Alpha Tau Medical Announces First Quarter 2024 Financial Results and Provides Corporate Update - Presented preclinical data demonstrating abscopal immune effect in pancreatic murine tumor models at ESTRO 2024 Congress in

Tau Medical Announces First

Quarter 2024 Financial Results and

Provides Corporate Update

- Presented preclinical data demonstrating

abscopal immune effect in pancreatic murine tumor models at ESTRO 2024 Congress in Glasgow -

- First patient with liver metastases treated

in a feasibility and safety study of Alpha DaRT at the McGill University Health Center in Montreal, Canada -

- Patient recruitment for ReSTART U.S. multi-center

pivotal trial and for pancreatic cancer feasibility and safety studies in Canada and Israel currently ongoing -

- Cash, cash equivalents, deposits & restricted

deposits balance of $80.7 million with runway of at least two years -

JERUSALEM, May 20, 2024 -- Alpha Tau Medical Ltd.

("Alpha Tau", or the "Company") (NASDAQ: DRTS, DRTSW), the developer of the innovative alpha-radiation cancer

therapy Alpha DaRT , reported first quarter 2024 financial results and provided a corporate update.

"This year we remain focused on advancing

our ReSTART U.S. multi-center pivotal trial in recurrent cutaneous squamous cell carcinoma, but in parallel we have seen very encouraging

initial results from our internal organ trials over the past quarter, which remind us of the broader opportunity set ahead of us,"

stated Alpha Tau CEO Uzi Sofer. "Alongside our focus on completing our pivotal trial and feasibility programs, we also continue

to make good progress in preparing for potential future product launches by advancing our commercial planning activities and solidifying

our supply chain, with a focus on building out our new planned manufacturing facility in Hudson, New Hampshire. Alpha Tau anticipates

remaining adequately capitalized to support all of these programs over the coming years," he concluded.

Recent Corporate Highlights:

Upcoming 2024 Milestones

Financial results for quarter ended March 31, 2024

for the quarter ended March 31, 2024 were $6.4 million, compared to $6.3 million for the same period in 2023, due to increased employee

compensation and benefits, including share-based compensation, and increased preclinical study and clinical trial expenses, particularly

as related to its ReSTART U.S. multi-center pivotal trial, offset by increased government grants.

Marketing expenses for the quarter ended March

31, 2024 were $0.5 million, compared to $0.4 million for the same period in 2023, due to increased employee compensation and benefits

and increased marketing expenses.

G&A expenses for the quarter ended March

31, 2024 were $1.4 million, compared to $1.9 million for the same period in 2023, due primarily to a reduction in D&O insurance costs.

Financial income, net, for the quarter ended March 31, 2024 was $0.4 million, compared to $0.4 million for the same period in 2023, as

an increase in interest from bank deposits was offset by a higher expense from remeasurement of warrants.

For the quarter ended March 31, 2024, the Company had a net loss of $8.0 million, or $0.11 per share, compared to a net loss of $8.2 million,

or $0.12 per share, in the first quarter of 2023.

Balance Sheet Highlights

As of March 31, 2024, the Company had cash and

cash equivalents, deposits and restricted deposits in the amount of $80.7 million, compared to $84.9 million at December 31, 2023. The

Company expects that this cash balance will be sufficient to fund anticipated operations for at least two years.

Alpha DaRT (Diffusing Alpha-emitters Radiation

Therapy) is designed to enable highly potent and conformal alpha-irradiation of solid tumors by intratumoral delivery of radium-224 impregnated

sources. When the radium decays, its short-lived daughters are released from the sources and disperse while emitting high-energy alpha

particles with the goal of destroying the tumor. Since the alpha-emitting atoms diffuse only a short distance, Alpha DaRT aims to mainly

affect the tumor, and to spare the healthy tissue around it.

About Alpha Tau Medical Ltd.

Founded in 2016, Alpha Tau is an Israeli medical

device company that focuses on research, development, and potential commercialization of the Alpha DaRT for the treatment of solid tumors.

The technology was initially developed by Prof. Itzhak Kelson and Prof. Yona Keisari from Tel Aviv University.

Forward-Looking Statements

This press release includes "forward-looking

statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used herein, words including "anticipate,"

"being," "will," "plan," "may," "continue," and similar expressions are intended to

identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections,

objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

All forward-looking statements are based upon Alpha Tau's current expectations and various assumptions. Alpha Tau believes there is a

reasonable basis for its expectations and beliefs, but they are inherently uncertain. Alpha Tau may not realize its expectations, and

its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements

as a result of various important factors, including, without limitation: (i) Alpha Tau's ability to receive regulatory approval for its

Alpha DaRT technology or any future products or product candidates; (ii) Alpha Tau's limited operating history; (iii) Alpha Tau's incurrence

of significant losses to date; (iv) Alpha Tau's need for additional funding and ability to raise capital when needed; (v) Alpha Tau's

limited experience in medical device discovery and development; (vi) Alpha Tau's dependence on the success and commercialization of the

Alpha DaRT technology; (vii) the failure of preliminary data from Alpha Tau's clinical studies to predict final study results; (viii)

failure of Alpha Tau's early clinical studies or preclinical studies to predict future clinical studies; (ix) Alpha Tau's ability to enroll

patients in its clinical trials; (x) undesirable side effects caused by Alpha Tau's Alpha DaRT technology or any future products or product

candidates; (xi) Alpha Tau's exposure to patent infringement lawsuits; (xii) Alpha Tau's ability to comply with the extensive regulations

applicable to it; (xiii) the ability to meet Nasdaq's listing standards; (xiv) costs related to being a public company; (xv) changes in

applicable laws or regulations; and the other important factors discussed under the caption "Risk Factors" in Alpha Tau's annual

report filed on form 20-F with the SEC on March 7, 2024, and other filings that Alpha Tau may make with the United States Securities and

Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking

statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press

release. While Alpha Tau may elect to update such forward-looking statements at some point in the future, except as required by law, it

disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be

relied upon as representing Alpha Tau's views as of any date subsequent to the date of this press release.

Investor Relations Contact:

CONSOLIDATED BALANCE SHEET

U.S. dollars in thousands

CONSOLIDATED BALANCE SHEET

U.S. dollars in thousands

CONSOLIDATED STATEMENT OF OPERATIONS

U.S. dollars in thousands (except share and per share data)