Alpha Tau Medical Announces Second Quarter 2022 Financial Results and Provides Corporate Update -Received FDA Conditional Investigational Device Exemption (IDE), whose conditions have since been satisfied, to initiate a

Announces Second Quarter 2022 Financial Results and Provides Corporate Update

-Received FDA Conditional Investigational Device

Exemption (IDE), whose conditions have since been satisfied, to initiate a pivotal trial of Alpha DaRT in recurrent

cutaneous squamous cell carcinoma. The Company expects to treat its first patient in this study later in 2022-

first patient in a feasibility study evaluating the Alpha DaRT as a neoadjuvant therapy in patients with prostate cancer-

JERUSALEM, August 25, 2022 - Alpha Tau Medical

Ltd. (Nasdaq: DRTS and DRTSW), ("Alpha Tau" or the "Company"), the developer of the innovative alpha-radiation

cancer therapy Alpha DaRT , reported second quarter 2022 financial results and provided a corporate update.

"We have made significant progress by gaining

conditional FDA approval, whose conditions have since been satisfied, for our pivotal trial IDE in SCC as well as treating our first

patient in a prostate cancer feasibility trial. We've seen overwhelming interest from leading clinical sites across the U.S. in

participating in our upcoming pivotal trial in SCC, and look forward to initiating that trial shortly. While making clinical progress,

we are thoughtfully expanding our pipeline from superficial cancers that only require a temporary Alpha DaRT implant, to more invasive

internal tumors like liver and prostate, and then finally to ones such as pancreatic cancer and GBM with the greatest unmet need. We've

made great strides in GBM in large animal studies, on the back of receipt of Breakthrough Device Designation for recurrent GBM from the

FDA," said Alpha Tau CEO Uzi Sofer. "In tandem, we have been preparing for global commercialization efforts by expanding

our manufacturing capabilities alongside our expanded radioactive licenses in Israel and in the U.S., as well as educating the medical

community on our technology via hands-on experience in our trials."

Recent Corporate Highlights:

Upcoming Anticipated 2022 Milestones

Financial results for the second

quarter ended June 30, 2022

R&D expenses for the

quarter ended June 30, 2022 were $5.4 million, compared to $3.0 million for the same period in 2021, primarily due to

increased R&D headcount, costs associated with our U.S. multi-center pivotal study and other clinical studies, and increased share-based

expenses for the quarter ended June 30, 2022 were $0.1 million, compared to $0.1 million for the same period in 2021.

expenses for the quarter ended June 30, 2022 were $2.4 million, compared to $0.4 million for the same period in 2021,

primarily due to increased professional fees (including D&O insurance), share-based compensation, and costs (including bonuses) associated

with our financing transaction in the first quarter of 2022.

income, net, for the quarter ended June 30, 2022 was $6.0 million, compared to financial expense, net of $3.5 million for the same period

in 2021, primarily due to the remeasurement of warrants.

the quarter ended June 30, 2022, the Company had a net loss of $2.0 million, or ($0.03) per share, compared to a loss of $7.0

million, or ($0.17) per share, in the same period in 2021.

Balance Sheet Highlights

30, 2022, the Company had cash and cash equivalents, restricted cash and short term deposits in the amount of $112.8 million,

compared to $31.9 million on December 31, 2021. The Company expects that this cash balance will be sufficient to

fund 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; (xix) impacts from the COVID-19 pandemic; 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 28, 2022, 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 SHEETS

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CONSOLIDATED BALANCE SHEETS

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

CONSOLIDATED STATEMENTS OF OPERATIONS

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