Insulin (Oramed)

2026年3月，医药行业再掀波澜，华润医药发布公告称，全资附属公司华润医药投资拟以5.1亿元出售持有的合肥天麦生物科技发展有限公司约5.88%股权。 这并非华润医药首次抛售天麦生物股权，就在一个月前，其已宣布拟以14.2亿元出售天麦生物17.87%股权，只是该笔交易尚未公布最新结果。若这两笔交易均顺利完成，华润医药将全面从天麦生物撤出，给这场持续近十年 的战略投资画上了句号。 口服胰岛素梦碎？ 十年布局终离场 时间拨回2016年，彼时的中国医药市场正处于并购扩张的黄金期，华润医药作为央企医药平台，正加速布局生物医药赛道，试图在传统医药商业之外，打造新的增长极。天麦生物则是彼时胰岛素领域的明星企业，成立近16年，深耕胰岛素药物研发生产，手握二代、三代胰岛素产品管线，更拥有一项可能颠覆行业的核心布局——口服胰岛素。 2017年8月，天麦生物与以色列Oramed公司签订投资协议及口服胰岛素大中华区技术许可协议，拿下ORMD-0801重组人胰岛素肠溶胶囊在国内的研发、生产与商业化权益。这款产品被视作糖尿病治疗领域的革命性突破，相较于传统注射胰岛素，口服胰岛素无需针头、操作便捷，能大幅提升患者用药依从性，彻底改变糖尿病长期管理模式，市场想象空间无限。 资本的追捧随之而来。在华润医药投资之前，2018年，誉衡药业曾经计划以不低于40亿元收购天麦生物不低于35%股权，对应整体估值超百亿元，天麦生物一时风光无两，成为胰岛素赛道的“香饽饽”。 然而，创新药研发从来都是九死一生，看似光明的前景，终究抵不过临床数据的残酷现实。2023年1月，以色列Oramed公司率先发布公告，其ORMD-0801治疗2型糖尿病的海外三期临床试验未达到主要终点和次要终点，与安慰剂相比，未能显著改善患者血糖控制，这款被寄予厚望的口服胰岛素，在海外率先折戟。 消息传来，国内市场一片哗然。但天麦生物仍抱有希望，强调国内三期临床数据与海外存在差异，坚持推进上市申报。2023年4月，天麦生物参股公司天汇生物正式向国家药监局提交ORMD-0801上市申请，试图成为全球首个获批上市的口服胰岛素产品，完成弯道超车。 这场最后的挣扎，终究没能创造奇迹。2025年12月，国家药监局发布药品通知件，ORMD-0801未获批准上市。这一纸通知，击碎了天麦生物的创新故事，也掐灭了华润医药继续坚守的热情。支撑天麦生物高估值的核心逻辑随即坍塌。 事实上，ORMD-0801的失败并非个例。全球范围内，诺和诺德、赛诺菲等跨国巨头，都曾布局口服胰岛素管线，投入巨额资金研发，但最终均因临床效果不佳、研发难度过大等原因终止项目。口服胰岛素看似市场空间巨大，但技术壁垒远超想象，不是简单的剂型改良，而是涉及药物递送、生物利用度、临床疗效等多方面的系统性难题，短期内难以实现突破。 从“扩张”到“瘦身” 多重压力下的选择？ 华润医药撤离天麦生物，正是看清了行业洗牌的趋势，及时退出竞争激烈、盈利空间有限的赛道，避免陷入长期消耗。同时，此次资本撤离最引人关注的，莫过于“拆分两笔交易”的操作。华润医药并未一次性出售全部23.75%股权，而是分两次挂牌：2月出售17.87%股权，底价14.2亿元；3月出售5.88%股权，底价5.1亿元，两笔交易独立推进、互不关联。这种操作看似繁琐，实则暗藏深意，核心目的是降低接盘门槛，提高交易成功率，快速回笼资金。 首笔17.87%股权挂牌于3月13日届满披露期，截至目前仍无受让方信息公布，足见市场对这笔大额交易的谨慎态度。天麦生物当前基本面承压，创新管线受挫，未来盈利预期不明，大额股权接手方需要承担极高风险，难以快速找到合适买家。拆分交易后，小比例股权交易金额更低，风险更可控，既能吸引中小投资者，也能为大额交易提供缓冲，最大限度保障资金回笼效率。 对于华润医药而言，及时撤离天麦生物，是“去芜存菁”的必然选择。过去的华润医药，素有“并购狂魔”之称，依靠大规模收并购快速扩张产业链，收购博雅生物布局血制品，拿下昆药集团、江中药业强化中药板块，通过不断“做加法”，构建起庞大的医药产业版图。但随着行业进入存量竞争时代，粗放式扩张的弊端逐渐显现，部分非核心资产、低效投资占用大量资金，却无法带来匹配回报，拖累整体发展效率。 近年来，华润医药全面转向“做减法”，开启资产重构之路，剥离非核心资产、出清低效业务成为常态。华润三九出售三九（安国）现代中药股权，博雅生物转让非核心子公司股权，江中药业剥离低效资产，一系列操作背后，是华润医药聚焦主业、提升资产质量的战略决心。 口服胰岛素赛道的遇冷，也是资本理性回归的体现。前几年，在创新药热潮下，资本疯狂涌入慢病、创新剂型等热门赛道，口服胰岛素凭借巨大的市场想象空间，成为资本追捧的焦点，企业估值被无限抬高。但随着临床失败案例增多，资本逐渐清醒，开始摒弃 “唯概念论”，更加关注产品的临床价值、研发进度与商业化潜力。 面对困境，天麦生物并非毫无转机。在传统注射胰岛素业务方面，公司可以聚焦于提升生产效率、优化产品结构。通过加强内部管理，降低生产成本，提高产品质量和稳定性，增强产品在市场中的竞争力。此外，天麦生物也在积极探索新赛道。公司官网显示，其已引进新一代GLP-1类似物，计划借助这一热门赛道实现转型，摆脱对口服胰岛素项目的依赖。GLP-1已成为降糖减重领域的革命性靶点，制药企业正围绕口服小分子、超长效制剂等方面开发新的GLP-1药物。天麦生物若能在新赛道上取得突破，有望为公司带来新的增长点。 审校排版：晓宸 封面图来源：AI制作  免责声明：本文仅代表作者个人观点，如对文中内容有不同意见，欢迎下方留言讨论。 如需投稿、转载、商务合作，请联系微信：HealTA_GZ （微信号） 。

Advancing t ransformation into a d iversified b iomedical i nnovation c ompany with a c lear p ath to c ash f low p ositiv e Oramed s trategic t ransaction r eceives s hareholder a pproval ; Lifeward g ain s n ew o ral p rotein d elivery t echnology p latform Lifeward a lready e xecuting n ew s trategy t hrough a cquisition of p owered u pper- b ody e xoskeleton t echnology Lower operating expenses and cash usage reflect improved operational efficiency HUDSON, Mass. and YOKNEAM ILLIT, Israel, March 18, 2026 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global leader in innovative medical technology to transform the lives of people with physical limitations or disabilities, today announced its financial results for the fourth quarter and full year ended December 31, 2025. “We are entering 2026 with a pivotal transaction that establishes Lifeward as a diversified biomedical innovation company positioned for long-term growth and sustainability,” said Mark Grant, CEO of Lifeward. “The transformative strategic investment agreement with Oramed introduces an entirely new technology platform to Lifeward through Oramed’s Protein Oral Delivery (POD™) technology, while Oramed continues to fund and manage development of the clinical pipeline, whose lead asset is oral insulin. This transaction significantly expands our innovation pipeline while allowing us to maintain focus on operational execution and growth in our core neuro-rehabilitation Medtech business.” “With shareholder approval secured and the transaction expected to close shortly, we believe this partnership, which includes financing agreements with Oramed, provides a cash runway and positions Lifeward on a clear path toward achieving cash flow positive. While 2025 was a transition year for Lifeward as we repositioned the Company for its next phase of growth, in 2026 we are already executing on our strategy to become a diversified biomedical innovation company. Our acquisition of a powered upper-body exoskeleton technology is a strong example of this approach: it complements our ReWalk® platform, leverages the same sales, distribution and reimbursement infrastructure we have already built, and adds scale to our operations while delivering life-enhancing solutions to patients. As we continue to evaluate additional accretive transactions and build a robust pipeline of high-value clinical assets, we remain focused on growing revenues through our commercialized neuro-rehabilitation products and achieving positive cash flow,” Grant concluded. Recent Corporate Highlights Transformative Strategic Agreement with Oramed Lifeward has received shareholder approval for a transformative strategic investment and technology collaboration agreement with Oramed Pharmaceuticals. Lifeward will acquire Oramed’s clinical-stage proprietary POD™ technology platform while Oramed receives up to 49.99% equity ownership of Lifeward. The transaction positions the Company to participate in the development of oral biologic therapies and to receive up to $47 million in additional funding from Oramed, providing a runway to cash flow positive. Importantly, Oramed will fund the clinical development associated with the platform, enabling Lifeward to access a potentially high-value technology while limiting capital requirements. ORMD-0801, the POD™ technology’s lead drug candidate, has the potential to create a new paradigm in the treatment of type 2 diabetes by orally delivering insulin at an earlier stage of treatment. Earlier treatment has the potential to curb disease progression and delay late-stage complications. Based on an extensive analysis of Phase 2 and Phase 3 data, Oramed plans to initiate a 60-patient U.S.-based clinical trial. Lifeward anticipates closing the transaction following the satisfaction of additional customary closing conditions. Executing Strategic Expansion Through Acquisition of Upper-Body Exoskeleton Technology Demonstrating early execution of its new strategic direction, Lifeward has entered into an agreement to acquire a powered upper-body exoskeleton technology with integrated AI capabilities. The technology is designed to assist individuals with upper-limb mobility limitations and represents a natural extension of Lifeward’s leadership in wearable robotic rehabilitation solutions. The platform is highly complementary to Lifeward’s existing ReWalk ecosystem, enabling the Company to leverage its established clinical relationships, distribution network and reimbursement channels to accelerate commercialization and deliver innovative solutions to a broader patient population. Lifeward expects the new upper-body exoskeleton to be ready for commercial launch within approximately 18 to 24 months, following additional development and regulatory approvals, and expects attractive gross margins and favorable unit economics over time. Expanding Reimbursement Coverage for ReWalk Personal Exoskeleton Lifeward achieved meaningful progress in reimbursement coverage for the ReWalk Personal Exoskeleton with Aetna, Humana, and UnitedHealthcare all adding Medicare Advantage coverage for the device. Together, these payers provide access to approximately 16 million covered lives in the United States. This milestone represents a significant step forward in improving patient access and reinforces the growing recognition of the clinical value of robotic exoskeleton technology for individuals with spinal cord injuries. Advancing Clinical Collaboration with Shirley Ryan AbilityLab Lifeward also announced a collaboration with Shirley Ryan AbilityLab, a globally recognized leader in rehabilitation research and care. The collaboration is designed to expand clinical research and training initiatives aimed at improving patient outcomes and advancing the use of robotic rehabilitation technologies. Through this partnership, Lifeward expects to further strengthen clinical evidence supporting its technologies and accelerate adoption across rehabilitation centers. Expanding International Distribution of ReWalk Personal Lifeward continued to grow its global footprint by expanding international distribution of the ReWalk® Personal Exoskeleton into Mexico, Thailand, and the United Arab Emirates through an agreement with Verita Neuro in a partner-led and capital-efficient model. Transformation of U.S. Sales and Distribution Infrastructure During the latter half of 2025, Lifeward advanced a significant transformation of its U.S. commercial infrastructure, transitioning to a hybrid sales model that combines direct efforts with strategic channel partnerships. These partnerships require time to scale and are not yet fully reflected in current revenue. Lifeward’s U.S. commercial structure is now focused across three key areas: direct-to-patient engagement, capital equipment sales to institutional customers, and expanded payer and reimbursement capabilities. Strengthening reimbursement remains central to the Company’s strategy, as it enhances patient access and supports broader adoption of its neuro-rehabilitation products. These initiatives are expected to improve sales execution, deepen payer relationships, and drive meaningful growth as their impact builds in the coming quarters. Operational Efficiency Continues to Improve Throughout 2025, Lifeward maintained a strong focus on operational discipline and efficiency, achieving improvements in operating performance on both a quarterly and full-year basis. GAAP operating expenses for the full year decreased by 25%, while non-GAAP operating expenses, which do not include a one-time impairment charge and better reflect the ongoing improvements in operations efficiency, declined by 12%. These efforts support Lifeward’s objective of driving sustainable growth and achieving positive cash flow while building high-value clinical assets that address substantial unmet clinical needs. Fourth Quarter 2025 Financial Results Revenue was $5.1 million in the fourth quarter of 2025, compared to $7.5 million in the fourth quarter of 2024, a decrease of $2.4 million, or approximately 33%. Revenue from the sale of ReWalk Personal exoskeletons increased by 20% to $1.8 million in the fourth quarter of 2025 compared to the same period in 2024 driven by higher reimbursed unit sales. This was partially offset by a decline in sales of the MyoCycle FES bike by 90% to $0.1 million, primarily reflecting the transition away from an exclusive distribution arrangement and the Company’s strategic focus on its proprietary product portfolio. Revenue from the sale of AlterG products and services was $3.2 million, a decline of 43% from the same period in 2024. This was primarily due to timing factors from one international distributor that placed larger orders in Q4 2024 and plans to resume orders in 2026. Gross margin was 21.4% during the fourth quarter of 2025, compared to 24.4% in the fourth quarter of 2024. On a non-GAAP basis, which excludes the amortization of purchase price allocation adjustments, stock-based compensation expense, and inventory write-downs, as detailed in the attached non-GAAP reconciliation table, adjusted gross margin was 32.6% in the fourth quarter of 2025, compared to 45.5% in the prior-year quarter. The year-over-year decrease was primarily driven by lower sales volumes and the resulting reduced absorption of fixed manufacturing overhead, as well as higher tariffs and freight expenses. Total operating expenses in the fourth quarter of 2025 declined by 64% to $6.2 million, from $17.1 million in the fourth quarter of 2024. The decrease is primarily attributable to an impairment charge related to certain acquired intangible assets recognized in the fourth quarter of 2024, in addition to reductions in R&D and sales and marketing expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses declined by 16% to $5.7 million in the fourth quarter of 2025, compared to $6.7 million in the fourth quarter of 2024. This decrease primarily reflects improved productivity in marketing and sales operations, and lower R&D spending after the completion of major development programs. The Company expects this positive trend in marketing and sales efficiencies to continue into 2026, as it increases investments in R&D to advance new products to market. Operating loss in the fourth quarter of 2025 declined by 66% to $5.1 million, from $15.2 million in the fourth quarter of 2024, primarily due to a $9.8 million impairment charge in the fourth quarter of 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss increased by 22% to $4.0 million in the fourth quarter of 2025, from $3.3 million in the fourth quarter of 2024. Net loss narrowed by 65% to $5.3 million, or $3.60 per share in the fourth quarter of 2025, from $15.3 million, or $20.82 per share, in the fourth quarter of 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss increased by 27% to $4.2 million, or $2.85 per share, in the fourth quarter of 2025, from $3.3 million, or $4.54 per share, during the fourth quarter of 2024. F ull Year 2025 Financial Results Revenue for the year ended December 31, 2025 was $22.0 million, compared to $25.7 million in 2024, a decrease of $3.7 million, or approximately 14%. Revenue from the sale of ReWalk Personal exoskeletons decreased by 3% to $8.5 million in 2025 compared to $8.9 million in 2024. Sales of the MyoCycle FES bike declined by 50% to $0.6 million, primarily reflecting the transition away from an exclusive distribution arrangement and the Company’s strategic focus on its proprietary product portfolio. Revenue from the sale of AlterG products and services was $12.9 million, a decline of 18% from 2024. This decrease was primarily attributable to lower international sales, partially due to timing factors related to one international distributor that had placed larger orders in 2024 and is expected to resume orders in 2026. Gross margin grew to 38.2% in 2025 from 32.0% in 2024. On a non-GAAP basis, which excludes the amortization of purchase price allocation adjustments, restructuring costs, inventory write-downs and stock-based compensation expense as detailed in the attached non-GAAP reconciliation table, adjusted gross margin declined to 40.9% in 2025 from 42.7% in the prior year, primarily driven by lower sales volumes and the resulting reduced absorption of fixed manufacturing overhead, as well as higher tariffs and freight expenses. Total operating expenses in 2025 declined by 25% to $28.1 million, from $37.6 million in 2024. The decrease is primarily attributable to an impairment charge related to certain acquired intangible assets recognized in the fourth quarter of 2024, compared to a $2.8 million goodwill impairment charge recognized in 2025. The decline also reflects greater efficiency in reimbursement activities, reductions in R&D and sales and marketing expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses declined by 12% to $24.1 million in 2025 from $27.5 million in 2024 due to improved productivity in marketing and sales operations, greater efficiency in reimbursement activities, and lower R&D spending after the completion of major development programs. Operating loss in 2025 declined by 33% to $19.7 million from $29.3 million in 2024, primarily due to a $9.8 million impairment charge in 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss narrowed by 9% to $15.1 million in 2025 from $16.6 million in 2024. Net loss narrowed by 31% to $19.9 million, or $17.16 per share in 2025 from $28.9 million, or $39.96 per share, in 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss narrowed by 5% to $15.4 million, or $13.23 per share, in 2025 from $16.2 million, or $22.33 per share in 2024. Liquidity As of December 31, 2025, Lifeward had $2.2 million in unrestricted cash and cash equivalents on its balance sheet. Lifeward expects to close the strategic transaction following the satisfaction of additional customary closing conditions, at which time the Company plans to close on its secured convertible note with Oramed and another investor. About Lifeward Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity system, the MyoCycle FES System, and the ReStore Exo-Suit. Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit G o L ifeward.com . Lifeward ® , ReWalk ® , ReStore ® and Alter G ® are registered trademarks of Lifeward Ltd. and/or its affiliates. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934 concerning Lifeward, Oramed, the strategic investment and partnership agreement with Oramed (collectively, the “Proposed Transactions”) and other matters. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: Lifeward’s and Oramed’s management teams’ expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: the structure, timing and completion of the Proposed Transactions; perceived benefits or opportunities of the Proposed Transactions; timing of closing of the Proposed Transactions, expected proceeds, expectations regarding the use of proceeds, and impact on ownership structure; the anticipated timing of the closing; the future operations of Lifeward, including research and development activities; the nature, strategy and focus of Lifeward; anticipated clinical drug development activities and related timelines, and other clinical results; the sufficiency of post-transaction resources to support the advancement of Lifeward’s pipeline through certain milestones and the time period over which Lifeward’s post-transaction capital resources will be sufficient to fund its anticipated operations; unexpected costs, charges or expenses resulting from the Proposed Transactions; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Proposed Transactions; and legislative, regulatory, political and economic developments; the acceptance of the ReWalk 7 Personal Exoskeleton by healthcare professionals and patients; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company’s ability to continue to operate as a going concern; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company’s ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer and transitioning the manufacturing of its ReWalk products to its in-house manufacturer; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2025 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company believes that the use of non-GAAP accounting measures, including non-GAAP net loss, is helpful to its investors. These measures, which the Company refers to as non-GAAP financial measures, are not prepared in accordance with GAAP. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, the Company believes that providing non-GAAP financial measures that exclude non-cash share-based compensation expense and acquisition costs allows for more meaningful comparisons between operating results from period to period. Each of the Company’s non-GAAP financial measures is an important tool for financial and operational decision-making and for the Company’s evaluation of its operating results over different periods of time. The non-GAAP financial data are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to operating loss or net loss or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Lifeward’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. Further, share-based compensation expense has been, and will continue for the foreseeable future, to be a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Lifeward urges investors to review the reconciliation of the Company’s non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate the Company’s business. Lifeward does not provide GAAP reconciliation of its non-GAAP financial guidance because the Company is unable to predict with reasonable certainty and without unreasonable effort items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expense, and earnout expense. The timing and amounts of these items are uncertain and could be material to Lifeward’s results computed in accordance with GAAP. Contact: Almog Adar Chief Financial Officer Lifeward E: media@golifeward.com E: ir@golifeward.com Lifeward Ltd. And subsidiaries Condensed Consolidated Statements of Operations (Audited) (In thousands, except share and per share data) Quarter Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Revenue $ 5,081 $ 7,545 $ 22,034 $ 25,663 Cost of revenues 3,993 5,701 13,606 17,447 Gross profit 1,088 1,844 8,428 8,216 Operating expenses: Research and development, net 843 1,131 3,249 4,625 Sales and marketing 3,085 4,376 13,875 17,949 General and administrative 2,278 1,771 8,195 5,195 Impairment charges - 9,794 2,783 9,794 Total operating expenses 6,206 17,072 28,102 37,563 Operating loss (5,118 ) (15,228 ) (19,674 ) (29,347 ) Financial (expense) income, net (303 ) (47 ) (295 ) 448 Loss before income taxes (5,421 ) (15,275 ) (19,969 ) (28,899 ) Taxes on income (benefit) (73 ) 3 (55 ) 43 Net loss $ (5,348 ) $ (15,278 ) $ (19,914 ) $ (28,942 ) Basic net loss per ordinary share $ (3.60 ) $ (20.82 ) $ (17.16 ) $ (39.96 ) Weighted average number of shares used in computing net loss per ordinary share basic and diluted (*) 1,487,519 733,965 1,160,521 724,272 (*) All share and per share amounts presented in this note have been retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026. Lifeward Ltd. And subsidiaries Condensed Consolidated Balance Sheets (Audited) (In thousands) December 31, December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 2,169 $ 6,746 Restricted Cash 240 197 Trade receivables, net of credit losses of $192 and $160, respectively 6,138 6,004 Prepaid expenses and other current assets 1,528 1,624 Inventories 5,732 6,723 Total current assets 15,807 21,294 Restricted cash and other long term assets 209 240 Operating lease right-of-use assets 1,544 548 Property and equipment, net 585 867 Goodwill 4,755 7,538 Total assets $ 22,900 $ 30,487 Liabilities and equity Current liabilities Trade payables 5,590 5,022 Current maturities of operating leases 425 858 Other current liabilities 3,221 3,737 Convertible promissory notes 2,803 - Earnout liability - 608 Total current liabilities 12,039 10,225 Non-current operating leases 1,159 22 Other long-term liabilities 1,294 1,391 Shareholders’ equity 8,408 18,849 Total liabilities and equity $ 22,900 $ 30,487 Lifeward Ltd. And subsidiaries Condensed Consolidated Statements of Cash Flows (Audited) (In thousands) Year Ended December 31, 2025 2024 Net cash used in operating activities $ (16,826 ) $ (21,718 ) Cash used in investing activities (16 ) - Net cash provided by financing activities 12,203 - Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash 110 34 Decrease in cash, cash equivalents, and restricted cash (4,529 ) (21,684 ) Cash, cash equivalents, and restricted cash at beginning of period 7,108 28,792 Cash, cash equivalents, and restricted cash at end of period $ 2,579 $ 7,108 Lifeward Ltd. And subsidiaries (Audited) (In thousand) Quarter Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Revenues based on customer’s location: United States 2,974 3,371 13,237 14,425 Europe 807 2,489 2,907 5,124 Germany 805 1,161 4,014 4,422 Asia - Pacific 191 281 460 825 Rest of the world 304 243 1,416 867 Total Revenues $ 5,081 $ 7,545 $ 22,034 $ 25,663 Quarter Ended Year Ended December 31, December 31, Dollars in thousands, except per share data 2025 2024 2025 2024 GAAP net loss $ (5,348 ) $ (15,278 ) $ (19,914 ) $ (28,942 ) Adjustments: Amortization of intangible assets - 842 - 3,347 M&A transaction - - - (467 ) Integration/Rebranding costs - - - 236 Oramed transactions 384 - 384 - Restructuring - 1,260 700 1,260 Remeasurement of earnout liability - (184 ) (608 ) (2,684 ) Inventory Write down 562 - 562 - Impairment - 9,794 2,783 9,794 Stock-based compensation expenses 165 234 741 1,281 Non-GAAP net loss $ (4,237 ) $ (3,332 ) $ (15,352 ) $ (16,175 ) Shares used in net loss per share (*) 1,487,519 733,965 1,160,521 724,272 Non-GAAP net loss per share $ (2.85 ) $ (4.54 ) $ (13.23 ) $ (22.33 ) (*) All share and per share amounts presented in this note have been retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026. Quarter Ended Year Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Dollars in thousands $ % of revenue $ % of revenue $ % of revenue $ % of revenue GAAP operating loss $ (5,118 ) (100.7 )% $ (15,228 ) (201.8 )% $ (19,674 ) (89.3 )% $ (29,347 ) (114.4 )% Amortization of intangible assets - - 842 11.2 % - - 3,347 13.0 % M&A transaction - - - - - - (467 ) (1.8 )% Integration/Rebranding costs - - - - - - 236 0.9 % Oramed transactions 384 7.6 % - - 384 1.7 % - - Restructuring - - 1,260 16.7 % 700 3.2 % 1,260 4.9 % Remeasurement of earnout liability - - (184 ) (2.4 )% (608 ) (2.8 )% (2,684 ) (10.5 )% Inventory Write down 562 11.1 % - - 562 2.6 % - - Impairment - - 9,794 129.8 % 2,783 12.6 % 9,794 38.2 % Stock-based compensation expenses 165 3.2 % 234 3.1 % 741 3.4 % 1,281 5.0 % Non-GAAP operating loss $ (4,007 ) (78.8 )% $ (3,282 ) (43.4 )% $ (15,112 ) (68.6 )% $ (16,580 ) (64.7 )% Quarter Ended Year Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Dollars in thousands $ % of revenue $ % of revenue $ % of revenue $ % of revenue GAAP gross profit $ 1,088 21.4 % $ 1,844 24.4 % $ 8,428 38.2 % $ 8,216 32.0 % Adjustments: Inventory Write down 562 11.1 % - - 562 2.6 % - - Amortization of intangible assets - - 387 5.1 % - - 1,540 6.0 % Restructuring - - 1,195 15.8 % - - 1,195 4.7 % Stock-based compensation expenses 4 0.1 % 4 0.1 % 14 0.1 % 16 0.1 % Non-GAAP gross profit $ 1,654 32.6 % $ 3,430 45.4 % $ 9,004 40.9 % $ 10,967 42.8 % Quarter Ended Year Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Dollars in thousands $ % of revenue $ % of revenue $ % of revenue $ % of revenue GAAP research & development $ 843 16.6 % $ 1,131 15.0 % $ 3,249 14.7 % $ 4,625 18.0 % Adjustments: Stock-based compensation expenses (33 ) (0.6 )% (38 ) (0.5 )% (138 ) (0.6 )% (168 ) (0.7 )% Non-GAAP research & development $ 810 16.0 % $ 1,093 14.5 % $ 3,111 14.1 % $ 4,457 17.3 % Quarter Ended Year Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Dollars in thousands $ % of revenue $ % of revenue $ % of revenue $ % of revenue GAAP sales & marketing $ 3,085 60.7 % $ 4,376 58.0 % $ 13,875 63.0 % $ 17,949 69.9 % Adjustments: Amortization of intangible assets - - (388 ) (5.1 )% - - (1,542 ) (6.0 )% Integration/Rebranding costs - - - - - - - (193 ) (0.8 )% Restructuring - - - - (277 ) (1.3 )% - - Stock-based compensation expenses (36 ) (0.7 )% (92 ) (1.2 )% (239 ) (1.1 )% (401 ) (1.6 )% Non-GAAP sales & marketing $ 3,049 60.0 % $ 3,896 51.7 % $ 13,359 60.6 % $ 15,813 61.5 % Quarter Ended Year Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Dollars in thousands $ % of revenue $ % of revenue $ % of revenue $ % of revenue GAAP general & administrative $ 2,278 44.8 % $ 1,771 23.5 % $ 8,195 37.2 % $ 5,195 20.2 % Adjustments: M&A transaction - - - - - - 467 1.8 % Amortization of intangible assets - - (67 ) (0.9 )% - - (265 ) (1.0 )% Integration/Rebranding costs - - - - - - (43 ) (0.2 )% Oramed transactions (384 ) (7.6 )% - - (384 ) (1.7 )% - - Restructuring - - (65 ) (0.9 )% (423 ) (1.9 )% (65 ) (0.3 )% Remeasurement of earnout liability - - 184 2.4 % 608 2.8 % 2,684 10.5 % Stock-based compensation expenses (92 ) (1.8 )% (100 ) (1.3 )% (350 ) (1.6 )% (696 ) (2.7 )% Non-GAAP general & administrative $ 1,802 35.4 % $ 1,723 22.8 % $ 7,646 34.8 % $ 7,277 28.3 %