Alpha Tau Medical Announces Third Quarter 2023 Financial Results and Provides Corporate Update - Treated the first patient with advanced inoperable pancreatic cancer at Hadassah Medical Center in Israel in September, alo

Tau Medical Announces Third Quarter 2023

Financial Results and Provides Corporate Update

- Treated the first patient with advanced inoperable

pancreatic cancer at Hadassah Medical Center in Israel in September, alongside safety and feasibility trial in similar indication currently

underway in Montreal, Canada -

- 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 -

- Former U.S. FDA Commissioner, Stephen M. Hahn,

M.D. appointed to Alpha Tau Scientific Advisory Board -

- Cash, deposits & restricted deposits balance of $90.1 million

with runway for at least two years -

JERUSALEM, November 16, 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 third quarter 2023 financial results and provided a corporate

"This year has already seen

tremendous progress, as we advance our ReSTART pivotal U.S. multi-center trial in recurrent cutaneous squamous cell carcinoma, which is

expected to produce data in 2024, and continue to initiate 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. "We are looking forward to

meaningful inflection points during the rest of 2023, including interim safety and feasibility data from our pancreatic cancer trial in

Montreal, and our forthcoming submission in Japan for pre-market approval. 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 is expected to increase our future manufacturing capacity as well as the leasing of a second manufacturing site 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 Near-Term Milestones

Financial results for nine months ended September

R&D expenses for the nine months ended September

30, 2023 were $18.9 million, compared to $15.5 million for the same period in 2022, due to increased employee compensation

and benefits, including share-based compensation, increased pre-clinical study and clinical trial expenses particularly in our U.S. multi-center

pivotal trial, and reduced government grants, offset by lower expenses in Japan because of the completion of our clinical study in Japan

Marketing expenses for

the nine months ended September 30, 2023 were $1.5 million, compared to $0.6 million for the same period in 2022,

due to increased employee compensation and benefits, including share-based compensation for marketing personnel including our chief commercial

officer hired in 2022, as well as increased marketing activities.

the nine months ended September 30, 2023 were $5.3 million, compared to $8.1 million for the same period in 2022,

due to decreased compensation expenses as well as one-time expenses in 2022 associated with the Company's merger with Healthcare

Financial income, net,

for the nine months ended September 30, 2023 was $4.0 million, compared to financial expense, net of $6.2 million, for the same period

in 2022, due to a decrease in remeasurement of warrants, an increase in interest from bank deposits, and changes in foreign exchange rates.

For the nine months ended September

30, 2023, the Company had a net loss of $21.8 million, or $0.31 per share, compared to a net loss of $30.4 million, or $0.49

per share, in the same period of 2022.

Balance Sheet Highlights

As of September 30, 2023, the Company

had cash, restricted cash, deposits and restricted deposits in the amount of $90.1 million, compared to $105.4 million on 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:

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

The accompanying notes are an integral part of the interim consolidated

financial statements.

CONSOLIDATED BALANCE SHEETS

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

The accompanying notes are an integral part of

the interim consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS

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