NovoCure第二季收入增15.6%至1.836億美元 虧損收窄至1570萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to
Commission File Number 001-37565
NovoCure Limited
(Exact Name of Registrant as Specified in Its Charter)
Jersey98-1057807
(State or Other Jurisdiction of(I.R.S. Employer
Incorporation or Organization)Identification No.)

No. 4 The Forum
Grenville Street
St. Helier, Jersey JE2 4UF
(Address of principal executive offices, including zip code)
+44 (0) 15 3475 6700
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
_______________________________________________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, no par valueNVCRThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒    No  ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐

Non-accelerated filer☐Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒.
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding as of July 17, 2026
Ordinary shares, no par value 116,445,840 Shares

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical facts or statements of current condition, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contained in this report are based on our current plans, expectations, hopes, beliefs, intentions or strategies concerning future developments and their impact on us. Forward-looking statements contained in this report constitute our expectations or forecasts of future events as of the date this report was filed with the Securities and Exchange Commission and are not statements of historical fact. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Such statements may include words such as "anticipate," "will," "estimate," "expect," "project," "intend," "should," "plan," "believe," "hope," and other words and terms of similar meaning in connection with any discussion of, among other things, future operating or financial performance, strategic initiatives and business strategies, regulatory or competitive environments, our intellectual property and research and development related to our Tumor Treating Fields ("TTFields") devices marketed under various brand names, including "Optune Gio," "Optune Lua," "Optune Pax," and software, tools and other items to support and optimize the delivery of TTFields therapy (collectively, the "Products"). In particular, these forward-looking statements include, among others, statements about:
•our research and development, clinical study and commercialization activities and projected expenditures;

•the further commercialization of our Products for current and future indications;
•our business strategies and the expansion of our sales and marketing efforts in the United States ("U.S.") and in other countries;
•the market acceptance of our Products for current and future indications by patients, physicians, third-party payers and others in the healthcare and scientific community;
•our plans to pursue the use of our Products for the treatment of indications other than glioblastoma ("GBM"), pancreatic cancer, non-small cell lung cancer ("NSCLC"), brain metastases from NSCLC, and malignant pleural mesothelioma ("MPM");
•our estimates regarding revenues, expenses, capital requirements and needs for additional financing;
•our ability to obtain regulatory approvals for the use of our Products in indications other than GBM, NSCLC, MPM and pancreatic cancer;
•our ability to acquire from third-party suppliers the supplies needed to manufacture our Products;
•our ability to manufacture adequate supply of our Products;
•our ability to secure and maintain adequate coverage from third-party payers to reimburse us for our Products for current and future indications;
•our ability to receive payment from third-party payers for use of our Products for current and future indications;
•our ability to maintain, develop, protect, defend or enforce our intellectual property position;
•our ability to manage the risks associated with business disruptions caused by natural disasters, extreme weather events, pandemics such as COVID-19 (coronavirus), international conflict, a prolonged failure of U.S. lawmakers to agree on a budget or appropriation legislation to fund the federal government’s operations (also known as a government shutdown), which could have an adverse effect on regulatory agencies, such as the U.S. Food and Drug Administration (e.g. PMA processing) and Centers for Medicare & Medicaid Services (e.g. payment processing), to perform their duties the impact our operations and the financial markets’ and other businesses’ reactions to any such failure, or other disruptions outside of our control; 
•our cash needs; and
i

•our prospects, financial condition and results of operations.
These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Factors which may cause such differences to occur include those risks and uncertainties set forth under Part I, Item 1A., “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed on February 26, 2026, as well as other risks and uncertainties set forth from time to time in the reports we file with the Securities and Exchange Commission (the "SEC"). We do not intend to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

TRADEMARKS
This Quarterly Report on Form 10-Q includes trademarks of NovoCure Limited and other persons. All trademarks or trade names referred to herein are the property of their respective owners.
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Quarterly Report on Form 10-Q
TABLE OF CONTENTS
Page
Cautionary Note Regarding Forward Looking Statements
i

Trademarks
ii

 
PART I—FINANCIAL INFORMATION

 
Item 1.
Financial Statements
2

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
18

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
28

Item 4.
Controls and Procedures
28

 
PART II—OTHER INFORMATION

 
Item 1.
Legal Proceedings
30

Item 1A.
Risk Factors
30

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
30

Item 3.
Defaults Upon Senior Securities
30

Item 4.
Mine Safety Disclosures
30

Item 5.
Other Information
30

Item 6.
Exhibits
31

 
 Signatures
32

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PART I—FINANCIAL INFORMATION

Item 1.  Financial Statements

NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
June 30,
2026December 31, 2025
UnauditedAudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$93,701 $93,548 
Short-term investments346,858 354,126 
Restricted cash9,917 9,842 
Trade receivables, net99,131 89,435 
Receivables and prepaid expenses46,690 58,669 
Inventories42,224 41,111 
Total current assets638,521 646,731 
LONG-TERM ASSETS:
Property and equipment, net75,369 77,606 
Field equipment, net26,582 22,066 
Right-of-use assets43,789 47,327 
Other long-term assets10,930 10,596 
Total long-term assets156,670 157,595 
TOTAL ASSETS$795,191 $804,326 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
June 30,
2026December 31, 2025
UnauditedAudited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:

Trade payables130,729 122,231 
Other payables, lease liabilities and accrued expenses89,981 100,997 
Total current liabilities220,710 223,228 
LONG-TERM LIABILITIES:
Senior secured credit facility, net
195,891 195,047 
Long-term leases37,529 41,647 
Employee benefit liabilities2,969 3,938 

Total long-term liabilities236,389 240,632 

TOTAL LIABILITIES457,099 463,860 
COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares no par value, Unlimited shares authorized; issued and outstanding:
116,442,465 shares and 112,492,667 shares at June 30, 2026 (unaudited) and December 31, 2025, respectively
— — 
Additional paid-in capital1,718,667 1,634,264 
Accumulated other comprehensive income (loss)(3,422)(3,441)
Retained earnings (accumulated deficit)(1,377,153)(1,290,357)
TOTAL SHAREHOLDERS' EQUITY338,092 340,466 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$795,191 $804,326 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Three months ended June 30,Six months ended June 30,Year ended December 31,
20262025202620252025
UnauditedUnauditedAudited
Net revenues$183,584 $158,805 $357,639 $313,799 $655,353 
Cost of revenues41,106 41,472 80,035 79,993 166,879 
Gross profit142,478 117,333 277,604 233,806 488,474 

Operating costs and expenses:
Research, development and clinical studies51,448 55,833 109,784 109,610 224,544 
Sales and marketing61,684 57,066 120,041 112,858 240,064 
General and administrative39,908 43,955 125,761 88,724 177,666 
Total operating costs and expenses153,040 156,854 355,586 311,192 642,274 

Operating income (loss)(10,562)(39,521)(77,982)(77,386)(153,800)
Financial income (expenses), net(1,890)4,542 (3,728)12,112 17,550 

Income (loss) before income tax(12,452)(34,979)(81,710)(65,274)(136,250)
Income tax3,206 5,160 5,086 9,184 (23)
Net income (loss)$(15,658)$(40,139)$(86,796)$(74,458)$(136,227)

Basic and diluted net income (loss) per ordinary share$(0.13)$(0.36)$(0.75)$(0.67)$(1.22)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share116,012,397 111,572,191 115,106,850 110,930,576 111,471,991 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands 
Three months ended June 30,Six months ended June 30,Year ended December 31,
20262025202620252025
UnauditedUnauditedAudited
Net income (loss)$(15,658)$(40,139)$(86,796)$(74,458)$(136,227)
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments(133)(39)(526)319 289 
Pension benefit plan1,606 (869)545 72 1,770 
Total comprehensive income (loss)$(14,185)$(41,047)$(86,777)$(74,067)$(134,168)

NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
Ordinary sharesAdditional
paid-in
capitalAccumulated
other
comprehensive
income (loss)
Retained earnings (accumulated
deficit)Total shareholders'
equity

Balance as of December 31, 2025 (audited)112,492,667 $1,634,264 $(3,441)$(1,290,357)$340,466 

Share-based compensation to employees— 63,009 — — 63,009 
Exercise of options and vested RSUs3,328,273 390 — — 390 
Tax payment related to net share settlement on equity awards(556)(556)
Other comprehensive income (loss), net of tax benefit of $0
— — (1,454)— (1,454)
Net income (loss)— — — (71,138)(71,138)
Balance as of March 31, 2026 (Unaudited)115,820,940 $1,697,107 $(4,895)$(1,361,495)$330,717 

Share-based compensation to employees— 17,012 — — 17,012 
Proceeds from issuance of shares187,717 2,093 — — 2,093 
Exercise of options and vested RSUs433,808 2,455 — 2,455 
Other comprehensive income (loss), net of tax benefit of $0
— — 1,473 — 1,473 
Net income (loss)— — — (15,658)(15,658)
Balance as of June 30, 2026 (Unaudited)116,442,465 $1,718,667 $(3,422)$(1,377,153)$338,092 

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Ordinary sharesAdditional
paid-in
capitalAccumulated
other
comprehensive
lossRetained earnings (accumulated
deficit)Total shareholders'
equity

Balance as of December 31, 2024 (audited)108,516,819 $1,519,809 $(5,500)$(1,154,130)$360,179 

Share-based compensation to employees— 29,552 — — 29,552 
Exercise of options and vested RSUs2,965,781 5,247 — — 5,247 
Other comprehensive income (loss), net of tax benefit of $0
— — 1,299 — 1,299 
Net income (loss)— — — (34,319)(34,319)
Balance as of March 31, 2025 (Unaudited)111,482,600 $1,554,608 $(4,201)$(1,188,449)$361,958 

Share-based compensation to employees— 26,143 — — 26,143 
Proceeds from issuance of shares141,192 2,136 — — 2,136 
Exercise of options and vested RSUs174,898 251 — — 251 
Other comprehensive income (loss), net of tax benefit of $0
— —(908)— (908)
Net income (loss)— —— (40,139)(40,139)
Balance as of June 30, 2025 (Unaudited)111,798,690 $1,583,138 $(5,109)$(1,228,588)$349,441 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
 Three months ended June 30,Six months ended June 30,Year ended December 31,
20262025202620252025
UnauditedUnauditedAudited
Cash flows from operating activities:
Net income (loss)$(15,658)$(40,139)$(86,796)$(74,458)$(136,227)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization4,307 3,444 8,431 6,769 14,650 
Accrued Interest104 5,918 (115)3,647 4,949 
Asset write-downs and impairment of field equipment738 424 1,450 2,685 4,851 
Share-based compensation17,012 26,143 80,021 55,695 104,832 
Foreign currency remeasurement loss (gain)17 1,371 494 1,322 1,251 
Decrease (increase) in accounts receivables and prepaid expenses
424 (10,447)1,252 (19,053)(38,938)
Amortization of discount (premium)(2,593)(6,460)(5,210)(13,114)(23,262)
Decrease (increase) in inventories866 (629)(1,912)(4,570)(5,668)
Decrease (increase) in other long-term assets2,907 1,412 4,949 3,990 10,847 
Increase (decrease) in accounts payables and accrued expenses2,797 2,107 (2,323)(14,313)18,958 
Increase (decrease) in other long-term liabilities(2,789)920 (5,626)(201)(5,274)
Net cash provided by (used in) operating activities$8,132 $(15,936)(5,385)(51,601)(49,031)

Cash flows from investing activities:
Purchase of property, equipment and field equipment$(6,916)$(5,486)(12,068)(16,097)(26,648)
Proceeds from maturity of short-term investments95,000 420,000 205,000 540,000 1,285,000 
Purchase of short-term investments(94,462)(378,528)(191,563)(494,389)(821,076)
Net cash provided by (used in) investing activities$(6,378)$35,986 1,369 29,514 437,276 

Cash flows from financing activities:
Proceeds from issuance of shares, net$2,093 $2,136 2,093 2,136 3,656 
Proceeds from senior secured credit facility, net
— — — — 99,979 
Repayment and redemption of long-term debt
— — — — (560,945)
Tax payments related to net settlements on equity awards— — (556)— (146)
Exercise of options2,455 251 2,845 5,498 6,113 
Net cash provided by (used in) financing activities$4,548 $2,387 4,382 7,634 (451,343)

Effect of exchange rate changes on cash, cash equivalents and restricted cash$(8)$265 (138)492 394 

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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Increase (decrease) in cash, cash equivalents and restricted cash6,294 22,702 228 (13,961)(62,704)
Cash, cash equivalents and restricted cash at the beginning of the period97,324 129,431 103,390 166,094 166,094 

Cash, cash equivalents and restricted cash at the end of the period$103,618 $152,133 $103,618 $152,133 $103,390 

Supplemental cash flow activities:
Cash paid during the period for:
Income taxes paid (refunded), net$2,868 $13,838 $(1,009)$18,809 $30,673 
Interest paid$5,033 $2,674 $9,994 $5,319 $13,406 

Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$93,701 $149,624 $93,701 $149,624 $93,548 
Restricted cash9,917 2,509 9,917 2,509 9,842 
Total cash, cash equivalents and restricted cash$103,618 $152,133 $103,618 $152,133 $103,390 
Non-cash activities:
Right-of-use assets obtained (disposed) in exchange for lease liabilities
$1,021 $1,618 $2,019 $25,110 $29,369 
Purchase of property incurred but unpaid at period end $1,265 $404 $1,265 $404 $886 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share data)

NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION
Organization. NovoCure Limited (including its consolidated subsidiaries, the "Company") was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields ("TTFields") devices, including Optune Gio, Optune Pax and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company markets Optune Gio, Optune Pax and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China"). 
Financial statement preparation. The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 10-K") filed with the Securities and Exchange Commission on February 26, 2026.
The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2025 10-K are applied consistently in these unaudited interim consolidated financial statements except for the adoption of ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): "Measurement of Credit Losses for Accounts Receivable and Contract Assets”, see below.
Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities.

The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience.

The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company adopted ASU 2025-05 on January 1, 2026, on a prospective basis, and elected the practical expedient provided by ASU 2025-05. Under this expedient, the Company assumes that economic conditions as of the balance sheet date remain unchanged for the remaining life of all current accounts receivable and current contract assets arising from transactions under ASC 606. The Company continues to estimate expected credit losses for non-current receivables and contract assets in accordance with ASC 326. The adoption of ASU 2025-05 did not have any material impact on the consolidated financial statements.
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Recently announced accounting pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.
In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. The ASU was updated to consider different methods of software development and requires internal use software costs to be capitalized when management has authorized and committed to funding the software project and when significant uncertainty associated with the development of the software has been resolved. The amendments in this ASU are required to be adopted for annual and interim reporting periods beginning after December 15, 2027 (the year ending December 31, 2028, for the Company), with early adoption permitted, and may be applied either through a prospective, retrospective or a modified transition approach. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements. 
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This update will be effective beginning after December 15, 2027. The Company is currently evaluating the impact that adoption of ASU 2025-11 will have on its consolidated financial statements. 

NOTE 2: CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash equivalents include items almost as liquid as cash, with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of June 30, 2026 and December 31, 2025, the Company’s cash and cash equivalents and short-term investments were composed of:

June 30, 2026
Unaudited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments
Cash$8,097 $— $— $8,097 $8,097 $8,097 $— 
Money market fundsLevel 185,604 — — 85,604 85,604 85,604 — 
Certificate of deposits and term depositsLevel 240,287 — — 40,287 40,287 — 40,287 
HTM securities (1)
U.S. Treasury billsLevel 1$58,931 $1 $(59)58,873 58,931 $— $58,931 

Corporate debt securitiesLevel 2$247,640 $29 $(580)247,089 247,640 $— $247,640 

$306,571 $30 $(639)$305,962 $306,571 $— $306,571 

Total$440,559 $30 $(639)$439,950 $440,559 $93,701 $346,858 

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December 31, 2025
Audited
Fair value levelAdjusted cost basisUnrealized gainsUnrealized lossesFair market valueRecorded basisCash and cash equivalentsShort-term investments
Cash$7,402 $— $— $7,402 $7,402 $7,402 $— 
Money market fundsLevel 166,213 — — 66,213 66,213 66,213 — 
Certificate of deposits and term depositsLevel 225,186 — — 25,186 25,186 10,013 15,173 
HTM securities (1)
U.S. Treasury billsLevel 1$54,096 $48 $— 54,144 54,096 $— $54,096 

Corporate debt securitiesLevel 2$294,777 $82 $(205)294,654 294,777 $9,920 $284,857 

$348,873 $130 $(205)$348,798 $348,873 $9,920 $338,953 

Total$447,674 $130 $(205)$447,599 $447,674 $93,548 $354,126 

(1)    Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 "Investments — Debt Securities" and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
In accordance with ASC 820, "Fair Value Measurements and Disclosures," the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, is classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
As of June 30, 2026 and December 31, 2025, all investments mature in one year or less.
Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent credit losses based on the evaluation of available evidence.

NOTE 3: INVENTORIES
Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of June 30, 2026 and December 31, 2025, the Company’s inventories were composed of:
June 30,
2026December 31,
2025
 UnauditedAudited
Raw materials$3,051 $4,533 
Work in progress8,032 7,500 
Finished products31,141 29,078 
Total$42,224 $41,111 

NOTE 4: COMMITMENTS AND CONTINGENT LIABILITIES
Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2031.
Pledged deposits and bank guarantees. As of June 30, 2026 and December 31, 2025, the Company pledged bank deposits of $5,586 and $5,114, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $6,061 and $5,554, respectively.
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NOTE 5: LONG-TERM DEBT, NET
a.Senior secured credit facility, net
On May 1, 2024 Novocure Luxembourg S.a.r.l. ("Borrower"), a wholly-owned subsidiary of the Company, entered into a five-year senior secured credit facility of up to $400,000 (the "Facility") with BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (collectively, the "Lenders"), BioPharma Credit PLC, as collateral agent for the Lenders, and the guarantors party to such agreement (the "Loan Agreement"). The Facility could be drawn in up to four drawings. The Loan Agreement provides for an initial term loan in the principal amount of $100,000 (the "Tranche A Loan"), which was funded to the Borrower on May 1, 2024 (the "Tranche A Funding Date"). Under the Loan Agreement, the Borrower was required to draw $100,000 on the Facility on or before September 30, 2025 (the "Tranche B Loan"), which was drawn down on that date. Not later than December 31, 2025, the Borrower had the option to draw an additional $100,000 of the Facility (the "Tranche C Loan"). In addition, not later than March 31, 2026, the Borrower had the option to draw an additional $100,000 of the Facility (the "Tranche D Loan"). As of June 30, 2026, the Company has borrowed the Tranche A Loan and the Tranche B Loan in the aggregate principal amount of $200,000. The Company did not did not give notice of its intent to borrow the Tranche C Loan. As a result, the Company no longer has the ability to borrow the Tranche C or Tranche D Loans. The obligations under the Loan Agreement are guaranteed by certain of the Company's subsidiaries and secured by a first lien on the Borrower's and certain of the Company's other subsidiaries’ assets. Outstanding term loans under the Loan Agreement will bear interest at an annual rate equal to 6.25% plus the three-months SOFR (subject to a 3.25% floor), payable quarterly in arrears and calculated on the basis of actual days elapsed in a 360-day year. The Borrower paid 2.5% of additional consideration on each principal draw, with payment for the Tranche A Loan and the Tranche B Loan paid on the Tranche A Funding Date. Principal under the Facility will be repaid in eight equal quarterly repayments commencing with the third quarter of 2027 and continuing each quarter thereafter, with the final payment of outstanding principal due on the fifth anniversary of the Tranche A Funding Date. Voluntary prepayment of all, but not less than all, of the term loans outstanding is permitted at any time, subject to make-whole and prepayment premiums as set forth in the Loan Agreement. Prepayment of all term loans outstanding, subject to make-whole and prepayment premiums, is due and payable upon a change-in-control as defined in the Loan Agreement. Make-whole and prepayment premiums are due and payable for the Tranche B Loans for any voluntary prepayment of the term loans outstanding, upon a change-in-control (as defined in the Loan Agreement), and upon any acceleration of the maturity date, in each case regardless of whether the Tranche B Loan is drawn.

June 30,
2026December 31,
2025
UnauditedAudited
Liability component, net:
Principal amount$200,000 $200,000 
Unamortized issuance costs (4,109)(4,953)
Net carrying amount of liability component (1)$195,891 $195,047 

(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Notes as of June 30, 2026 and December 31, 2025 were $208,923 and $215,538, respectively.
The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $6,177 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. For purposes of calculating the net carrying amount, the annual effective interest rate is assumed to be 11.7% over the remaining contractual term of the Notes.
Finance expense related to the Facility was as follows:

Three months ended June 30,Six months ended June 30,Year ended December 31,

20262025202620252025
UnauditedUnauditedAudited
Interest
5,026 2,666 9,982 5,306 13,374 
Amortization of debt issuance costs
430 159 844 309 846 
Total finance expense recognized
$5,456 $2,825 $10,826 $5,615 $14,220 

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NOTE 6: REVENUE RECOGNIT