ALPHA TAU MEDICAL LTD. INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 U.S. DOLLARS IN THOUSANDS UNAUDITED INDEX Page Interim Consolidated Balance Sheets 3-4 Interim Consolidated Statements of Operations 5

ALPHA TAU MEDICAL LTD.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. DOLLARS IN THOUSANDS

INTERIM CONSOLIDATED

U.S. dollars in thousands

The accompanying notes are an integral part of

the interim consolidated financial statements.

INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

The accompanying notes are an integral part of

the interim consolidated financial statements.

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

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

The accompanying notes are an integral part of

the interim consolidated financial statements.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

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

The accompanying notes are an integral part of

the interim consolidated unaudited financial statements.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

The accompanying notes are an integral part of

the interim consolidated financial statements.

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

Ltd. ("the Company") is an Israeli clinical-stage oncology therapeutics company that focuses on research, development and commercialization

of Alpha DaRT (Diffusing Alpha-emitters Radiation Therapy) for the treatment of solid cancer. The Company was established in November

2015 and began its operations in January 2016, and shortly thereafter acquired the full rights to the Alpha DaRT technology from Althera

Medical Ltd., ("Althera"), developed in 2003 at Tel Aviv University.

Company established a fully owned subsidiary in the United States - "Alpha Tau Medical Inc." ("ATM Inc"). ATM Inc

began its activity in August 2018.

Company established a subsidiary in Japan "Alpha Tau Medical KK" (hereafter: ATM KK). ATM KK began its activity in January 2018.

Since July 2019, the Company holds 100% of ATM KK.

Company established a fully owned subsidiary in Canada "Alpha Tau Medical Canada Inc." (hereafter: ATM Canada Inc). ATM Canada

Inc began its activity in March 2020.

trading on the Nasdaq Capital Market on March 8, 2022, following the completion of its merger with Healthcare Capital Corp ("HCCC"),

a special purpose acquisition company. HCCC was dissolved in July 2022.

to continue to incur substantial losses over the next several years during its clinical development phase. To fully execute its business

plan, the Company will need to complete registrational clinical studies and certain development activities as well as manufacture the

required clinical and commercial products in its manufacturing plants. Further, the Company will seek further regulatory approvals prior

to commercialization and the Company will need to establish sales, marketing and logistic infrastructures. These activities may span many

years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could

adversely impact the Company.

As of June 30, 2025, the Company had

cash, cash equivalents, short-term deposits and restricted deposits of $83,253. During the six months period ended June 30, 2025, the

Company incurred a net loss of $18,805 and had negative cash flows from operating activities of $14,612. In addition, the Company had

an accumulated deficit of $166,314 on June 30, 2025. The Company believes that its existing capital resources will be adequate to satisfy

its expected liquidity requirements for the foreseeable future.

The accompanying unaudited interim

consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP")

for interim financial information. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments

necessary for a fair presentation.

The balance sheet as of December 31,

2024 has been derived from the audited consolidated financial statements of the Company at that date but does not include all information

and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim

consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes

for the year ended December 31, 2024.

The significant accounting policies

disclosed in the Company's audited 2024 consolidated financial statements and notes thereto have been applied consistently to these unaudited

interim consolidated financial statements. Results for the six-month period ended June 30, 2025 are not necessarily indicative of results

that may be expected for the year ending December 31, 2025.

The preparation of the unaudited interim

consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect

the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, the Company's management

evaluates estimates, including those related to fair values of warrants, fair values of share-based awards, deferred taxes, and contingent

liabilities. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the

results of which form the basis for making judgments about the carrying values of assets and liabilities.

The Company accounts

for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms

and applicable authoritative guidance. The assessment considers whether the warrants are freestanding financial instruments, meet the

definition of a liability under ASC 480, are indexed to the Company's own shares and whether the warrants are eligible for equity

classification under ASC 815-40. This assessment is conducted at the time of warrant issuance and as of each subsequent reporting period

end date while the warrants are outstanding.

all the criteria for equity classification, are required to be recorded as a component of additional paid-in capital. Warrants that do

not meet all the criteria for equity classification, are required to be recorded as liabilities at their initial fair value on the date

of issuance and remeasured to fair value through earnings at each balance sheet date thereafter.

classified the Public and Private Warrants assumed during the merger (see also note 5) as a liability pursuant to ASC 815-40 since the

warrants do not meet the equity classification conditions. Accordingly, the Company measured the warrants at their fair value. The warrants

liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement

of comprehensive loss.

2024 and June 30, 2025, the Company has 13,605,561 and 2,142,000 Public and Private Warrants, respectively, which are classified as a

Fair value is defined

as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous

market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures

financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize

the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

A financial instrument's

classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Three levels of inputs may be used to measure fair value:

quoted prices in active markets for identical assets or liabilities.