LOGIN  |  REGISTER
Surmodics
Assertio

Inspira™ Technologies Reports First Quarter 2023 Financial Results

May 18, 2023 | Last Trade: US$1.87 0.02 -1.06
  • As of March 31, 2023, the Company had $11.5 million in cash, cash equivalents, and short-term bank deposits

RA'ANANA, Israel, May 18, 2023 /PRNewswire/ -- Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN) (Nasdaq: IINNW) (the "Company" or "Inspira Technologies"), a company aiming to revolutionize acute respiratory care, announced today its financial results for the first quarter ended March 31, 2023.

Dagi Ben-Noon, Chief Executive Officer of Inspira Technologies, stated: 

"We believe that this is a very important period for the Company, as we continue to progress towards the regulatory submission of the New ALICETM Device with the U.S. Food and Drug Administration (FDA) in the coming months. This is in addition to the ongoing clinical studies of the HYLATM non-invasive blood sensor currently underway at Sheba Medical Center in Israel. The progress of these devices represents important building blocks of our flagship INSPIRATM ART system, which is advancing in the development process."

Highlights:

  • May 11, 2023 – We announced that we are developing the VORTX™ Blood Oxygenator, a disposable oxygenator unit (kit) that uses a unique technology for saturating blood with oxygen and removing carbon dioxide. The VORTX is being designed to be sold separately to an addressable market currently estimated at $1.16 billion as well as being made compatible with our INSPIRA ART system and ALICE device.
  • March 22, 2023 - We announced a First in Human of HYLA™ Blood Sensor in a clinical study. We also announced the first use of the HYLATM in a patient undergoing open-heart surgery at Sheba Medical Center in Israel.
  • February 13, 2023 - We announced that we received approval from Sheba Medical Center to conduct a clinical study of the HYLA™ Blood Sensor.
  • January 23, 2023 - We announced that we were granted a patent by the U.S. Patent Office for the INSPIRA™ ART System's Convertible Dual Lumen Cannula Device and Method of Use. All 20 claims were found to be novel, with inventive step and industrial applicability.

Financial Results for the Three Months Ended March 31, 2023

Research and development expenses for the three months ended March 31, 2023, were $2.0 million, compared to $1.5 million for the corresponding period in 2022. The increase is a result of the Company's recruitment of employees and the expanded research and development of its new technologies and operations.

Marketing expenses for the three months ended March 31, 2023, were $168 thousand compared to $472 thousand for the corresponding period in 2022. The decrease is attributable to decreases in share-based compensation expenses and a reduction in marketing activities. The marketing department increase its efforts in the first quarter of 2022 with respect to brand awareness and exploring go-to-market capabilities.

General and administrative expenses for the three months ended March 31, 2023, were $1.0 million, compared to $1.5 million for the corresponding period in 2022. The decrease resulted primarily from a decrease in share-based compensation expenses.

Finance income for the three months ended March 31, 2023, was $368 thousand, compared to $2.2 million for the corresponding period in 2022. The change in finance income resulted primarily from the calculation of the fair value of the Company's financial equity liabilities to pre-initial public offering (IPO) and IPO investors, in addition to the fluctuation in the U.S. dollar – New Israeli Shekel exchange rate during the first quarter of 2023.

Finance expenses for the three months ended March 31, 2023, were $112 thousand, compared to $25 thousand for the corresponding period in 2022.

Net loss for the three months ended March 31, 2023, was $3.0 million, compared to a net loss of $1.3 million for the three months ended March 31, 2022.

Balance Sheet Highlights

Cash, cash equivalents and short-term bank deposits were $11.5 million as of March 31, 2023, compared to $13.9 million as of December 31, 2022.

Financial liabilities at fair value totaled $431 thousand as of March 31, 2023, compared to $368 thousand as of December 31, 2022. The financial liabilities represent the fair value of the Company's equity liabilities to pre-IPO and IPO investors.

As of March 31, 2023, the Company's shareholders' equity totaled $10 million, compared to shareholders' equity totaling $12.8 million as of December 31, 2022.

Inspira Technologies OXY B.H.N. Ltd.

Inspira Technologies is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration Technology (INSPIRA ART), designed to rebalance patient oxygen saturation levels. This technology potentially allows patients to remain awake during treatment while preventing the need for highly invasive, risky, and costly mechanical ventilation systems that require intubation and medically induced coma. The Company's products have not yet been tested or used in humans and has 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 U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses its regulatory strategy, the continuation of its progress towards the regulatory submission of the ALICE Device with the FDA, the progress of its clinical studies, and its believe that the progress of its devices represents important building blocks of its INSPIRA ART system. These forward-looking statements and their implications are based solely on the current expectations of the Company's management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC, which is available on the SEC's website, www.sec.gov.

US Public Relations
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
This email address is being protected from spambots. You need JavaScript enabled to view it.

Copyright © 2018-2023 Inspira Technologies OXY B.H.N. LTD., All rights reserved.

UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION 

  

(US dollars in thousands)

  
   
        
  

March 31,

  

December 31,

   
  

2023

  

2022

   
         

ASSETS

          

Current Assets:

          

Cash and cash equivalents

  

6,362

   

6,783

   

Cash deposits

  

5,136

   

7,120

   

Other accounts receivable

  

371

   

591

   

Total current assets

  

11,869

   

14,494

   
           

Non-Current Assets:

          

Right of use assets, net

  

1,004

   

1,107

   

Property, plant and equipment, net

  

535

   

411

   

Total non-current assets

  

1,539

   

1,518

   

Total Assets

  

13,408

   

16,012

   
   

March 31,

 December 31,

 
   

2023

  

2022

  
         

LIABILITIES AND SHAREHOLDERS' EQUITY

          

Current Liabilities:

          

Trade accounts payables

   

191

   

150

  

Other accounts payable

   

1,350

   

1,217

  

Lease liabilities

   

307

   

329

  

Financial Liabilities at Fair Value

   

431

   

368

  

Total current liabilities

   

2,279

   

2,064

  
           

Non-Current Liabilities:

          

Lease liabilities

   

637

   

728

  

Loan from the Israeli Innovation Authority

   

412

   

398

  

Total non- current liabilities

   

1,049

   

1,126

  
           

Shareholders' Equity:

          

Share capital and premium

   

54,397

   

53,814

  

Foreign exchange reserve

   

(2,222)

   

(1,928)

  

Accumulated deficit

   

(42,095)

   

(39,064)

  

Total equity

   

10,080

   

12,822

  

Total Liabilities and Shareholders' Equity

   

13,408

   

16,012

  

     

UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

(US dollars in thousands)

    
  

For the Three Months
Ended March 31,

  

For the Year
Ended
December 31,    

   
  

 

 

2023

   

2022

  

 

 

2022

   
               

Research and development expenses

   

 

2,054

   

1,560

  

 

8,054

  

Marketing expenses

    

168

   

472

  

1,325

  

General and administrative expenses

    

1,065

   

1,544

  

 

5,391

  

Operating loss

    

3,287

   

3,576

  

14,770

  

Finance )income(

    

(368)

   

(2,196)

  

(4,678)

  

Finance expenses

    

112

      

181

  

Loss (profit) before tax

    

3,031

   

1,380

  

10,273

  

Taxes on income

              

Loss (profit) for the period

   

3,031

   

1,380

  

 

10,273

  

Other comprehensive loss (profit), net of tax:

              

Items that will not be reclassified to profit or loss:

              

Exchange profits(losses) arising on translation to presentation currency

  

(294)

   

(425)

  

 

 

(2,138)

  

Total comprehensive loss for the period

  

3,325

   

1,805

  

 

12,411

  

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

           

(US dollars in thousands)

           

For the Three-Month Period Ended March 31, 2023 (Unaudited):

           
  

Share capital and premium

  

Adjustments arising from translating financial operation

  

Accumulated deficit

 

Total

 

Balance on January 1, 2023

                 

Changes during the period:

  

53,814

   

(1,928)

    

(39,064)

   

12,822

 

Loss for the period

  

-

   

-

    

(3,031)

   

(3,031)

 

Other comprehensive loss

  

-

   

(294)

    

-

   

(294)

 

Total comprehensive loss

  

-

   

((294

    

(3,031)

   

(3,325)

 

Share-based compensation

  

583

   

-

    

-

   

583

 

Balance on March 31, 2023

  

54,397

   

(2,222)

    

(42,095)

   

10,080

 
                    

Stock Quote

Featured Stock

Chimerix

Chimerix is on a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The company is devoted to filling gaps in the treatment paradigm. Chimerix’s most advanced clinical-stage program is in development for H3 K27M-mutant glioma....

CLICK TO LEARN MORE

Featured Stock

Amneal Pharmaceuticals

Amneal Pharmaceuticals is a fully-integrated essential medicines company. We make healthy possible through the development, manufacturing, and distribution of generic and specialty pharmaceuticals. The Company has a diverse portfolio of over 250 products in its Generics segment and is expanding across...

CLICK TO LEARN MORE

End of content

No more pages to load

Next page

COPYRIGHT ©2023 HEALTH STOCKS HUB