$BRNX
BRENX LTD.
CIK:0001901215|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| CASH FLOWS - OPERATING ACTIVITIES: | ||||||
| Net Loss, as above | $ (13,905) | $ (6,772) | $ (9,648) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation (Note 7) | 561 | 228 | 120 | |||
| Non-cash interest and exchange rate differences, net | 567 | (101) | (94) | |||
| Fair value adjustment of warrants’ liability | (10) | (4,109) | ||||
| Share in equity loss of joint venture | 123 | |||||
| Warrants issuance costs | 473 | |||||
| Share-based compensation (Note 11D) | 1,207 | 1,385 | 1,781 | |||
| Other | 237 | (35) | ||||
| Changes in operating assets and liabilities: | ||||||
| Decrease in prepaid expenses and receivables | 168 | 141 | 456 | |||
| Decrease (increase) in inventory | (13) | (961) | 295 | |||
| Increase (decrease) in trade payables | (9) | (206) | 81 | |||
| Increase in other payables and deferred revenue | 912 | 178 | 122 | |||
| Net cash used in operating activities | (10,399) | (9,507) | (6,922) | |||
| CASH FLOWS - INVESTING ACTIVITIES: | ||||||
| Purchase of equipment | (13) | (37) | (33) | |||
| Sale of equipment | 43 | |||||
| Investment in joint venture | (226) | (78) | ||||
| Installation of a production facility | (204) | (306) | (2,621) | |||
| Participation of Israeli Innovation Authority in production facility investment | 57 | |||||
| Restricted deposit funded | (12) | (1) | ||||
| Other | 2 | |||||
| Net cash used in investing activities | (398) | (422) | (2,609) | |||
| CASH FLOWS - FINANCING ACTIVITIES: | ||||||
| Proceeds from issuance of ordinary shares, preferred shares, warrants and prefunded warrants | 12,089 | 8,699 | 6,434 | |||
| Proceeds from issuance of warrants’ liability | 3,176 | |||||
| Fund raising and issuance costs | (683) | (939) | (176) | |||
| Grants recognized as liability for royalties | 94 | |||||
| Exercise of options, prefunded warrants and warrants | [1] | 3 | 104 | |||
| Net cash provided by financing activities | 11,500 | 10,939 | 6,362 | |||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS | 703 | 1,010 | (3,169) | |||
| EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITTS | 112 | (97) | (156) | |||
| CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS - BEGINNING OF YEAR | 4,130 | 3,217 | 6,542 | |||
| CASH AND CASH EQUIVALENTS AND RESTRICTED DEPOSITS - END OF YEAR | 4,945 | 4,130 | 3,217 | |||
| Investing and financing activities not involving cash flows | ||||||
| Recognition of operating lease liability and right-of-use asset | 912 | 22 | 199 | |||
| Borrowing costs capitalized | 53 | 175 | ||||
| Reclassification of share options and warrants from liabilities to equity | 706 | 516 | ||||
| Supplier’s credit for the acquisition of equipment | 161 | |||||
| Conversion of unpaid salary to Ordinary Shares and warrants | 228 | |||||
| Deemed Dividend For Down-round Adjustments | 9,371 | 92 | ||||
| Reclassification of warrants from equity to liabilities | 1,649 | |||||
| Cash paid during the year for - | ||||||
| Interest (net of amounts capitalized) | 236 | 183 | 113 | |||
| C. Reconciliation of cash and cash equivalents, and restricted DEPOSITS reported in the statement of financial position | ||||||
| Cash and cash equivalents | 4,909 | 4,101 | 3,183 | |||
| Restricted bank deposits | 36 | 29 | 34 | |||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 4,945 | $ 4,130 | $ 3,217 | |||
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Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
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|---|---|---|---|---|
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ 4,909 | $ 4,101 | ||
| Restricted deposits | 36 | 29 | ||
| Prepaid expenses and other receivables | 436 | 604 | ||
| Inventory | 1,581 | 1,568 | ||
| TOTAL CURRENT ASSETS | 6,962 | 6,302 | ||
| NON-CURRENT ASSETS: | ||||
| Restricted deposits | 98 | 86 | ||
| Operating lease right-of-use assets, net | 901 | 560 | ||
| Property, plant and equipment, net | 4,357 | 4,892 | ||
| Investment in joint venture | 177 | 74 | ||
| TOTAL NON-CURRENT ASSETS | 5,533 | 5,612 | ||
| TOTAL ASSETS | 12,495 | 11,914 | ||
| CURRENT LIABILITIES: | ||||
| Trade payables | 133 | 276 | ||
| Deferred revenue | 667 | 387 | ||
| Other payables | 2,358 | 1,632 | ||
| Current maturities of European Investment Bank (“EIB”) Loan | 1,524 | |||
| Current maturities of operating lease liabilities | 542 | 501 | ||
| TOTAL CURRENT LIABILITIES | 5,224 | 2,796 | ||
| NON-CURRENT LIABILITIES: | ||||
| European Investment Bank (“EIB”) Loan | 3,395 | 4,303 | ||
| Share based payment liability | 300 | |||
| Warrants’ liability | 10 | |||
| Operating lease liabilities | 382 | 19 | ||
| TOTAL NON-CURRENT LIABILITIES | 3,777 | 4,632 | ||
| COMMITMENTS | ||||
| TOTAL LIABILITIES | 9,001 | 7,428 | ||
| SHAREHOLDERS’ EQUITY: | ||||
| Ordinary Shares, no par value - Authorized 150,000,000 and 15,000,000 as of December 31, 2025 and December 31, 2024, respectively ; Issued and outstanding 715,852 and 231,280 as of December 31, 2025 December 31, 2024, respectively | [1] | 124 | 124 | |
| Preferred Shares, no-par value - Authorized 25,000 and 0 as of December 31, 2025 and December 31, 2024, respectively; Issued and outstanding 5,008 and 0 as of December 31, 2025 and December 31, 2024, respectively | ||||
| Additional paid in capital | 121,528 | 108,615 | ||
| Foreign currency cumulative translation reserve | (2,053) | (2,053) | ||
| Accumulated deficit | (116,105) | (102,200) | ||
| TOTAL SHAREHOLDERS’ EQUITY | 3,494 | 4,486 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 12,495 | $ 11,914 | ||
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