Inspira™ Technologies Reports Second Quarter 2023 Financial Results
- None.
- None.
As of June 30, 2023, the Company had
RA'ANANA,
Outlook:
INSPIRA™ ART100 - We are focused on the final stages of the development of the INSPIRA ART100, which is planned to be submitted to the
INSPIRA™ ART500 – We continue to expend company resources towards the development of the INSPIRA ART500 and integrated artificial intelligence ("AI") and blood sensor technology. The Company is awaiting potential future grants of patents in the
The INSPIRA ART500 is a potentially disruptive, paradigm-shifting solution, offering a potentially new treatment category that uniquely utilizes small volumes of blood to increase oxygen saturation levels in minutes. To empower awake patients to breathe without lungs, the Company intends to integrate advanced hemodynamic sensor technologies with AI-powered real-time analytics to support significantly improving patient outcomes. In today's fast-paced healthcare environment, limited patient interaction time and a lack of real-time data can lead to overlooking subtle changes in the patient's condition, which could negatively impact clinical outcomes. INSPIRA AI will usher in a new era of hyper-personalization acute respiratory care, delivering real-time insights and alerts to support physician decision-making to support timely clinical intervention and enhance the quality of care.
"We are extremely pleased with our progress in the second quarter of 2023," said Dagi Ben-Noon, Chief Executive Officer of Inspira. "We are dedicated to delivering value to both patients who potentially may need our future products and our shareholders alike. We remain committed to driving innovation, expanding our technological and product development to bring new needed technologies to the medical device market."
Financial Results for the six months ended June 30, 2023
Research and development expenses for the six months ended June 30, 2023 were
Sales and marketing expenses for the six months ended June 30, 2023, were
General and administrative expenses for the six months ended June 30, 2023 were
Finance income for the six months ended June 30, 2023, was
Finance expenses for the six months ended June 30, 2023 were
The net loss for the six months ended June 30, 2023 was
Financial highlights for the three months ended June 30, 2023
Research and development expenses for the three months ended June 30, 2023 were
Sales and marketing expenses for the three months ended June 30, 2023 were
General and administrative expenses for the three months ended June 30, 2023, were
Finance income for the three months ended June 30,2023 was
Finance expenses for the three months ended June 30,2023 were
Balance Sheet Highlights
Cash, cash equivalents and short-term bank deposits were
Financial liabilities at fair market value totaled
As of June 30, 2023, the Company's shareholders' equity totaled
Inspira Technologies OXY B.H.N. Ltd.
Inspira Technologies has a clear mission to revolutionize acute respiratory care through innovation. Our aim is to develop medical technologies and products that prevent the need for mechanical ventilation. Empowering breathing without lungs, the flagship INSPIRATM ART500 is designed to boost blood oxygen saturation levels in a matter of minutes, even as the patient remains awake. We strive to deliver blood circulation technology alongside AI driven monitoring and analytics to create patient-centric and data-driven solutions that enhance patient outcome and improve hospital efficiency. Through our continuous efforts, we aim to reshape the future of extracorporeal treatments to create a better healthcare experience for patients around the world. The Company's products have not yet been tested or used in humans and have not been approved by any regulatory entity.
For more information, please visit our corporate website:
https://inspira-technologies.com/
Forward-Looking Statement Disclaimer
This press release contains express or implied forward-looking statements pursuant to
Copyright © 2018-2023 Inspira Technologies OXY B.H.N. LTD., All rights reserved.
UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(
June 30, | December 31, | ||||||||||||||
2023 | 2022 | ||||||||||||||
ASSETS | |||||||||||||||
Current Assets: | |||||||||||||||
Cash and cash equivalents | 3,324 | 6,783 | |||||||||||||
Cash deposits | 5,643 | 7,120 | |||||||||||||
Other current assets | 356 | 591 | |||||||||||||
Total current assets | 9,323 | 14,494 | |||||||||||||
Non-Current Assets: | |||||||||||||||
Right of use assets, net | 967 | 1,107 | |||||||||||||
Property, plant and equipment, net | 550 | 411 | |||||||||||||
Total non-current assets | 1,517 | 1,518 | |||||||||||||
Total Assets | 10,840 | 16,012 | |||||||||||||
June 30, | December 31, | ||||||||||||||||||
2023 | 2022 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Trade accounts payables | 149 | 150 | |||||||||||||||||
Other accounts payable | 1,372 | 1,217 | |||||||||||||||||
Lease liabilities | 309 | 329 | |||||||||||||||||
Financial liabilities at fair value | 438 | 368 | |||||||||||||||||
Total current liabilities | 2,268 | 2,064 | |||||||||||||||||
Non-Current Liabilities: | |||||||||||||||||||
Lease liabilities | 588 | 728 | |||||||||||||||||
Loan from the Israeli Innovation Authority | 432 | 398 | |||||||||||||||||
Total non- current liabilities | 1,020 | 1,126 | |||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||
Share capital and additional paid-in capital | 54,831 | 53,814 | |||||||||||||||||
Foreign exchange reserve | (2,360) | (1,928) | |||||||||||||||||
Accumulated deficit | (44,919) | (39,064) | |||||||||||||||||
Total equity | 7,552 | 12,822 | |||||||||||||||||
Total liabilities and shareholders' equity | 10,840 | 16,012 | |||||||||||||||||
UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(
For the Three Months
| For the Six Months
| ||||||||||||||||||||||||||||
2023 | 2022 |
2023 | 2022 | ||||||||||||||||||||||||||
Research and development | 1,776 | 2,734 |
3,830 |
4,294 | |||||||||||||||||||||||||
Marketing expenses | 233 | 305 | 401 | 777 | |||||||||||||||||||||||||
General and administrative | 1,039 | 1,392 |
2,104 |
2,936 | |||||||||||||||||||||||||
Operating loss | 3,048 | 4,431 | 6,335 | 8,007 | |||||||||||||||||||||||||
Finance income | (284) | (2,352) | (652) | (4,558) | |||||||||||||||||||||||||
Finance expenses | 60 | 14 | 172 | 24 | |||||||||||||||||||||||||
Loss (profit) before tax | 2,824 | 2,093 | 5,855 | 3,473 | |||||||||||||||||||||||||
Taxes on income | |||||||||||||||||||||||||||||
Loss (profit) for the period | 2,824 | 2,093 |
5,855 |
3,473 | |||||||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||||||||
Items that will not be | |||||||||||||||||||||||||||||
Exchange profits(losses) | (138) | 1,810 |
(432) |
(2,235) | |||||||||||||||||||||||||
Total comprehensive loss for the period | (2,962) | 3,903 |
(6,287) |
5,708 | |||||||||||||||||||||||||
UNAUDITED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(
For the Three-Month Period Ended June 30, 2023 (Unaudited):
Share | Adjustments | Accumulated | Total | |||||||||||||||
Balance on March 31, 2023 | ||||||||||||||||||
Changes during the period: | 54,397 | (2,222) | (42,095) | 10,080 | ||||||||||||||
Loss for the period | - | - | (2,824) | (2,824) | ||||||||||||||
Other comprehensive loss | - | (138) | - | (138) | ||||||||||||||
Total comprehensive loss | - | (138) | (2,824) | (2,962) | ||||||||||||||
Share-based compensation | 434 | - | - | 434 | ||||||||||||||
Balance on June 30, 2023 | 54,831 | (2,360) | (44,919) | 7,552 |
For the six-month Period Ended June 30, 2023 (Unaudited):
Share | Adjustments | Accumulated | Total | |||||||||||||||
Balance on January 1, 2023 | ||||||||||||||||||
Changes during the period: | 53,814 | (1,928) | (39,064) | 12,822 | ||||||||||||||
Loss for the period | - | - | (5,855) | (5,855) | ||||||||||||||
Other comprehensive loss | - | (432) | - | (432) | ||||||||||||||
Total comprehensive loss | - | (432) | (5,855) | (6,287) | ||||||||||||||
Share-based compensation | 1,017 | - | - | 1,017 | ||||||||||||||
Balance on June 30, 2023 | 54,831 | (2,360) | (44,919) | 7,552 |
Logo - https://mma.prnewswire.com/media/1941810/Inspira_Technologies_Logo.jpg
For more details:
Adi Shmueli
Public Relations Manager
Inspira Technologies
info@inspirao2.com
+972-9-966448
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SOURCE Inspira Technologies
FAQ
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