Alpha Tau(US:DRTS)2025-08-11 20:03Financial Performance - The company reported a net loss of $18,805,000 for the six months ended June 30, 2025, compared to a net loss of $15,350,000 for the same period in 2024, representing a 16% increase in losses[8][18]. - The net loss for the six months ended June 30, 2025, was $18,805,000, resulting in a net loss per Ordinary share of $0.25[65]. - Segment net loss increased from $15,350 in 2024 to $18,805 in 2025, representing a 15.9% increase[67]. - Financial income, net for the six months ended June 30, 2025, was $(315,000), a decrease from $(2,132,000) in the same period of 2024[64]. - Tax on income increased significantly from $4 in 2024 to $164 in 2025[67]. Assets and Equity - As of June 30, 2025, the total assets of Alpha Tau Medical Ltd. amounted to $110,954,000, an increase from $86,204,000 as of December 31, 2024[4][6]. - The total shareholders' equity increased to $86,623,000 as of June 30, 2025, from $62,666,000 as of January 1, 2025, reflecting a significant capital raise[6][11]. - The accumulated deficit increased to $166,314,000 as of June 30, 2025, from $147,509,000 at the beginning of the year[6][18]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were $11,703,000, a decrease from $13,724,000 at the beginning of the period[13][18]. - The company had negative cash flows from operating activities of $14,612,000 for the six months ended June 30, 2025, compared to $12,803,000 for the same period in 2024[13][18]. - Alpha Tau Medical Ltd. issued 14,336,323 ordinary shares during the first half of 2025, raising $37,431,000 in additional paid-in capital[11]. - The Company entered into a long-term loan of approximately $5,248,000 in October 2023, maturing in October 2026[33]. Research and Development - Research and development expenses for the six months ended June 30, 2025, were $14,182,000, up from $13,314,000 in the same period of 2024, indicating a 6.5% increase[8]. - The company expects to continue incurring substantial losses during its clinical development phase, necessitating further financing and regulatory approvals[15][18]. - Alpha Tau Medical Ltd. is focused on the development of Alpha DaRT technology for treating solid tumors, with ongoing efforts to secure additional funding and regulatory approvals[15][17]. Warrants and Liabilities - As of June 30, 2025, the Company has 13,605,561 Public Warrants and 2,142,000 Private Warrants outstanding, classified as liabilities[24]. - The fair value of Public Warrants increased from $2,857,000 on December 31, 2024, to $3,267,000 on June 30, 2025[45]. - The fair value of Private Warrants was $481,000 as of December 31, 2024, and increased to $514,000 as of June 30, 2025[45]. - The fair value of Level 3 Private Warrants liability decreased from $977,000 at the beginning of the period to $481,000 at the end of the period, reflecting a change in fair value of $(496,000) for the six months ended June 30, 2025[48]. - The Company's contingent liability to the IIA totaled $7,478,000 as of June 30, 2025, which includes $474,000 of royalty-bearing grants assumed from Althera[50]. - The Company received IIA participation payments amounting to $5,533,000 through June 30, 2025, and is committed to pay royalties at a rate of 3% of future revenue from funded research programs[51]. Expenses - The total share-based compensation expense for the six months ended June 30, 2025, was $5,331,000, compared to $4,867,000 for the same period in 2024[60]. - Salaries and related benefits rose from $10,642 in 2024 to $11,596 in 2025, an increase of 9%[67]. - Clinical trials, subcontractors, and materials expenses increased from $2,732 in 2024 to $3,431 in 2025, a rise of 25.6%[67]. - Professional, legal, and marketing expenses grew from $1,557 in 2024 to $1,678 in 2025, an increase of 7.8%[67]. - Financial expenses improved from a net loss of $2,132 in 2024 to a net loss of $315 in 2025, a reduction of 85.2%[67]. Other Information - The Company is currently evaluating the impact of adopting ASU 2023-09, effective for fiscal years beginning after December 15, 2025[29]. - The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, which may impact the company's consolidated financial statements[68]. - The weighted average remaining lease term decreased from 10.07 years as of December 31, 2024, to 9.50 years as of June 30, 2025[32]. - Total undiscounted lease payments as of June 30, 2025, amount to $9,761,000, with a present value of lease liabilities of $7,281,000[32]. - The estimated fair values of financial instruments approximate their carrying value due to short-term maturities[28]. - The Company has recorded a total of $151,000 in interest expenses and $196,000 in currency exchange income for the six-month period ended June 30, 2024[35]. - As of June 30, 2025, the Company had 16,709,831 options outstanding with a weighted average exercise price of $4.38, and 11,103,202 of these options were exercisable[59]. - The Company has unrecognized compensation costs of $15,435,000 expected to be recognized over a weighted average period of approximately 2.08 years as of June 30, 2025[60]. - The Company entered into a collaboration agreement with MIM Software, Inc. to develop treatment planning software for clinical sites using the Alpha DaRT therapy, which includes future commercial sales[54].