Brainsway Ltd. Files Annual Report on Form 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Brainsway Ltd. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

Brainsway Ltd. (BRSYF) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Brainsway Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 19 Hartum Street, Bynet Building, 3rd Fl, Har HaHotzvim, Jerusalem, Israel. Brainsway Ltd. is classified under SIC code 3841 for Surgical & Medical Instruments & Apparatus. The report was filed on March 28, 2024.

Why It Matters

For investors and stakeholders tracking Brainsway Ltd., this filing contains several important signals. This filing provides a comprehensive overview of Brainsway Ltd.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a Form 20-F filing, it offers detailed information required for foreign private issuers, including financial statements prepared under IFRS, which is important for international investors and analysts.

Risk Assessment

Risk Level: low — Brainsway Ltd. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new financial data or strategic shifts that would indicate high risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Brainsway Ltd.'s performance and outlook for the upcoming year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period for the Form 20-F.)
• 2024-03-28 — Filing Date (The date the Form 20-F was filed with the SEC.)
• 001-35165 — SEC File Number (The SEC file number associated with Brainsway Ltd.)
• 24800672 — Film Number (The film number for the filing.)

Key Players & Entities

• Brainsway Ltd. (company) — Filer of the 20-F report.
• 19 Hartum Street, Bynet Building, 3rd Fl, Har HaHotzvim, Jerusalem, L3 91451 (address) — Business and mailing address of Brainsway Ltd.
• 972 2 581-3140 (phone) — Business phone number for Brainsway Ltd.
• 3841 (sic_code) — Standard Industrial Classification code for Brainsway Ltd.
• 2023-12-31 (date) — Conformed period of report for the 20-F filing.
• 2024-03-28 (date) — Filing date of the 20-F report.

FAQ

Industry Context

Brainsway Ltd. operates in the medical technology sector, specifically focusing on non-invasive neurostimulation devices.

Regulatory Implications

As a foreign private issuer, Brainsway Ltd. is subject to SEC reporting requirements, including the filing of an annual report on Form 20-F, which adheres to International Financial Reporting Standards (IFRS).

What Investors Should Do

1. Review the full Form 20-F for detailed financial statements and management discussion.
2. Analyze the company's operational segments and geographical markets disclosed in the report.
3. Assess any new risk factors or legal proceedings mentioned in the filing.

Key Dates

• 2024-03-28: Filing of Form 20-F — Indicates the completion of the annual reporting requirement for the fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year, so no prior period comparison is available from this specific document.

Key Financial Figures

• $1 — te of exchange as of December 31, 2023 ($1 = NIS 3.627). The dollar amounts presen
• $4.2 million — nses. We have experienced net losses of $4.2 million and $13.3 million for the years ended D
• $13.3 million — erienced net losses of $4.2 million and $13.3 million for the years ended December 31, 2023 a
• $101.3 million — 2023, we had an accumulated deficit of $101.3 million. While we have sold and leased Deep TMS

Filing Documents

• f20f_031424.htm (20-F) — 2504KB
• exh_23.htm (EX-2.3) — 82KB
• exh_121.htm (EX-12.1) — 8KB
• exh_122.htm (EX-12.2) — 8KB
• exh_13.htm (EX-13) — 4KB
• exh_151.htm (EX-15.1) — 2KB
• exh_971.htm (EX-97.1) — 35KB
• img_01.jpg (GRAPHIC) — 24KB
• img_02.jpg (GRAPHIC) — 29KB
• fig1.jpg (GRAPHIC) — 13KB
• fig2.jpg (GRAPHIC) — 17KB
• fig3.jpg (GRAPHIC) — 15KB
• fig4.jpg (GRAPHIC) — 14KB
• fig5.jpg (GRAPHIC) — 12KB
• fig6.jpg (GRAPHIC) — 6KB
• fig7.jpg (GRAPHIC) — 12KB
• ey1.jpg (GRAPHIC) — 2KB
• ey2.jpg (GRAPHIC) — 3KB
• 0001171843-24-001696.txt (&nbsp;) — 9661KB
• bway-20231231.xsd (EX-101.SCH) — 92KB
• bway-20231231_cal.xml (EX-101.CAL) — 74KB
• bway-20231231_def.xml (EX-101.DEF) — 163KB
• bway-20231231_lab.xml (EX-101.LAB) — 355KB
• bway-20231231_pre.xml (EX-101.PRE) — 326KB
• f20f_031424_htm.xml (XML) — 1858KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 81 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 82 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 83 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 83 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 83 ITEM 16. [RESERVED] 84 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 84 ITEM 16B. CODE OF ETHICS 84 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 84 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 84 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 84 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 84 ITEM 16G. CORPORATE GOVERNANCE 84 ITEM 16H. MINE SAFETY DISCLOSURE 85 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 85 ITEM 16J. INSIDER TRADING POLICIES 85 ITEM 16K. CYBERSECURITY 85 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 85 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 85 ITEM 19. EXHIBITS 86 GLOSSARY OF TERMS EXHIBIT INDEX 88 Introduction Unless the context otherwise requires, all references to "BrainsWay," "we," "us," "our," the "Company" and similar designations refer to BrainsWay Ltd., a limited liability company incorporated under the laws of the State of Israel, and its consolidated subsidiaries. The term "including" means "including but not limited to", whether or not explicitly so stated. The "BrainsWay" name and design logo are our registered trademarks. BrainsWay also asserts all rights, including but not limited to trademark, with respect to the term "Deep TMS." Solely for convenience, the trademarks, service marks, and trade names referred to in this Annual Report are without the and TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, and trade names. This Annual Report contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. All trademarks, service marks, and trade names appearing in this Annual Report are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Financial and Other Information The term "NIS" refers to New Israeli Shekels, the lawful currency of the State of Israel, the terms "dollar", "US

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the statements under the sections entitled "Item 3. Key Information — Risk Factors," "Item 4. Information on the Company," "Item 5. Operating and Financial Review and Prospects" and elsewhere in this Annual Report may include forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify

forward-looking statements by terms including "anticipates," "believes," "could," "estimates,"

forward-looking statements by terms including "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," and similar expressions intended to identify forward-looking to risks and uncertainties. In addition, the sections of this Annual Report entitled "Item 4. Information on the Company" contain information obtained from independent industry and other sources that we may not have independently validated. You should not put undue reliance on any forward-looking statements. Unless we are required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward- looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: market perception and acceptance of Deep Transcranial Magnetic Stimulation, or Deep TMS, technology (" Deep TMS ") and patient satisfaction with the effectiveness and benefits of Deep TMS; availability of reimbursement from third-party payors, including insurance companies and Medicare; the adequacy of our existing capital to meet our future capital requirements; our ability to commercialize Deep TMS, including internationally, by ourselves or through third-party distributors; our ability to develop enhancements to our Deep TMS system through our research and development efforts; our reliance on third parties to conduct our clinical trials and manufacture our product candidates for clinical testing; our ability to complete and obtain favorable results from existing clinical trials, and to launch and successfully complete new clinical trials, for Deep TMS indications; our ability to obtain and comply with regulatory approvals of Deep TMS

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable. 1

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors You should carefully consider the risks we describe below, in addition to the other information set forth elsewhere in this Annual Report, including our financial statements and the related notes beginning on page F-1. The risks and uncertainties described below in this Annual Report on Form 20-F for the year ended December 31, 2023 are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below or incorporated by reference in this Form 20-F, and any such additional risks, could materially adversely affect our reputation, business, financial condition or results of operations. Summary of Risk Factors The following is a summary of some of the principal risks we face. The list below is not exhaustive, and investors should read this "Risk Factors" section in full. Financial Condition and Capital Requirement Risks We have a history of operating losses. We may incur additional losses in the future and may never be profitable and we cannot ensure that our existing capital will be sufficient to meet our capital requirements. Business, Economic and Industry risks Our success depends on Deep TMS as a safe treatment option for patients, as well as market perception and acceptance of TMS generally. Our long-term growth depends on our ability to increase market penetration and further commercialize Deep TMS, as well as develop enhancements and features to the Deep TMS system through our research and development efforts. If we fail to do so, we may be unable to achieve future growth. We operate in a very competitive environment and if we are unable to compete successfully against our existing or potential competitors, our revenues and operating results may be negatively

View Full Filing

View this 20-F filing on SEC EDGAR