Full Press Release Details
Technologies Announces First Quarter 2022 Financial Results
of March 31, 2022, the Company had $21.7 million in cash
Israel- 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 first quarter ended March
Dagi Ben-Noon, Chief Executive Officer of Inspira
Technologies, stated: "The Company continues to be focused on meeting schedules in 2022 for its major milestones, which include
revealing a new technology designed for utilization in the ART system. Inspira will also continue to drive towards strategic agreements
and reach advanced stages of verification and validation (V&V) for the U.S. Food and Drug Administration (the "FDA") Class
II submission for the ECLS System in the first half of 2023. The Company is working with suppliers
and manufacturers to meet lead times and managed risks experienced in the global supply chain."
Results for the Three Months Ended March 31, 2022
and development expenses for the three months ended March 31, 2022, were $1.5 million, compared to $0.6 million for the corresponding
period in 2021. The increase is a result of the Company's recruitment of specialized manpower and expanded development of
its activities and operations.
expenses for the three months ended March 31, 2022, were $472,000, compared to $130,000 for the corresponding period in 2021. The
increase is due to the Company's increase in marketing expenses due to an increase in payroll and share-based compensation expenses.
Marketing activities commenced in the first quarter of 2021 and became more intensive with the Company's need to create brand awareness
and explore go-to-market capabilities.
and administrative (G&A) expenses for the three months ended March 31, 2022 were $1.5 million, compared to $0.8 million
for the corresponding period in 2021. The increase resulted primarily from an increase in payroll and related expenses, as well
as an increase in costs associated with the Company's status as a publicly-traded company, following its initial public offering
(IPO) on Nasdaq in July 2021, the increase in existing and new expenses included professional fees, director fees, and directors'
and officers' insurance costs.
income for the three months ended March 31, 2022, was $2.1 million compared to expenses in the amount of $5.6 million for the corresponding
period in 2021. The increase in financial expenses or income was due to the calculation of the fair value of the Company's
financial equity liabilities to pre-IPO and IPO investors.
loss for the three months ended March 31, 2022, was $1.3 million, compared to a net loss of $7.2 million for the three months
ended March 31, 2021.
cash equivalents, and short-term bank deposits were $21.7 million as of March 31, 2022, compared to $23.7 million as of December
liabilities at fair value totaled $1.4 million as of March 31, 2022, compared to $3.2 million as of December 31, 2021. The financial
liabilities represent the fair value of the Company's equity liabilities to pre-IPO and IPO investors.
of March 31, 2022, shareholders' equity totaled $19.8 million, compared to shareholders' equity totaling $20.3 million as
of December 31, 2021.
Technologies OXY B.H.N. Ltd.
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.
more information, please visit our corporate website:
Statement Disclaimer
Segal, Investor Relations, MS-IR LLC
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
dollars in thousands)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | 21,756 | 23,749 | ||||||
| Other accounts receivable | 433 | 639 | ||||||
| Restricted cash | 78 | 120 | ||||||
| Total current assets | 22,267 | 24,508 | ||||||
| Non-Current Assets: | ||||||||
| Right of use assets, net | 1,169 | 1,160 | ||||||
| Property, plant and equipment, net | 227 | 202 | ||||||
| Total non-current assets | 1,396 | 1,362 | ||||||
| Total Assets | 23,663 | 25,870 |
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Trade accounts payables | 137 | 93 | ||||||
| Other accounts payable | 794 | 725 | ||||||
| Lease liabilities | 323 | 281 | ||||||
| Financial Liabilities at Fair Value | 1,426 | 3,215 | ||||||
| Total current liabilities | 2,680 | 4,314 | ||||||
| Non-Current Liabilities: | ||||||||
| Lease liabilities | 871 | 900 | ||||||
| Loan from the Israeli Innovation Authority | 309 | 302 | ||||||
| Total non- current liabilities | 1,180 | 1,202 | ||||||
| Shareholders' Equity: | ||||||||
| Share capital and premium | 50,189 | 48,935 | ||||||
| Foreign exchange reserve | (215 | ) | 210 | |||||
| Accumulated deficit | (30,171 | ) | (28,791 | ) | ||||
| Total equity | 19,803 | 20,354 | ||||||
| Total Liabilities and Shareholders' Equity | 23,663 | 25,870 |
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
dollars in thousands)
| For the Three-Month Period Ended March 30, | For the Year Ended December 31, | |||||||||||
| 2022 | 2021 | 2021 | ||||||||||
| Research and development expenses | 1,560 | 667 | 3,909 | |||||||||
| Marketing expenses | 472 | 130 | 1,951 | |||||||||
| General and administrative expenses | 1,544 | 821 | 7,572 | |||||||||
| Operating loss | 3,576 | 1,618 | 13,432 | |||||||||
| Finance expenses (income) | (2,196 | ) | 5,673 | 3,523 | ||||||||
| Loss (profit) before tax | 1,380 | 7,291 | 16,955 | |||||||||
| Taxes on income | ||||||||||||
| Loss (profit) for the period | 1,380 | 7,291 | 16,955 | |||||||||
| 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 | (425 | ) | (215 | ) | 845 | |||||||
| Total comprehensive loss for the period | 1,805 | 7,506 | (16,110 | ) |
INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
dollars in thousands)
the Three-Month Period Ended March 31, 2022 (Unaudited):
| Share capital and premium | Adjustments arising from translating financial operation | Accumulated deficit | Total | |||||||||||||
| Balance at January 1, 2022 | ||||||||||||||||
| Changes during the period: | 48,935 | 210 | (28,791 | ) | 20,354 | |||||||||||
| Loss for the period | - | - | (1,380 | ) | (1,380 | ) | ||||||||||
| Other comprehensive loss | - | (425 | ) | - | (425 | ) | ||||||||||
| Total comprehensive loss | - | (425 | ) | (1,380 | ) | (1,805 | ) | |||||||||
| Share-based compensation | 1,254 | - | - | 1,254 | ||||||||||||
| Balance on March 31, 2022 | 50,189 | (215 | ) | (30,171 | ) | 19,803 |