Exhibit 99.1 PAINREFORM LTD. CONDENSED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 U.S. DOLLARS IN THOUSANDS UNAUDITED INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5 | | Notes to Condensed Financial Statements | F-6 - F-10 | PAINREFORM LTD. CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) U.S. dollars in thousands (except sha ...

Reaches 50% enrollment in the second part of its Phase 3 clinical trial of PRF-110 in bunionectomy Remains on track to announce top-line data in Q3 2024 TEL AVIV, Israel, May 15, 2024 (GLOBE NEWSWIRE) -- PainReform Ltd. (NASDAQ:PRFX) ("PainReform" or the "Company"), a clinical-stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today provided a business update for the first quarter ended March 31, 2024. Ilan Hadar, Chief Executive Officer of PainReform, stated, " ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 ...

Exhibit 99.1 PAINREFORM LTD. CONDENSED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023 U.S. DOLLARS IN THOUSANDS UNAUDITED INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5-F-6 | | Notes to Condensed Financial Statements | F-7 - F-13 | PAINREFORM LTD. CONDENSED BALANCE SHEETS U.S. dollars in thousands | | | | As of | | As of | | --- | ...

Exhibit 99.1 PAINREFORM LTD. CONDENSED FINANCIAL STATEMENTS AS OF JUNE 30, 2023 U.S. DOLLARS IN THOUSANDS UNAUDITED INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5 | | Notes to Condensed Financial Statements | F-6 - F-11 | PAINREFORM LTD. CONDENSED BALANCE SHEETS U.S. dollars in thousands | | | | | As of | | --- | --- | --- | --- ...

Exhibit 99.1 PAINREFORM LTD. CONDENSED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 U.S. DOLLARS IN THOUSANDS UNAUDITED F - 2 PAINREFORM LTD. CONDENSED STATEMENTS OF COMPREHENSIVE LOSS U.S. dollars in thousands (except share and per share data) INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5 | | Notes to Condensed Financial Statement ...

Financial Condition - As of December 31, 2022, the company had total cash and cash equivalents of $10.2 million, indicating a need for substantial additional funding to continue operations[54]. - The company incurred operating losses of approximately $8.8 million, $7.2 million, and $4.0 million for the years ended December 31, 2022, 2021, and 2020, respectively, with an accumulated deficit of $31.5 million as of December 31, 2022[55]. - The company expects to continue incurring losses and negative cash flows from operations until its product, PRF-110, reaches commercial profitability, with sufficient resources only to fund operations through the end of Q4 2023[62]. - The company may need to raise additional capital through public or private offerings, and failure to do so could result in delays or reductions in research and development programs[60]. - The company has not yet commercialized any products or technologies and may never achieve profitability, as it has never generated revenues[57]. Product Development and Clinical Trials - The company is dependent on the success of its initial product candidate, PRF-110, which began clinical trials in March 2023, and any delays or failures in these trials could materially harm the business[48]. - PRF-110 requires substantial investment and successful completion of additional clinical trials before any revenue can be generated[73]. - The company has experienced delays in manufacturing clinical trial batches, which could further harm its business if not resolved[75]. - Clinical trials carry a high risk of failure, and setbacks can occur at any stage, potentially delaying or terminating development efforts[93]. - The Phase 3 clinical trial for PRF-110 was initiated in March 2023, targeting pain treatment for patients undergoing bunionectomy[216]. Regulatory and Compliance Risks - Regulatory approval, once obtained, is subject to continual review, and there is no assurance that approval will not be withdrawn or restricted[94]. - Increased scrutiny of the FDA's approval process may significantly delay or prevent marketing approval for the company's products[114]. - The company must establish drug development and marketing arrangements with third parties to successfully commercialize its drug candidates[96]. - Compliance with patent application processes is essential; non-compliance could result in loss of patent rights, allowing competitors to enter the market[135]. - The company is committed to compliance with anti-corruption laws, but risks remain regarding potential violations that could lead to significant penalties[162]. Supply Chain and Manufacturing - The company is reliant on a single supplier for critical materials and components used in manufacturing, which poses a risk to its operations[48]. - The company relies on third-party manufacturers for clinical trial supplies and faces risks if these manufacturers fail to meet regulatory standards or deliver on time[78]. - The company is dependent on a single supplier for critical materials used in PRF-110 manufacturing, posing a risk of supply chain interruptions[79]. - The manufacturing process for PRF-110 has been enhanced to improve efficiency and scalability, contributing to a competitive cost of goods[227]. - Manufacturing operations for PRF-110 have been shifted to Pharmaceutics International in the U.S. after previous delays with a former CMO in Israel due to regulatory and operational issues[231][237]. Market and Competitive Landscape - Market acceptance of PRF-110 is critical, as it is expected to generate substantially all revenues for the foreseeable future; failure to achieve acceptance would harm business prospects[99]. - The pharmaceutical industry is highly competitive, and the company may face challenges if competitors develop more effective or less expensive products[100]. - The North American post-operative pain treatment market was estimated at $12 billion and is expected to reach $16 billion and $45 billion worldwide by the end of 2026[218]. - The company aims to address unmet medical needs in the post-operative pain market, which has a largely untapped opportunity[223]. Intellectual Property and Legal Risks - The company is dependent on proprietary technology and faces risks related to intellectual property rights and potential infringement claims[127]. - Maintaining patent protection is critical; failure to do so could allow competitors to commercialize similar products, adversely affecting the company's market position[129]. - The company faces significant risks related to intellectual property, including potential litigation that could distract personnel and incur substantial expenses[142]. - Employees may claim compensation for inventions made during their employment, which could impact future revenue and profitability[157]. Operational Challenges - The company faces challenges in attracting and retaining skilled personnel, which is critical for its drug development efforts[86]. - The ongoing military conflict between Russia and Ukraine has created economic uncertainty that may adversely affect the company's operations[53]. - The company faces risks from IT system failures and cybersecurity attacks, which could disrupt operations and lead to significant financial and reputational harm[117]. - The company incurs significant legal, accounting, and compliance costs as a public entity, which were not present when it operated as a private company[182]. Shareholder and Market Considerations - The company received a notice from Nasdaq on August 16, 2022, indicating that the bid price of its ordinary shares had closed below the minimum requirement of $1.00 for over 30 consecutive trading days[172]. - As of February 7, 2023, the company was granted a second 180-day compliance period to regain Nasdaq listing compliance, with a requirement to close at or above $1.00 per share for at least 10 consecutive trading days[173]. - Future issuance of ordinary shares could dilute existing shareholders' interests, potentially adversely affecting the market price of the shares[194]. - The market price of ordinary shares may be highly volatile, influenced by various factors including regulatory changes and competitive actions[199]. Strategic Partnerships and Alliances - Strategic alliances are essential for business expansion, but the company may face challenges in identifying suitable partners and managing integration[123]. - The company plans to launch PRF-110 either independently or with a strategic partner experienced in surgical product marketing[220]. - Future product development will focus on expanding the pipeline using the extended-release drug-delivery system for various surgical indications, including breast augmentation and orthopedic procedures[234][235].

CONDENSED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 UNAUDITED U.S. DOLLARS IN THOUSANDS INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5 | | Notes to Condensed Financial Statements | F-6 - F-11 | Exhibit 99.1 PAINREFORM LTD. PAINREFORM LTD. CONDENSED BALANCE SHEETS (UNAUDITED) U.S. dollars in thousands (except share and per share da ...

Exhibit 99.1 PAINREFORM LTD. CONDENSED FINANCIAL STATEMENTS INDEX | | Page | | --- | --- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statements of Changes in Shareholders' Equity | F-4 | | Condensed Statements of Cash Flows | F-5 | | Notes to Condensed Financial Statements | F-6 - F-11 | PAINREFORM LTD. CONDENSED BALANCE SHEETS U.S. dollars in thousands | | | | | As of | | --- | --- | --- | --- | --- | | | As of | | | December | | | March 31, | | | 3 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 ...