Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net Loss $ (67,795) $ (94,757) $ (123,454)
Adjustments required to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,873 7,786 9,192
Remeasurement of warrants liability (75) (154) (472)
Change in accrued interest on bank deposits (757) 1,939 (1,051)
Change in marketable securities (156) (534) (409)
Share-based compensation 15,954 19,682 22,320
Capital gain, net 0 (75) 0
Foreign exchange gain, net (1,502) (305) (470)
Change in prepaid expenses and other assets 1,145 (437) (782)
Change in trade receivables, net (6,850) 1,352 (5,633)
Change in inventory 240 (37) 2,368
Change in operating lease assets and liabilities, net 3,765 (623) 29
Change in trade payables (67) (72) 424
Change in accrued expenses and other liabilities 424 (3,299) 2,578
Change in employees and payroll accruals 305 (746) 333
Change in deferred revenues 1,578 (6,675) 1,974
Net cash used in operating activities (47,918) (76,955) (93,053)
Cash flows from investing activities:      
Purchase of property and equipment (4,250) (4,412) (6,579)
Proceeds from sale of machinery 2,915 0 0
Proceeds from sales of property and equipment 3 75 0
Investment in bank deposits (99,800) (54,100) (165,600)
Withdrawal of bank deposits 77,150 127,300 141,500
Investment in restricted deposits (120) (122) (40)
Release of restricted deposits 63 0 0
Investment in marketable securities (37,628) (55,493) (51,678)
Proceeds from sales and maturities of marketable securities 40,273 62,220 83,461
Net cash provided by (used in) investing activities (21,394) 75,468 1,064
Cash flows from financing activities:      
Issuance of ordinary shares and warrants, net of issuance costs 37,289 0 0
Issuance of ordinary shares, net of paid issuance costs 13,339 0 61,400
Proceeds from exercise of shares options 837 224 456
Net cash provided by financing activities 51,465 224 61,856
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,120 308 515
Decrease in cash, cash equivalents and restricted cash (16,727) (955) (29,618)
Cash, cash equivalents and restricted cash at the beginning of the year 25,381 26,336 55,954
Cash, cash equivalents and restricted cash at the end of the year 8,654 25,381 26,336
(1) Cash paid during the year for:      
Income taxes 295 232 703
(2) Non-cash transactions:      
Purchase of property and equipment 1,264 1,867 831
Reclassification from property and equipment, net to inventory 1,679 0 0
Reclassification of warrants liability to equity 4 0 8
Issuance cost to be paid 67 0 0
Exercise of shares options 0 41 0
Right-of-use assets recognized with corresponding lease liabilities 4,541 0 868
(3) Cash, cash equivalents and restricted cash at the end of the year:      
Cash and cash equivalents 8,638 25,365 26,283
Short-term restricted cash 16 16 53
Cash, cash equivalents and restricted cash at the end of the year $ 8,654 $ 25,381 $ 26,336