novocure(NVCR) - 2025 Q2 - Quarterly Report

Cautionary Note Regarding Forward-Looking Statements This report includes forward-looking statements about future developments and their impact, which are subject to risks and uncertainties that may cause actual results to differ materially - This report contains forward-looking statements based on current plans, expectations, hopes, beliefs, intentions, or strategies concerning future developments and their impact on the company. These statements are not historical facts and involve risks and uncertainties that may cause actual results to differ materially[8][9] - Forward-looking statements cover areas such as research and development, clinical studies, commercialization activities, business strategies, market acceptance of products (Optune Gio, Optune Lua), regulatory approvals, supply chain, intellectual property, cash needs, and financial performance[8][10] Trademarks This section acknowledges trademarks of NovoCure Limited and other entities included in the Quarterly Report on Form 10-Q - The Quarterly Report on Form 10-Q includes trademarks of NovoCure Limited and other persons, with all trademarks or trade names being the property of their respective owners[12] PART I—FINANCIAL INFORMATION This section provides NovoCure Limited's unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements This section presents NovoCure Limited's unaudited consolidated financial statements for the periods ended June 30, 2025, including balance sheets, statements of operations, comprehensive income, changes in shareholders' equity, and cash flows, along with detailed notes explaining accounting policies, financial instruments, debt, revenue recognition, and share-based compensation Consolidated Balance Sheets This table presents the company's consolidated financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 | Metric | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (k USD) | % Change | | :-------------------------- | :-------------------------- | :-------------------------- | :------------- | :------- | | ASSETS | | | | | | Cash and cash equivalents | $149,624 | $163,767 | $(14,143) | -8.6% | | Short-term investments | $761,901 | $796,106 | $(34,205) | -4.3% | | Total current assets | $1,083,299 | $1,106,575 | $(23,276) | -2.1% | | Total long-term assets | $162,576 | $134,209 | $28,367 | 21.1% | | TOTAL ASSETS | $1,245,875 | $1,240,784 | $5,091 | 0.4% | | LIABILITIES & EQUITY | | | | | | Convertible note (current) | $559,790 | $558,160 | $1,630 | 0.3% | | Total current liabilities | $749,634 | $756,376 | $(6,742) | -0.9% | | Total long-term liabilities | $146,800 | $124,229 | $22,571 | 18.2% | | TOTAL LIABILITIES | $896,434 | $880,605 | $15,829 | 1.8% | | Total shareholders' equity | $349,441 | $360,179 | $(10,738) | -3.0% | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,245,875 | $1,240,784 | $5,091 | 0.4% | Consolidated Statements of Operations This section details the company's financial performance, including revenues, expenses, and net income (loss) for the three and six months ended June 30, 2025 | Metric (U.S. dollars in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change (YoY) | | :--------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net revenues | $158,805 | $150,356 | 5.6% | | Cost of revenues | $41,472 | $34,654 | 19.7% | | Gross profit | $117,333 | $115,702 | 1.4% | | Total operating costs and expenses | $156,854 | $149,282 | 5.1% | | Operating income (loss) | $(39,521) | $(33,580) | 17.7% | | Financial income (expenses), net | $4,542 | $10,851 | -58.1% | | Income (loss) before income tax | $(34,979) | $(22,729) | 53.0% | | Income tax | $5,160 | $10,646 | -51.5% | | Net income (loss) | $(40,139) | $(33,375) | 20.2% | | Basic and diluted net income (loss) per ordinary share | $(0.36) | $(0.31) | 16.1% | | Metric (U.S. dollars in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change (YoY) | | :--------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net revenues | $313,799 | $288,859 | 8.6% | | Cost of revenues | $79,993 | $68,343 | 17.0% | | Gross profit | $233,806 | $220,516 | 6.0% | | Total operating costs and expenses | $311,192 | $295,616 | 5.3% | | Operating income (loss) | $(77,386) | $(75,100) | 3.0% | | Financial income (expenses), net | $12,112 | $20,729 | -41.6% | | Income (loss) before income tax | $(65,274) | $(54,371) | 20.1% | | Income tax | $9,184 | $17,764 | -48.3% | | Net income (loss) | $(74,458) | $(72,135) | 3.2% | | Basic and diluted net income (loss) per ordinary share | $(0.67) | $(0.67) | 0.0% | Consolidated Statements of Comprehensive Income (Loss) This table presents the company's net income (loss) and other comprehensive income (loss) components for the three and six months ended June 30, 2025 | Metric (U.S. dollars in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $(40,139) | $(33,375) | $(74,458) | $(72,135) | | Change in foreign currency translation adjustments | $(39) | $102 | $319 | $(225) | | Pension benefit plan | $(869) | $530 | $72 | $2,179 | | Total comprehensive income (loss) | $(41,047) | $(32,743) | $(74,067) | $(70,181) | Consolidated Statements of Changes in Shareholders' Equity This section outlines changes in the company's shareholders' equity, including ordinary shares, paid-in capital, and retained earnings, as of June 30, 2025 | Metric (U.S. dollars in thousands) | Balance as of Dec 31, 2024 | Balance as of June 30, 2025 | | :--------------------------------- | :------------------------- | :-------------------------- | | Ordinary shares (number) | 108,516,819 | 111,798,690 | | Additional paid-in capital | $1,519,809 | $1,583,138 | | Accumulated other comprehensive income (loss) | $(5,500) | $(5,109) | | Retained earnings (accumulated deficit) | $(1,154,130) | $(1,228,588) | | Total shareholders' equity | $360,179 | $349,441 | - Share-based compensation to employees contributed $55,695k to additional paid-in capital for the six months ended June 30, 2025[23] - Net loss for the six months ended June 30, 2025, was $(74,458)k, contributing to the accumulated deficit[23] Consolidated Statements of Cash Flows This table summarizes the company's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 | Cash Flow Activity (U.S. dollars in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | % Change (YoY) | | :--------------------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net cash provided by (used in) operating activities | $(51,601) | $(33,294) | 55.0% | | Net cash provided by (used in) investing activities | $29,514 | $(128,224) | 123.0% | | Net cash provided by (used in) financing activities | $7,634 | $87,530 | -91.3% | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | $492 | $(133) | -470.0% | | Increase (decrease) in cash, cash equivalents and restricted cash | $(13,961) | $(74,121) | -81.2% | | Cash, cash equivalents and restricted cash at the end of the period | $152,133 | $168,443 | -9.7% | Notes to Unaudited Consolidated Financial Statements This section provides detailed explanations of the accounting policies, significant estimates, and specific financial statement line items NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION This note describes NovoCure Limited's business, its focus on Tumor Treating Fields (TTFields) devices, and the basis of financial statement presentation - NovoCure Limited is a global oncology company focused on developing, manufacturing, and commercializing Tumor Treating Fields (TTFields) devices, including Optune Gio and Optune Lua, for solid tumor cancers[29] - The majority of revenues come from Optune Gio in the U.S., Germany, France, and Japan, with a License and Collaboration Agreement with Zai Lab for Greater China[29] - The company is evaluating the impact of ASU 2023-09 (Income Taxes) for adoption in fiscal year 2025 and ASU 2024-03 (Expense Disaggregation) for fiscal years beginning after December 15, 2026[35][36] NOTE 2: CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS This note details the composition and fair market value of the company's cash, cash equivalents, and short-term investments as of June 30, 2025 | Category | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :-------------------------- | :-------------------------- | :-------------------------- | | Cash | $13,475 | $11,848 | | Money market funds | $134,949 | $151,919 | | Certificate of deposits and term deposits | $72,673 | $170,120 | | U.S. Treasury bills | $118,634 | $118,710 | | Corporate debt securities | $571,757 | $508,169 | | Total Fair Market Value | $911,488 | $960,766 | | Cash and cash equivalents | $149,624 | $163,767 | | Short-term investments | $761,901 | $796,106 | - As of June 30, 2025, $17,614k of short-term investments are pledged pursuant to a bank guaranty agreement[38] NOTE 3: INVENTORIES This note provides a breakdown of the company's inventory components, including raw materials, work in progress, and finished products | Inventory Component | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :------------------ | :-------------------------- | :-------------------------- | | Raw materials | $3,811 | $4,004 | | Work in progress | $3,986 | $7,969 | | Finished products | $32,414 | $23,113 | | Total Inventories | $40,211 | $35,086 | NOTE 4: COMMITMENTS AND CONTINGENT LIABILITIES This note discusses legal proceedings, including the dismissal of a class action lawsuit, and details bank deposits pledged for operating lease guarantees - The putative class action lawsuit filed in June 2023, alleging material misstatements regarding the LUNAR clinical trial, was dismissed by the court on March 18, 2025. The plaintiffs did not appeal, and the matter is now closed[44] - The company has pledged bank deposits of $5,100k (June 30, 2025) and $4,909k (December 31, 2024) to cover bank guarantees for operating leases[43] NOTE 5: LONG-TERM DEBT, NET This note details the company's convertible senior notes and a new senior secured credit facility, including terms, conversion rights, and drawdowns - The $575,000k aggregate principal amount of 0% Convertible Senior Notes due November 1, 2025, had a net carrying amount of $559,790k as of June 30, 2025. Holders have the right to convert beginning August 2025, with the company electing to settle conversions with $1,000 cash per $1,000 principal plus ordinary shares for the balance[45][47][49] - A new five-year senior secured credit facility of up to $400,000k was entered into on May 1, 2024. The initial Tranche A Loan of $100,000k was funded on May 1, 2024. Notice to draw the Tranche B Loan of $100,000k was given on June 30, 2025, with closing expected on September 26, 2025[50][52] - The facility bears interest at an annual rate of 6.25% plus the three-month SOFR (subject to a 3.25% floor). Tranche C and D loans are conditional on positive PANOVA-3 results or revenue targets, and the extinguishment of the Convertible Notes[50][51] NOTE 6: REVENUE RECOGNITION This note provides a geographical breakdown of net revenues and details contract balances, including trade receivables and deferred revenues | Geographic Region | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change (YoY) | | :---------------- | :------------------------------- | :------------------------------- | :------------- | | United States | $94,261 | $95,711 | -1.5% | | Germany | $19,074 | $15,097 | 26.3% | | France | $18,416 | $14,267 | 29.1% | | Japan | $9,484 | $7,664 | 23.7% | | Other international markets | $12,979 | $11,771 | 10.3% | | Greater China | $4,591 | $5,846 | -21.5% | | Total net revenues | $158,805 | $150,356 | 5.6% | | Contract Balance (U.S. dollars in thousands) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | % Change | | :------------------------------------------- | :-------------------------- | :-------------------------- | :------- | | Trade receivables | $82,966 | $68,501 | 21.1% | | Unbilled receivables | $6,949 | $5,725 | 21.4% | | Deferred revenues (short-term contract liabilities) | $(15,354) | $(14,225) | 7.9% | NOTE 7: SHARE OPTION PLANS AND ESPP This note outlines the company's share option plans and Employee Share Purchase Plan (ESPP), including available shares and share-based compensation expense - The 2024 Omnibus Incentive Plan, adopted in April 2024, replaced the 2015 Plan, making 5,718,009 ordinary shares available for grant as of June 30, 2025[59][60][62] | Share-Based Compensation Expense (U.S. dollars in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change (YoY) | | :--------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Cost of revenues | $973 | $1,698 | -42.7% | | Research, development and clinical studies | $5,787 | $9,517 | -39.2% | | Sales and marketing | $5,358 | $9,896 | -45.9% | | General and administrative | $14,025 | $10,719 | 30.8% | | Total share-based compensation expense | $26,143 | $31,830 | -17.8% | - The 2025 Novocure Employee Share Purchase Plan (ESPP) was adopted in February 2025, replacing the prior ESPP, with 6,366,651 ordinary shares available for purchase by eligible employees as of June 30, 2025[66] NOTE 8: Basic and diluted net income (loss) per ordinary share This note presents the calculation of basic and diluted net income (loss) per ordinary share, including the impact of potentially anti-dilutive shares | Metric | Three months ended June 30, 2025 | Three months ended June 30, 2024 | | :-------------------------------------------------------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) attributable to ordinary shares (U.S. dollars in thousands) | $(40,139) | $(33,375) | | Weighted average number of ordinary shares used in computing diluted net income (loss) per share | 111,572,191 | 107,700,284 | | Basic and diluted net income (loss) per ordinary share | $(0.36) | $(0.31) | - Potentially anti-dilutive shares, including options, RSUs, PSUs, and ESPP shares, totaling 13,575,686 for the three months ended June 30, 2025, were excluded from the diluted EPS calculation due to the net loss[70] NOTE 9: SUPPLEMENTAL INFORMATION This note confirms the company operates in a single reportable segment and provides a geographical breakdown of long-lived assets - The Company operates in a single reportable segment[71] | Location | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--------- | :-------------------------- | :-------------------------- | | United States | $65,578 | $62,897 | | Switzerland | $49,552 | $27,014 | | Israel | $14,924 | $16,120 | | Others | $16,959 | $13,560 | | Total long-lived assets | $147,013 | $119,591 | NOTE 10: SUBSEQUENT EVENT This note describes a subsequent event in July 2025 regarding U.S. tax code amendments and their estimated impact on tax expense - In July 2025, amendments to the U.S. tax code, including permanent extension of certain business and international tax provisions, are estimated to decrease tax expense by approximately $1.7 million for the six months ended June 30, 2025[72] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on NovoCure Limited's financial condition and results of operations, discussing critical accounting policies, business overview, impact of current events, detailed analysis of revenue and expenses, key performance indicators, liquidity, and capital resources Critical Accounting Policies and Estimates This section confirms no material changes to the company's critical accounting policies and estimates since the 2024 Annual Report on Form 10-K - There were no material changes to the company's critical accounting policies and estimates compared to those described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024[75] Overview This section provides a business overview, highlighting the company's TTFields technology, key clinical trial results, and financial highlights for the period - NovoCure is a global oncology company utilizing Tumor Treating Fields (TTFields) technology to treat solid tumor cancers, with commercial devices Optune Gio (for GBM) and Optune Lua (for metastatic NSCLC and MPM)[76] - Positive results from the Phase 3 PANOVA-3 clinical trial for pancreatic adenocarcinoma were presented in May 2025, showing improved median overall survival (16.2 months vs. 14.2 months) and pain-free survival (15.2 months vs. 9.1 months). An FDA PMA application is expected in Q3 2025[78][80] - The Phase 3 METIS clinical trial for brain metastases from NSCLC met its primary endpoint, demonstrating a statistically significant improvement in time to intracranial progression (median 15.0 months vs. 7.5 months control). The full FDA PMA submission is expected by the end of 2025[79][80] | Financial Highlight (U.S. dollars in millions) | Six months ended June 30, 2025 | | :--------------------------------------------- | :----------------------------- | | Net revenues | $313.8 | | Net loss | $(74.5) | | Accumulated deficit (as of June 30, 2025) | $(1,228.6) | Impact of Current Events This section discusses the impact of the conflict in Israel on supply chain risks and potential increases in import duties due to changes in U.S. tariff rates - The conflict in Israel has led the company to increase stock levels and seek second-source suppliers outside Israel to mitigate supply chain risks, though no immediate risk to business facilities or operations is believed to exist[86] - Recent changes to U.S. tariff rates, including a 17% tariff on arrays from Israel (previously 0%) and potential 30% tariffs on goods from Mexico and the EU, could increase import duties by up to approximately $7 million in 2025. The company expensed an additional $1.3 million in duties for Q2 2025[88][89] Commentary on Results of Operations This section provides a detailed analysis of the company's net revenues, cost of revenues, gross margin, operating expenses, and financial income for the period | Metric (U.S. dollars in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change (YoY) | | :--------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net revenues | $158,805 | $150,356 | 5.6% | | Cost of revenues | $41,472 | $34,654 | 19.7% | | Gross margin | 74% | 77% | -3.0 ppts | | Research, development and clinical studies | $55,833 | $54,955 | 1.6% | | Sales and marketing | $57,066 | $56,616 | 0.8% | | General and administrative | $43,955 | $37,711 | 16.6% | | Financial income (expenses), net | $4,542 | $10,851 | -58.1% | | Income taxes | $5,160 | $10,646 | -51.5% | - Net revenue growth was primarily driven by increases in France (+$4.2M), Germany (+$4.0M), and other international markets (+$3.0M), including $3.8M in exchange rate benefits, partially offset by a $1.5M reduction in U.S. revenue and a $1.3M decrease from Greater China[102] - Cost of revenues increased due to 9% active patient growth, higher average array costs from new array roll-out and NSCLC launch, and increased tariffs. Cost of revenues per active patient per month increased 10% to $2,970[104][105] - Financial income decreased significantly due to a $2.9M decrease in interest income, a $1.5M increase in foreign exchange expenses, and a non-recurring $1.1M gain from convertible note redemption in the prior year[111] Key Performance Indicators This section presents key operational metrics, including active patients and prescriptions received for Optune Gio and Optune Lua | Metric | June 30, 2025 | June 30, 2024 | % Change (YoY) | | :-------------------------- | :------------ | :------------ | :------------- | | Active patients at period end | | | | | Optune Gio | 4,194 | 3,937 | 6.5% | | Optune Lua | 137 | 26 | 426.9% | | Total Active Patients | 4,331 | 3,963 | 9.3% | | Prescriptions received in Q2 | | | | | Optune Gio | 1,598 | 1,608 | -0.6% | | Optune Lua | 143 | 26 | 450.0% | | Total Prescriptions Received | 1,741 | 1,634 | 6.5% | - Worldwide, active MPM patients increased from 25 to 43, and active NSCLC patients increased from 1 to 94 as of June 30, 2025[100] - Worldwide, MPM prescriptions received in Q2 2025 were 22 (vs 24 in Q2 2024), and NSCLC prescriptions were 121 (vs 2 in Q2 2024)[101] Non-GAAP Financial Measures (Adjusted EBITDA) This section defines Adjusted EBITDA as a non-GAAP measure and presents its reconciliation to net income (loss), highlighting factors influencing its change - Adjusted EBITDA is a non-GAAP measure used to evaluate operating performance by removing the impact of capital structure, tax rate, and non-cash items like share-based compensation[114] | Metric (U.S. dollars in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | % Change (YoY) | | :--------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net income (loss) | $(40,139) | $(33,375) | 20.2% | | Add: Income tax | $5,160 | $10,646 | -51.5% | | Add: Financial expenses (income), net | $(4,542) | $(10,851) | -58.1% | | Add: Depreciation and amortization | $3,444 | $2,858 | 20.5% | | EBITDA | $(36,077) | $(30,722) | 17.4% | | Add: Share-based compensation | $26,143 | $31,830 | -17.8% | | Adjusted EBITDA | $(9,934) | $1,108 | -996.6% | - The decrease in Adjusted EBITDA to a loss of $9.9 million was primarily due to increased operating expenses related to the NSCLC launch and ramp-up of clinical trials, offsetting a $1.6 million increase in gross profit from revenue growth[117] Liquidity and Capital Resources This section assesses the company's financial liquidity, including cash, investments, accumulated deficit, and cash flow from operating, investing, and financing activities - As of June 30, 2025, the company had an accumulated deficit of $1,228.6 million and $911.5 million in cash, cash equivalents, and short-term investments, a decrease of $48.3 million from December 31, 2024[118][119] - Net cash used in operating activities increased by $18.3 million to $51.6 million for the six months ended June 30, 2025, primarily due to increased net loss, decreased share-based compensation, and increased working capital[120][121] - Net cash provided by investing activities was $29.5 million for the six months ended June 30, 2025, a significant change from $128.2 million used in the prior year, mainly due to net proceeds from short-term investments[120][123] - Net cash provided by financing activities decreased to $7.6 million for the six months ended June 30, 2025, from $87.5 million in the prior year, primarily due to the prior year's proceeds from the senior secured debt[120][124] Contractual Obligations and Commitments This section states that there have been no material changes to the company's contractual obligations and commitments since its 2024 10-K filing - There have been no material changes to the company's contractual obligations and commitments from the information disclosed in its 2024 10-K[131] Off-Balance Sheet Arrangements This section confirms the company had no off-balance sheet arrangements during the periods presented, as defined under SEC rules - The company did not have, and does not currently have, any off-balance sheet arrangements as defined under SEC rules during the periods presented[132] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section states that there have been no material changes to the company's quantitative and qualitative disclosures about market risk since its 2024 10-K filing - There have been no material changes to the company's quantitative and qualitative disclosures about market risk from the information disclosed in its 2024 10-K[133] Item 4. Controls and Procedures Management, with the participation of the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures as of June 30, 2025, concluding they were effective at a reasonable assurance level. There were no material changes in internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025[134] - There has been no change in internal control over financial reporting during the quarter ended June 30, 2025, that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting[135] PART II—OTHER INFORMATION This section covers other information not included in the financial statements, such as legal proceedings, risk factors, equity sales, defaults, and exhibits Item 1. Legal Proceedings The putative class action lawsuit filed in June 2023 regarding the LUNAR clinical trial results was dismissed by the court on March 18, 2025, and is now closed as plaintiffs did not appeal. The company is involved in other routine legal matters, but management believes their ultimate disposition will not materially affect financial position or results - A putative class action lawsuit filed in June 2023, alleging material misstatements regarding the LUNAR clinical trial, was dismissed by the court on March 18, 2025. The plaintiffs did not appeal, and the matter is now closed[137] - Management believes that the ultimate disposition of other legal actions arising in the ordinary course of business will not materially affect the company's consolidated financial position or results of operations[138] Item 1A. Risk Factors There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 - There have been no material changes to the company's risk factors disclosed in Part I, Item 1A "Risk Factors" in the 2024 10-K[139] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds No unregistered sales of equity securities or use of proceeds occurred during the period - No unregistered sales of equity securities and use of proceeds occurred during the periods presented[140] Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during the period - There were no defaults upon senior securities during the periods presented[141] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable to the company[142] Item 5. Other Information The company's Insider Trading Policy permits executive officers and directors to use Rule 10b5-1 trading plans. During the three months ended June 30, 2025, neither the company nor its executive officers or directors adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements - The company's Insider Trading Policy permits executive officers and directors to enter into trading plans designed to comply with Rule 10b5-1[143] - During the three-month period ended June 30, 2025, neither the company nor any executive officers or directors adopted or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements[144] Item 6. Exhibits This section lists the exhibits filed as part of the Form 10-Q, including certifications, XBRL documents, and the 2025 NovoCure Employee Share Purchase Plan - Key exhibits include certifications (31.1, 31.2, 32.1, 32.2), Inline XBRL documents (101.INS, SCH, CAL, DEF, LAB, PRE), and the 2025 NovoCure Employee Share Purchase Plan (10.1)[147] Signatures This section confirms the report was signed on July 24, 2025, by Christoph Brackmann, Chief Financial Officer of NovoCure Limited - The report was signed on July 24, 2025, by Christoph Brackmann, Chief Financial Officer of NovoCure Limited[153]