Alpha Tau Medical Announces Second Quarter 2023 Financial Results and Provides Corporate Update -Treated the first patient with advanced inoperable pancreatic cancer in a safety and feasibility trial in Canada in April-

Tau Medical Announces Second Quarter 2023

Financial Results and Provides Corporate Update

-Treated the first patient with advanced inoperable

pancreatic cancer in a safety and feasibility trial in Canada in April-

-89% CR, two-year local recurrence-free survival

of 77%, and no treatment-related grade 2 or higher late-onset toxicity reported from an analysis of four feasibility trials in 71 patients

with unresectable skin and head and neck cancers -

- Valuable land grant received in Jerusalem

to enable a standalone company headquarters and future increased manufacturing capacity -

- Cash, restricted cash, & deposits

balance of $94.4 million with runway for at least two years-

JERUSALEM, August 28, 2023 (GLOBE NEWSWIRE) -- Alpha Tau Medical Ltd.

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

Alpha DaRT , reported second quarter 2023 financial results and provided a corporate update

"This year we are advancing

our ReSTART pivotal U.S. multi-center trial in recurrent cutaneous squamous cell carcinoma, which is expected to produce data in 2024,

and initiating a series of feasibility trials in difficult-to-treat internal organ tumors with high unmet need, such as pancreatic and

liver cancers," stated Alpha Tau CEO Uzi Sofer. "Read-outs from the pivotal trial and these smaller feasibility programs

should represent meaningful inflection points for our growth story and could pave the way for larger studies in more indications

that may support other potential U.S. marketing authorizations. We were especially pleased to report

a strong 89% Complete Response rate and 77% two-year local recurrence-free survival rate from a recent analysis of 81 treated lesions

in skin or head and neck cancers, as well as the absence of major late-onset toxicities. In parallel, we are preparing for future product

launches by advancing our commercial planning activities and solidifying our supply chain, which was recently bolstered by a valuable

land grant in Jerusalem that may increase our future manufacturing capacity, alongside other large-scale expansions across the world,

including another site being planned in the U.S. Alpha Tau remains adequately capitalized to support all of these programs over the coming

years," he concluded.

Recent Corporate Highlights:

Upcoming 2023 Milestones

Financial results for six months ended June

R&D expenses for the six months ended June

30, 2023 were $12.3 million, compared to $10.7 million for the same period in 2022, due to increased employee compensation

and benefits, including share-based compensation, increased operating costs, and increased pre-clinical study and clinical trial expenses

particularly in our U.S. multi-center pivotal trial, offset by lower expenses in Japan because of the completion of our clinical study

Marketing expenses for

the six months ended June 30, 2023 were $0.9 million, compared to $0.3 million for the same period in 2022, due

to increased employee compensation and benefits, including share-based compensation and the hiring of our chief commercial officer.

the six months ended June 30, 2023 were $3.6 million, compared to $5.8 million for the same period in 2022, due

to decreased professional fees (including D&O insurance), and one-time costs and bonuses associated with our financing transaction

in the first quarter of 2022.

Financial expense, net,

for the six months ended June 30, 2023 was $0.0 million, compared to $10.9 million, for the same period in 2022, due to a decrease in

revaluation of warrants, an increase in interest from bank deposits, and changes in foreign exchange rates.

For the six months ended June

30, 2023, the Company had a net loss of $16.9 million, or $0.24 per share, compared to a net loss of $27.7 million, or $0.48

per share, in the same period of 2022.

Balance Sheet Highlights

As of June 30, 2023, the

Company had cash, restricted cash and deposits in the amount of $94.4 million, compared to $105.4 million at December

31, 2022. 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; 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 9, 2023, 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:

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INTERIM CONSOLIDATED BALANCE SHEETS

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INTERIM CONSOLIDATED STATEMENTS

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