BrainsWay (BWAY) Registration Filing summary

Company overview and business model

• Global provider of noninvasive neurostimulation treatments for mental health disorders using proprietary Deep TMS technology, FDA-cleared for major depressive disorder, OCD, and smoking addiction, with additional CE Mark indications in Europe.

• Revenue primarily generated in the U.S. through sales and leases of Deep TMS systems to psychiatrists, hospitals, and medical centers, with flexible pricing models to address diverse customer needs.

• Ongoing clinical trials for new psychiatric, neurological, and addiction indications to expand the platform's reach.

Financial performance and metrics

• As of March 31, 2024: total liabilities $23.1M, total equity $42.0M, total capitalization $65.1M.

• 75% of 2023 revenues generated in the U.S.

• 33,273,984 ordinary shares outstanding as of March 31, 2024; options and RSUs outstanding and reserved for future issuance.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital, general corporate purposes, sales and marketing, and to fund clinical trials and R&D.