$LFWD

Lifeward Ltd.

CIK:0001607962|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues

$ 6,623

$ 5,724

$ 10,546

$ 10,758

Cost of revenues

^[1]

3,914

3,213

6,495

6,125

Gross profit

2,709

2,511

4,051

4,633

Operating expenses:

Research and development, net

1,754

767

7,599

1,685

Sales and marketing

3,531

3,785

6,802

7,622

General and administrative

1,576

1,739

4,141

3,959

Impairment charges

2,783

Total operating expenses

6,861

9,074

18,542

16,049

Operating loss

(4,152)

(6,563)

(14,491)

(11,416)

Financial expense (income), net

^[2]

7,357

(1)

7,805

(31)

Loss before income taxes

(11,509)

(6,562)

(22,296)

(11,385)

Taxes on income

Net loss

$ (11,519)

$ (6,562)

$ (22,312)

$ (11,396)

Net loss per ordinary share, basic

$ (4.12)

$ (7.01)

$ (10.09)

$ (12.59)

Net loss per ordinary share, diluted

$ (4.12)

$ (7.01)

$ (10.09)

$ (12.59)

Weighted average number of shares used in computing net loss per ordinary share, basic

^[3]

2,796,621

935,785

2,210,280

904,881

Weighted average number of shares used in computing net loss per ordinary share, diluted

^[3]

2,796,621

935,785

2,210,280

904,881

[1]	Includes revenue sharing expense attributable to Oramed Pharmaceuticals Inc., a related party, of $97 for the three and six months ended June 30, 2026.
[2]	Includes net financing expense comprised of interest expense and changes in fair value of warrant and derivative liabilities related to Oramed Pharmaceuticals Inc., a related party, of $7,074 and $7,470 for the three and six months ended June 30, 2026, respectively.
[3]	Reflects the one-for-twelve reverse share split that became effective on February 24, 2026. See Note 8a to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows used in operating activities:

Net loss

$ (22,312)

$ (11,396)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

127

178

Share-based compensation

439

402

Impairment charges

2,783

Amortization of acquired in-process R&D asset

4,947

Amortization of Clinical trial services asset

Remeasurement of earnout liability

(608)

Amortization of discount and issuance costs of convertible note

1,292

Warrant and derivative liabilities issuance cost

113

Change in fair value of warrant and derivative liabilities

6,387

Exchange rate fluctuations

(12)

(70)

Changes in assets and liabilities:

Trade receivables, net

(1,723)

140

Prepaid expenses and other assets

(437)

(227)

Operating lease right-of-use assets

117

194

Inventories

(497)

(938)

Trade payables

987

567

Employees and payroll accruals

149

(158)

Deferred revenues

(229)

Operating lease liabilities

(74)

(505)

Other liabilities

702

438

Net cash used in operating activities

(9,680)

(9,429)

Cash flows used in investing activities:

Purchase of property and equipment

(8)

(5)

Cash acquired in connection with the acquisition of Oratech

^[1],[2]

6,500

Cash paid in connection with the acquisition of Skelable

^[2]

(20)

Net cash provided by (used in) investing activities

6,472

(5)

Cash flows from financing activities:

Issuance of ordinary shares in a “registered direct” offering, net of issuance expenses in the amount of $558

^[3]

4,442

Issuance of ordinary shares under at-the-market offering, net of issuance costs of $123

^[3]

1,128

Issuance of ordinary shares in a public offering, net of issuance expenses in the amount of $391

^[3]

2,209

Net proceeds from issuance of Additional Notes

^[4],[5]

1,025

Net proceeds from issuance of New Notes

^[5],[6]

1,955

Net proceeds from issuance of derivative liabilities

^[5],[6]

1,820

Net proceeds from issuance of warrant liabilities

^[5],[6]

1,622

Proceeds received financing liabilities transaction

^[7]

4,083

Net cash provided by financing activities

10,505

7,779

Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash

Increase (Decrease) in cash, cash equivalents, and Restricted cash

7,309

(1,585)

Cash, cash equivalents, and Restricted cash at beginning of period

2,579

7,108

Cash, cash equivalents, and Restricted cash at end of period

9,888

5,523

Supplemental disclosures of non-cash flow information

Classification of inventory to property and equipment, net

ROU assets obtained from lease liabilities

^[3]

1,046

Recognition of warrant liability upon issuance of New Notes

1,175

Recognition of derivative liability associated with New Notes

1,317

^[3]

524

Supplemental cash flow information:

Cash and cash equivalents

9,448

5,139

Restricted cash

440

384

Total Cash, cash equivalents, and Restricted cash

$ 9,888

$ 5,523

[1]	Represents cash acquired in connection with the acquisition of Oratech from Oramed Pharmaceuticals Inc., a related party, of $6,500.
[2]	See Note 6 to the condensed consolidated financial statements.
[3]	See Note 8f to the condensed consolidated financial statements.
[4]	Represents proceeds from issuance of Additional Notes to Oramed Pharmaceuticals Inc., a related party, of $1,025 for the six months ended June 30, 2026.
[5]	See Note 9 to the condensed consolidated financial statements.
[6]	Includes proceeds from issuance of New Notes, derivative liabilities and warrant liabilities to Oramed Pharmaceuticals Inc., a related party, of $4,397 for the six months ended June 30, 2026.
[7]	See Note 13 to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

CURRENT ASSETS

Cash and cash equivalents

$ 9,448

$ 2,169

Restricted Cash

240

Clinical trial services asset

^[1]

504

Trade receivables, net of credit losses of $212 and $192, as of June 30, 2026 and December 31, 2025, respectively

7,861

6,138

Prepaid expenses and other current assets

1,979

1,528

Inventories

6,151

5,732

Total current assets

25,947

15,807

LONG-TERM ASSETS

Restricted cash and other long-term assets

488

209

Clinical trial services asset

^[1]

378

Operating lease right-of-use assets

2,473

1,544

Property and equipment, net

527

585

Intangible Assets

432

Goodwill

4,755

Total long-term assets

9,053

7,093

Total assets

35,000

22,900

CURRENT LIABILITIES

Trade payables

6,135

5,590

Employees and payroll accruals

1,591

1,442

Deferred revenues

932

920

Convertible promissory note

^[2]

2,803

Current maturities of operating leases liability

743

425

Other current liabilities

1,758

859

Total current liabilities

11,159

12,039

LONG-TERM LIABILITIES

Convertible promissory notes, net

^[3]

4,432

Financing liabilities

4,083

Deferred revenues

1,243

1,233

Non-current operating leases liability

1,813

1,159

Other long-term liabilities

Total long-term liabilities

11,625

2,453

Total liabilities

22,784

14,492

COMMITMENTS AND CONTINGENT LIABILITIES

Shareholders’ equity:

Share capital Ordinary share Authorized: 100,000,000 shares at June 30, 2026 and 75,000,000 December 31, 2025; Issued: 2,876,250 and 1,572,319 shares at June 30, 2026 and December 31, 2025, respectively; Outstanding: 2,828,362 and 1,524,431 shares as of June 30, 2026 and December 31, 2025 respectively

^[4]

9,418

Additional paid-in capital

322,470

286,932

Treasury Shares at cost, 47,888 ordinary shares at June 30, 2026 and December 31, 2025

^[4]

(3,203)

Accumulated deficit

(307,051)

(284,739)

Total shareholders' equity

12,216

8,408

Total liabilities and shareholders' equity

$ 35,000

$ 22,900

[1]	Balance relates entirely to a related party arrangement with Oramed Pharmaceuticals Inc.
[2]	Represents amounts due to Oramed Pharmaceuticals Inc. as of December 31, 2025. Oramed became a related party upon completion of the March 2026 transaction.
[3]	Includes balances attributable to Oramed Pharmaceuticals Inc., a related party, of $3,982 as of June 30, 2026.
[4]	Reflects the one-for-twelve reverse share split that became effective on February 24, 2026. See Note 8a to the condensed consolidated financial statements.