Full Press Release Details
Inspira Technologies
Announces 2021 Third Quarter Financial Results
In October 2021, Company
increases cash balance by $9.4 Million due to investors Exercising Warrants; As of November 1, the company has $ 26 million in cash
Israel, November 23, 2021 - Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the "Company" or "Inspira
Technologies"), a groundbreaking respiratory support technology company, announced today its financial results for the third quarter
ended September 30, 2021.
"We believe that the exclusive agreement
signed with WAAS Group for the potential deployment of more than 1,000 ART systems in Spain and Portugal led our investors to express
their support by exercising most of the warrants issued in our IPO at an exercise price of $5.50 per share. Due to the exercise of these
warrants, the number of our outstanding ordinary shares has increased. This additional capital provides greater financial resources to
support the Company's navigation of research and development, regulatory approval and the go-to-market pathway," stated Dagi
Ben-Noon, Inspira Technologies' Chief Executive Officer.
Financial Results for the Nine Months Ended September
Financial Results for the Three Months Ended September
Inspira Technologies
Inspira Technologies
is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration
Technology (ART), designed to rebalance patient oxygen saturation levels. The Company's ART technology potentially allows patients
to remain awake during treatment while minimizing the need for highly invasive, risky and costly mechanical ventilation systems that require
intubation and medically induced coma. The Company's product has not yet been tested or used in humans and has not been approved
by any regulatory entity.
For more information,
please visit our corporate website:
Statement Disclaimer
press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements
and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors
and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example,
the Company is using forward-looking statements when it discusses the potential deployment of more than 1,000 ART systems in Spain and
Portugal and its belief that the agreement with WAAS Group led its investors to exercise
their warrants. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed
information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's
Registration Statement on Form F-1 filed with the SEC, which is available on the SEC's website, www.sec.gov.
Miri Segal, Investor Relations, MS-IR LLC
+917-607-8654 msegal@ms-ir.com
UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL
(US dollars in thousands)
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | 17,042 | 496 | ||||||
| Other accounts receivable | 725 | 188 | ||||||
| Restricted cash | 75 | - | ||||||
| Total current assets | 17,842 | 684 | ||||||
| Non-Current Assets: | ||||||||
| Right of use assets, net | 220 | 258 | ||||||
| Property, plant and equipment, net | 83 | 45 | ||||||
| Total non-current assets | 303 | 303 | ||||||
| Total Assets | 18,145 | 987 |
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Trade accounts payables | 90 | 3 | ||||||
| Other accounts payable | 590 | 549 | ||||||
| Lease liabilities | 170 | 180 | ||||||
| Financial Liabilities at Fair Value | 3,491 | 219 | ||||||
| Total current liabilities | 4,341 | 951 | ||||||
| Non-Current Liabilities: | ||||||||
| Lease liabilities | 53 | 95 | ||||||
| Financial Liabilities at Fair Value | - | 1,273 | ||||||
| Loan from the Israeli Innovation Authority | 450 | 372 | ||||||
| Total non- current liabilities | 503 | 1,740 | ||||||
| Shareholders' Equity: | ||||||||
| Share capital and premium | 28,351 | 8,053 | ||||||
| Foreign exchange reserve | (380 | ) | (635 | ) | ||||
| Share-based compensation | 3,240 | 2,714 | ||||||
| Accumulated deficit | (17,910 | ) | (11,836 | ) | ||||
| Total equity | 13,301 | (1,704 | ) | |||||
| Total Liabilities and Shareholders' Equity | 18,145 | 987 |
UNAUDITED CONDENSED INTERIM
STATEMENTS OF COMPREHENSIVE INCOME
(US dollars in thousands)
| For the Nine-Month Period Ended September 30, | For the Three-Month Period Ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Research and development expenses | 1,685 | 2,599 | 581 | 1,143 | ||||||||||||
| Marketing expenses | 391 | - | 147 | - | ||||||||||||
| General and administrative expenses | 3,425 | 1,328 | 2,215 | 488 | ||||||||||||
| Operating loss | 5,501 | 3,927 | 2,943 | 1,631 | ||||||||||||
| Finance expenses (income) | 573 | 73 | (5,159 | ) | (1,979 | ) | ||||||||||
| Loss (profit) before tax | 6,074 | 4,000 | (2,216 | ) | (348 | ) | ||||||||||
| Taxes on income | - | - | - | - | ||||||||||||
| Loss (profit) for the period | 6,074 | 4,000 | (2,216 | ) | (348 | ) | ||||||||||
| Other comprehensive loss (profit), net of tax: | ||||||||||||||||
| Items that will not be reclassified to profit or loss: | ||||||||||||||||
| Exchange profits(losses) arising on translation to presentation currency | 255 | (652 | ) | 288 | (637 | ) | ||||||||||
| Total comprehensive loss for the period | 5,819 | 4,652 | (2,504 | ) | 289 |
CONDENSED INTERIM STATEMENTS OF CHANGES IN
SHAREHOLDERS' EQUITY
(US dollars in thousands)
For the Nine-Month Period Ended September 30, 2021 (Unaudited):
| Share capital | Adjustments arising from translating financial operation | Grant options | Accumulated deficit | Total | ||||||||||||||||
| Balance at January 1, 2021 | 8,053 | (635 | ) | 2,714 | (11,836 | ) | (1,704 | ) | ||||||||||||
| Changes during the period: | ||||||||||||||||||||
| Loss for the year | - | - | (6,074 | ) | (6,074 | ) | ||||||||||||||
| Other comprehensive profit | 255 | 255 | ||||||||||||||||||
| Total comprehensive loss | 255 | (6,074 | ) | (5,819 | ) | |||||||||||||||
| Financial liability conversion | 10,041 | - | - | - | 10,041 | |||||||||||||||
| Initial public offering | 10,219 | - | - | - | 10,219 | |||||||||||||||
| Options Exercise | 38 | - | (38 | ) | - | - | ||||||||||||||
| Share-based compensation | - | - | 564 | 564 | ||||||||||||||||
| Balance on September 30, 2021 | 28,351 | (380 | ) | 3,240 | (17,910 | ) | 13,301 |
For the Three-Month Period Ended September 30, 2021 (Unaudited):
| Share capital | Adjustments arising from translating financial operation | Grant options | Accumulated deficit | Total | ||||||||||||||||
| Balance at July 1, 2021 | 8,091 | (668 | ) | 3,138 | (20,126 | ) | (9,565 | ) | ||||||||||||
| Changes during the period: | ||||||||||||||||||||
| Profit for the period | - | - | - | 2,216 | 2,216 | |||||||||||||||
| Other comprehensive profit | - | 288 | - | - | 288 | |||||||||||||||
| Total comprehensive profit | - | 288 | - | 2,216 | 2,504 | |||||||||||||||
| Financial liability conversion | 10,041 | - | - | - | 10,041 | |||||||||||||||
| Initial public offering | 10,219 | - | - | - | 10,219 | |||||||||||||||
| Share-based compensation | - | - | 102 | 102 | ||||||||||||||||
| Balance on September 30, 2021 | 28,351 | (380 | ) | 3,240 | (17,910 | ) | 13,301 |