Inspira™ Technologies reports full year 2023 financial results

Inspira Technologies OXY B.H.N. Ltd. announced its financial results for the year ended December 31, 2023.

Dagi Ben-Noon, Chief Executive Officer of Inspira Technologies, commented, “In 2023, we achieved significant progress in diversifying our business development to ensure continuous growth, reaching very important milestones that we believe will drive our next generation innovations and market launch of our products in the near future. It’s an exciting time with the U.S. Food and Drug Administration (FDA) submission of our blood oxygenation device, the INSPIRA™ ART100, and with our plans to submit the HYLA™ blood sensor for FDA clearance later this year. With our ground-breaking technologies and products, we are not just looking at the horizon but actively shaping it, leveraging our proprietary technologies to make a meaningful impact.”

“The advancing technology and development of the INSPIRA™ ART Gen 2 is progressing rapidly, and we eagerly anticipate the approval of additional patents related to the device. Our orbiting blood oxygenation technology (VORTX™), currently under development, is delivering unprecedented results, breaking through a significant technological barrier relating to eliminating pressure gradients, which plays a dominant role in damaging red blood cells. The HYLA™ blood sensor is achieving even greater accuracy, and we plan to submit it for FDA clearance later this year. The considerable interest in our systems and developments has led to the Company signing pre-conditional summary distribution agreements totaling up to $546 million, subject to the completion of product development and regulatory approvals and authorizing authorities, with expectations for more agreements to follow.”

“From a business strategy perspective, we are currently focused on working with potential strategic partners, exploring avenues to harness the strengths of large corporations alongside our Company’s development and innovation capabilities.”

Full year 2023 financial results
Total operating expenses
Total operating expenses decreased to US$12,133,000 in of the year ended December 31, 2023, from US$14,893,000 in the same period of 2022. The decrease was mainly attributable to a decline in share-based compensation.

• Research and development (R&D) expenses decreased to US$7,320,000 for the year ended December 31, 2023, from US$8,183,000 in the same period of 2022. The decrease was primarily attribute to share-based compensation expenses.
• General and administrative (G&A) expenses decreased to US$4,063,000 for the year ended December 31, 2023, from US$5,375,000 in the same period of 2022. The decrease was primarily attribute to share-based compensation expenses and a decrease in director and officer (D&O) insurance costs.
• Sales and marketing (S&M) expenses decreased to US$746,000 for the year ended December 31, 2023, from US$1,328,000 in the same period of 2022. The decrease was primarily attribute to share-based compensation expenses

Net loss
Net loss attributable to common stock shareholders was US$11,286,000 in 2023, compared with US$14,976,000 in 2022.

Balance sheet
As of December 31, 2023, the Company had cash and cash equivalents of US$7,361,000 compared to US$13,903,000 as of December 31, 2022.

As of December 31, 2023, financial liabilities at fair value totaled US$1,470,000 compared to US$26,000. The financial liabilities represent the fair value of the Company’s equity liabilities.
MB Bureau