Nano-X Imaging Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Nano-X Imaging Ltd. has filed its annual 20-F report detailing its fiscal year 2023 performance and share structure.</b>

AI Summary

Nano-X Imaging Ltd. (NNOX) filed a Foreign Annual Report (20-F) with the SEC on April 22, 2024. Nano-X Imaging Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's ordinary shares, par value NIS 0.01 per share, are traded on The NASDAQ Stock Market LLC under the symbol NNOX. As of December 31, 2023, Nano-X Imaging Ltd. had 57,778,628 ordinary shares outstanding. The report confirms the company is not a well-known seasoned issuer. Nano-X Imaging Ltd. is incorporated in the State of Israel.

Why It Matters

For investors and stakeholders tracking Nano-X Imaging Ltd., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health, operational status, and strategic direction for the past fiscal year, crucial for investors assessing its current standing and future prospects. As a public company, the 20-F filing is a mandatory disclosure that offers transparency into Nano-X Imaging's business, risks, and financial results, enabling informed investment decisions.

Risk Assessment

Risk Level: low — Nano-X Imaging Ltd. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain new material events or significant financial disclosures that would alter the risk profile.

Analyst Insight

Investors should review the full 20-F filing for detailed financial statements, risk factors, and management discussion to understand Nano-X Imaging's performance and outlook.

Key Numbers

• 57,778,628 — Ordinary Shares Outstanding (As of December 31, 2023)
• 2023-12-31 — Fiscal Year End (Covered by the 20-F report)
• 2024-04-22 — Filing Date (Date the 20-F report was filed)

Key Players & Entities

• Nano-X Imaging Ltd. (company) — Filer of the 20-F report
• NNOX (company) — Trading symbol for Nano-X Imaging Ltd. ordinary shares
• The NASDAQ Stock Market LLC (company) — Exchange where NNOX is registered
• Erez Meltzer (person) — Chief Executive Officer of Nano-X Imaging Ltd.

FAQ

Industry Context

Nano-X Imaging Ltd. operates in the medical imaging technology sector, focusing on developing and commercializing novel X-ray technologies.

Regulatory Implications

As a foreign private issuer incorporated in Israel and listed on a US exchange, Nano-X Imaging Ltd. is subject to SEC regulations, including the filing of annual reports on Form 20-F.

What Investors Should Do

1. Review the detailed financial statements and management's discussion and analysis within the 20-F filing.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Monitor future filings and company announcements for updates on product development, regulatory approvals, and commercialization efforts.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, and follows the standard reporting requirements for a 20-F filing.

Filing Documents

• f20f2023_nanoximaging.htm (20-F) — 2719KB
• f20f2023ex2-1_nanoximaging.htm (EX-2.1) — 51KB
• f20f2023ex8-1_nanoximaging.htm (EX-8.1) — 8KB
• f20f2023ex12-1_nanoximaging.htm (EX-12.1) — 9KB
• f20f2023ex12-2_nanoximaging.htm (EX-12.2) — 9KB
• f20f2023ex13-1_nanoximaging.htm (EX-13.1) — 4KB
• f20f2023ex13-2_nanoximaging.htm (EX-13.2) — 4KB
• f20f2023ex15-1_nanoximaging.htm (EX-15.1) — 2KB
• f20f2023ex97-1_nanoximaging.htm (EX-97.1) — 35KB
• 0001213900-24-034697.txt (&nbsp;) — 11142KB
• nnox-20231231.xsd (EX-101.SCH) — 106KB
• nnox-20231231_cal.xml (EX-101.CAL) — 58KB
• nnox-20231231_def.xml (EX-101.DEF) — 456KB
• nnox-20231231_lab.xml (EX-101.LAB) — 850KB
• nnox-20231231_pre.xml (EX-101.PRE) — 470KB
• f20f2023_nanoximaging_htm.xml (XML) — 1476KB

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 136 Part II 137 Item 13. Defaults, Dividend Arrearages and Delinquencies 137 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 137 Item 15.

Controls and Procedures

Controls and Procedures 137 Item 16. Reserved 139 Item 16A. Audit Committee Financial Expert 139 Item 16B. Code of Ethics 139 Item 16C. Principal Accountant Fees and Services 139 Item 16D. Exemptions from the Listing Standards for Audit Committees 140 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 140 Item 16F. Change in Registrant's Certifying Accountant 140 Item 16G. Corporate Governance 140 Item 16H. Mine Safety Disclosure 141 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 141 Item 16J. Insider Trading Policies 141 Item 16K. Cybersecurity 141 Part III 143 Item 17.

Financial Statements

Financial Statements 143 Item 18.

Financial Statements

Financial Statements 143 Item 19. Exhibits 143 i INTRODUCTION NANO-X IMAGING LTD was incorporated under the laws of the State of Israel on December 20, 2018 and commenced operations on September 3, 2019. Unless the context otherwise requires, all references to "Nanox," "we," "us," "our," the "Company" and similar designations refer to NANO-X IMAGING LTD, an Israeli company, and its consolidated subsidiaries. Unless derived from our financial statements or otherwise noted, the terms "shekels" and "NIS" refer to New Israeli Shekels, the lawful currency of the State of Israel, the terms "dollar" or "$" refer to U.S. dollars, the lawful currency of the United States, "and "KRW" refers to Korean Won, the lawful currency of South Korea. FORWARD-LOOKING The forward-looking statements made in this annual report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this annual report to reflect events or circumstances after the date of this annual report or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. All prospects, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "can," "might," "believe," "may," "estimate," "continue," "anticipate," "intend,"

Forward-looking statements include, but are not limited to, statements concerning

Forward-looking statements include, but are not limited to, statements concerning: the initiation, timing, progress and results of our research and development, manufacturing and commercialization activities with respect to our X-ray source technology or the Nanox.ARC and the Nanox.CLOUD, which comprise the Nanox System; our ability to successfully demonstrate the feasibility of our technology for commercial applications; our expectations regarding the necessity of, timing of filing for, and receipt of, regulatory clearances or approvals regarding our technology, the Nanox.ARC and the Nanox.CLOUD; our ability to secure and maintain required U.S. Food and Drug Administration (the "FDA") clearance and similar approvals from regulatory agencies worldwide, or Notified Body ("CE"), and comply with applicable quality standards and regulatory requirements; our ability to manufacture the Nanox.ARC, at a lower cost than medical imaging systems that use a legacy analog X-ray source; the pricing structure of our products and services, if such products and services receive regulatory clearance or approval; the implementation of our business models; the ability to successfully integrate the business of companies that we acquire and to realize the anticipated benefits of the acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired company to grow and manage growth profitably and retain its key employees; ii our expectations regarding collaborations with third-parties and their potential benefits; our ability to enter into and maintain our arrangements with third-party manufacturers and suppliers; our ability to conduct business globally; our expectations regarding when certain patents may be issued and the protection and enforcement of our intellectual property rights; our ability to operate our business without infringing the intellectual property rights and proprietary technology of third

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

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 Risk Factors Summary Risks Related to Our Business We are an initial launch-stage company with limited operating history. We expect to incur significant additional losses in the future and may never be able to effectuate our business plan or achieve significant revenues or reach profitability. Therefore, at this stage of our business, potential investors have a high probability of losing their entire investment. Our efforts may never demonstrate the feasibility of our digital X-ray source technology, including both the micro-electro-mechanical systems ("MEMs") X-ray chips and tubes, for commercial applications. Two of our business models depend on the successful commercial application of the Nanox.CLOUD, which is subject to numerous risks and uncertainties. We are highly dependent on the successful development, marketing and sale of our X-ray source technology and the related products and services. Products utilizing our technology may need to be approved or cleared by regulatory agencies worldwide. We may not receive, or may be delayed in receiving, the necessary approval or clearance for our future products, which would adversely affect business, financial condition, results of operations and prospects. We may need to obtain additional financing to fund our future operations. If we are unable to obtain such financing, we may be unable to complete the development and commercialization of our technology and our products and services. The success of our primary business model, the Subscription Model, is subject to numerous risks and uncertainties. We may not be successful in tailoring our X-ray source to the specific systems of other medical imaging companies under our Licensing Model, and/or entering into licensing agreements on terms favorable to us. 1 To the extent tha

View Full Filing

View this 20-F filing on SEC EDGAR