | (25 | ) | ||||||||
Net cash provided by (used in) financing activities | (183 | ) | 79,808 | |||||||||||||
Net cash provided by financing activities | (992 | ) | (183 | ) | ||||||||||||
Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | (182 | ) | — | (24 | ) | (182 | ) | |||||||||
Net cash flow | $ | (14,368 | ) | $ | 70,877 | $ | (35,269 | ) | $ | (14,368 | ) |
Payments due by period (in thousands) | Payments due by period (in dollars, in thousands) | |||||||||||||||||||||||
Contractual obligations | Total | Less than 1 year | 1-3 years | Total | Less than 1 year | 1-3 years | ||||||||||||||||||
Purchase obligations (1) | $ | 1,637 | $ | 1,637 | $ | — | $ | 2,196 | $ | 2,196 | $ | — | ||||||||||||
Collaboration Agreement and License Agreement obligations (2) | 63 | 63 | — | 56 | 56 | — | ||||||||||||||||||
Operating lease obligations (3) | 756 | 652 | 104 | 2,282 | 1,308 | 974 | ||||||||||||||||||
Earnout liability | 3,647 | 1,906 | 1,741 | |||||||||||||||||||||
Total | $ | 2,456 | $ | 2,352 | $ | 104 | $ | 8,181 | $ | 5,466 | $ | 2,715 |
(1) |
(2) |
(3) | Our operating leases consist of leases for our facilities in the United States and Israel and motor vehicles. |
(4) | Earnout payments based on AlterG’s revenue growth during the two consecutive trailing twelve-month periods following Closing of the transaction. |
(In Thousands) | ||||||||||||||||
Total Number of | Maximum Value | |||||||||||||||
Shares Purchased as | of Shares That | |||||||||||||||
Total | Average | Part of a | May Yet Be | |||||||||||||
Number of | Price | Publicly | Purchased | |||||||||||||
Shares | Paid Per | Announced | Under the | |||||||||||||
Period | Purchased | Share | Plan | Plan | ||||||||||||
July 1 - July 31, 2022 | ||||||||||||||||
Share repurchase program (1) | — | $ | — | — | — | |||||||||||
August 1 - August 31, 2022 | ||||||||||||||||
Share repurchase program (1) | — | $ | — | — | — | |||||||||||
September 1 - September 30, 2022 | ||||||||||||||||
Share repurchase program (1) | 184,629 | $ | 0.99 | 184,629 | $ | 7,815 | ||||||||||
Quarter Total | ||||||||||||||||
Share repurchase program (1) | 184,629 | $ | 0.99 | 184,629 | $ | 7,815 |
* | Furnished herewith. |
** | Filed |
^ | Portions of this exhibit (indicated by asterisks) have been omitted under rules of the SEC permitting the confidential treatment of select information. |
ReWalk Robotics Ltd. | ||||
Date: November 14, 2023 | By: | /s/ Larry Jasinski | ||
Larry Jasinski | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
Date: November | By: | /s/ | ||
Chief | ||||
(Principal Financial Officer) |