−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES
+Added: ABOUT MARKET RISK
Currency Exchange Risk
−Removed: Our results of operations and cash flows are affected by fluctuations in foreign currency exchange rates.
+Added: Our results of operations and cash flows are affected by fluctuations
+Added: in foreign currency exchange rates.
Since 2015, most of our expenses were denominated in U.S.
−Removed: dollars and the remaining expenses were denominated in NIS and euro, until 2018 most of our revenue was denominated in U.S.
−Removed: dollars and the remainder of our revenue was denominated in euro and British pound whereas in the last four years our euro revenue is higher than our U.S dollar revenue.
−Removed: Accordingly, changes in the value of the NIS and Euro relative to the U.S.
−Removed: dollar in each of the years 2024, 2023, and 2022 impacted amounts recorded on our consolidated statements of operations for these periods.
−Removed: We expect that the denominations of our revenue and expenses in 2025 will be consistent with what we experienced in 2024.
−Removed: The following table presents information about the devaluation in the exchange rates of the NIS and euro against the U.S.
+Added: dollars and the remaining expenses
+Added: were denominated in NIS and euro, until 2018 most of our revenue was denominated in U.S.
+Added: dollars and the remainder of our revenue was
+Added: denominated in euro and British pound whereas in the last four years our euro revenue is higher than our U.S dollar revenue.
+Added: changes in the value of the NIS and Euro relative to the U.S.
+Added: dollar in each of the years 2025, 2024, and 2023 impacted amounts recorded
+Added: on our consolidated statements of operations for these periods.
+Added: We expect that the denominations of our revenue and expenses in 2026 will
+Added: be consistent with what we experienced in 2025.
+Added: The following table presents information about the devaluation in the
+Added: exchange rates of the NIS and euro against the U.S.
dollar in 2025, 2024 and 2023:
2 unchanged sentences
Euro against the
−Removed: The figures above represent the change in the average exchange rate in the given period compared to the average exchange rate in the immediately preceding period.
−Removed: Negative figures represent the appreciation of the U.S.
+Added: The figures above represent the change in the average exchange rate
+Added: in the given period compared to the average exchange rate in the immediately preceding period.
+Added: Negative figures represent the appreciation
dollar compared to the NIS or the euro.
A 10% increase or decrease in the value of the NIS against the U.S.
−Removed: dollar would have decreased or increased our net loss by approximately $498 thousand in 2024.
−Removed: A 10% increase or decrease in the value of the euro against the U.S.
+Added: dollar would have
+Added: decreased or increased our net loss by approximately $555 thousand in 2025.
+Added: A 10% increase or decrease in the value of the euro against
dollar would have decreased or increased our net loss by approximately $92 thousand in 2025.
Other Market Risks
−Removed: We do not believe that we have material exposure to interest rate risks or to inflationary risks.
+Added: We do not believe that we have material exposure to interest rate risks or to inflationary
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.