Alpha Tau Medical Announces Third Quarter 2024 Financial Results and Provides Corporate Update - Alpha DaRT accepted into the prestigious Total Product Life Cycle Advisory Program (TAP) of the FDA, to accelerate market a

Tau Medical Announces Third Quarter 2024 Financial Results and Provides Corporate Update

Alpha DaRT accepted into the prestigious Total Product Life Cycle Advisory Program (TAP) of the FDA, to accelerate market

access to the Alpha DaRT for patients with recurrent glioblastoma multiforme (GBM) -

- First patient treated in Recurrent Lung Cancer

study in Israel, which will assess the safety and feasibility of delivering Alpha DaRT sources into the lung using an

endobronchial ultrasound procedure -

- FDA approval of an Investigational Device

Exemption (IDE) application to initiate a multi-center study for the treatment of recurrent cutaneous squamous cell carcinoma (cSCC) in

immunocompromised patients using the Alpha DaRT -

- Cash, cash equivalents & deposits balance

of $68.4 million, with runway of at least two years -

JERUSALEM, November 19, 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 third quarter 2024 financial results

and provided a corporate update.

"Alpha Tau has continued to make great progress during 2024, with a number of important trials moving ahead and continued generation

of data across superficial tumors and cancers of internal organs," said Alpha Tau Chief Executive Officer Uzi Sofer. "Our

decision to use the ReSTART pivotal trial to explore our implementation of the Alpha DaRT treatment with community clinicians

such as Mohs surgeons continues to bear fruit. We look forward to releasing important data in internal organ cancers in the coming months

and giving our stakeholders a deeper look at the future we envision for the Alpha DaRT ," stated Alpha Tau CEO Uzi

Recent Corporate Highlights:

Upcoming Milestones:

Financial results for quarter ended September 30, 2024

R&D expenses for the nine months ended September 30, 2024 were $19.5 million, compared to $18.9 million for the same period in 2023,

due to increased employee compensation and benefits, including share-based compensation, increased costs of raw materials, reduced government

grants, and increased travel expenses related to our U.S. multi-center pivotal trial, offset by lower third-party contractor expenses.

Marketing expenses for the nine months ended September

30, 2024 were $1.7 million, compared to $1.5 million for the same period in 2023, due to increased employee compensation and benefits.

G&A expenses for the nine months ended September 30, 2024 were $4.6 million, compared to $5.3 million for the same period in 2023,

primarily due to decreased professional fees (including D&O insurance and legal expenses), offset by increased travel expenses and

increased employee compensation and benefits, including share-based compensation.

Financial income, net, for the nine months ended September 30, 2024 was $3.5 million, compared to $4.0 million for the same period in

2023, due to changes in foreign exchange rates, a decrease in interest from bank deposits, and an increase in interest on long-term loan.

For the nine months ended September 30, 2024, the Company had a net loss of $22.3 million, or $0.32 per share, compared to a net loss

of $21.8 million, or $0.31 per share, in the nine months of 2023.

Balance Sheet Highlights

As of September 30, 2024, the Company had cash

and cash equivalents, short-term deposits and restricted deposits in the amount of $68.4 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

About Alpha Tau Medical Ltd.

Founded in 2016, Alpha Tau is an Israeli oncology therapeutics 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.

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INTERIM CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED STATEMENTS OF OPERATIONS

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