:Additional Q1 2024 and recent key milestones and achievements "Recent months were fruitful for the company. We significantly expanded our reach in the US, advanced our technology, and strengthened our IP protection," said Shahar Hania, CEO of Rail Vision. "We started 2024 by securing over $5 million to fuel our business through a pair of financing transactions . In the last five months, we achieved important milestones, including the first-ever commercial installation of our products, several engagements w ...

Ra'anana, Israel, May 24, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (NASDAQ:RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related SaaS market, today shared several commercial and technological accomplishments since the start of 2024, including valuable developments with tier one rail companies in the United States, the expansion of its distribution network and additional new partnerships and technological advancements. As Rail Vision progresses t ...

Ra'anana, Israel, May 21, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the "Company"), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced that it has received a notice of allowance from the United States Patent and Trademark Office for its innovative AI-based railway obstacle detection system. This patent outlines an advanced method for enhancing rail safety through the use of electro-optical imaging technologies combined with ar ...

Financial Performance - Revenues for the year ended December 31, 2023, amounted to $142,000, representing a decrease of $279,000 or 66% compared to $421,000 for the year ended December 31, 2022[262]. - Operating loss for the year ended December 31, 2023, was $11,403,000, compared to an operating loss of $10,735,000 for the year ended December 31, 2022, an increase of $668,000 or 6%[265]. - Net loss for the year ended December 31, 2023, was $11,148,000 compared to $10,475,000 for the year ended December 31, 2022, an increase of $673,000 or 6%[267]. - The company has not generated significant revenues and expects to continue incurring substantial operating losses, funding operations primarily through current financial resources and capital raises[289]. Expenses - Research and development expenses for the year ended December 31, 2023, amounted to $7,145,000, representing an increase of $915,000 or 15% compared to $6,230,000 for the year ended December 31, 2022[263]. - General and administrative expenses totaled $4,339,000 for the year ended December 31, 2023, representing an increase of $74,000 or 2% compared to $4,265,000 for the year ended December 31, 2022[264]. - Net cash used in operating activities for the year ended December 31, 2023, was $10,448,000, primarily for salaries and related personnel expenses totaling approximately $7,487,000[270]. Cash Position and Funding - Cash and cash equivalents as of December 31, 2023, were approximately $3.1 million[268]. - As of December 31, 2023, the company's cash and cash equivalents were $3.1 million, indicating a need for substantial additional capital for future operations[288]. - The company has funded operations with approximately $68.7 million from the issuance of shares and warrants since inception[268]. - In January 2024, the company completed a PIPE resulting in aggregate gross proceeds of approximately $3.5 million, including $0.5 million from the partial conversion of a Credit Facility[290]. - The company has exercised 920,000 January 2024 Facility Warrants, resulting in gross proceeds of approximately $0.375 million[281]. - The company issued 493,424 Concurrent Warrants in May 2023, which were exercised on a cashless basis, resulting in the issuance of 181,002 ordinary shares[282]. - The company expects cash and cash equivalents and future cash flow from sales to be sufficient for 12 months of operations, but may seek additional funds in 2024[291]. Contracts and Orders - The company signed a supply contract valued at up to $5,000,000 for AI-based Switch Yard Systems with a US-based rail and leasing services company in January 2024[254]. - A purchase order for a single Main Line System valued at $500,000 was received from a leading Latin American mining company in October 2023[254]. Market and Exchange Rate Impact - Changes of 5% and 10% in the U.S. dollar/NIS exchange rate would increase/decrease operating expenses for the year ended December 31, 2023 by approximately -4.23% and -8.07%, respectively[528]. Initial Public Offering and Obligations - The company completed its initial public offering in April 2022, raising approximately $15.6 million in gross proceeds[285]. - The company has contractual obligations totaling $849,000, with $313,000 due within one year[293].

Exhibit 99.1 Rail Vision Announces Third Quarter 2023 Financial Results RA'ANANA, Israel, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) ("Rail Vision" or the "Company"), a development stage technology company seeking to revolutionize railway safety and the data-related market, today reported financial results for the third quarter ended September 30, 2023. Shahar Hania, CEO of Rail Vision, stated, "I would like to begin by expressing our heartfelt sympathies and condolences to all those ...

Rail Vision Ltd. INTERIM CONDENSED FINANCIAL STATEMENTS As of June 30, 2023 Exhibit 99.2 U.S. DOLLARS IN THOUSANDS (Except share and per share data) (UNAUDITED) Rail Vision Ltd. INTERIM CONDENSED FINANCIAL STATEMENTS As of June 30, 2023 U.S. DOLLARS IN THOUSANDS (Except share and per share data) (UNAUDITED) INDEX | | Page | | --- | --- | | INTERIM CONDENSED BALANCE SHEETS | 2 | | UNAUDITED INTERIM CONDENSED STATEMENTS OF COMPREHENSIVE LOSS | 3 | | UNAUDITED INTERIM CONDENSED STATEMENTS OF CHANGES IN TEMPORA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ 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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission ...

Exhibit 99.1 Rail Vision Announces Third Quarter 2022 Financial Results RA'ANANA, Israel, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) ("Rail Vision" or the "Company"), a development stage technology company seeking to revolutionize railway safety and the data-related market, today reported financial results for the third quarter ended September 30, 2022. Third Quarter 2022 & Recent Highlights Third Quarter 2022 Financial Results ● Successfully completed initial testing under long-term ...

Exhibit 99.2 Rail Vision Ltd. INTERIM CONDENSED FINANCIAL STATEMENTS As of June 30, 2022 U.S. DOLLARS IN THOUSANDS (Except share and per share data and exercise prices) (UNAUDITED) Rail Vision Ltd. INTERIM CONDENSED FINANCIAL STATEMENTS As of June 30, 2022 U.S. DOLLARS IN THOUSANDS (Except share and per share data and exercise prices) (UNAUDITED) INDEX | | Page | | --- | --- | | INTERIM CONDENSED BALANCE SHEETS | 1 | | UNAUDITED INTERIM CONDENSED STATEMENTS OF COMPREHENSIVE LOSS | 2 | | UNAUDITED INTERIM CO ...

```markdown [Introduction and Preliminary Statements](index=5&type=section&id=INTRODUCTION) [Introduction](index=5&type=section&id=INTRODUCTION) This section defines key terms used throughout the annual report and specifies that financial information is prepared in accordance with U.S. GAAP, with the U.S. dollar as the reporting currency - The company's financial statements are prepared in accordance with **U.S. Generally Accepted Accounting Principles (U.S. GAAP)**[14](index=14&type=chunk) - The reporting and financial currency is the **U.S. dollar ($)**[15](index=15&type=chunk) [Emerging Growth Company Status](index=6&type=section&id=EMERGING%20GROWTH%20COMPANY%20STATUS) The company qualifies as an "emerging growth company" under the JOBS Act, allowing it certain exemptions from reporting requirements until specific conditions are met - Rail Vision is an **"emerging growth company"** and is exempt from certain reporting requirements, including auditor attestation on internal controls (Section 404 of Sarbanes-Oxley)[17](index=17&type=chunk)[21](index=21&type=chunk) - The company will remain an **emerging growth company** until the earliest of: exceeding **$1.07 billion** in annual revenue, **December 31, 2027**, becoming a "large accelerated filer," or issuing over **$1.0 billion** in non-convertible debt in a three-year period[18](index=18&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=7&type=section&id=CAUTIONARY%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section warns investors that the report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - The report contains **forward-looking statements** regarding objectives, plans, and financial projections, which are not guarantees of future performance[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Key factors that could cause material differences in results include **lack of operating history**, **capital needs**, ability to market products, partner relationships, and intellectual property protection[27](index=27&type=chunk) [Part I](index=10&type=section&id=PART%20I) [Key Information](index=10&type=section&id=ITEM%203.%20KEY%20INFORMATION) This section outlines the most significant financial, business, intellectual property, security ownership, and Israeli-specific operational and legal risks associated with an investment in the company's securities [Risk Factors](index=10&type=section&id=D.%20Risk%20Factors) This subsection details numerous financial, operational, intellectual property, and geopolitical risks, including the company's limited operating history, significant losses, and dependence on uncommercialized products - The company is a **development-stage entity** with a **limited operating history**, has incurred **significant losses since inception**, and expects to continue incurring losses until its products are commercialized[40](index=40&type=chunk)[48](index=48&type=chunk) - The business depends entirely on the success of its products currently in development, faces **competition from established players**, and is exposed to **supply chain disruptions**, particularly from single-source suppliers[43](index=43&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The company's ability to protect its **intellectual property** through patents and trade secrets is critical, and it may face lawsuits to enforce these rights[43](index=43&type=chunk)[95](index=95&type=chunk) - Principal shareholders, officers, and directors beneficially own approximately **57% of ordinary shares**, giving them significant control over shareholder matters[45](index=45&type=chunk)[117](index=117&type=chunk) - The company may be classified as a **Passive Foreign Investment Company (PFIC)** for U.S. federal income tax purposes, which could have negative tax consequences for U.S. shareholders[45](index=45&type=chunk)[126](index=126&type=chunk) - Operations are based in Israel, exposing the company to risks from **political, economic, and military instability** in the region[46](index=46&type=chunk)[143](index=143&type=chunk) - A **material weakness** was identified in the company's internal controls related to documenting the financial reporting process[42](index=42&type=chunk)[87](index=87&type=chunk) [Information on the Company](index=35&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Rail Vision, founded in 2016, is a development-stage company creating AI-based railway detection systems for safety and efficiency, targeting mainline, shunting, and light rail markets - Rail Vision is a **development-stage company** founded in **April 2016**, focused on **AI-based railway detection systems** to improve safety and efficiency[151](index=151&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk) - The company's core technology uses a combination of **thermal and video cameras with AI algorithms** to detect and classify obstacles on railway tracks up to **2,000 meters** away, in various weather and lighting conditions[158](index=158&type=chunk)[159](index=159&type=chunk) - Key product lines in development are the **RV2000 for mainline trains**, the **RV200 for shunting yards**, and the **LRV RV100 for light rail and subways**[177](index=177&type=chunk)[185](index=185&type=chunk)[189](index=189&type=chunk) - The company has strategic partnerships with **Knorr-Bremse** (a major investor and distributor) and is conducting pilot tests with **Israel Railways** and **Rio Tinto Iron Ore**[183](index=183&type=chunk)[184](index=184&type=chunk)[204](index=204&type=chunk) - As of **May 1, 2022**, the company had **5 senior managers and 51 employees**, with the majority located in Israel[237](index=237&type=chunk) - The company leases approximately **14,000 square feet** for its headquarters and R&D facility in Ra'anana, Israel[242](index=242&type=chunk) [Business Overview](index=36&type=section&id=B.%20Business%20Overview) The company develops AI-powered electro-optic detection systems for railways, targeting a global market with three product lines and strategic partnerships, aiming to enhance safety and efficiency - The company's system uses **high-resolution video and thermal cameras with AI** to detect objects up to **2,000 meters** away, which is longer than the typical braking distance of most trains (**600-800 meters**)[158](index=158&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - The autonomous train technologies market was valued at **$7.5 billion in 2020** and is expected to reach **$10.2 billion by 2026** (CAGR of **5.61%**)[157](index=157&type=chunk) - A pilot of the **RV2000 mainline system** is underway with **Israel Railways**, with a potential sales opportunity for up to **400 systems**[183](index=183&type=chunk) - The company is engaged with **Rio Tinto Iron Ore** to test its **RV2000 system** on their AutoHaul autonomous trains, with a potential fleet of **220 trains**[184](index=184&type=chunk) - A prototype of the **RV200 shunting yard system** is being tested by **SBBC in Switzerland**, with a potential order expected by **late 2022 or early 2023**[187](index=187&type=chunk)[196](index=196&type=chunk) - The company has a strategic partnership with **Knorr-Bremse**, which has invested approximately **$25 million** and will act as a non-exclusive distributor[200](index=200&type=chunk)[204](index=204&type=chunk) - The company has **8 registered patents** and **31 pending patent applications** to protect its technology[234](index=234&type=chunk) [Operating and Financial Review and Prospects](index=51&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) This section reviews the company's financial performance, highlighting its first revenues in 2021, continued net losses, and liquidity position, including the impact of its April 2022 IPO Results of Operations (in thousands of USD) | | December 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Revenues** | 888 | - | | Cost of revenues | (657) | - | | **Gross profit** | 231 | - | | Research and development expenses | (7,208) | (7,205) | | General and administrative expenses | (3,316) | (3,500) | | **Operating loss** | (10,293) | (10,705) | | **Net Loss** | (10,220) | (10,707) | - Net loss decreased by **4.5%** to **$10.22 million** in 2021 from **$10.71 million** in 2020[262](index=262&type=chunk) - Cash and cash equivalents decreased to **$1.65 million** as of **Dec 31, 2021**, from **$6.75 million** as of **Dec 31, 2020**[264](index=264&type=chunk) - The company completed its IPO on **April 4, 2022**, raising approximately **$14.2 million** in net proceeds, which is expected to fund operations for more than one year[277](index=277&type=chunk) [Operating Results](index=53&type=section&id=A.%20Operating%20Results) This section details the company's 2021 operating performance, including its first revenues, gross profit, and a slight reduction in net and operating losses driven by decreased general and administrative expenses Research and Development Expenses Breakdown (in thousands of USD) | | Year ended Dec 31, 2021 | Year ended Dec 31, 2020 | | :--- | :--- | :--- | | Payroll and related expenses | 5,586 | 5,065 | | Share-based payment | 608 | 1,119 | | R&D consumables | 318 | 390 | | **Total** | **7,208** | **7,205** | General and Administrative Expenses Breakdown (in thousands of USD) | | Year ended Dec 31, 2021 | Year ended Dec 31, 2020 | | :--- | :--- | :--- | | Payroll and related expenses | 1,508 | 1,563 | | Share-based payment | 411 | 1,162 | | Professional services | 1,133 | 555 | | **Total** | **3,316** | **3,500** | - The operating loss decreased by **$412,000 (3.8%)** in 2021 compared to 2020, primarily due to a decrease in G&A expenses[260](index=260&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) This section details the company's liquidity, highlighting its cash position, funding sources primarily from share issuances, and the impact of the April 2022 IPO on its capital resources Cash Flows (in thousands of USD) | | December 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Operating activities | (9,948) | (7,200) | | Investing activities | (273) | (122) | | Financing activities | 5,127 | 4,965 | | **Net (decrease) in cash** | **(5,094)** | **(2,357)** | - Net cash used in operating activities increased to **$9.9 million** in 2021 from **$7.2 million** in 2020, primarily due to higher salary payments and professional service fees[266](index=266&type=chunk)[267](index=267&type=chunk) - Financing activities in 2021 provided **$5.1 million** from the issuance of Preferred A Shares and exercise of options. In 2020, financing provided **$5.0 million** from Preferred A Shares[269](index=269&type=chunk) - On **April 4, 2022**, the company completed its IPO, raising gross proceeds of approximately **$15.6 million ($14.2 million net)**[277](index=277&type=chunk) [Directors, Senior Management and Employees](index=58&type=section&id=ITEM%206.%20DIRECTORS%2C%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) This section outlines the company's leadership, compensation practices, and board structure, highlighting executive team members, aggregate compensation, and adherence to Israeli corporate governance practices - The executive team includes **Shahar Hania (CEO)**, **Ofer Naveh (CFO)**, **Zachi Bar-Yehoshua (COO)**, **Ofer Grisaro (VP Marketing and Sales)**, and **Amit Klir (VP R&D)**[286](index=286&type=chunk) Aggregate Compensation for Directors and Senior Management (2021) | | Salary and Related Benefits | Share Based Compensation | Total | | :--- | :--- | :--- | :--- | | All directors and senior management as a group (6 persons) | $1,080,962 | $589,161 | $1,670,123 | - Upon its IPO, the company paid one-time bonuses to its CEO (approx. **$97,000**) and CFO (approx. **$84,000**) and granted them significant stock options[309](index=309&type=chunk)[311](index=311&type=chunk) - The company's board consists of **4 to 13 directors**. Major shareholders (**Knorr-Bremse, Foresight**) are entitled to appoint directors based on their ownership percentage (**10% per seat**)[303](index=303&type=chunk)[315](index=315&type=chunk) - The company has an **Audit Committee** and a **Compensation Committee**, with compositions and responsibilities governed primarily by **Israeli Companies Law**[342](index=342&type=chunk)[350](index=350&type=chunk) - As of **May 13, 2022**, **1,223,596 options** were outstanding under the company's Share Incentive Plan, with a weighted average exercise price of **$6.1393 per share**[388](index=388&type=chunk) [Major Shareholders and Related Party Transactions](index=79&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) This section details the company's ownership structure, identifying major shareholders and their beneficial ownership, along with key related party transactions and strategic agreements Major Shareholders (as of May 13, 2022) | Holder | Percentage Owned | | :--- | :--- | | Knorr-Bremse | 31.8% | | Foresight Autonomous Holdings Ltd. | 16.7% | | All directors and senior management as a group (13 persons) | 8.7% | - The company has an amended and restated **investors' rights agreement** with its founders and major shareholders (**Knorr-Bremse and Foresight**) granting them certain registration rights[404](index=404&type=chunk) - **Knorr-Bremse** has made significant investments, including a **$10 million** investment for Preferred A shares in **October 2020** and a subsequent **$2 million** investment in **March 2022**[407](index=407&type=chunk)[410](index=410&type=chunk) - In **January 2022**, the company entered into a **SAFE agreement** with Knorr-Bremse and Foresight for an aggregate of **$1 million**, which converted into **242,131 ordinary shares** and **242,131 warrants** upon the IPO[412](index=412&type=chunk) [Financial Information](index=83&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) This section refers to the detailed financial statements included in Item 18, noting the company's historical dividend policy and legal limitations on future distributions - The company has never declared or paid **cash dividends** and does not plan to in the foreseeable future[415](index=415&type=chunk) - Dividend distributions are limited by **Israeli Companies Law** to the greater of retained earnings or earnings from the last two years, and only if there is no reasonable concern about the company's ability to meet its obligations[416](index=416&type=chunk) [The Offer and Listing](index=85&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) The company's ordinary shares and warrants began trading on the Nasdaq Capital Market on March 31, 2022, under the ticker symbols "RVSN" and "RVSNW" - The company's ordinary shares and warrants commenced trading on the **Nasdaq Capital Market** on **March 31, 2022**[419](index=419&type=chunk) - The trading symbols are **"RVSN"** for ordinary shares and **"RVSNW"** for warrants[419](index=419&type=chunk) [Additional Information](index=85&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) This section provides supplementary information, including currency control restrictions and U.S. federal income tax considerations, highlighting the risk of PFIC classification - There are no **Israeli currency control restrictions** on remittances of dividends or proceeds from share sales to non-residents of Israel, except for countries in a state of war with Israel[428](index=428&type=chunk) - The company believes it may have been a **Passive Foreign Investment Company (PFIC)** in 2021 and could be in future years. PFIC status can result in adverse U.S. federal income tax consequences for U.S. Holders[438](index=438&type=chunk) - The company does not intend to provide the information necessary for U.S. Holders to make a **qualified electing fund (QEF) election**, which could mitigate adverse PFIC tax effects[440](index=440&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is foreign exchange risk, particularly between the U.S. dollar and the New Israeli Shekel, alongside liquidity risk related to expansion plans - The company's main market risk is **foreign currency exchange risk**, specifically between the **U.S. dollar and the New Israeli Shekel (NIS)**, as most expenses are in NIS[451](index=451&type=chunk) - A **5% change** in the USD/NIS exchange rate would have changed 2021 operating expenses by about **4.1%**, and a **10% change** would have impacted them by **8.2%**[451](index=451&type=chunk) - The company is exposed to **liquidity risk** but believes its existing funds will cover expenses for the next twelve months following the report's issuance[452](index=452&type=chunk) [Controls and Procedures](index=92&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) As of December 31, 2021, management concluded the company's disclosure controls and procedures were effective, with no management assessment or auditor attestation on internal controls due to exemptions - Management concluded that as of **December 31, 2021**, the company's **disclosure controls and procedures were effective**[461](index=461&type=chunk) - The annual report does not include a management report or auditor attestation on internal control over financial reporting, due to exemptions for **newly public and emerging growth companies**[462](index=462&type=chunk)[463](index=463&type=chunk) [Corporate Governance and Accountant Fees](index=92&type=section&id=ITEM%2016.%20Corporate%20Governance%20and%20Accountant%20Fees) This section covers corporate governance matters and accountant fees, including the adoption of a Code of Ethics and the company's adherence to Israeli home country governance practices - The board of directors has adopted a **Code of Ethics** applicable to all directors and employees[467](index=467&type=chunk) Principal Accountant Fees (in thousands of USD) | | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Audit fees | 120 | 255 | | Audit-related fees | - | 71 | | Tax fees | 6 | - | | **Total** | **126** | **326** | - The company follows **Israeli home country corporate governance practices** instead of certain Nasdaq rules, including those related to shareholder approval for certain issuances, director nominations, and officer compensation[477](index=477&type=chunk)[478](index=478&type=chunk)[481](index=481&type=chunk) [Part III](index=96&type=section&id=PART%20III) [Financial Statements](index=100&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) This section contains the audited financial statements for Rail Vision Ltd. as of December 31, 2021 and 2020, prepared under U.S. GAAP, along with accompanying notes detailing key accounting policies and subsequent events Balance Sheet Highlights (As of Dec 31, in thousands of USD) | | 2021 | 2020 | | :--- | :--- | :--- | | **Total Assets** | **4,411** | **8,972** | | Cash and cash equivalents | 1,649 | 6,749 | | **Total Liabilities** | **2,773** | **3,100** | | **Total shareholders' equity (deficit)** | **(8,327)** | **907** | Statement of Comprehensive Loss Highlights (Year ended Dec 31, in thousands of USD) | | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Revenues | 888 | - | - | | Operating loss | (10,293) | (10,705) | (10,046) | | **Net loss** | **(10,220)** | **(10,707)** | **(10,032)** | | **Basic and diluted loss per ordinary share** | **(1.12)** | **(1.17)** | **(1.25)** | - The company completed its IPO on **April 4, 2022**, raising gross proceeds of approximately **$15.6 million**. Management expects the net proceeds of **$14.2 million** to be sufficient to fund operations for more than one year[510](index=510&type=chunk)[618](index=618&type=chunk) - In **January 2022**, the company entered into a **SAFE agreement** with its two main shareholders for **$1 million**, which converted into **242,131 ordinary shares** and **242,131 warrants** upon the IPO[614](index=614&type=chunk)[616](index=616&type=chunk) - As of **December 31, 2021**, the company had net operating loss carryforwards of approximately **$36.5 million** for Israeli tax purposes, which can be carried forward indefinitely[603](index=603&type=chunk) [Exhibits](index=97&type=section&id=ITEM%2019.%20EXHIBITS) This section lists all the exhibits filed as part of the annual report, including key legal and financial documents and agreements with major partners - Lists key legal and financial documents filed with the report, including the **Amended and Restated Articles of Association (Exhibit 3.1)**[486](index=486&type=chunk) - Includes the **Amended and Restated Investors' Rights Agreement** with Knorr-Bremse and Foresight (Exhibit 4.6)[486](index=486&type=chunk) - Contains the **Strategic Partnership Agreement** with Knorr-Bremse (Exhibit 4.10)[486](index=486&type=chunk) ```