Full Press Release Details
Inspira Technologies
Reports Full Year 2024 Financial Results and Provides Business Updates
progress in HYLA blood sensor and INSPIRA ART core technologies
RA'ANANA, Israel, March 11, 2025 -- Inspira Technologies OXY
B.H.N. Ltd. (Nasdaq: IINN) ("Inspira" or the "Company"), a pioneer in innovative life-support and diagnostic technologies,
today announced its financial results for the full year ended December 31, 2024, and provided a corporate update.
Dagi Ben-Noon, Chief Executive Officer of Inspira, commented: "2024
was a transformative year for Inspira, marked by significant technological advancements and a major regulatory milestone. We successfully
obtained 510(k) clearance from the Food and Drug Administration ("FDA") for our INSPIRA ART100 system and began its
preparation for deployment in leading hospitals in the United States. In 2025, our focus is on the rapid advancement of our flagship INSPIRA
ART core technologies, with the HYLA blood monitoring sensor expected to lead the way towards our planned FDA submission for clearance
in the second half of the year. We've already deployed the FDA-cleared INSPIRA ART100 system to Westchester Memorial Center, NY, for its
evaluation by their team of medical experts using the device in clinical procedures pursuant to the collaboration with the hospital."
Recent Business and Operational Highlights
Year 2024 Financial Highlights
About Inspira Technologies
Inspira Technologies is developing innovative respiratory support and
diagnostics technologies. The Company's flagship INSPIRA ART system aims to revolutionize critical care by enabling patients to remain
awake during treatment while stabilizing oxygen levels without mechanical ventilation. The FDA-cleared INSPIRA ART100 system has received
regulatory approvals for Cardiopulmonary Bypass procedures in the U.S. and for Cardiopulmonary Bypass procedures and Extra Corporeal Membrane
Oxygenation in Israel. The Company's HYLA blood sensor technology is designed to provide continuous, real-time blood monitoring without
the need for blood draws. The Company's pipeline products, including the INSPIRA ART (Gen 2), INSPIRA Cardi-ART, and HYLA blood sensor,
are currently in development and have not yet received regulatory approval.
For more information, visit: https://inspira-technologies.com
Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking statements
pursuant to U.S. Federal securities laws. These forward-looking statements 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
benefits of its products, the expected timing of its FDA submissions, the expected results and impact of its clinical studies, the deployment
of its product, and its belief that its reduced total expenses, its strategic investments in R&D and its cash position provide it
with a solid foundation to support its ongoing product development initiatives and upcoming regulatory submissions in 2025. These forward-looking
statements and their implications are based solely on the current expectations of the Company's management 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.
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 annual
report on Form 20-F for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC"),
which is available on the SEC's website at www.sec.gov.
STATEMENTS OF BALANCE SHEETS
(US dollars in thousands)
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | 5,111 | 5,041 | ||||||
| Cash deposits | 668 | 2,320 | ||||||
| Other accounts receivable | 587 | 432 | ||||||
| Inventory | 444 | - | ||||||
| Total current assets | 6,810 | 7,793 | ||||||
| Non-Current Assets: | ||||||||
| Right of use assets, net | 761 | 1,011 | ||||||
| Property, plant and equipment, net | 499 | 506 | ||||||
| Total non-current assets | 1,260 | 1,517 | ||||||
| Total Assets | 8,070 | 9,310 |
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Trade accounts payables | 154 | 198 | ||||||
| Other accounts payable | 1,364 | 1,026 | ||||||
| Lease liabilities | 277 | 290 | ||||||
| Financial Liabilities at Fair Value | 1,575 | 1,470 | ||||||
| Total current liabilities | 3,370 | 2,984 | ||||||
| Non-Current Liabilities: | ||||||||
| Lease liabilities | 378 | 588 | ||||||
| Total non-current liabilities | 378 | 588 | ||||||
| Shareholders' Equity: | ||||||||
| Share capital and additional paid in capital | 70,896 | 61,259 | ||||||
| Accumulated deficit | (66,574 | ) | (55,521 | ) | ||||
| Total equity | 4,322 | 5,738 | ||||||
| Total Liabilities and Shareholders' Equity | 8,070 | 9,310 |
STATEMENTS OF COMPREHENSIVE
(US dollars in thousands)
| Year ended December 31, 2024 | Year ended December 31, 2023 | |||||||
| Research and development expenses | 6,323 | 7,320 | ||||||
| General and administrative expenses | 4,185 | 4,063 | ||||||
| Sales and marketing expenses | 754 | 746 | ||||||
| Other expenses (income) | 5 | 4 | ||||||
| Operating loss | 11,267 | 12,133 | ||||||
| Interest Income from deposits | (172 | ) | (318 | ) | ||||
| Finance expenses(income), net | (42 | ) | (529 | ) | ||||
| Loss before tax | 11,053 | 11,286 | ||||||
| Taxes on income | - | - | ||||||
| Total comprehensive loss for the period | 11,053 | 11,286 |
STATEMENTS OF CHANGES IN SHAREHOLDERS'
(US dollars in thousands)
For the year Ended December 31, 2024:
| Number of shares | Share capital and additional paid in capital | Accumulated deficit | Total | |||||||||||||
| Balance on January 01, 2024 | 15,652,176 | 61,259 | (55,521 | ) | 5,738 | |||||||||||
| Changes during the period: | ||||||||||||||||
| Issuance of ordinary shares, private warrants and Pre-funded warrants, net | 6,231,169 | 7,679 | - | 7,679 | ||||||||||||
| Exercise of options | 19,048 | 2 | - | 2 | ||||||||||||
| Exercise of June 2024 Pre-funded warrants into ordinary shares | 1,709,760 | 2 | - | 2 | ||||||||||||
| Restricted share unit ("RSU") vesting | 594,943 | - | - | - | ||||||||||||
| Issuance of ordinary Shares- advisor fees | 45,000 | 62 | - | 62 | ||||||||||||
| Share-based compensation | - | 1,892 | - | 1,892 | ||||||||||||
| Comprehensive and net loss | - | - | (11,053 | ) | (11,053 | ) | ||||||||||
| Balance on December 31, 2024 | 24,252,096 | 70,896 | (66,574 | ) | 4,322 |
For More Financial Information:
For a comprehensive understanding of the Company's financial reports
and related management's discussion and analysis for applicable periods, please review the company's annual report on Form 20-F for the
fiscal year ended December 31, 2024, available on the company's EDGAR profile at https://www.sec.gov/edgar
Inspira Technologies - Media Relations
Email: info@inspirao2.com
Phone: +972-9-9664485
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