InspireMD, Inc.

Listed Company

NSPRCIK 0001433607NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$8.98M

Net Income

$-48.79M

Total Assets

$69.40M

Equity

$55.20M

Shares Out

46.80M

Op. Cash Flow

$-35.10M

Business

InspireMD, Inc. is a medical device company that develops and commercializes mesh-covered stent systems and related neuroprotection devices for treatment of carotid and other vascular disease. Its main products include the MicroNet mesh platform, the CGuard embolic prevention stent system and the next-generation CGuard Prime stent, together with the SwitchGuard neuroprotection system and associated delivery systems. Business activities encompass product development, regulatory clinical trials, manufacturing and commercialization. The company sells through distributor networks across Europe, Latin America and Asia while building a direct U.S. commercial organization and conducting FDA trials.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
REVENUES	9	7	6	5	4
COST OF REVENUES	6	6	4	4	4
GROSS PROFIT	3	2	2	1	754,000
Research and development	15	14	8	8	5
Selling and marketing	17	6	4	4	3
General and administrative	21	15	11	8	7
Total operating expenses	52	35	23	20	15
LOSS FROM OPERATIONS	−50	−34	−21	−19	−15
FINANCIAL INCOME, net:	891,000	2	1	250,000	−157,000
LOSS BEFORE TAX EXPENSES	−49	−32	−20	−18	−15
TAX EXPENSES	63,000	59,000	65,000	28,000	45,000
NET LOSS	−49	−32	−20	−18	−15
NET LOSS PER SHARE - basic	−0.76	−0.76	−0.82	−2.35	−2.03
NET LOSS PER SHARE - diluted	−0.76	−0.76	−0.82	−2.35	—
WEIGHTED AVERAGE NUMBER OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic	64	42	24	8	7
WEIGHTED AVERAGE NUMBER OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - diluted	64	42	24	8	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-05-31	FY 2024 2024-12-31	FY 2024 2024-10-31	FY 2023 2023-12-31
Cash and cash equivalents	9	—	19	—	10
Marketable securities	45	—	16	—	29
Trade, net	2	—	2	—	2
Other	400,000	—	682,000	—	648,000
Prepaid expenses	1	—	1	—	578,000
Inventory	3	—	3	—	2
TOTAL CURRENT ASSETS	61	—	41	—	44
Long term deposit	442,000	—	426,000	422,000	—
Property, plant and equipment, net	4	—	2	—	1
Operating lease right of use assets	3	302,000	2	—	1
Fund in respect of employee rights upon retirement	1	—	1	—	951,000
TOTAL NON-CURRENT ASSETS	8	—	6	—	3
TOTAL ASSETS	69	—	47	—	48
Trade	1	—	1	—	939,000
Other	9	—	6	—	5
TOTAL CURRENT LIABILITIES	11	—	8	—	6
Operating lease liabilities net of current maturities	2	—	2	—	1
Liability for employee rights upon retirement and others	1	—	1	—	1
TOTAL LONG-TERM LIABILITIES	3	—	3	—	2
TOTAL LIABILITIES	14	—	11	—	8
COMMITMENTS AND CONTINGENT LIABILITIES	—	—	—	—	—
Common stock, par value $0.0001 per share; 150,000,000 shares authorized at December 31, 2025 and 2024; 43,532,281 and 26,611,033 shares issued and outstanding at December 31, 2025 and 2024, respectively	4,000	—	3,000	—	2,000
Preferred C shares, par value $0.0001 per share; 1,172,000 shares authorized at December 31, 2025 and 2024; 1,718 shares issued and outstanding at December 31, 2025 and 2024, respectively	—	—	—	—	—
Additional paid-in capital	357	—	290	—	261
Accumulated deficit	−302	—	−254	—	−222
Total equity	55	—	36	—	40
Total liabilities and equity	69	—	47	—	48

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	476,000	280,000	232,000	188,000	—
Gain from sale of property, plant and equipment	−14,000	—	−6,000	—	−1,000
Change in fair value of marketable securities, net of interest received	−359,000	−894,000	−739,000	—	—
Change in liability for employees rights upon retirement	20,000	163,000	89,000	−57,000	—
Other financial income	−133,000	−51,000	58,000	131,000	8,000
Change in operating right of use asset and operating leasing liability	554,000	−144,000	62,000	−60,000	−14,000
Share-based compensation expenses	12	10	4	2	2
Gain on amounts funded in respect of employee rights upon retirement, net	−299,000	−91,000	−16,000	—	—
Increase in prepaid expenses	−236,000	−482,000	77,000	7,000	−188,000
Decrease (increase) in trade receivables	−596,000	232,000	−770,000	190,000	−748,000
Decrease (increase) in other receivables	282,000	−34,000	−435,000	−48,000	−19,000
Increase in inventory	−826,000	−464,000	−485,000	−478,000	272,000
Increase in trade payables	1,000	315,000	280,000	−234,000	657,000
Increase in other payables	2	1	532,000	958,000	−35,000
Net cash used in operating activities	−35	−22	−16	−16	−13
Purchase of property, plant and equipment	−2	−1	−381,000	−473,000	−344,000
Proceeds from sale of property, plant and equipment	15,000	—	12,000	—	—
Investment in long-term deposit	—	−426,000	—	—	—
Investments in marketable securities	−57	−14	−35	—	—
Proceeds from matured marketable securities	28	29	6	—	—
Amounts funded in respect of employee rights upon retirement	−91,000	−87,000	−79,000	−86,000	−113,000
Amounts withdrawn in respect of employee rights upon retirement	370,000	—	—	—	—
Net cash provided by (used in) investing activities	−31	13	−16	8	−22
Proceeds from exercise of warrants, net of $1,000 issuance costs	17	17	—	—	—
Proceeds from issuance of shares and pre-funded warrants, net of $ 3,148 and $81 issuance costs, respectively	39	2	—	—	—
Net cash provided by financing activities	56	18	38	−140,000	35
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	117,000	51,000	−58,000	−131,000	−8,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	−10	9	5	−7	−641,000
Acquisition of right-of-use assets by means of lease liabilities	994,000	1	419,000	835,000	91,000
Non-cash purchase of property and equipment	28,000	189,000	—	—	—

Filings

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