{"url_path":"/sec/mbai/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1610590/0001213900-26-048090-index.html","accession_number":"0001213900-26-048090","cik":"0001610590","ticker":"MBAI","issuer_name":"Check-Cap Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1610590/0001213900-26-048090-index.html","primary_entity_key":"0001610590","primary_entity_name":"Check-Cap Ltd"},"word_count":10469,"has_tables":true,"body_markdown":"** **\n\n**Item\n19. Exhibits**\n\n** **\n\n**Exhibit Index**\n\n** **\n\n**Exhibit No.**\n \n**Description** \n\n \n \n \n\n1.1\n \n[Amended and Restated Articles of Association of the Registrant (23)](http://www.sec.gov/Archives/edgar/data/1610590/000117891323001275/exhibit_1-1.htm)\n\n2.1\n \n[Description of Securities Registered under Section 12 (19)](http://www.sec.gov/Archives/edgar/data/1610590/000117891322001429/exhibit_2-1.htm)\n\n2.2\n \n[Form of Registrant’s Ordinary Share Warrant Certificate (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891315000446/exhibit_4-1.htm)\n\n2.3\n \n[Form of Warrant Agreement dated as of February 24, 2015 between Check-Cap Ltd. and American Stock Transfer & Trust Company LLC, as Warrant Agent (20)](http://www.sec.gov/Archives/edgar/data/1610590/000117891315000567/exhibit_4-6.htm)\n\n2.4\n \n[Amendment No.1 dated as of June 24, 2015, to Warrant Agreement dated as of February 24, 2015 between Check-Cap Ltd. and American Stock Transfer & Trust Company LLC, as Warrant Agent (4)](http://www.sec.gov/Archives/edgar/data/1610590/000117891315002104/exhibit_4-1.htm)\n\n2.5\n \n[Form of Ordinary Shares Warrant Certificate issued pursuant to a certain Credit Line Agreement dated as of August 20, 2014 (21)](http://www.sec.gov/Archives/edgar/data/1610590/000117891317003232/exhibit_4-1.htm)\n\n2.6\n \n[Forms of Ordinary Shares Warrant Certificate issued to the Pontifax entities (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-15.htm)\n\n2.7\n \n[Form of Series C Warrant (5)](http://www.sec.gov/Archives/edgar/data/1610590/000117891318001272/exhibit_4-14.htm)\n\n2.8\n \n[Form of Warrant Agent Agreement between Check-Cap Ltd. and American Stock Transfer & Trust Company LLC, as Warrant Agent (5)](http://www.sec.gov/Archives/edgar/data/1610590/000117891318001272/exhibit_4-15.htm)\n\n2.9\n \n[Form of February 2019 Series D Warrant (7)](http://www.sec.gov/Archives/edgar/data/1610590/000117891319000303/exhibit_4-1.htm)\n\n2.10\n \n[Form of the February 2019 Placement Agent Warrant (7)](http://www.sec.gov/Archives/edgar/data/1610590/000117891319000303/exhibit_4-3.htm)\n\n4.1\n \n[2006 Unit Option Plan and Amendments thereto (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-1.htm)\n\n4.2\n \n[Form of Series C-1 preferred shares purchase warrant (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-4.htm)\n\n4.3\n \n[Forms of Series C-2 preferred shares purchase warrant (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-5.htm)\n\n4.4\n \n[Asset Transfer Agreement, dated as of May 31, 2009 by and between Check-Cap Ltd. and Check-Cap LLC (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-10.htm)\n\n4.5\n \n[The Agreement for ASIC Design and Development dated November 26, 2009 by and between Check-Cap Ltd. and Politechnico di Milano (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-11.htm)\n\n4.6\n \n[Form of Indemnification Agreement (1)](http://www.sec.gov/Archives/edgar/data/1610590/000117891314003928/exhibit_10-12.htm)\n\n4.7\n \n[2015 Equity Incentive Plan and 2015 United States Sub-Plan to 2015 Equity Incentive Plan (2)](http://www.sec.gov/Archives/edgar/data/1610590/000117891315002199/exhibit_99-3.htm)\n\n4.8\n \n[Compensation Policy for Executive Officers and Directors (15)](https://www.sec.gov/Archives/edgar/data/1610590/000117891320002868/exhibit_99-1.htm)\n\n4.9\n \n[Underwriting Agreement, dated as of May 4, 2018, by and between Check-Cap Ltd. and H.C. Wainwright & Co., LLC (6)](http://www.sec.gov/Archives/edgar/data/1610590/000117891318001462/exhibit_1-1.htm)\n\n4.10\n \n[Form of Securities Purchase Agreement dated as of February 4, 2019 by and between Check-Cap Ltd. and the Purchasers named therein (7)](http://www.sec.gov/Archives/edgar/data/1610590/000117891319000303/exhibit_10-1.htm)\n\n4.11\n \n[Form of Securities Purchase Agreement dated as of December 19, 2019 by and between Check-Cap Ltd. and the Purchasers named therein (8)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320000745/exhibit_4-15.htm)\n\n4.12\n \n[Form of Securities Purchase Agreement dated as of April 20, 2020 by and between Check-Cap Ltd. and the Purchasers signatory thereto (9)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001161/exhibit_10-1.htm)\n\n4.13\n \n[Form of Securities Purchase Agreement dated as of April 30, 2020 by and between Check-Cap Ltd. and the Purchasers signatory thereto (10)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001286/exhibit_10-1.htm)\n\n4.14\n \n[Form of Securities Purchase Agreement dated as of May 8, 2020 by and between Check-Cap Ltd. and the Purchasers signatory thereto (11)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001436/exhibit_10-1.htm)\n\n4.15\n \n[Form of Securities Purchase Agreement dated as of June 30, 2021 by and between Check-Cap Ltd. and the Purchasers signatory thereto (16)](http://www.sec.gov/Archives/edgar/data/1610590/000117891321002209/exhibit_10-1.htm)\n\n4.16\n \n[Form of Warrant Exercise Agreement dated as of July 23, 2020 by and between Check-Cap Ltd. and the Purchasers signatory thereto (12)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320002081/exhibit_10-1.htm)\n\n4.17\n \n[Form of Securities Purchase Agreement dated as of March 1, 2022 by and between Check-Cap Ltd. and the Purchasers signatory thereto (17)](http://www.sec.gov/Archives/edgar/data/1610590/000117891322000913/exhibit_10-1.htm)\n\n4.18\n \n[Form of Warrant Amendment Agreement dated as of March 1, 2022 by and between Check-Cap Ltd. and the Purchasers signatory thereto (19)](http://www.sec.gov/Archives/edgar/data/1610590/000117891322001429/exhibit_4-22.htm)\n\n4.19\n \n[Form of Warrant issued by Check-Cap Ltd. on April 22, 2020 (9)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001161/exhiibit_10-2.htm)\n\n4.20\n \n[Form of Warrant issued by Check-Cap Ltd. on May 4, 2020 (10)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001286/exhibit_10-2.htm)\n\n4.21\n \n[Form of Warrant issued by Check-Cap Ltd. on May 13, 2020 (11)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001436/exhibit_10-2.htm)\n\n4.22\n \n[Form of Warrant issued by Check-Cap Ltd. on July 27, 2020 (12)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320002081/exhibit_10-3.htm)\n\n4.23\n \n[Form of Warrant issued by Check-Cap Ltd. on July 2, 2021 (16)](http://www.sec.gov/Archives/edgar/data/1610590/000117891321002209/exhibit_10-2.htm)\n\n4.24\n \n[Form of Warrant issued by Check-Cap Ltd. on March 3, 2022 (17)](http://www.sec.gov/Archives/edgar/data/1610590/000117891322000913/exhibit_10-2.htm)\n\n \n\n133\n\n \n\n \n\n4.25\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on April 22, 2020 (13)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001553/exhibit_10-5.htm)\n\n4.26\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on May 4, 2020 (13)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001553/exhibit_10-6.htm)\n\n4.27\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on May 13, 2020 (13)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320001553/exhibit_10-7.htm)\n\n4.28\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on July 27, 2020 (12)](http://www.sec.gov/Archives/edgar/data/1610590/000117891320002081/exhibit_10-2.htm)\n\n4.29\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on July 2, 2021 (16)](http://www.sec.gov/Archives/edgar/data/1610590/000117891321002209/exhibit_10-3.htm)\n\n4.30\n \n[Form\nof Placement Agent Warrant issued by Check-Cap Ltd. on March 3, 2022 (17)](http://www.sec.gov/Archives/edgar/data/1610590/000117891322000913/exhibit_10-3.htm)\n\n4.31\n \n[Exclusive\nLicense Agreement between the Company and the Curators of the University Of Missouri, dated February 26, 2021 (18)](http://www.sec.gov/Archives/edgar/data/1610590/000117891321001100/exhibit_4-28.htm)\n\n4.32\n \n[Business\nCombination Agreement between Check-Cap Ltd. and Nobul AI Corp. dated March 25, 2024 (24)](http://www.sec.gov/Archives/edgar/data/1610590/000121390024026835/ea020276201ex99-1_checkcap.htm)\n\n4.33\n \nLoan Agreement, by and\nbetween Check-Cap Ltd. and Nobul AI Corp., dated September 8, 2024 (25)\n\n4.34\n \n[Loan\nAgreement, by and between Check-Cap Ltd. and Nobul AI Corp., dated December 23, 2024 (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex4-34_check.htm)\n\n4.35\n \n[Loan\nAgreement, by and between Check-Cap Ltd. and Nobul AI Corp., dated July 2, 2025 (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex4-35_check.htm)\n\n4.36\n \n[Loan\nAgreement, by and between Check-Cap Ltd. and Nobul AI Corp., dated July 3, 2025 (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex4-36_check.htm)\n\n4.37\n \n[Agreement\nand Plan of Merger, dated September 12, 2025, by and among Check-Cap Ltd., CC Merger Sub Inc. and MBody AI. (26)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025087248/ea025717701ex99-2_check.htm#b_001)\n\n4.38\n \nPurchase Agreement, dated\nDecember 17, 2025, between ARC Group International Ltd. and the Company (27)\n\n4.39*\n \n[Exchange Agreement, dated September 12, 2025 between Check-Cap Ltd. and Apollo Technology Capital Corporation.](ea028762301ex4-39.htm)\n\n4.40*\n \n[BCA Termination\nAgreement, dated September 12, 2025 between Check-Cap Ltd. and Apollo Technology Capital Corporation.](ea028762301ex4-40.htm)\n\n8.1\n \n[List\nof Subsidiaries (22)](http://www.sec.gov/Archives/edgar/data/1610590/000117891316004712/exhibit_8-1.htm)\n\n11.1\n \n[Insider\nTrading Policies and Procedures (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex11-1_check.htm)\n\n12.1*\n \n[Certification\nof Chief Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a)](ea028762301ex12-1.htm)\n\n12.2*\n \n[Certification\nof Chief Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a)](ea028762301ex12-2.htm)\n\n13.1*\n \n[Certification\nof Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C.  Section 1350, as adopted pursuant to Section\n906 of the Sarbanes-Oxley Act of 2002](ea028762301ex13-1.htm)\n\n15.1*\n \n[Consent\nof BCRG Group, independent registered public accounting firm](ea028762301ex15-1.htm)\n\n15.2\n \n[Nasdaq\nletter, dated April 9, 2025 (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex15-4_check.htm)\n\n15.3\n \n[Nasdaq\nletter, dated August 5, 2025 (25)](https://www.sec.gov/Archives/edgar/data/0001610590/000121390025080891/ea025346901ex15-5_check.htm)\n\n15.4\n \n[Nasdaq\nletter, dated May 21, 2025 (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex15-6_check.htm)\n\n15.5\n \n[Letter\nfrom Fahn Kanne & Co., independent registered public accounting firm (25)](http://www.sec.gov/Archives/edgar/data/1610590/000121390025080891/ea025346901ex15-7_check.htm)\n\n15.6*\n \n[Letter\nfrom RBSM LLP, independent registered public accounting firm](ea028762301ex15-6.htm)\n\n97.1\n \n[Policy\nRelating to Recovery of Erroneously Awarded Compensation (Incorporated by reference to Exhibit 97.1 to the Form 20-F filed by the\nRegistrant with the Securities and Exchange Commission on May 15, 2024)](https://www.sec.gov/Archives/edgar/data/1610590/000121390024043550/ea020589501ex97-1_check.htm)\n\n101.INS\n \nInline XBRL Instance Document.\n\n101.SCH\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL\n \nInline XBRL Taxonomy Extension Calculation Linkbase\nDocument.\n\n101.DEF\n \nInline XBRL Taxonomy Extension Definition Linkbase\nDocument.\n\n101.LAB\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE\n \nInline XBRL Taxonomy Extension Presentation Linkbase\nDocument.\n\n104\n \nCover Page Interactive Data File (formatted as Inline\nXBRL and contained in Exhibit 101).\n\n \n\n*Filed\nherewith.\n\n \n\n(1)\nIncorporated by reference\nto the Registration Statement on Form F-1 of the Registrant (File No. 333-201250).\n\n \n\n(2)\nIncorporated by reference\nto Annex B of Exhibit 99.3 to the Form 6-K filed by the Registrant with the Form 6-K filed by the Registrant with the Securities\nExchange Commission on July 6, 2015.\n\n \n\n(3)\nIncorporated by reference\nto the Form 6-K filed by the Registrant with the Securities and Exchange Commission on August 12, 2016.\n\n \n\n(4)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on June 24, 2015.\n\n \n\n134\n\n \n\n \n\n(5)\nIncorporated by reference to the Registration Statement on Form F-1/A by the Registrant with the Securities and Exchange Commission on April 25, 2018.\n\n \n\n(6)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on May 4, 2018.\n\n \n\n(7)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on February 6, 2019.\n\n \n\n(8)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on March 6, 2020.\n\n \n\n(9)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on April 22, 2020.\n\n \n\n(10)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on May 4, 2020.\n\n \n\n(11)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on May 12, 2020.\n\n \n\n(12)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on July 24, 2020.\n\n \n\n(13)\nIncorporated by reference to the Registration Statement on Form F-1 by the Registrant with the SEC on May 20, 2020.\n\n \n\n(14)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the Securities and Exchange Commission on March 15, 2016.\n\n \n\n(15)\nIncorporated by reference to Exhibit A to Exhibit 99.1 to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on October 21, 2020.\n\n \n\n(16)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on July 2, 2021.\n\n \n\n(17)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2022.\n\n \n\n(18)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on March 18, 2021.\n\n \n\n(19)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on April 6, 2022.\n\n \n\n(20)\nIncorporated by reference to the Registration Statement on Form F-1/A by the Registrant with the Securities and Exchange Commission on February 17, 2015.\n\n \n\n(21)\nIncorporated by reference to the Form 6-K filed by the Registrant with the Securities and Exchange Commission on November 22, 2017.\n\n \n\n(22)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on March 15, 2016.\n\n \n\n(23)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on March 31, 2023.\n\n \n \n\n(24)\nIncorporated by reference to the Form 6-K filed by the Registrant with the SEC on March 28, 2024.\n\n \n \n\n(25)\nIncorporated by reference to the Annual Report on Form 20-F filed by the Registrant with the SEC on August 27, 2025.\n\n \n \n\n(26)\nIncorporated by reference to the Form 6-K filed by the Registrant with the SEC on September 12, 2025.\n\n \n \n\n(27)\nIncorporated by reference to the Form 6-K filed by the Registrant with the SEC on December 22, 2025.\n\n \n\n135\n\n \n\n \n\n**Signatures**\n\n \n\nThe Registrant hereby certifies\nthat it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this\nAnnual Report on its behalf.\n\n \n\nDate: April 27, 2026\n**CHECK-CAP LTD.**\n\n \n \n\n \nBy:\n/s/ David Lontini\n\n \nName: \nDavid Lontini\n\n \nTitle:\nInterim Chief Executive Officer\n\n \n \n\n \nBy:\n/s/ Alan Lewis\n\n \nName:\nAlan Lewis\n\n \nTitle:\nChief Financial Officer\n\n \n\n136\n\n \n\n \n\n**CHECK-CAP LTD.**\n\n \n\n**CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER\n31, 2024**\n\n \n\n**Table of Contents**\n\n \n\n \n \n**Page**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID No. 7158)](#f_001)\n \nF-2\n\n[Consolidated Balance Sheets](#f_002)\n \nF-4\n\n[Consolidated statements of operations and comprehensive loss](#f_003)\n \nF-5\n\n[Consolidated statements of changes in shareholders' (deficit) equity](#f_004)\n \nF-6\n\n[Consolidated statements of cash flow](#f_005)\n \nF-7\n\n[Notes to the Consolidated financial statements](#f_007)\n \nF-9\n\n \n\nF-1\n\n \n\n \n**200\nSpectrum Center Drive, Suite**1**300**\n\n**Irvine,\nCA 92618**\n\n**(714)\n234-5980**\n\n**www.bcrgcpas.com**\n\n \n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Shareholders and the Board of Directors\nof Check-Cap Ltd.\n\n \n\n**Opinion on the Consolidated Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of Check-Cap Ltd. (the “Company”) as of December 31, 2025, 2024 and 2023, and the related consolidated statements\nof operations, stockholders’ equity (deficit), and cash flows for each of the three years in the period ended December 31, 2025,\nand the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated\nfinancial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, 2024 and\n2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity\nwith accounting principles generally accepted in the United States of America.\n\n \n\n**Going Concern**\n\n \n\nThe accompanying consolidated financial statements\nhave been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,\nthe Company has incurred recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue\nas a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements\ndo not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese consolidated financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial\nstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United\nStates) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated\nfinancial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we\nengaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide\na reasonable basis for our opinion.\n\n \n\nF-2\n\n \n\n**Critical Audit Matters**\n\n \n\nThe critical audit matters communicated below\nare matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated\nto the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and\n(2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter\nour opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,\nproviding separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n \n\n**1. Investment in Apollo Technology Capital\nCorporation / Conversion of Loan Receivable to Equity Investment**\n\n \n\nAs discussed in Note 14 to the consolidated financial\nstatements, during 2025 the Company converted loans receivable and accrued interest due from Apollo Technology Capital Corporation (“Apollo”)\ninto an equity investment representing approximately 7.5% of Apollo’s fully diluted equity, which the Company accounts for under\nASC 321 (Investments—Equity Securities). The Company recorded a full expected credit loss allowance on the loans receivable prior\nto conversion. The initial carrying value of the equity investment was determined by reference to an independent third-party valuation.\n\n \n\nWe identified this as a critical audit matter\ndue to the non-routine nature of the transaction and significant judgment required to evaluate (i) the transaction terms, (ii) classification\nof the investment, (iii) timing of derecognition of the loan and recognition of the investment, and (iv) initial valuation and impairment\nconsiderations. Limited observable market data increased audit complexity.\n\n \n\nOur audit procedures included inspecting loan\nagreements, amendments, approvals, and conversion documents; testing loan balances, interest accrual, and conversion calculations; assessing\nvaluation methodology and assumptions; evaluating impairment indicators at year-end; evaluating management’s accounting under ASC\n321 (Investments—Equity Securities) and ASC 326 (Financial Instruments—Credit Losses) expected credit loss analysis; reviewing\nApollo’s available financial information and liquidity; assessing the adequacy of the related financial statement disclosures\n\n \n\n**/s/ BCRG Group**\n\n \n\nBCRG Group (PCAOB ID 7158)\n\nWe have served as the Company’s auditor\nsince 2025.\n\nIrvine, CA\n\nApril 27, 2026\n\nF-3\n\n \n\n**CHECK CAP LTD**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**(U.S. dollars in thousands, except share and\nper share data)**\n\n \n\n  \n  \nDecember 31, \n\n  \nNote \n2025  \n2024 \n\nAssets \n  \n   \n  \n\nCurrent assets \n  \n   \n  \n\nCash and cash equivalents \n2(D) \n$2  \n$\n-\n \n\nShort-term Bank Deposit \n2(E) \n 217  \n 265 \n\nTotal cash, cash equivalents, and short-term deposits \n  \n 219  \n 265 \n\nPrepaid expenses and other current assets \n3 \n \n-\n  \n \n-\n \n\nTotal current assets \n  \n 219  \n 265 \n\n  \n  \n    \n   \n\nNon-current assets \n  \n    \n   \n\nIntangible Asset, net \n  \n 726  \n \n-\n \n\nInvestments \n  \n 6,525  \n \n-\n \n\nProperty and equipment, net \n4 \n \n-\n  \n \n-\n \n\nRight of Use Assets \n5 \n 16  \n 112 \n\nTotal non-current assets \n  \n 7,267  \n 112 \n\nTotal assets \n  \n$7,486  \n$377 \n\n  \n  \n    \n   \n\nLiabilities and shareholders’ (deficit) equity \n  \n    \n   \n\nCurrent liabilities \n  \n    \n   \n\nAccounts payable and accruals \n  \n \n \n  \n \n \n \n\nTrade \n  \n$790  \n$492 \n\nOther \n  \n 2,197  \n 793 \n\nEmployees and payroll accruals \n6 \n 406  \n 406 \n\nOther Accrued Liabilities \n  \n 640  \n \n-\n \n\nOperating lease liabilities – current \n5 \n 16  \n 120 \n\nTotal current liabilities \n  \n 4,049  \n 1,811 \n\n  \n  \n    \n   \n\nNon-current liabilities \n  \n    \n   \n\nRoyalties provision \n8(A) \n \n-\n  \n \n-\n \n\nOperating lease liabilities - non-current \n5 \n \n-\n  \n 16 \n\nTotal non-current liabilities \n  \n \n-\n  \n 16 \n\n  \n  \n    \n   \n\nShareholders’ equity \n10 \n    \n   \n\nShare capital, Ordinary shares 48 NIS par value (18,000,000 authorized shares as of December 31, 2025 and 2024; 7,020,502 and 5,850,906 shares issued and outstanding as of December 31, 2025 and 2024, respectively) (1) \n  \n 83,918  \n 83,751 \n\nAdditional paid-in capital \n  \n 85,389  \n 84,809 \n\nAccumulated deficit \n  \n (165,870) \n (170,010)\n\nTotal shareholders’ equity \n  \n 3,437  \n (1,450)\n\n  \n  \n    \n   \n\nTotal liabilities and shareholders’ equity \n  \n$7,486  \n$377 \n\n \n\n(1) All share amounts have been retroactively adjusted to reflect a 1-for-20 share reverse split, see Note 1(A)(11).\n\n \n\n**The accompanying notes to the consolidated financial\nstatements are an integral part of them.**\n\n \n\nF-4\n\n \n\n**CHECK CAP LTD**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS**\n\n**(U.S. dollars in thousands, except share and\nper share data)**\n\n \n\n  \n  \nYear ended December 31, \n\n  \nNote \n2025  \n2024  \n2023 \n\n  \n  \n   \n   \n  \n\nResearch and development expenses, net \n12 \n$\n-\n  \n$\n-\n  \n$8,311 \n\nGeneral and administrative expenses \n13 \n 2,373  \n 9,462  \n 9,550 \n\nImpairment of fixed assets \n4(2) \n \n-\n  \n \n-\n  \n 1,426 \n\nOperating income (loss) \n  \n (2,373) \n (9,462) \n (19,287)\n\n  \n  \n    \n    \n   \n\nOther income (expense): \n  \n    \n    \n   \n\nImpairment of loans receivable \n14 \n \n-\n  \n (16,487) \n \n-\n \n\nIncome on Debt Extinguishment and Conversion \n  \n 6,525  \n \n-\n  \n \n-\n \n\nFinance income, net \n15 \n (12) \n 800  \n 1,719 \n\n  \n  \n    \n    \n   \n\nNet income (loss) \n  \n$4,140  \n$(25,149) \n$(17,568)\n\n  \n  \n    \n    \n   \n\nComprehensive income (loss) \n  \n$4,140  \n$(25,149) \n$(17,568)\n\nIncome (loss) per share: \n  \n    \n    \n   \n\nNet income (loss) per ordinary share - basic and diluted \n  \n$0.66  \n$(4.30) \n$(3.00)\n\n  \n  \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding - basic and diluted \n16 \n 6,232,226  \n 5,849,013  \n 5,848,737 \n\n \n\n**The accompanying notes to the consolidated financial\nstatements are an integral part of them.**\n\n** **\n\nF-5\n\n \n\n**CHECK CAP LTD**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nDEFICIT**\n\n**(U.S. dollars in thousands, except share and\nper share data)**\n\n \n\n  \n   \n   \nAdditional  \n   \nTotal \n\n  \n   \n   \npaid-in  \nAccumulated  \nShareholders’ \n\n  \nNumber  \nAmount  \ncapital  \ndeficit  \nDeficit \n\nBalance as of December 31, 2022 \n 5,844,463  \n 83,664  \n 84,941  \n (127,293) \n 41,312 \n\nChanges during 2022: \n    \n    \n    \n    \n   \n\nRSU vesting \n 6,092  \n 82  \n (82) \n \n-\n  \n \n-\n \n\nShare-based compensation \n -  \n \n-\n  \n (57) \n \n-\n  \n (57 \n\nNet loss \n -  \n \n-\n  \n \n-\n  \n (17,568) \n (17,568)\n\nBalance as of December 31, 2023 \n 5,850,555  \n 83,746  \n 84,802  \n (144,861) \n 23,687 \n\nChanges during 2024: \n    \n    \n    \n    \n   \n\nRSU vesting \n 351  \n 5  \n (5) \n \n-\n  \n \n-\n \n\nShare-based compensation \n -  \n \n-\n  \n 12  \n \n-\n  \n 12 \n\nNet loss \n -  \n \n-\n  \n \n-\n  \n (25,149) \n (25,149)\n\nBalance as of December 31, 2024 \n 5,850,906  \n 83,751  \n 84,809  \n (170,010) \n (1,450)\n\nChanges during 2025: \n    \n    \n    \n    \n   \n\nIssuance of shares - Ghost Kitchens ARA \n 1,169,596  \n 167  \n 592  \n \n-\n  \n 759 \n\nRSU vesting \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nShare-based compensation \n -  \n \n-\n  \n (12) \n \n-\n  \n (12)\n\nNet income \n -  \n \n-\n  \n \n-\n  \n 4,140  \n 4,140 \n\nBalance as of December 31, 2025 \n 7,020,502  \n 83,918  \n 85,389  \n (165,870) \n 3,437 \n\n \n\n(1)\nAll share amounts have been retroactively adjusted to reflect a 1-for-20 share reverse split, see Note 1(A)(11).\n\n \n\n**The accompanying notes to the consolidated financial\nstatements are an integral part of them.**\n\n** **\n\nF-6\n\n \n\n**CHECK CAP LTD**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(U.S. dollars in thousands, except share and\nper share data)**\n\n \n\n  \nNote \n2025  \n2024  \n2023 \n\nCASH FLOWS FROM OPERATING ACTIVITIES \n  \n   \n   \n  \n\nNet income (loss) \n  \n$4,140  \n$(25,149) \n$(17,568)\n\nAdjustments required to reconcile net loss to net cash used in operating activities: \n  \n    \n    \n   \n\nDepreciation \n  \n \n-\n  \n 161  \n 212 \n\nImpairment of loans receivable \n14 \n \n-\n  \n 16,487  \n \n \n \n\nImpairment of fixed assets \n  \n \n-\n  \n \n-\n  \n 1,426 \n\nShare-based compensation \n  \n (12) \n 12  \n (57)\n\nFinancial expense (income), net \n  \n \n-\n  \n \n-\n  \n 305 \n\nChanges in assets and liabilities items: \n  \n    \n    \n   \n\nOperation leasing \n  \n 95  \n (112) \n 49 \n\nDecrease (increase) in prepaid and other current assets and non-current assets \n  \n (6,491) \n 100  \n 480 \n\nIncrease (decrease) in trade accounts payable, accruals and other current liabilities \n  \n 2,222  \n 497  \n (851)\n\nDecrease in employees and payroll accruals \n  \n \n-\n  \n \n-\n  \n (856)\n\nDecrease in royalties provision \n  \n \n-\n  \n \n-\n  \n (94)\n\nNet cash used in operating activities \n  \n$(46) \n$(8,004) \n$(16,954)\n\n  \n  \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES \n  \n    \n    \n   \n\nPurchase of property and equipment \n  \n \n-\n  \n \n-\n  \n (83)\n\nIssuance of loans receivable \n1(A)8 \n \n-\n  \n (16,487) \n \n-\n \n\nChanges (investment) in short-term bank and other deposits \n  \n 48  \n 15,647  \n 21,439 \n\nNet cash provided in (used in) investing activities \n  \n$48  \n$(840) \n$21,356 \n\n  \n  \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES \n  \n    \n    \n   \n\nIssuance of ordinary shares in the registered direct offerings, net of issuance expenses \n  \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash provided by financing activities \n  \n$\n-\n  \n$\n-\n  \n$\n-\n \n\n  \n  \n    \n    \n   \n\nNet increase (decrease) in cash, cash equivalents and restricted cash \n  \n 2  \n (8,844) \n 4,402 \n\n  \n  \n    \n    \n   \n\nCash, cash equivalents and restricted cash at the beginning of the year \n  \n \n-\n  \n 8,844  \n 4,442 \n\n  \n  \n    \n    \n   \n\nCash, cash equivalents and restricted cash at the end of the year \n  \n$2  \n$\n-\n  \n$8,844 \n\n \n\n**Supplemental information for Cash Flow: **\n\n \n\n  \n2025  \n2024  \n2023 \n\nSupplemental disclosure of non-cash flow information \n   \n   \n  \n\nPurchase of property and equipment \n \n-\n  \n \n-\n  \n 35 \n\nAssets acquired under operating lease \n \n-\n  \n \n-\n  \n \n-\n \n\nSupplemental disclosure of cash flow information \n    \n    \n   \n\nCash paid for taxes \n \n-\n  \n \n-\n  \n 25 \n\nInterest received \n \n-\n  \n 738  \n 2,023 \n\n \n\n**The accompanying notes to the consolidated financial\nstatements are an integral part of them.**\n\n \n\nF-7\n\n \n\n**CHECK CAP LTD**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**(U.S. dollars in thousands, except share and\nper share data)**\n\n \n\n  \n2025  \n2024  \n2023 \n\nRECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET \n   \n   \n  \n\nCash and Cash equivalents \n$2  \n$\n-\n  \n$8,844 \n\nRestricted cash included current assets \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal cash, cash equivalents, and restricted cash \n$2  \n$\n-\n  \n$8,844 \n\n \n\n**The accompanying notes to the consolidated financial\nstatements are an integral part of them.**\n\n \n\nF-8\n\n \n\n**CHECK CAP LTD.**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n(U.S. dollars in thousands, except share and per\nshare data)\n\n \n\n**NOTE 1 – GENERAL INFORMATION**\n\n \n\n**A.****General**\n\n \n\n(1)Check Cap Ltd. (the “Company”) was incorporated\nunder the laws of the State of Israel. The registered address of its offices is 29 Abba Hushi Avenue, Isfiya 3009000, Israel.\n\n \n\n(2)The Company has three wholly-owned subsidiaries: Check-Cap\nUS, Inc., incorporated under the laws of the State of Delaware on May 15, 2015; Check-Cap Canada Inc., incorporated on April 9, 2024,\nand CC Merger Sub Inc., incorporated under the laws of the State of Nevada on September 9, 2025.\n\n \n\n(3)The Company was engaged in a clinical-stage medical diagnostics\ncompany that aimed to redefine colorectal cancer (CRC) screening through the introduction of C-Scan®, a screening test designed to\ndetect polyps before they may transform into colorectal cancer. C-Scan uses an ultra-low dose X-ray capsule, an integrated positioning,\ncontrol and recording system, as well as proprietary software to generate a 3D map of the inner lining of the colon. C-Scan is non-invasive\nand requires no preparation or sedation.\n\n \n\n(4)On March 21, 2023, the Company announced that the most recent\nefficacy results from its calibration studies did not meet the goal required to proceed to the powered portion of the U.S. pivotal study.\nOn June 6, 2023, the Company’s Board of Directors determined it was appropriate to pursue strategic options, approved a significant\nreduction in workforce, discontinued the calibration studies, and concentrated resources on strategic alternatives.\n\n \n\n(5)On December 24, 2023, the Company received a notice terminating\nthe Keystone BCA pursuant to Section 10.1(e) thereof, in light of the failure by the Company’s shareholders to approve the transaction\nat the December 18, 2023 Annual General Meeting. At the same meeting, the then-existing Board of Directors was replaced by five new board\nmembers.\n\n \n\n(6)Since its inception, the Company has devoted substantially\nall of its efforts to research and development, clinical trials, recruiting management and technical staff, acquiring assets, and raising\ncapital. The Company has not yet generated revenues from operations.\n\n \n\n(7)On March 25, 2024, the Company entered into a business combination\nagreement (the “Apollo BCA”) with Apollo Technology Capital Corporation (formerly known as Nobul AI Corp.) (“Apollo”),\na private Ontario corporation. Subsequently, the Company’s primary strategic focus shifted to a proposed business combination with\nMBody AI Corp., a Nevada corporation (“MBody AI”) (the “Merger”). On November 17, 2025, the Company held a special\ngeneral meeting of shareholders at which approximately 98% of votes cast were in favor of the Merger. The Merger is expected to transform\nthe Company into a Nasdaq-listed embodied-AI enterprise, subject to final regulatory and procedural conditions. See Note 19 – Subsequent\nEvents.\n\n \n\nF-9\n\n \n\n(8)During the year ended December 31, 2024, the Company entered\ninto a series of financing arrangements with Apollo in connection with the Apollo BCA. On September 8, 2024, the Board approved the First\nApollo Loan ($6,000, 5% per annum) and an amendment to the Apollo BCA requiring the Company to deposit $11,000 into a segregated bank\naccount at the Royal Bank of Canada (the “Segregated Account”) for Apollo business activities.\n\n \n\nOn December 23, 2024, the Board approved\nthe Second Apollo Loan ($6,000). As of December 31, 2024, $2,100 of the Segregated Account had been used by Apollo for acquisition targets\nand growth initiatives; $700 had been used for certain Company expenses; and $2,200 remained in the Segregated Account.\n\n \n\nIn July 2025, in connection with the\naudit of the Company’s December 31, 2024 financial statements, the Company reclassified the $2,100 as the Third Apollo Loan and\nthe $2,200 as the Fourth Apollo Loan, each on the same terms as the First Apollo Loan. See Note 19 – Subsequent Events.\n\n \n\nAlso in July 2025, management evaluated\nthe recoverability of the Apollo Loans (First through Fourth) in accordance with ASC 326, Financial Instruments – Credit Losses,\nand recorded a full allowance for credit losses on the Apollo Loans as of December 31, 2024. As of the date of issuance of these financial\nstatements, the Apollo Loans are contractually current and not in default. See Note 14.\n\n \n\n(9)The Company’s ordinary shares are listed on the Nasdaq\nCapital Market under the symbol “MBAI” (formerly “CHEK”, prior to December 2, 2025). The Company has conducted\nmultiple registered direct offerings and warrant exercise transactions since its IPO on February 24, 2015. The Company’s Series\nA Warrants expired on February 24, 2020 and Series C Warrants expired on May 8, 2023.\n\n \n\n(10)The consolidated financial statements include the accounts\nof Check Cap Ltd., Check-Cap US, Inc., and Check-Cap Canada Inc. All intercompany transactions and balances have been eliminated.\n\n \n\n(11)Effective November 23, 2022, the Company effected a 1-for-20\nreverse share split. All share and per-share amounts in these financial statements have been retroactively adjusted.\n\n \n\n(12)Following the October 7, 2023 attacks in Israel, the country\nhas been involved in ongoing military conflicts. Although certain ceasefire agreements have been reached, the situation remains volatile\nwith potential for escalation. The Company continues to monitor developments and their potential impact on operations.\n\n \n\nF-10\n\n \n\n**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND GOING\nCONCERN**\n\n \n\n**A.****Going Concern**\n\n \n\nThe accompanying consolidated financial statements have been\nprepared on a going concern basis. As of December 31, 2025, the Company had an accumulated deficit of approximately $165,870 and cash\nand cash equivalents of approximately $2. The Company has not generated revenues from operations and has incurred substantial net losses\nsince inception.\n\n \n\nNotwithstanding net income of $4,140 for the year ended December\n31, 2025, which arose primarily from a non-cash credit loss recovery of $6,525 recognized upon reinstatement of the Apollo loan receivable\nduring the first half of 2025 (see Note 14), the Company’s operating cash flows remain negative. These conditions raise substantial doubt about\nthe Company’s ability to continue as a going concern. Management’s plans include consummating the pending merger with MBody\nAI Corp. and utilizing the ARC Equity Line of Credit facility. There is no assurance these plans will be successfully executed.\n\n \n\n**B.****Basis of Presentation**\n\n \n\nThe Company’s consolidated financial statements have\nbeen prepared in accordance with U.S. GAAP. The functional currency of the Company is the U.S. dollar.\n\n** **\n\n**C.****Consolidation**\n\n \n\nThe consolidated financial statements include the accounts\nof Check Cap Ltd. and its wholly-owned subsidiaries, Check-Cap US, Inc. and Check-Cap Canada Inc. All intercompany transactions and balances\nhave been eliminated in consolidation.\n\n \n\n**D.****Cash and Cash Equivalents**\n\n \n\nThe Company considers all short-term, highly liquid investments\nwith original maturities of three months or less to be cash equivalents.\n\n \n\n**E.****Short-term Bank Deposit**\n\n \n\nBank deposits with original maturities of more than three\nmonths but less than twelve months are included in short-term bank deposits and bear interest at market rates.\n\n \n\n**F.****Property and Equipment**\n\n \n\nProperty and equipment are stated at cost less accumulated\ndepreciation. Depreciation is computed using the straight-line method over estimated useful lives: laboratory equipment 5–7 years;\noffice furniture and equipment 5–7 years; computers and auxiliary equipment 3 years.\n\n \n\n**G.****Intangible Assets**\n\n \n\nIntangible assets are recorded at cost and amortized on a\nstraight-line basis over their estimated useful lives. The Ghost Kitchens ARA intangible asset, recorded at $759 upon issuance of shares\non September 4, 2025, is amortized over its estimated useful life. Amortization expense for the year ended December 31, 2025 was $34.\n\n \n\n**H.****Impairment of Long-Lived Assets**\n\n \n\nThe Company reviews long-lived assets for impairment whenever\nevents or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying\namount exceeds the fair value of the asset.\n\n \n\nF-11\n\n \n\n**I.****Investments in Equity Securities**\n\n \n\nThe Company accounts for investments in equity securities\nwithout a readily determinable fair value under ASC 321, using the measurement alternative (cost less impairment, adjusted for observable\nprice changes in orderly transactions for identical or similar investments of the same issuer). The Apollo equity investment of $6,525\nthousand, arising from the noncash debt-for-equity exchange recognized on November 14, 2025, is recorded at cost equal to the carrying\nvalue of the loan receivable surrendered. No gain or loss was recognized on exchange. See Note 14.\n\n \n\n**J.****Research and Development Expenses**\n\n \n\nResearch and development expenses are charged to operations\nas incurred, net of participation from the Israeli Innovation Authority.\n\n \n\n**K.****Share-Based Compensation**\n\n \n\nThe Company measures share-based compensation awards at grant-date\nfair value using the Black-Scholes option-pricing model and recognizes compensation expense on a straight-line basis over the requisite\nservice period.\n\n \n\n**L.****Income Taxes**\n\n \n\nThe Company uses the asset and liability method for income\ntaxes. A full valuation allowance has been established against all deferred tax assets given the Company’s history of losses.\n\n \n\n**M.****Loss (Earnings) Per Share**\n\n \n\nBasic earnings (loss) per share is computed by dividing net\nincome (loss) by the weighted average number of ordinary shares outstanding during the year. Diluted earnings (loss) per share equals\nbasic in loss years as all potentially dilutive securities are anti-dilutive.\n\n \n\n**N.****Fair Value Measurements**\n\n \n\nThe Company applies ASC 820, using a three-level hierarchy:\nLevel 1 (quoted prices), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs).\n\n \n\n**O.****Leases**\n\n \n\nThe Company accounts for leases in accordance with ASC 842.\nAs of December 31, 2025, the Company has one operating lease for office facilities in Isfiya, Israel.\n\n \n\n**P.****Recent Accounting Pronouncements**\n\n \n\nASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Tax\nDisclosures) are effective for fiscal years beginning after December 15, 2023 and 2024, respectively. The Company is evaluating their\nimpact. No other recently issued but not yet effective pronouncements are expected to have a material impact.\n\n \n\n**Q.****Severance Pay**\n\n \n\nAll Company employees are subject to Section 14 of the Israeli\nSeverance Pay Law. The Company’s monthly deposits release it from future severance obligations; accordingly, no related assets or\nliabilities are presented on the balance sheet.\n\n \n\n**R.****Deferred Income Taxes**\n\n \n\nDeferred tax assets and liabilities are recognized for temporary\ndifferences between carrying amounts and tax bases. Given the Company’s history of losses, a full valuation allowance has been established\nagainst all deferred tax assets, including net operating loss carryforwards.\n\n \n\nF-12\n\n \n\n**NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS**\n\n** **\n\n**Composition:**\n\n \n\n  \n **December 31,** \n\n  \n 2025  \n 2024 \n\n  \n    \n   \n\nGovernment institutions \n \n-\n  \n \n-\n \n\nPrepaid expenses \n \n-\n  \n \n-\n \n\nDeposits \n \n-\n  \n \n-\n \n\nOther assets \n \n-\n  \n \n-\n \n\nTotal prepaid expenses and other current assets \n \n-\n  \n \n-\n \n\n \n\n**NOTE 4 – PROPERTY AND EQUIPMENT, NET**\n\n \n\n**Composition:**\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\nCost: \n   \n  \n\nOffice furniture and equipment \n 827  \n 827 \n\nLaboratory equipment \n 1,938  \n 1,938 \n\nComputers and auxiliary equipment \n 571  \n 571 \n\n  \n 3,336  \n 3,336 \n\nAccumulated depreciation \n 3,336  \n 3,336 \n\nImpairment of fixed assets \n \n-\n  \n \n-\n \n\nProperty and equipment, net \n \n-\n  \n \n-\n \n\n \n\n(1)Depreciation expenses amounted to $0, $0, and $161 for the\nyears ended December 31, 2025, 2024, and 2023, respectively.\n\n \n\n(2)Impairment of fixed assets: The Company recorded an impairment\nloss of $1,426 for the year ended December 31, 2023, following the decision to discontinue clinical studies. See Note 1(A)(4).\n\n \n\n**NOTE 5 – LEASES**\n\n \n\n(1)The Company’s office lease in Isfiya, Israel (approximately\n1,550 square meters, originally under the Amended Lease Agreement) expired December 31, 2023. Following expiry, the Company agreed to\nlease a portion of the premises at a monthly fee of $8.3. On April 15, 2024, this lease was extended for two years commencing March 1,\n2024, terminable upon 60 days’ notice.\n\n \n\n(2)The Petach Tikva sub-lease (laboratory space) was terminated\neffective September 8, 2023.\n\n \n\n(3)The Petach Tikva office lease was terminated by the parties\nin September 2023.\n\n \n\n(4)As of December 31, 2025, operating lease right-of-use assets\nand current lease liabilities were $16. The Company uses its incremental borrowing rate as the discount rate.\n\n \n\nF-13\n\n \n\n**NOTE 6 – EMPLOYEE BENEFITS AND PAYROLL ACCRUALS**\n\n** **\n\n**A.****Composition:**\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\nShort-term employee benefits: \n   \n  \n\nBenefits for vacation and recreation pay \n 142  \n 142 \n\nLiability for payroll, bonuses and wages \n 264  \n 264 \n\n  \n 406  \n 406 \n\n \n\n**B.****Post-employment benefits**\n\n \n\nAll Company employees elected to be included under Section\n14 of the Israeli Severance Pay Law. The Company’s monthly deposits at a rate of 8.33% of salary release it from future severance\nobligations. Related assets and liabilities are not presented in the balance sheet. The Company did not make contributions to pension\nfunds in 2025 or 2024.\n\n \n\n**C.****Short-term employee benefits**\n\n \n\nEmployees are entitled to paid vacation days in accordance\nwith the Yearly Vacation Law-1951. Accrued but unused vacation days are payable upon termination.\n\n \n\n**NOTE 7 – INCOME TAXES**\n\n \n\n**A.****The Company**\n\n \n\nCheck-Cap Ltd. is taxed according to Israeli tax laws:\n\n \n\n**1.****Corporate tax rates in Israel**\n\n \n\nThe Israeli corporate tax rate in years 2022, 2023, 2024,\n2025 and onwards is 23%.\n\n \n\n**2.****The Law for the Encouragement of Capital Investments, 1959 (the “Investments Law”)**\n\n \n\nUnder the Investments Law, including Amendment No. 60 as\npublished in April 2005, by virtue of the “Benefited Enterprise” status, the Company is entitled to various tax benefits as\nfollows:\n\n \n\n**a)****Reduced tax rates**\n\n \n\nThe Company has one Benefited Enterprise program under the\nInvestments Law, which entitles it to certain tax benefits with respect to income to be derived from its Benefited Enterprise. The Company\nchose 2010 as the year of election (the “Year of Election”). Due to the location of the Company’s offices, the Company\nbelieves it is entitled to a 10-year benefit period, subject to a 14-year limitation from the Year of Election. The tax benefit period\nended in 2023.\n\n \n\n**b)****Conditions for entitlement to the benefits**\n\n \n\nThe benefits available to a Benefited Enterprise are subject\nto the fulfillment of conditions stipulated in the Investments Law and its regulations.\n\n \n\n**c)****Amendment of the Investments Law**\n\n \n\nThe Investments Law was amended as part of the Economic Policy\nLaw for the years 2011-2012, passed by the Israeli Knesset on December 29, 2010 (the “Capital Investments Law Amendment”).\nThe Capital Investments Law Amendment set alternative benefit tracks. Under the transitional provisions, the Company was entitled to elect\nthat the Capital Investments Law Amendment applies; however, the Company elected not to have the Capital Investments Law Amendment apply\nto the Company.\n\n \n\nOn December 22, 2016, the Knesset approved amendment number\n73 to the Investments Law introducing reduced corporate tax rate tracks of 7.5% for Preferred Technological Enterprises located in Development\nArea A and 12% for the rest of the country, and 6% for a Special Preferred Technological Enterprise.\n\n \n\nIn accordance with the Israeli Income Tax Ordinance [New\nVersion], 1961, as of December 31, 2025, all of the Company’s tax assessments through tax year 2017 are considered final. Tax years\n2018 through 2025 remain open to examination by the Israeli Tax Authority.\n\n \n\nF-14\n\n \n\n**B.****Check-Cap US, Inc.**\n\n \n\nCheck-Cap US, Inc. is taxed according to U.S. tax laws at\na federal rate of 21%.\n\n \n\nCheck-Cap US, Inc. had no net operating loss carryforwards\nas of December 31, 2025 (December 31, 2024: $177,107; December 31, 2023: $13).\n\n \n\nUtilization of any U.S. NOL carryforwards may be subject\nto substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, due to ownership changes that have\noccurred or could occur in the future. The Company has not completed a detailed study to determine whether such ownership changes have\noccurred.\n\n \n\n**C.****Deferred income taxes**\n\n \n\nAs of December 31, 2025, Check-Cap Ltd. has accumulated\nIsraeli net operating loss carryforwards of approximately $129,559 (December 31, 2024: $127,162; December 31, 2023: $118,512). Under the\nIsraeli Income Tax Ordinance, these losses may be carried forward indefinitely to offset future Israeli taxable income. No Israeli NOL\ncarryforwards are subject to expiry.\n\n \n\nAs of December 31, 2025, Check-Cap US, Inc. has no U.S.\nfederal or state net operating loss carryforwards.\n\n \n\nIn assessing the realizability of deferred tax assets,\nthe Company considers whether it is more likely than not that all or some portion of the deferred tax assets will be realized. Based on\nthe Company’s history of losses, its cessation of operations in June 2023, the absence of revenue since that date, and the absence\nof objectively verifiable projections of future taxable income, the Company has established a full valuation allowance against all net\noperating loss carryforwards. The Company does not expect to pay taxes in Israel until it has taxable income sufficient to fully utilize\nits carryforward tax losses.\n\n \n\nNet deferred tax assets consist of the following components:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nDeferred tax assets: \n   \n   \n  \n\nNOL carryforwards – Israel (at 23%) \n$29,799  \n$29,247  \n$27,258 \n\nNOL carryforwards – U.S. (at 21%) \n \n-\n  \n \n-\n  \n 3 \n\nTotal gross deferred tax asset \n$29,799  \n$29,247  \n$27,261 \n\nValuation Allowance \n$(29,799) \n$(29,247) \n$(27,261)\n\nNet Deferred Tax Asset \n$\n-\n  \n$\n-\n  \n$\n-\n \n\n \n\n*All amounts in USD thousands. The Israeli NOL DTA is\ncomputed at the 23% Israeli statutory corporate tax rate on accumulated Israeli tax losses of $129,559, $127,162 and $118,512 at December\n31, 2025, 2024 and 2023 respectively. The U.S. DTA of $3 at December 31, 2023 is computed at 21% on $13 of U.S. NOL and is immaterial.*\n\n \n\nMovement in accumulated Israeli net operating loss carryforwards:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\nIsraeli NOL Rollforward (USD thousands) \n   \n  \n\nOpening accumulated Israeli NOL \n$127,162  \n$118,512 \n\nCurrent year estimated tax loss \n$2,397  \n$8,650 \n\nClosing accumulated Israeli NOL \n$129,559  \n$127,162 \n\n \n\n*The current year tax loss is estimated from the GAAP\nnet income/(loss) after the following adjustments applied consistently in both years: (i) the Apollo loan impairment charge of $16,487\nrecorded in 2024 and the related reversal/conversion gain of $6,525 recorded in 2025 are excluded from taxable income — tax recognition\nis deferred until all closing conditions for the debt-for-equity exchange are met, which requires completion of the merger ; (ii) share-based\ncompensation is added back ($12 charge in 2024; ($12) credit in 2025); and (iii) IIA grants are excluded from taxable income ($0 received\nin both years). Depreciation timing differences are assumed nil or immaterial.*\n\n \n\nF-15\n\n \n\nMovement in valuation allowance:\n\n \n\n  \nDecember 31, \n\n  \n2025  \n2024 \n\nValuation Allowance Rollforward (USD thousands) \n   \n  \n\nOpening valuation allowance \n$(29,247) \n$(27,258)\n\nIncrease — current year tax loss × 23% \n$(551) \n$(1,989)\n\nClosing accumulated Israeli NOL \n$(29,799) \n$(29,247)\n\n \n\nThe Company has not recorded any liability for unrecognized\ntax benefits under ASC 740 as of December 31, 2025 or 2024, and does not anticipate significant changes in uncertain tax positions within\nthe next 12 months. The Company’s policy is to record interest and penalties related to income tax matters in income tax expense;\nno such amounts were recognized in 2025 or 2024.\n\n \n\n**D.****Current tax provision**\n\n \n\nThe provision for income taxes consists of the following:\n\n \n\n  \n **December 31,** \n\n  \n 2025  \n 2024 \n\nCurrent: \n    \n   \n\nFederal (U.S.) \n$\n-\n  \n$\n-\n \n\nState (U.S.) \n \n-\n  \n \n-\n \n\nForeign — Israel \n \n-\n  \n \n-\n \n\nTotal current tax provision \n$\n-\n  \n$\n-\n \n\n  \n    \n   \n\nDeferred: \n    \n   \n\nFederal (U.S.) \n$\n-\n  \n$\n-\n \n\nState (U.S.) \n \n-\n  \n \n-\n \n\nForeign — Israel \n \n-\n  \n \n-\n \n\nTotal deferred tax benefit \n$\n-\n  \n$\n-\n \n\n  \n    \n   \n\nTotal provision (benefit) for income taxes \n$\n-\n  \n$\n-\n \n\n \n\n**E.****Reconciliation of theoretical to actual tax expense**\n\n \n\nThe following table reconciles the statutory Israeli corporate\ntax rate to the Company’s effective tax rate:\n\n \n\n  \n2025  \n2024 \n\nStatutory Israeli corporate tax rate \n 23% \n 23%\n\nEffect of full valuation allowance on NOL carryforwards \n (23)% \n (23)%\n\nOther permanent differences (immaterial) \n \n-\n  \n \n-\n \n\nEffective tax rate \n 0% \n 0%\n\n \n\nThe Company generated no taxable income in Israel or the\nUnited States in 2025 or 2024. No income taxes were paid in either jurisdiction in 2025 or 2024. The primary reconciling item between\nthe statutory rate and the effective rate is the full valuation allowance established against all net operating loss carryforwards, reflecting\nmanagement’s conclusion that it is more likely than not that these assets will not be realized given the Company’s history\nof losses, absence of revenue since June 2023, and the uncertainty of future taxable income pending completion of the merger\n\n \n\nF-16\n\n \n\n**NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES**\n\n \n\n**A.****Royalties provision**\n\n \n\n1.Royalties to an ASIC designer: The Company had a liability to\npay royalties of 50 euro cents per ASIC component sold, capped at €200 (~$213). As no future sales are expected following the C-Scan\ndiscontinuation, the provision was derecognized in 2023 as a reduction of R&D expenses.\n\n \n\n  \n **December 31,** \n\n  \n 2025  \n 2024 \n\n  \n    \n   \n\nRoyalties to an ASIC designer \n \n-\n  \n \n-\n \n\n  \n \n-\n  \n \n-\n \n\n \n\n2.Reimbursement liability to Predecessor Entity’s unit holders:\nThe Company committed to reimburse unit holders of Check Cap LLC for tax burdens arising from the 2009 reorganization under Section 367(d)\nof the Code. Since no profitability is expected, the liability based on discounted cash outflows is $0.\n\n \n\n**B.****Commitments**\n\n \n\n(1)Royalties – IIA and BIRD Foundation: Since inception through\nDecember 31, 2023, the Company received IIA funding of approximately $5,600 and BIRD Foundation funding of approximately $114. No grants\nwere received in 2024 or 2025. Contingent royalty obligations to the IIA (~$6,199) and BIRD Foundation (~$209) as of December 31, 2023\nremain; these are not anticipated to be payable in the foreseeable future.\n\n \n\n(2)Rental agreements: See Note 5.\n\n \n\n**C.****Legal**\n\n \n\nFrom time to time, the Company is involved\nin litigation arising in the ordinary course of business. The following legal proceedings were outstanding as of December 31, 2025.\n\n \n\n**Derivative action.**On October\n7, 2024, a minority shareholder of the Company filed an application in the Haifa District Court seeking certification of a shareholders’\nderivative lawsuit against the Company, certain present and former directors, and a third party, seeking damages in excess of NIS 2,500\n(approximately $784). The claims relate primarily to corporate governance matters and the legality of certain corporate decisions and\ntransactions. The Company filed a response requesting that certification be denied. The parties are currently engaged in mediation.\n\n \n\n**Former executive compensation claims.**During 2024, two former senior executives filed separate claims against the Company seeking an aggregate of approximately NIS 620\n(approximately $195) in respect of alleged unpaid compensation and contractual entitlements arising from the termination of their respective\nengagements. The Company filed Statements of Defense rejecting all allegations in both matters.\n\n \n\n**Legal fee dispute.**During 2024,\na former legal services provider filed a claim against the Company seeking approximately NIS 175 (approximately $55) for alleged unpaid\nfees. The Company filed a Statement of Defense rejecting all allegations. The parties are engaged in mediation proceedings concurrent\nwith the court process.\n\n \n\n**Lease and eviction proceedings.**In\nSeptember 2024, the Company ceased making rent payments in respect of its leased premises in Usfiyeh, Israel. The landlord subsequently\ncommenced legal proceedings and an eviction order was granted by the court. The Company has ceased active business operations at the facility.\nCertain Company property and documentation remain on the premises pending resolution of access and logistical matters. The landlord’s\nclaim for unpaid rent and damages totals approximately NIS 207 (approximately $65). No impairment has been recorded against the related\nright-of-use asset as proceedings remain ongoing.\n\n \n\n**Management’s assessment.**For all of\nthe above matters, based on the information currently available and after consultation with legal counsel, management does not believe\nan unfavorable outcome is probable for any of the above proceedings. Accordingly, no provision has been recorded in these consolidated\nfinancial statements as of December 31, 2025. Management will reassess at each reporting date and will record a provision in the period\nin which it becomes probable that a liability has been incurred and the amount can be reasonably estimated.\n\n \n\nF-17\n\n \n\n**NOTE 9 – FAIR VALUE MEASUREMENTS**\n\n \n\nIn accordance with ASC 820, the Company measures financial\ninstruments at fair value using a three-level hierarchy. As of December 31, 2025 and 2024, the Company had no financial instruments measured\nat fair value on a recurring basis through the income statement.\n\n \n\nEquity Investment in Apollo Technology\nCapital Corporation — ASC 321. The Company holds an equity investment in Apollo Technology Capital Corporation (“Apollo”),\nrepresenting approximately 7.5% of Apollo’s issued and outstanding shares, arising from a debt-for-equity exchange recognized on\nNovember 14, 2025 (see Note 14). Classification: The investment is classified as an equity security under ASC 321. The Company does not\nhave significant influence over Apollo: there is no board representation, no board nomination rights, no common directors or officers,\nno shared management, and no governance, veto, or substantive participating rights. The equity method under ASC 323 does not apply. Measurement\nalternative: Apollo’s shares are not publicly traded and do not have a readily determinable fair value. The Company applies the\nmeasurement alternative under ASC 321-10-35-2: the investment is carried at cost of $6,525 thousand, less any impairment, adjusted for\nobservable price changes in orderly transactions for identical or similar investments of the same issuer. No observable price changes\nhave occurred since initial recognition. Impairment assessment at December 31, 2025: Management performed a qualitative impairment assessment\nsupported by an independent external valuation (effective date December 31, 2025), which concluded a fair market value of CAD 124.0 million\nfor 100% of Apollo’s equity. The implied value of the Company’s 7.5% interest is approximately USD 6.8 million, exceeding\nthe carrying value of USD 6.5 million by USD 252,000. No impairment indicators were identified and no impairment charge is required at\nDecember 31, 2025. The carrying amounts of cash, short-term deposits, and current liabilities approximate fair value due to their short-term\nnature.\n\n \n\n**NOTE 10 – SHAREHOLDERS’ EQUITY**\n\n** **\n\n**A.****General**\n\n \n\nEffective November 23, 2022, the Company effected a 1-for-20\nreverse share split. Share and per-share amounts prior to November 23, 2022 have been retroactively adjusted. See Note 1(A)(11).\n\n \n\n**B.****Ordinary shares**\n\n \n\n1.Ordinary shares confer upon their holders the right to receive\ndividends, to participate in liquidation distributions, and one vote per share at shareholder meetings.\n\n \n\n2.Changes in ordinary share capital: The Company has conducted\nmultiple offerings from 2015 through 2022, including its IPO (February 2015), warrant exercises, and registered direct offerings. As\nof December 31, 2024, 5,850,906 ordinary shares were issued and outstanding. On September 4, 2025, the Company issued 1,169,596 ordinary\nshares in connection with the Ghost Kitchens ARA arrangement, resulting in 7,020,502 shares issued and outstanding as of December 31,\n2025.\n\n \n\nCLA Warrants to purchase 370 ordinary\nshares remain outstanding. Private Placement Warrants to purchase 84,626 ordinary shares remain outstanding.\n\n \n\n**NOTE 11 – SHARE-BASED COMPENSATION**\n\n** **\n\n**A.****General**\n\n \n\nThe Company grants options and RSUs under the 2006 Plan and\nthe 2015 Equity Incentive Plan (including the 2015 U.S. Sub-Plan). No new options or RSUs were granted during 2025 or 2024. As of December\n31, 2025, the same number of options and RSUs remain outstanding as at December 31, 2024, with no forfeitures or exercises occurring in\n2025.\n\n \n\n**B.****Details of share-based grants**\n\n \n\nThe last options were granted on March 30, 2023 (903 options\nat $2.82 exercise price). The last RSUs were granted in 2022. No share-based grants were made in 2024 or 2025.\n\n \n\nF-18\n\n \n\n**C.****Options Fair Value – Black-Scholes parameters**\n\n \n\nThe parameters used in applying the Black-Scholes model are as follows:\n\n \n\n   For the\n\nyear ended\nDecember 31,\n\n2025  For the\nyear ended\nDecember 31,\n2024   For the\n\nyear ended\nDecember 31,\n\n2023 \n\nExpected volatility \nNo grants\n   \n    -\n    117%\n\nRisk-free rate \nNo grants\n   \n-\n    3.6%\n\nDividend yield \nNo grants\n   \n-\n    0%\n\nExpected term (years) \nNo grants\n   \n-\n    6.08 \n\nShare price \nNo grants\n   \n-\n   $1.43 \n\n \n\n**D.****Effect of share-based compensation on statements of operations**\n\n \n\n  \n2025  \n2024  \n2023 \n\nResearch and development, net \n \n–\n  \n \n–\n  \n$(144)\n\nGeneral and administrative, net \n$(12) \n$12  \n$87 \n\nTotal \n$(12) \n$12  \n$(57)\n\n \n\n**E.****Option activity**\n\n \n\n**Year ended December 31, 2025:**\n\n \n\n  \n** **\n\n**Number**\n   Wtd. Avg.\nExercise\nPrice\n\n($)   Wtd. Avg.\nRemaining\nLife\n\n(yrs)   Aggregate\nIntrinsic\nValue\n\n($000s) \n\nOptions outstanding – beginning of year   102,288   $47.13    7.34    \n–\n \n\nOptions granted   \n–\n    \n–\n           \n\nOptions forfeited   \n–\n    \n–\n           \n\nOptions exercised   \n–\n    \n–\n           \n\nOptions outstanding – end of year   102,288   $47.13    6.34    \n–\n \n\nOptions exercisable – end of year   55,286   $66.01    5.87    \n–\n \n\n \n\n**Year ended December 31, 2024:**\n\n \n\n  \n** **\n\n**Number**\n   Wtd. Avg.\nExercise\nPrice\n\n($)   Wtd. Avg.\nRemaining\nLife\n(yrs)   Aggregate\nIntrinsic\nValue\n\n($000s) \n\nOptions outstanding – beginning of year   102,288   $35.35    8.59    \n–\n \n\nOptions granted   \n–\n    \n–\n           \n\nOptions forfeited   \n–\n    \n–\n           \n\nOptions exercised   \n–\n    \n–\n           \n\nOptions outstanding – end of year   102,288   $47.13    7.34    \n–\n \n\nOptions exercisable – end of year   55,286   $66.01    6.87    \n–\n \n\n \n\n(1)Weighted average grant date fair values: 2023: $1.17; 2022:\n$4.50; 2021: $15.70. No options granted in 2025 or 2024.\n\n \n\n(2)As of December 31, 2025, all outstanding options (102,288 at\n$47.13 average exercise price) are out of the money.\n\n \n\nF-19\n\n \n\n**F.****RSU activity**\n\n \n\n  \n2025  \n2024  \n2023 \n\nUnvested – beginning of year \n 2,967  \n 2,967  \n 19,703 \n\nGranted \n \n–\n  \n \n–\n  \n \n–\n \n\nVested \n \n–\n  \n \n–\n  \n (6,092)\n\nForfeited \n \n–\n  \n \n–\n  \n (10,644)\n\nUnvested – end of year \n 2,967  \n 2,967  \n 2,967 \n\n \n\n(3)No RSUs were granted in 2025 or 2024. Weighted average grant\ndate fair value of RSUs awarded during 2022 was $9.20.\n\n \n\n(4)As of December 31, 2025, unrecognized compensation cost related\nto non-vested arrangements is approximately $– (all prior grants are fully vested or their remaining cost is immaterial).\n\n \n\n**NOTE 12 – RESEARCH AND DEVELOPMENT EXPENSES, NET**\n\n \n\n**Composition:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nSalaries and related expenses \n \n-\n  \n \n-\n  \n 4,926 \n\nShare-based compensation \n \n-\n  \n \n-\n  \n (144)\n\nMaterials \n \n-\n  \n \n-\n  \n 1,530 \n\nSubcontractors and consultants \n \n-\n  \n \n-\n  \n 800 \n\nDepreciation \n \n-\n  \n \n-\n  \n 121 \n\nCost for registration of patents \n \n-\n  \n \n-\n  \n 78 \n\nOthers \n \n-\n  \n \n-\n  \n 983 \n\n  \n \n-\n  \n \n-\n  \n 8,294 \n\nLess participation of the IIA \n \n-\n  \n \n-\n  \n 17 \n\nTotal research and development expenses, net \n \n-\n  \n \n-\n  \n 8,311 \n\n \n\n**NOTE 13 – GENERAL AND ADMINISTRATIVE EXPENSES**\n\n \n\n**Composition:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nSalaries and related expenses \n 200  \n 799  \n 2,055 \n\nShare-based compensation, net \n (12) \n 12  \n 87 \n\nProfessional services* \n \n-\n  \n \n-\n  \n 4,383 \n\nOffice rent and maintenance \n 105  \n 81  \n 235 \n\nDepreciation \n \n-\n  \n 161  \n 88 \n\nAmortization \n 34  \n \n \n  \n \n \n \n\nOthers \n 2,046  \n 8,409  \n 2,702 \n\nTotal general and administrative expenses \n 2,373  \n 9,462  \n 9,550 \n\n \n\n*The 2024 “Others” line includes amounts arising\nfrom the Apollo (Apollo) loan arrangements.\n\n \n\nF-20\n\n \n\n**NOTE 14 – IMPAIRMENT OF LOANS RECEIVABLE AND GAIN ON DEBT\nEXTINGUISHMENT**\n\n \n\nDuring the year ended December 31, 2024, the Company entered\ninto a series of financing arrangements with Apollo (Apollo) totaling $16,400 (First through Fourth Apollo Loans). Management recorded\na full allowance for credit losses on all Apollo Loans as of December 31, 2024, in accordance with ASC 326. Notwithstanding the impairment,\nthe loans were contractually current and not in default. See Notes 1(A)(7) and 1(A)(8).\n\n \n\nDuring the six months ended June 30, 2025, management reversed\nthe full impairment allowance and reinstated the loan receivable at $6,525 thousand (7.5% of the management-assessed equity value of Apollo\nof $87,000 thousand at June 30, 2025) in accordance with ASC 310-10-35-23. No interest was charged during 2025. The reinstated receivable\nwas presented net of a payable owed by the Company to Apollo of $2,247 thousand pursuant to ASC 210-20-45, giving a net carrying value\nof $4,278 thousand as reported in the Form 6-K filed December 30, 2025. On November 14, 2025, following the 98.01% shareholder vote in\nfavor of the Merger at the Annual General Meeting, the closing condition in the Exchange Agreement ceased to be substantive and the exchange\nwas recognized for accounting purposes. The Company derecognized the gross loan receivable of $6,525 thousand and recognized an equity\ninvestment in Apollo at cost of $6,525 thousand, being the carrying value of the consideration surrendered in a noncash exchange. No gain\nor loss was recognized on exchange; the estimated fair value of the equity received ($6,596,000) exceeded the carrying value by $71,000\n(approximately 1.1%), which is not material. The Apollo payable of $2,247,000, previously netted against the loan receivable, was reclassified\nas a standalone liability on November 14, 2025 and reduced to $1,400,000 through settlements and reallocations of $847,000 during the\nsecond half of 2025. The Apollo equity investment is carried at $6,525,000 at December 31, 2025, accounted for under ASC 321 (Investments\nin Equity Securities) using the measurement alternative. See Note 9 for classification, measurement, and impairment assessment.\n\n** **\n\n**Composition:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nImpairment of loans receivable \n \n-\n  \n 16,487  \n \n-\n \n\nGain on debt extinguishment and conversion \n (6,525) \n \n-\n  \n \n-\n \n\nNet \n$(6,525) \n$16,487  \n$\n-\n \n\n \n\n**NOTE 15 – FINANCE INCOME (EXPENSE), NET**\n\n \n\n**Composition:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nInterest income on short-term deposits and other \n 172  \n 809  \n 1,770 \n\nBank fees and interest expenses \n (185) \n (9) \n (13)\n\nChanges in provision for royalties \n \n-\n  \n \n-\n  \n 94 \n\nExchange rate differences \n \n-\n  \n \n-\n  \n (188)\n\nChanges in fair value of derivatives \n \n-\n  \n \n-\n  \n 56 \n\nTotal financing income, net \n (12) \n 800  \n 1,719 \n\n \n\nF-21\n\n \n\n**NOTE 16 – EARNINGS (LOSS) PER SHARE**\n\n \n\nBasic earnings (loss) per share is computed based on the\nweighted average number of shares outstanding during each year. Diluted earnings (loss) per share equals basic in periods of net loss,\nas all potentially dilutive securities are anti-dilutive. In periods of net income, diluted EPS reflects the dilutive effect of outstanding\noptions and warrants, to the extent dilutive.\n\n \n\nAll outstanding options and warrants were excluded from the\n2024 and 2023 diluted loss per share calculations as their effect was anti-dilutive. For the year ended December 31, 2025, outstanding\noptions and warrants are out of the money and accordingly also excluded from diluted EPS.\n\n \n\n**Computation of basic and diluted earnings (loss) per share:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nNet income (loss) \n$4,140  \n$(25,149) \n$(17,568)\n\nWeighted average ordinary shares outstanding – basic and diluted \n 6,232,226  \n 5,849,013  \n 5,848,737 \n\nEarnings (loss) per ordinary share – basic and diluted \n$0.66  \n$(4.30) \n$(3.00)\n\n \n\nNote: Weighted average shares for 2025 reflect the issuance\nof 1,169,596 shares on September 4, 2025 (246 pre-issuance days at 5,850,906 shares + 119 post-issuance days at 7,020,502 shares, divided\nby 365 days).\n\n** **\n\n**Anti-dilutive instruments excluded from diluted EPS:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n(number) \n\nWarrants and share options \n 2,631,603  \n 2,631,603  \n 2,631,603 \n\n \n\n**NOTE 17 – RELATED PARTIES**\n\n \n\n**A.****Compensation to non-executive directors:**\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nFees, including reimbursement of expenses \n 109  \n 124  \n 448 \n\nShare-based compensation \n \n-\n  \n \n-\n  \n 6 \n\n  \n 109  \n 124  \n 454 \n\n \n\n**B.****Transactions with related parties:**\n\n \n\nSigalit Kimchy: No consulting fees were paid to Sigalit Kimchy\n(wife of Yoav Kimchy, the Company’s Chief Technology Officer) during the year ended December 31, 2025. Ms. Kimchy had previously\nserved as marcom and user interface lead under an employment agreement dated April 4, 2016.\n\n \n\n  \nFor the year ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n  \n   \n   \n  \n\nConsulting fees, including share-based compensation and reimbursement of expenses \n 188  \n 95  \n 19 \n\n  \n 188  \n 95  \n 19 \n\n** **\n\nF-22\n\n** **\n\n**NOTE 18 – APOLLO TECHNOLOGY CAPITAL CORPORATION – LOAN\nRECEIVABLE, EXCHANGE, AND EQUITY INVESTMENT**\n\n \n\n**Background**\n\n \n\nThe Company holds an equity investment in Apollo Technology Capital\nCorporation (“Apollo”, formerly Apollo AI Corp.), a technology-driven AI marketplace platform connecting homebuyers, real\nestate agents, and mortgage providers across North American residential real estate markets. The investment arose from the conversion\nof a series of loan receivables from Apollo (the “Exchange Indebtedness”) with aggregate principal of USD 16,648,253, pursuant\nto the Exchange Agreement entered into on June 30, 2025.\n\n \n\n**Initial Impairment – Year Ended December 31, 2024**\n\n \n\nDuring the year ended December 31, 2024, the Company fully impaired\nits loan receivable from Apollo under ASC 310 and ASC 326, reducing the net carrying value to nil, reflecting Apollo’s financial\ndistress, recurring operating losses, and negative working capital at that date.\n\n \n\n**Reversal of Impairment and Loan Reinstatement – Six Months\nEnded June 30, 2025**\n\n \n\nDuring the six months ended June 30, 2025, management determined that\nthe impairment indicators no longer existed and reinstated the recoverable portion of the loan at USD 6,525,000 (7.5% of USD 87,000,000,\nbeing the management-assessed equity value of Apollo at June 30, 2025) in accordance with ASC 310-10-35-23. No interest was charged during\n2025. The reinstated receivable was presented net of a payable owed by Check-Cap to Apollo of USD 2,247,000, resulting in a net carrying\nvalue of USD 4,278,000 as at June 30, 2025.\n\n \n\n**Debt-for-Equity Exchange – November 14, 2025**\n\n \n\nOn June 30, 2025, the (the “Exchange Agreement”) with Apollo\nunder which the Exchange Indebtedness would be exchanged for common shares of Apollo representing a 7.5% shareholding. The Exchange Agreement\nwas conditional on the completion of the Merger . At the Annual General Meeting held on November 14, 2025, Check-Cap shareholders voted\n98.01% in favor of the merger, at which point the closing condition ceased to be substantive and the exchange was recognized for accounting\npurposes.\n\n \n\nOn November 14, 2025, the Company derecognized the loan receivable\nof USD 6,525,000 and recognized an equity investment in Apollo at cost of USD 6,525,000, being the carrying value of the consideration\nsurrendered. No gain or loss was recognized on exchange. Apollo’s shares do not have a readily determinable fair value; accordingly,\nthe investment is carried at cost under the measurement alternative provided by ASC 321-10-35-2. The Apollo payable of USD 2,247,000,\npreviously netted against the loan receivable, was reclassified as a standalone liability.\n\n \n\n**Equity Investment – Classification and Subsequent Measurement**\n\n \n\nThe equity investment is classified as an equity security under ASC\n321. The Company holds 7.5% of Apollo’s issued and outstanding shares and does not have significant influence, as evidenced by the\nabsence of board representation, shared management, governance rights, or substantive participating rights. The equity method under ASC\n323 does not apply.\n\n \n\nThe investment is carried at cost of USD 6,525,000 under the measurement\nalternative (ASC 321-10-35-2), adjusted for observable price changes in orderly transactions for identical or similar investments. No\nobservable price changes have occurred since initial recognition.\n\n \n\nF-23\n\n \n\n**Impairment Assessment – December 31, 2025**\n\n \n\nAt December 31, 2025, management performed a qualitative impairment\nassessment supported by an independent external valuation report, effective date December 31, 2025. The valuation concluded a Fair Market\nValue of CAD 124.0 million for 100% of Apollo equity using a weighted average of the Discounted Cash Flow method (30% weight) and Comparable\nCompany Method (70% weight), with a cost of equity of 13.53%.\n\n \n\nCheck-Cap’s 7.5% interest implied by the valuation is CAD 9.3\nmillion (USD 6.8 million approximately at the December 31, 2025 CAD/USD rate of 0.7287), which exceeds the carrying value of USD 6.5 million\nby USD 252,000. No impairment indicators were identified and no impairment charge is required.\n\n \n\n**Carrying Value Summary (USD)**\n\n \n\n  \nFor the year ended\n\nDecember 31, \n\n  \n2025  \n2024 \n\n  \n   \n  \n\nLoan receivable – gross principal \n$\n-\n  \n$16,648,253 \n\nAllowance for credit losses \n \n-\n  \n (16,648,253)\n\nNet loan receivable \n$\n-\n  \n$\n-\n \n\n  \n    \n   \n\nEquity investment in Apollo (at cost) \n$6,525,000  \n$\n-\n \n\n  \n    \n   \n\nPayable to Apollo \n$1,399,579  \n$\n-\n \n\n** **\n\n**NOTE 19 – SUBSEQUENT EVENTS**\n\n \n\nThe Company has evaluated subsequent\nevents through January 1, 2026 and the date on which these consolidated financial statements were issued, and has determined that there\nare no subsequent events requiring recognition or disclosure in these consolidated financial 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