Alpha Tau Medical (DRTS) 424B3 Prospectus supplement

Filed pursuant to Rule 424(b)(3)
SEC File No. 333-264306

PROSPECTUS SUPPLEMENT NO. 1
(to Prospectus dated September 13, 2022)

 

PRIMARY OFFERING OF
15,747,677 ORDINARY SHARES

SECONDARY OFFERING OF
9,200,947 ORDINARY SHARES,

ALPHA TAU MEDICAL LTD.

This prospectus supplement updates, amends and supplements the prospectus contained in our Post-Effective Amendment No. 1 to our Registration Statement on Form F-1, effective as of September 13, 2022 (as supplemented or amended from time to time, the “Prospectus”) (Registration No. 333-264306). Capitalized terms used in this prospectus supplement and not otherwise defined herein have the meanings specified in the Prospectus.

This prospectus supplement is being filed to update, amend and supplement the information included in the Prospectus with information on Alpha Tau’s third quarter 2022 financial results, which is set forth below.

This prospectus supplement is not complete without the Prospectus. This prospectus supplement should be read in conjunction with the Prospectus, which is to be delivered with this prospectus supplement, and is qualified by reference thereto, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the Prospectus. Please keep this prospectus supplement with your Prospectus for future reference.

Our ordinary shares and warrants are listed on the Nasdaq Stock Market LLC under the trading symbols “DRTS” and “DRTSW,” respectively. On November 18, 2022, the closing prices for our ordinary shares and warrants on the Nasdaq Stock Market LLC were $3.98 per ordinary share and $0.25 per warrant. 

Investing in our securities involves a high degree of risk. See “Risk Factors” beginning on page 10 of the Prospectus and other risk factors contained in the documents incorporated by reference therein for a discussion of information that should be considered in connection with an investment in our securities.

Neither the Securities and Exchange Commission, the Israeli Securities Authority nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense. 

The date of this prospectus supplement is November 22, 2022. 

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

	September 30,		December 31,
	2022		2021
	Unaudited		Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,930	$	23,236
Restricted cash		792		618
Short-term deposits		101,735		8,080
Prepaid expenses and other receivables		2,869		707
Total current assets		111,326		32,641
LONG-TERM ASSETS:
Long term prepaid expenses		393		2,028
Property and equipment, net		7,647		7,546
Total long-term assets		8,040		9,574
Total assets	$	119,366	$	42,215

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)

	September 30,			December 31,
	2022			2021
	Unaudited			Audited
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIENCY
CURRENT LIABILITIES:
Trade payables	$	1,310		$	1,203
Other payables and accrued expenses		2,043			3,202
Total current liabilities		3,353			4,405
LONG-TERM LIABILITIES:
Warrants liability		8,757			-
Warrants to Convertible Preferred shares		-			18,623
Total liabilities		12,110			23,028
Convertible preferred shares of no-par value per share – Authorized: 0 and 25,348,176 shares as of September 30, 2022 and December 31, 2021, respectively; Issued and outstanding: 0 and 13,739,186 shares as of September 30, 2022 and December 31, 2021, respectively		-			53,964
SHAREHOLDERS' DEFICIENCY:
Ordinary shares of no-par value per share – Authorized: 362,116,800 and 72,423,360 shares as of September 30, 2022 and December 31, 2021, respectively; Issued and outstanding : 69,011,550 and 40,528,913 shares as of September 30, 2022 and December 31, 2021, respectively		-			-
Additional paid-in capital		190,462			18,063
Accumulated deficit		(83,206	)		(52,840	)
Total shareholders' equity (deficiency)		107,256			(34,777	)
Total liabilities, Convertible Preferred shares and shareholders' equity (deficiency)	$	119,366		$	42,215

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022		2021
	Unaudited
Research and development, net	$	4,827		$	3,032		$	15,510	$	8,218
Marketing expenses		248			102			577		356
General and administrative		2,283			500			8,064		1,273
Total operating loss		7,358			3,634			24,151		9,847
Financial (income) expenses, net		(4,744	)		1,168			6,198		13,622
Loss before taxes on income		2,614			4,802			30,349		23,469
Income tax expense (benefit)		9			(5	)		17		21
Net loss		2,623			4,797			30,366		23,490
Net comprehensive loss	$	2,623		$	4,797		$	30,366	$	23,490
Net loss per share attributable to Ordinary shareholders, basic and diluted	$	0.04		$	0.12		$	0.49	$	0.58
Weighted-average shares used in computing net loss per share attributable to Ordinary shareholders, basic and diluted		68,798,251			40,515,336			61,654,800		40,513,766