BrainsWay (BWAY) Registration Filing summary

Company overview and business model

• Global provider of noninvasive neurostimulation treatments for mental health disorders, using proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) technology for conditions such as major depressive disorder, OCD, and smoking addiction.

• Deep TMS platform is FDA-cleared for three indications and CE Marked for additional psychiatric and neurological uses; ongoing clinical trials target further expansion.

• Revenue is primarily generated in the U.S. through sales and leases of Deep TMS systems to psychiatrists, hospitals, and medical centers, with flexible pricing models including fixed-fee leases and direct sales.

• Treatment protocols are office-based, require no anesthesia, and are designed for ease of use and minimal side effects.

Financial performance and metrics

• As of December 31, 2024: total liabilities $32.0 million, total equity $62.3 million, total capitalization $94.3 million.

• Share capital $413,000, share premium $157.6 million, accumulated deficit $98.4 million.

• 81% of 2024 revenues were generated in the U.S.

Use of proceeds and capital allocation

• No proceeds from the resale of ADSs by the selling shareholder; company will receive proceeds only if the warrant is exercised for cash, potentially up to $14.26 million.

• Any cash proceeds from warrant exercise will be used for working capital, R&D, and general corporate purposes.