New Risk • 13h
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Revenue is less than US$1m (₪130k revenue, or US$44k). Market cap is less than US$10m (₪20.3m market cap, or US$6.87m). Announcement • May 08
BladeRanger Ltd, Annual General Meeting, Jun 11, 2026 BladeRanger Ltd, Annual General Meeting, Jun 11, 2026. Location: sullivan & worcester tel-aviv, Israel New Risk • Apr 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 213% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (213% accrual ratio). Revenue is less than US$1m (₪130k revenue, or US$43k). Market cap is less than US$10m (₪17.4m market cap, or US$5.80m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Mar 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Revenue is less than US$1m (₪162k revenue, or US$52k). Market cap is less than US$10m (₪23.1m market cap, or US$7.48m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Revenue is less than US$1m (₪162k revenue, or US$49k). Market cap is less than US$10m (₪15.8m market cap, or US$4.79m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Mar 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Negative equity (-₪4.5m). Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Revenue is less than US$1m (₪815k revenue, or US$222k). Market cap is less than US$10m (₪16.8m market cap, or US$4.59m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Mar 07
PainReform Ltd. (NasdaqCM:PRFX) completed the acquisition of Business Activities Associated with the DeepSolar Technology of BladeRanger Ltd. PainReform Ltd. (NasdaqCM:PRFX) entered into a business acquisition agreement to acquire Business Activities Associated with the DeepSolar Technology of BladeRanger Ltd for ILS 1.8 million on February 17, 2025. In consideration for the sale of the Acquired Assets, BladeRanger is entitled to receive (1) 178,769 ordinary shares of the Company, representing 9.9% of the issued and outstanding share capital of the Company (after such issuance); (2) 223,792 pre-funded warrants to purchase 223,792 ordinary shares; (3) 685,004 pre-funded milestone warrants to purchase 685,004 ordinary shares; (4) 1,087,565 warrants-A to purchase 1,087,565 ordinary shares ; and (5) 1,087,565 warrants-B to purchase 1,087,565 ordinary shares (collectively, the “Securities”).
The business acquisition is conditioned upon customary closing conditions. and is expected to be consummated by the end of February 2025, subject to the satisfaction of customary closing conditions.
PainReform Ltd. (NasdaqCM:PRFX) completed the acquisition of Business Activities Associated with the DeepSolar Technology of BladeRanger Ltd on March 5, 2025. Announcement • Feb 19
PainReform Ltd. (NasdaqCM:PRFX) entered into a business acquisition agreement to acquire Business Activities Associated with the DeepSolar Technology of BladeRanger Ltd for ILS 1.8 million. PainReform Ltd. (NasdaqCM:PRFX) entered into a business acquisition agreement to acquire Business Activities Associated with the DeepSolar Technology of BladeRanger Ltd for ILS 1.8 million on February 17, 2025. In consideration for the sale of the Acquired Assets, BladeRanger is entitled to receive (1) 178,769 ordinary shares of the Company, representing 9.9% of the issued and outstanding share capital of the Company (after such issuance); (2) 223,792 pre-funded warrants to purchase 223,792 ordinary shares; (3) 685,004 pre-funded milestone warrants to purchase 685,004 ordinary shares; (4) 1,087,565 warrants-A to purchase 1,087,565 ordinary shares ; and (5) 1,087,565 warrants-B to purchase 1,087,565 ordinary shares (collectively, the “Securities”).
The business acquisition is conditioned upon customary closing conditions. and is expected to be consummated by the end of February 2025, subject to the satisfaction of customary closing conditions. New Risk • Feb 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.3% average weekly change). Negative equity (-₪4.5m). Earnings have declined by 30% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Revenue is less than US$1m (₪815k revenue, or US$228k). Market cap is less than US$10m (₪22.2m market cap, or US$6.19m). Announcement • Jan 28
BladeRanger Ltd, Annual General Meeting, Mar 04, 2025 BladeRanger Ltd, Annual General Meeting, Mar 04, 2025. Location: teshuva law offices, Israel New Risk • Sep 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₪8.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₪8.1m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-₪4.5m). Earnings have declined by 32% per year over the past 5 years. Shareholders have been substantially diluted in the past year (436% increase in shares outstanding). Revenue is less than US$1m (₪815k revenue, or US$218k). Market cap is less than US$10m (₪19.6m market cap, or US$5.23m). New Risk • Aug 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 436% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-₪1.1m). Earnings have declined by 32% per year over the past 5 years. Shareholders have been substantially diluted in the past year (436% increase in shares outstanding). Revenue is less than US$1m (₪815k revenue, or US$218k). Market cap is less than US$10m (₪23.7m market cap, or US$6.34m). New Risk • Apr 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-₪1.1m). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (₪815k revenue, or US$217k). Market cap is less than US$10m (₪5.27m market cap, or US$1.40m). Minor Risk Shareholders have been diluted in the past year (5.4% increase in shares outstanding). New Risk • Apr 03
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₪1.1m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-₪1.1m). Earnings have declined by 32% per year over the past 5 years. Revenue is less than US$1m (₪815k revenue, or US$219k). Market cap is less than US$10m (₪8.19m market cap, or US$2.20m). New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (₪485k revenue, or US$133k). Market cap is less than US$10m (₪4.45m market cap, or US$1.22m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Jan 19
BladeRanger Ltd announced that it has received funding BladeRanger Ltd announced a private placement of 1,567,000 common shares on January 18, 2024. The transaction included participation from new individual investor Nir Margalit. Board Change • Sep 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Chairman Ira Palti was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Chairman Ira Palti was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
BladeRanger (TASE:BLRN) entered into an agreement to acquire Assets and activities of RayCatch Ltd. BladeRanger (TASE:BLRN) entered into an agreement to acquire assets and activities of RayCatch Ltd. on November 13, 2022. Board Change • May 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Chairman Ira Palti was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Avi Luvchik was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 