0001645113false00016451132024-07-012024-11-01


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

October 29, 2024
Date of Report (date of earliest event reported)

NovoCure Limited
(Exact name of registrant as specified in its charter)
Jersey
001-37565
98-1057807
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
No. 4 The Forum, Grenville Street
St. Helier
Jersey
JE2 4UF
(Address of Principal Executive Offices)
(Zip Code)
+44 (0) 15 3475 6700
Registrant's telephone number, including area code

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
o



Item 2.02     Results of Operations and Financial Condition.

On October 29, 2024, the Company issued a press release announcing certain financial results for the quarter ended
September 30, 2024. A copy of the press release is attached as Exhibit 99.1.

Item 5.02     Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d)    Appointment of new Principal Financial Officer

On October 30, 2024, the Company announced the appointment of Christoph Brackmann, age 51, as the Chief Financial Officer of the Novocure Group, effective January 1, 2025.

Mr. Brackmann joined Novocure on October 28, 2024 as a Senior Finance Advisor and will continue in that role until his appointment as Chief Financial Officer takes effect. Prior to joining Novocure, Mr. Brackmann served as the Senior Vice President of Finance at Moderna Inc. from October 2019 to June 2024. During that time Mr. Brackmann built out the finance team across FP&A, accounting, tax, treasury, procurement and business service centers to support Moderna’s scale-up. Mr. Brackmann earned his Master of Business Administration from the SDA Bocconi School of Management, Milan in 2003 and holds a bachelors degree in Business and Economics from the University of Mannheim.

In connection with his appointment as Chief Financial Officer, Mr. Brackmann has entered into a new employment agreement with a subsidiary of the Company (the “Brackmann Employment Agreement”), effective January 1, 2025. Under the Brackmann Employment Agreement, Mr. Brackmann will receive an annual base salary of CHF 450,000 per year. In addition, Mr. Brackmann is eligible to receive a discretionary annual cash bonus having a target of 60% of his annual base salary based on achievement of performance goals set by the Chief Executive Officer or the Board (or committee thereof) in their sole discretion, and further subject to Mr. Brackmann’s continued employment through the payment date. Mr. Brackmann is receiving the same compensation for his role as Senior Finance Advisor (with 2024 bonus opportunity pro-rated accordingly).

Mr. Brackmann is generally eligible to participate in Company’s 2024 Omnibus Incentive Plan as determined by the Board (or committee thereof). Further, Mr. Brackmann is eligible to participate in the employee benefits generally provided to similarly-situated executive employees, subject to the satisfaction of any eligibility requirements.

Upon termination of Mr. Brackmann’s employment by the Company without cause (but for reasons other than death or disability) or resignation by Mr. Brackmann for good reason (each as defined in the Brackmann Employment Agreement, a “Qualifying Termination”) prior to a change in control, subject to Mr. Brackmann’s execution without revocation of a release of claims, he will be eligible to receive a payment equal to 75% of his annual base salary paid in installments over nine months following the Qualifying Termination.

Upon a Qualifying Termination within 12 months following a change in control, and subject to Mr. Brackmann’s execution without revocation of a release of claims, Mr. Brackmann will be eligible to receive an aggregate amount equal to 150% of his base salary plus 150% of his target annual bonus, paid in in installments over 18 months following the Qualifying Termination. Additionally, any stock options or other equity awards held by Mr. Brackmann will become fully vested on the date of their termination.

Pursuant to the Brackmann Employment Agreement, Mr. Brackmann is subject to perpetual non-disparagement covenants, as well as confidentiality, non-compete and employee, customer and supplier non-solicit covenants applicable during his employment and for nine months thereafter.

The foregoing description of the Brackmann_Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Brackmann Employment Agreement, a copy of which is attached to this report as Exhibit 10.1.

 



There are no family relationships between Mr. Brackman and any director or executive officer of the Company. There are no relationships or related person transactions between Mr. Brackmann and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

(e) Material Grant Under Compensation Plan

In connection with the above referenced appointment of Mr. Brackmann, on or about November 4, 2024 (the “Grant Date”), Mr. Brackmann will be granted stock options and restricted share units (“RSUs”) pursuant to the Company’s 2024 Omnibus Incentive Plan. The value of Mr. Brackmann’s grant is $2,000,000, divided equally between stock options and RSUs. The number of stock options and RSUs granted and the exercise price of the stock options will be determined based upon the closing share price on the Grant Date. The terms of the stock options and RSUs are in the forms of award agreements previously filed by the Company with the Securities and Exchange Commission.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NovoCure Limited
(Registrant)

Date: October 30, 2024


By: /s/ Ashley Cordova  
Name: Ashley Cordova
Title: Chief Financial Officer

Exhibit 10.1
Chief Financial Officer Employment Agreement

By and between


Novocure GmbH, D4 Park 6, 6039 Root D4, Switzerland (hereinafter the "Company")
and
Christoph Brackmann, Sonnenbergstrasse 119, 8032 Zurich, Switzerland (hereinafter "you")

Effective Date: 1 January 2025

The purpose of this employment agreement (the "Agreement") is to set forth and acknowledge the terms of your continued employment with the Novocure Group. Your formal employment relationship will be with the Company, a Swiss limited liability company and a wholly owned subsidiary of NovoCure Limited, a Jersey (Channel Islands) corporation (the “Parent”). References herein to the “Novocure Group” shall mean and refer to, collectively, the Parent, the Company and their respective direct and indirect subsidiaries and affiliates. Upon the Effective Date, this Agreement will supersede and replace any prior agreements between you and the Novocure Group (the “Prior Agreements”).

1.Start Date. The Company shall employ you, and you shall serve the Company, on the terms and conditions set forth in this Agreement. Your employment with the Company will commence on the Effective Date. From and after the Effective Date, you will carry out your day-to-day activities hereunder in an office of the Company located in the central Switzerland area. As you are already employed since 28 October 2024 within the Novocure Group, your previous service is recognized under this Agreement.

2.Duties and Responsibilities. While you are employed by the Company, you will serve as and have the title of Chief Financial Officer of the Novocure Group, and you will report to, and be subject to the reasonable direction and control of, the Chief Executive Officer or another senior executive (“Manager”) as well as the board of directors (or similar governing body) of the Company and the board of directors of Parent (the “Board”). You will have such duties and responsibilities that are commensurate with your position and such other duties and responsibilities as are from time to time reasonably and lawfully assigned to you by your Manager and of a similarly-situated executive officer of a similarly-sized public company.
You form part of the Company’s Executive Management. As such, your working time results from the workload required to fulfil the tasks and functions assigned to you. Any overtime or extra working hours of yours are included in your remuneration according to section 3 below.

You are not entitled to additional remuneration in money or compensation in the form of free time for any overtime or extra working hours. If any additional compensation for excess hours or overtime work should ever become due based on any legal provisions, you agree that the Company can deduct such compensation from any discretionary Annual Bonus pursuant to section 3 below or from any other voluntary payment made to you.


Exhibit 10.1
While you are employed by the Company, you will devote your full business time, energy and skill to the performance of your duties and responsibilities hereunder; provided, that nothing in this Agreement shall prevent you from accepting appointment to or continuing to serve on any board of directors or trustees of any non-competing business corporation, charitable organization or other entity with the consent of the Chief Executive Officer of Parent (“CEO”) or the Board, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, you will not engage in any activities that could create an actual or perceived business or fiduciary conflict of interest with the Novocure Group or unreasonably interfere with the conduct of your obligations under this Agreement or any Novocure Group policy or applicable law or regulation (including the laws of any stock exchange on which the shares of Parent stock are listed).

3.Base Salary and Discretionary Annual Bonus.

(a)While you are employed by the Company, the Company will pay you a base salary at the rate of CHF 450,000 per year (the "Base Salary"). Your Base Salary will be paid in accordance with the usual payroll practices of the Company. While you are employed by the Company, your Base Salary will be reviewed from time to time for possible adjustment by the compensation committee of the Board or its delegate.

(b)You will be eligible to receive a discretionary annual cash bonus having a payout at the target level of performance of sixty percent (60%) of your Base Salary (the "Target Bonus") for each calendar year that you are employed by the Company, payable during the first calendar quarter of the year following the year to which the bonus relates, subject to your continued employment through the payment date. Such bonus will be subject to your successful achievement of performance goals set by your Manager or the Board (or committee thereof), in their sole discretion, including, without limitation, goals based on the operating results of the Novocure Group or your individual performance.

4.Equity Awards. While you are employed by the Company, you will be eligible to participate in the Parent’s 2024 Omnibus Incentive Plan or such other equity-based long-term incentive compensation plan, program or arrangement generally made available to similarly situated senior executives of the Company from time to time (the "Plan"), as determined in the sole and absolute discretion of the Board or authorized committee thereof.

5.Benefits and Fringes.

(a)General. Except as provided otherwise herein, while you are employed by the Company, you will be entitled to such benefits and fringes, if any, as are generally provided from time to time by the Company to its similarly-situated executive employees, subject to the satisfaction of any eligibility requirements.

(b)Vacation. You will be entitled to annual paid vacation in accordance with the Company’s General Employment Policy Switzerland (the “GEP”) in effect.

(c)Reimbursement of Business Expenses. Upon presentation of appropriate documentation, you will be reimbursed in accordance with the Company’s

Exhibit 10.1
expense reimbursement policy as in effect from time to time for all reasonable and necessary business expenses incurred in connection with the performance of your duties and responsibilities hereunder.

(d)Benefits. You will be eligible for employee benefits, including fringe benefits, and expense reimbursement consistent with the Company’s policies for similarly situated senior executives in Switzerland.

6.Termination of Employment / Probation Period.

(a)In deviation of the GEP, the parties agree that there is no probation period and your notice period is six (6) months effective as per end of a calendar month (the “Notice Period”). The employment with the Company may be terminated by the Company at any time with or without Cause (as defined below) or by you at any time with or without Good Reason (as defined below). For purposes of this Agreement, “Cause” shall mean a determination by the Board that any of the following have occurred: (i) your failure to follow the lawful and reasonable directives of the Company or the Board; (ii) your material violation of any material Company policy, including any provision of a Code of Conduct or Code of Ethics adopted by the Company; (iii) your commission of any act of fraud, embezzlement, dishonesty or any other willful or gross misconduct that in the reasonable judgment of the Board has caused or is reasonably expected to result in material injury to the Company; (iv) your unauthorized use or disclosure of any proprietary information or trade secrets of any member of the Novocure Group or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with the Company that in the reasonable judgment of the Board has caused or is reasonably expected to result in material injury to the Company; (v) your conviction of, or plea of guilty or “nolo contendere” (or functional equivalent) to, a felony or misdemeanor (other than a minor traffic offense); or (vi) your material breach of any of your obligations under this Agreement or any written agreement between you and any member of the Novocure Group. Except for any such event or condition which, by its nature, cannot reasonably be expected to be cured, with respect to the events or conditions described in clauses (i), (ii) or (vi), you shall have thirty (30) days after receipt of written notice from the Company specifying the events or conditions constituting Cause in reasonable detail within which to cure any events or conditions constituting Cause, provided that the Company serves notice of such events or conditions and intended termination within sixty (60) days of the occurrence thereof, and such Cause shall not exist unless either you are not entitled to notice under this sentence, or, if you are entitled to such notice, you fail to cure such acts constituting Cause within such thirty (30)-day cure period. Termination of your employment shall not be deemed to be for Cause unless, prior to termination, the Company delivers to you copies of resolutions duly adopted by the affirmative vote of not less than a majority of the Board (after reasonable written notice is provided to you and you are given a reasonable opportunity, together with counsel, to be heard before the Board), finding that you have engaged in the conduct described in any of (i)-(vi) above.

Exhibit 10.1
(b)Subject to Sections 6(c) and 6(d), upon termination of your employment for any reason, the Company will have no obligations under this Agreement other than to pay or provide you: (w) any unpaid Base Salary during the Notice Period in regular installments in accordance with the Company’s payroll practices (“Notice Pay”); (x) payment in respect of your earned but unused vacation time through the date of termination (but not in excess of one year’s vacation time, ignoring any vacation carried over from prior years – subject to a compensation through garden leave) in a lump sum in cash within 30 days after the date of termination; (y) reimbursement for any unreimbursed expenses reasonably incurred consistent with Novocure Group policies then in effect through the date of termination, in a lump sum in cash within 30 days after the date of termination; and (z) benefits in accordance with the terms of the applicable plans and programs of the Company (collectively, including the timing of payment or provision, the “Accrued Benefits”).

(c)In addition to the Accrued Benefits, upon a termination of your employment by (i) the Company other than (A) for Cause or (B) as a result of your death or Disability (as defined in the Plan) or (ii) you for Good Reason (a “Qualifying Termination”), then, except as otherwise set forth in Section 6(d) below, and subject to your timely execution and delivery to the Company of a release of claims in substantially the form attached hereto as Exhibit A (the "Release") within twenty-one (21) days, or if required by law, forty-five (45) days, following the date of the Qualifying Termination, and the expiration of the seven (7)-day right of revocation with respect to the Release, the Company shall provide you with an aggregate amount equal to: (w) seventy-five percent (75%) of your annual Base Salary at the level in effect as of the date of the Qualifying Termination minus (x) all Notice Payments, payable in substantially equal installments in accordance with the Company’s payroll practices over the period of time equal to: (y) nine (9) months from the date of the Qualifying Termination minus (z) the Notice Period (it being understood that it is the intent of the parties that the amount payable pursuant to this Section 6(c) plus the Notice Pay shall equal seventy-five (75%) of your annual Base Salary and the combined duration of the Notice Period and the amount time that payments are to be made under this Section 6(c) plus the Notice shall equal nine (9) months). The payments described in this Section 6(c) will be paid or provided (or begin to be paid or provided) as soon as administratively practicable after the Release becomes irrevocable (and any amount which would have otherwise been paid prior to such date paid in a lump sum at such time, and any remaining payments on the schedule described above).

(d)In addition to the Accrued Benefits, upon a Qualifying Termination within twelve (12) months following a Change in Control (as defined in the Plan), then, in lieu of the payments and benefits under Section 6(c) above, and subject to your timely execution and non-revocation of the Release within twenty-one (21) days, or if required by law, forty-five (45) days, following the date of such Qualifying Termination, and the expiration of the seven (7)-day right of revocation with respect to the Release, the Company shall provide you with the following: (I) an aggregate amount equal to: (w) one hundred percent (150%) of the sum of your

Exhibit 10.1
annual Base Salary and your Target Bonus at the levels in effect as of the date of the Qualifying Termination minus (x) all Notice Payments, payable in substantially equal installments in accordance with the Company’s payroll practices over the period of time equal to (y) eighteen (18) months from the date of the Qualifying Termination minus (z) the Notice Period (it being understood that it is the intent of the parties that the amount payable pursuant to this Section 6(d) plus the Notice Pay shall equal one hundred percent (150%) of the sum of your annual Base Salary and your Target Bonus and the amount time that payments are to be made under this Section 6(d) plus the Notice Period shall equal eighteen (18) months ); and (II) all stock options or other equity or equity-based awards held by you that have not previously become vested and (if applicable) exercisable as of the date of the Qualifying Termination shall, upon such termination, become immediately and fully vested and exercisable, without regard to the terms of any applicable award agreement or plan document, and such awards shall otherwise continue to apply on the same terms. The payments described in this Section 6(d) will be paid or provided (or begin to be paid or provided) as soon as administratively practicable after the Release becomes irrevocable (and any amount which would have otherwise been paid prior to such date paid in a lump sum at such time, and any remaining payments on the schedule described above).

(e)For purposes of this Agreement, “Good Reason” shall mean that you have complied with the “Good Reason Process” following the occurrence of any of the following events: (i) the Company’s material failure to make any required payment to you hereunder; (ii) the substantial diminution of your position, reporting relationship, duties or responsibilities through no fault of your own; (iii) a reduction in your Base Salary or Target Bonus of more than ten percent (10%), unless such reduction is applied to all senior executives; (iv) a requirement that you move your principal business location to one that would increase your commute by more than thirty (30) miles from the Company’s Baar location on the Effective Date; or (v) the Company’s willful breach of any of its material obligations under any written agreement with you. For purposes of this Agreement, “Good Reason Process” shall mean that (a) you notify the Company and the Board in writing of the occurrence of the alleged Good Reason condition within sixty (60) days of you becoming aware of the occurrence of such condition; (b) the Company shall have a period of not less than thirty (30) days following such notice (the “Cure Period”) to remedy the alleged condition, during which time you cooperate in good faith with the Company’s efforts to remedy the condition; (c) the alleged Good Reason condition is not remedied during the Cure Period; and (d) you terminate your employment within sixty (60) days after the end of the Cure Period. If the Company cures the alleged Good Reason condition during the Cure Period in your reasonable good faith judgment, Good Reason shall be deemed not to have occurred.

7.Covenants.

(a)Non-Competition. So long as you are employed by the Company under this Agreement and for the nine (9)-month period following the termination of your

Exhibit 10.1
employment with the Company for any reason (the “Restricted Period”), you agree that you will not, directly or indirectly, without the prior written consent of the Company, engage in Competition worldwide with the Novocure Group. “Competition” means participating, directly or indirectly, as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, consultant or in any other capacity whatsoever in any business or in the development of any business if (A) such business competes or would compete with the business of the Novocure Group (it being understood that the business of the Novocure Group is the development and commercialization of its proprietary tumor treating fields (TTF) therapy for the treatment of solid tumor cancers (the “Business”)) and (B) your activities related to such business would create the opportunity for you to use confidential and proprietary information of the Novocure Group in connection with any other product being developed, manufactured, supplied or sold by any such business or business under development that competes with or upon introduction of a product would compete with the Business. For the avoidance of doubt and by way of example, the foregoing restrictions would not preclude you from being employed by a pharmaceutical company during the Restricted Period to the extent that your activities at such pharmaceutical company would not be directly related to the development, marketing or sale of products that are directly competitive with the Business. Notwithstanding the foregoing, nothing contained in this Section 7(a) shall prohibit you from (i) investing, as a passive investor, in any publicly held company provided that your beneficial ownership of any class of such publicly held company’s securities does not exceed one percent (1%) of the outstanding securities of such class, or (ii) with the consent of the Board, entering the employ of any academic institution or governmental or regulatory instrumentality of any country or any domestic or foreign state, county, city or political subdivision.

(b)Confidentiality. You agree that you will not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person or entity, other than in the course of your assigned duties hereunder and for the benefit of the Novocure Group, either while you are employed by the Company hereunder or at any time thereafter, any business and technical information or trade secrets, nonpublic, proprietary or confidential information, knowledge or data relating to the Novocure Group, whether the foregoing will have been obtained by you during your employment or otherwise. The foregoing will not apply to information that (i) was known to the public prior to its disclosure to you; (ii) becomes generally known to the public or in the industry subsequent to disclosure to you through no wrongful act by you or any of your representatives; or (iii) you are required to disclose by applicable law, regulation or legal process (provided that you provide the Company with prior notice of the contemplated disclosure and cooperate with the Company in seeking a protective order or other appropriate protection of such information). Notwithstanding the foregoing or any other provision in this Agreement or otherwise, nothing herein shall prohibit you from reporting possible violations of federal or state law or regulation to any governmental agency or entity or self-regulatory organization including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are

Exhibit 10.1
protected under the whistleblower provisions of federal or state law or regulation (it being understood that you do not need the Company’s prior authorization to make any such reports or disclosures and you are not required to notify the Company that you have made such reports or disclosures).

(c)Non-Solicitation of Customers. You agree that during the Restricted Period, you will not, directly or indirectly, solicit or influence, or attempt to solicit or influence, customers of the Novocure Group to purchase goods or services then sold by the Novocure Group from any other person or entity.

(d)Non-Solicitation of Suppliers. You agree that during the Restricted Period, you will not, directly or indirectly, solicit or influence, or attempt to solicit or influence, the Novocure Group’s suppliers to provide goods or services then provided to the Novocure Group to any other person or entity in Competition with the Novocure Group.

(e)Non-Solicitation of Employees. You recognize that you will possess confidential information about other employees of the Novocure Group relating to their education, experience, skills, abilities, compensation and benefits, and inter-personal relationships with customers of the Novocure Group. You recognize that the information you possess and will possess about these other employees is not generally known, is of substantial value to the Novocure Group in developing its business and in securing and retaining customers, and has been and will be acquired by you because of your business position with the Novocure Group. You agree that, during the Restricted Period, you will not (x) directly or indirectly, individually or on behalf of any other person or entity solicit or recruit any employee of the Novocure Group to leave such employment for the purpose of being employed by, or rendering services to, you or any person or entity unaffiliated with the Novocure Group, or (y) convey any such confidential information or trade secrets about other employees of the Novocure Group to any person or entity other than in the course of your assigned duties hereunder and for the benefit of the Novocure Group or as otherwise required by law or judicial or administrative process.

(f)Non-Disparagement. You and the Novocure Group agree that neither will, nor induce others to, Disparage the Novocure Group or any of their past or present officers, directors, employees or products, or you. “Disparage” will mean you or any Novocure Group officer or director making comments or statements to the press, the Novocure Group’s employees or any individual or entity with whom the Novocure Group has a business relationship, or any prospective new employer of yours, that would adversely affect in any manner: (i) the conduct of the business of the Novocure Group (including, without limitation, any products or business plans or prospects); or (ii) the business reputation of the Novocure Group, or any of its products, or its past or present officers, directors, employees, stockholders and affiliates, or you. Nothing in this Section 7(f) shall prevent you or representatives of the Novocure Group from (x) pleading or testifying, to the extent that he or she reasonably believes such pleadings or testimony to be true, in any legal or administrative proceeding if such testimony is compelled or

Exhibit 10.1
requested, (y) from otherwise complying with legal requirements, or (z) your making any truthful and normal competitive comments and statements that do not violate Section 7 of this Agreement or, directly or indirectly, mention the Novocure Group or any of its executives or officers and are not directed at customers or employees of the Novocure Group.

(g)Inventions.
(i)You acknowledge and agree that all trade secrets, works, concepts, drawings, materials, documentation, procedures, diagrams, specifications, models, processes, formulae, data, programs, knowhow, designs, techniques, ideas, methods, inventions, discoveries, improvements, work products or developments or other works of authorship (“Inventions”), whether patentable or unpatentable, (x) that relate to your work with the Company or any other member of the Novocure Group, made, developed or conceived by you, solely or jointly with others or with the use of any of the Novocure Group’s equipment, supplies, facilities or trade secrets or (y) suggested by any work that you perform in connection with the Novocure Group, either while performing your duties with the Novocure Group or on your own time, but only insofar as the Inventions are related to your work as an employee of the Company or the Novocure Group, belong exclusively to the Company (or its designee and assigns, including without limitation the Parent), whether or not patent applications are filed thereon. You acknowledge and agree that you have previously disclosed to the Company all Inventions that belong to the Company pursuant to the previous sentence and that you have kept and will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all future Inventions completely and in writing to the Company. The Records are and will be the sole and exclusive property of the Company (or its designee and assigns, including without limitation the Parent), and you will surrender them upon the termination of your employment, or upon the Company’s request. You do hereby assign to the Company (and its designees and assigns) the Inventions, including all rights in and to patents and other intellectual property rights that may issue thereon in any and all countries, whether during your past employment with the Company or subsequent to the term of this Agreement, together with the right to file, in your name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”). You will, at any time during and subsequent to the term of this Agreement, make such Applications, sign such papers, take all rightful oaths, and perform all acts as may be requested from time to time by the Company with respect to the Inventions and the underlying intellectual property. You will also execute assignments to the Company (or its designee or assigns) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions and the underlying intellectual property for its benefit, all without additional compensation to you from the Company, but entirely at the Company’s expense.

Exhibit 10.1
(ii)In addition, the Inventions are deemed “work made for hire,” as such term is defined under the copyright law of the United States, on behalf of the Company and you agree that the Company (or its designees or assigns) is and will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations or compensation to you. If the Inventions, or any portion thereof, are deemed not to be “work made for hire,” you hereby irrevocably convey, transfer, assign and deliver to the Company (or its designees or assigns), all rights, titles and interests in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions and the underlying intellectual property, including without limitation, (A) all of your rights, titles and interests in the copyrights (and all renewals, revivals and extensions thereof) related to the Inventions and the underlying intellectual property; (B) all rights of any kind or any nature now or hereafter recognized, including without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and the underlying intellectual property; and (C) all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including without limitation the right to receive all proceeds and damages therefrom. In addition, you hereby waive any so-called “moral rights” with respect to the Inventions. You hereby waive any and all currently existing and future monetary rights in and to the Inventions and all patents and other intellectual property rights that may issue thereon, including, without limitation, any rights that would otherwise accrue to your benefit by virtue of you being an employee of or other service provider to the Company.
(iii)To the extent that you are unable to assign any of your right, title or interest in any Invention under applicable law, for any such Invention and the underlying intellectual property rights, you hereby grant to the Company (or its designees or assigns) an exclusive, irrevocable, perpetual, transferable, worldwide, fully paid license to such Invention and the underlying intellectual property, with the right to sublicense, use, modify, create derivative works and otherwise fully exploit such Invention and the underlying intellectual property, to assign this license and to exercise all rights and incidents of ownership of the Invention.
(iv)To the extent that any of the Inventions are derived by, or require use by the Company of, any works, Inventions, or other intellectual property rights that you own, which are not assigned hereby, you hereby grant to the Company an irrevocable, perpetual, transferable, worldwide, non-exclusive, royalty free license, with the right to sublicense, use, modify and create derivative works using such works, Inventions or other intellectual property rights, but only to the extent necessary to permit the Company (or its designees or assigns) to fully realize their ownership rights in the Inventions.


Exhibit 10.1
(h)Cooperation. Upon the receipt of notice from the Company (including outside counsel), you agree that while employed by the Company or any member of the Novocure Group and for a reasonable period thereafter, you will respond and provide information with regard to matters in which you have knowledge as a result of your employment with the Company, and will provide reasonable assistance to the Novocure Group and its representatives in defense of any claims that may be made against the Novocure Group, and will assist the Novocure Group in the prosecution of any claims that may be made by the Novocure Group, to the extent that such claims may relate to the period of your employment with the Company (or any predecessor) and were within your knowledge. You agree to promptly inform the Company if you become aware of any lawsuits involving such claims that may be filed or threatened against the Novocure Group. You also agree to promptly inform the Company (to the extent you are legally permitted to do so) if you are asked to assist in any investigation of the Novocure Group (or their actions), regardless of whether a lawsuit or other proceeding has then been filed against the Novocure Group with respect to such investigation, and will not do so unless legally required. Subject to any customary and reasonable limitations as may be set forth in any other written agreement between you and any member of the Novocure Group, the Company will reimburse you for pre-approved out-of-pocket expenses incurred in connection with such cooperation.

(i)Return of Property. On the date of the termination of your employment with the Company for any reason (or at any time prior thereto at the Company’s request), you will return all property belonging to the Novocure Group (including, but not limited to, any Novocure Group provided laptops, computers, mobile/smart phones, security cards/fobs, or other equipment, or documents and property belonging to the Novocure Group, but not your personal rolodex to the extent it contains only contact information).

(j)Injunctive Relief. It is further expressly agreed that the Company will or would suffer irreparable injury if you were to violate the provisions of this Section 7 and that the Novocure Group would by reason of such violation be entitled to injunctive relief in a court of appropriate jurisdiction and you further consent and stipulate to the entry of such injunctive relief in such court prohibiting you from violating the provisions of this Section 7.

(k)Survival of Provisions. The obligations contained in this Section 7 will survive the termination of your employment with the Company or any member of the Novocure Group and will be fully enforceable thereafter. If it is determined by a court of competent in any jurisdiction that any restriction in this Section 7 is excessive in duration or scope or extends for too long a period of time or over too great a range of activities or in too broad a geographic area or is unreasonable or unenforceable under the laws of that jurisdiction, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that jurisdiction.


Exhibit 10.1
8.Representation. You represent and warrant that your execution and delivery of this Agreement and your performing the contemplated services does not and will not conflict with or result in any breach or default under any agreement, contract or arrangement which you are a party to or violate any other legal restriction, nor will any member of the Novocure Group knowingly request or require you to take any action that would violate any prior agreement, contract or arrangement of which the Company has been made aware on or prior to the date of this Agreement.

9.Assignment. Notwithstanding anything else herein, this Agreement is personal to you and neither the Agreement nor any rights hereunder may be assigned by you. The Company may assign the Agreement to an affiliate or to any acquiror of all or substantially all of the assets of the Company or otherwise to any person in connection with a Change in Control. This Agreement will inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and permitted assignees of the parties.

10.Governing Law. This Agreement will be governed by, and construed under and in accordance with, the internal laws of Switzerland, without reference to rules relating to conflicts of laws. The Company and you each irrevocably submit to the jurisdiction of the competent courts located in Zurich, Switzerland and hereby waive any objection regarding jurisdiction or forum.

11.Entire Agreement; Amendments. This Agreement and the agreements referenced herein contain the entire agreement of the parties relating to the subject matter hereof, and supersede in their entirety any and all prior agreements, understandings or representations relating to the subject matter hereof. No amendments, alterations or modifications of this Agreement will be valid unless made in writing and signed by the parties hereto. To the extent implied herein, the applicable provisions of this Agreement shall survive any termination of your employment.

12.Applicable Policies. The current English version of the GEP is applicable and forms an integral part of this Employment Contract. In case of conflicts with the terms and conditions of this Agreement, the terms and conditions of this Agreement shall prevail unless otherwise specifically set forth in this Agreement.

Furthermore, you have to comply with any instructions and regulations, in particular the Expense Reimbursement Policy and the Notice of Fair Processing of Employee Data, issued by the Company and/or by the Novocure Group from time to time.

13.Section Headings. The section headings used in this Agreement are included solely for convenience and will not affect, or be used in connection with, the interpretation of this Agreement.

14.Severability; Waiver. The provisions of this Agreement will be deemed severable and the invalidity of unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof. No failure to exercise, delay in exercising, or single or partial exercise of any right, power or remedy by either party, and no course of dealing

Exhibit 10.1
between the parties, shall constitute a waiver of, or shall preclude any other or further exercise of, any right, power or remedy.

15.Counterparts. This Agreement may be executed in several counterparts (including via facsimile), each of which will be deemed to be an original but all of which together will constitute one and the same instruments.

16.Compensation Recovery. Any amounts paid pursuant to this Agreement shall be subject to recoupment in accordance with any clawback policy that Parent and/or the Company has adopted, adopts or is otherwise required by law to adopt, whether pursuant to the listing standards of any national securities exchange or association on which the Parent’s securities are listed, the Dodd-Frank Wall Street Reform and Consumer Protection Act and/or other applicable law.

17.Notices. All notices, consents or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or one business day after being sent by a nationally recognized overnight delivery service, charges prepaid. Notices also may be given by facsimile or electronically via PDF and shall be effective on the date transmitted if confirmed within 48 hours thereafter by a signed original sent in the manner provided in the preceding sentence. Notice to you shall be sent to your most recent address on file with the Company. Notice to the Company shall be sent to its address set forth on the first page hereto. Either party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other party in accordance with this Section 18, provided, however, that any such change of address notice shall not be effective unless and until received.

18.Indemnification; Directors and Officers Liability Insurance. In addition to any rights to indemnification to which you may be entitled under the Company’s and/or Parent’s governing documents or other agreement, the Company and/or Parent (as applicable) shall indemnify you at all times during and after your employment terminates for any reason to the maximum extent permitted under applicable law, including its provisions regarding advancement of costs and attorneys’ fees, in connection with any action, suit, investigation or proceeding based in whole or in part upon your actions, inaction, or status as an employee, officer, or director of any member of the Novocure Group, except to the extent it is finally determined by a court of competent jurisdiction that you are either not entitled to indemnification hereunder or otherwise or that any such action or inaction by you that gave rise to any such action, suit, investigation or proceeding arose out of your own gross negligence, willful misconduct or fraud. The Company and/or Parent shall maintain directors and officers liability insurance in commercially reasonable amounts (as reasonably determined by the Board or the Parent Board (as applicable), and you shall be covered under such insurance to the same extent as any other senior executives of the Company and/or the Novocure Group, both during employment and thereafter while potential liability exists.

[Remainder of page intentionally blank]


Exhibit 10.1

We hope that you find the foregoing terms and conditions acceptable. You may indicate your agreement with the terms and conditions set forth in this Agreement by signing the enclosed duplicate original of this Agreement and returning it to me.
We look forward to your employment with the Company.

Very truly yours,
Novocure GmbH


By: /s/ Asaf Danziger
Name: Asaf Danziger Title: CEO
Dated: October 29, 2024
Accepted and Agreed:
/s/ Christoph Brackmann
Name: Christoph Brackmann
Dated: October 29, 2024


Exhibit 10.1

EXHIBIT A

RELEASE AGREEMENT

This RELEASE AGREEMENT (“Agreement”) made [ ], [ ] (the “Effective Date”), between [COMPANY] (including its successors and assigns, the “Company”), and [FIRST_NAME] [LAST_NAME] (the “Executive”).

1.Termination Date.
The Executive’s employment with the Company terminates with effect on [INSERT DATE] (the "Termination Date"). For the avoidance of doubt, the Termination Date is not subject to any deferment for whatever reason, including, but not limited to, sickness or accident.

2.Release.
(a)     In consideration of the amounts to be paid by the Company pursuant to the employment agreement, dated as of August 1, 2024 (the “Employment Agreement”), Executive, on behalf of himself and his heirs, executors, devisees, successors and assigns, knowingly and voluntarily releases, remises, and forever discharges the Company and its parent company, subsidiaries and affiliates, together with each of their current and former principals, officers, directors, shareholders, agents, representatives and employees, and each of their heirs, executors, successors and assigns (collectively, the “Releasees”), from any and all debts, demands, actions, causes of action, accounts, covenants, contracts, agreements, claims, damages, omissions, promises, and any and all claims and liabilities whatsoever, of every name and nature, known or unknown, suspected or unsuspected, both in law and equity (“Claims”), which Executive ever had, now has, or may hereafter claim to have against the Releasees by reason of any matter or cause whatsoever arising from the beginning of time to the time he signs this Agreement arising out of his employment by, or termination from employment by, the Company or the Novocure Group (the “General Release”). References herein to the “Novocure Group” shall mean and refer to, collectively, the Company, Novocure Limited, a Jersey (Channel Islands) corporation, and their respective direct and indirect subsidiaries and affiliates. This General Release of Claims shall apply to any Claim of any type, related to or arising out of Executive’s employment relationship, or the termination of his employment, with the Company.

(b)    For the purpose of implementing a full and complete release, Executive understands and agrees that this Agreement is intended to include all claims, if any, which Executive or his heirs, executors, devisees, successors and assigns may have and which Executive does not now know or suspect to exist in his favor against the Releasees, from the beginning of time until the time he signs this Agreement, and this Agreement extinguishes those claims.

(c)    In consideration of the promises of the Company set forth in the Employment Agreement, Executive hereby releases and discharges the Releasees from any and all Claims that Executive may have against the Company. Executive also

Exhibit 10.1
understands that, by signing this Agreement, he is waiving all Claims against any and all of the Releasees.

(d)    Except as provided in Section 6 of the Employment Agreement, Executive acknowledges and agrees that the Company has fully satisfied any and all obligations owed to him arising out of his employment with or termination from the Company, and no further sums or benefits are owed to him by the Company or by any of the other Releasees at any time.

(e)    This General Release does not waive any right Executive may have (i) to accrued and vested benefits or benefits otherwise due (other than severance, termination or change in control benefits) under any employee benefit plan of the Company or (ii) to coverage and/or indemnification by the Company pursuant to any directors’ and officers’ liability insurance coverage of the Company or pursuant to the organizational or governance documents of the Company.

3.Consultation with Attorney; Voluntary Agreement. The Company advises Executive to consult with an attorney of his choosing prior to signing this Agreement. Executive understands and agrees that he has the right and has been given the opportunity to review this Agreement and, specifically, the General Release in Section 1 above, with an attorney. Executive also understands and agrees that he is under no obligation to consent to the General Release set forth in Section 1 above. Executive acknowledges and agrees that the payments to be made to Executive pursuant to the Employment Agreement are sufficient consideration to require him to abide with his obligations under this Agreement, including but not limited to the General Release set forth in Section 1. Executive represents that he has read this Agreement, including the General Release set forth in Section 1, and understands its terms and that he enters into this Agreement freely, voluntarily, and without coercion.

4.Effective Date; Revocation. Executive acknowledges and represents that he has been given [twenty-one (21)/forty-five (45)][1] days during which to review and consider the provisions of this Agreement and, specifically, the General Release set forth in Section 1 above. Executive further acknowledges and represents that he has been advised by the Company that he has the right to revoke this Agreement for a period of seven (7) days after signing it. Executive acknowledges and agrees that, if he wishes to revoke this Agreement, he must do so in a writing, signed by him and received by the Company no later than 5:00 p.m. Eastern Time on the seventh (7th) day of the revocation period. If no such revocation occurs, the General Release and this Agreement shall become effective on the eighth (8th) day following his execution of this Agreement.

5.Severability. In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of the Agreement shall not in any way be affected or impaired thereby.

6.Governing Law. This Agreement and any other document or instrument delivered pursuant hereto, and all claims or causes of action that may be based upon, arise out of or relate to this Agreement will be governed by, and construed under and in accordance

Exhibit 10.1
with, the internal laws of Switzerland, without reference to rules relating to conflicts of laws.

7.Possible Continuation of Insurance Coverage. The Executive remains insured under the Company's existing insurance coverage until the Termination Date or, if earlier, until taking up substitute employment in Switzerland, at the same terms as applicable at the date of execution of this Agreement.

The Executive confirms having been informed by the Company of the possibility to maintain, for his own account, his previous insurance coverage by entering into private arrangements with the Company's insurance providers, according to the terms of the Company's insurance policies (if any).

8.Letter of Reference. On the Termination Date, the Company shall provide the Executive with a final letter of reference. Upon request, the Company shall provide the Executive with an interim reference letter at an earlier date.

9.Entire Agreement. This Agreement, the Employment Agreement and the other agreements referred to in the Employment Agreement constitute the entire agreement and understanding of the parties with respect to the subject matter herein and supersedes all prior agreements, arrangements and understandings, written or oral, between the parties. Executive acknowledges and agrees that he is not relying on any representations or promises by any representative of the Company concerning the meaning of any aspect of this Agreement.

10.Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the dates set forth below.

[COMPANY]
By:
Name:
Title:

EXECUTIVE
By:
Name: Christoph Brackmann
Dated:


[1] Consideration period to be determined at time of termination.

Exhibit 99.1
Novocure Reports Third Quarter 2024 Financial Results

Quarterly net revenues of $155 million, up 22% year-over-year, with 4,113 active patients on therapy as of September 30, 2024

FDA approves Optune Lua® for the treatment of metastatic non-small cell lung cancer

After 22 years as CEO, Asaf Danziger announces planned retirement at year end, will be succeeded by current CFO Ashley Cordova

Christoph Brackmann appointed Chief Financial Officer, effective January 1, 2025

Root, Switzerland – Novocure (NASDAQ: NVCR) today reported financial results for the third quarter ended September 30, 2024. Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (TTFields).

“This was a period of strong execution and achievement at Novocure,” said William Doyle, Novocure’s Executive Chairman. “We secured FDA approval and launched Optune Lua for the treatment of patients with metastatic non-small cell lung cancer, achieved significant year-over-year revenue growth across our major markets, and solidified our management team to drive our next stage of growth. It is an exciting time to be at Novocure as we pursue opportunities to make a difference in the lives of our patients.”

Financial updates for the third quarter ended September 30, 2024:
•Total net revenues for the quarter were $155.1 million, an increase of 22% compared to the same period in 2023. This increase is primarily driven by our successful launch in France and improved U.S. approval rates.
◦The U.S., Germany, France and Japan contributed $98.3 million, $17.0 million, $15.2 million and $8.6 million, respectively, with other active markets contributing $11.3 million.
◦Improved approval rates in the U.S. resulted in $4.7 million of increased net revenue from prior period claims during the quarter. We do not expect this benefit to recur.
◦Revenue in Greater China from Novocure’s partnership with Zai Lab totaled $4.6 million.
•Gross margin for the quarter was 77%.
•Research, development and clinical studies expenses for the quarter were $51.9 million, a decrease of 3% from the same period in 2023.
•Sales and marketing expenses for the quarter were $59.8 million, an increase of 3% compared to the same period in 2023.
•General and administrative expenses for the quarter were $40.1 million, a decrease of 4% compared to the same period in 2023.
•Net loss for the quarter was $30.6 million with loss per share of $0.28.
•Adjusted EBITDA* for the quarter was $1.7 million.

Exhibit 99.1
•Cash, cash equivalents and short-term investments were $959.9 million as of September 30, 2024.
Operational updates for the third quarter ended September 30, 2024:
•1,586 prescriptions were received in the quarter, an increase of 8% compared to the same period in 2023. Prescriptions from the U.S., Germany, France and Japan contributed 934; 217; 171 and 99 prescriptions, respectively, with the remaining 165 prescriptions received in other active markets.
•As of September 30, 2024, there were 4,113 active patients on therapy. Active patients from the U.S., Germany, France and Japan contributed 2,200; 570; 393 and 437 active patients, respectively, with the remaining 513 active patients contributed by other active markets.

Quarterly updates and achievements:
•In October, based on the results from the Phase 3 LUNAR trial, the U.S. Food and Drug Administration (FDA) approved our Premarket Approval (PMA) application for Optune Lua for concurrent use with PD-1/PD-L1 inhibitors or docetaxel for the treatment of adult patients with metastatic NSCLC who have progressed on or after a platinum-based regimen. Our commercial launch in the U.S. is underway with physician certification ongoing and first prescription received shortly after approval.
•In October, the U.S. FDA granted Breakthrough Device designation for the use of TTFields therapy for brain metastases from non-small cell lung cancer. Breakthrough Device designation gives us more frequent, faster and interactive access to the FDA review team and senior management during the review process, priority review of our marketing application upon filing, and expedited review of pre-PMA manufacturing and quality systems compliance inspections.
•In September, we announced the retirement of Chief Executive Officer (CEO) Asaf Danziger, effective January 1, 2025. Mr. Danziger will be succeeded by Chief Financial Officer (CFO) Ashley Cordova. In October, we appointed Christoph Brackmann to succeed Ms. Cordova as CFO, effective January 1, 2025. In addition, we announced the promotion of Mukund Paravasthu to the role of Chief Operating Officer, effective October 1, 2024.

Anticipated clinical milestones:
•Top-line data from Phase 3 PANOVA-3 clinical trial in locally advanced pancreatic cancer (Q4 2024)
•Data from Phase 2 PANOVA-4 clinical trial in metastatic pancreatic cancer (2026)
•Data from Phase 3 TRIDENT clinical trial in newly diagnosed glioblastoma (2026)

Conference call details
Novocure will host a conference call and webcast to discuss third quarter 2024 financial results at 8:00 a.m. EDT today, Wednesday, October 30, 2024. To access the conference call by phone, use the following conference call registration link and dial-in details will be provided. To access the webcast, use the following webcast registration link.


Exhibit 99.1
The webcast, earnings slides presented during the webcast and the corporate presentation can be accessed live from the Investor Relations page of Novocure’s website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Novocure
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer.

Novocure’s global headquarters is located in Root Switzerland, with U.S. headquarters located in Portsmouth, New Hampshire and research and development facilities located in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.

*Non-GAAP Financial Measurements
We measure our performance based upon a non-U.S. GAAP measurement of earnings before interest, taxes, depreciation, amortization and shared-based compensation ("Adjusted EBITDA"). We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors compare the results of our operations from period to period by removing the impact of earnings attributable to our capital structure, tax rate and material non-cash items, specifically share-based compensation.

Forward-Looking Statements
In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical trial progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on

Exhibit 99.1
Form 10-K filed on February 22, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.


Exhibit 99.1
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Three months ended September 30,Nine months ended September 30,Year ended December 31,
20242023202420232023
UnauditedUnauditedAudited
Net revenues$155,095 $127,321 $443,954 $375,554 $509,338 
Cost of revenues35,372 32,092 103,715 95,724 128,280 
Gross profit119,723 95,229 340,239 279,830 381,058 
Operating costs and expenses:
Research, development and clinical studies51,882 53,623 158,435 168,754 223,062 
Sales and marketing59,830 57,964 171,652 167,621 226,809 
General and administrative40,103 41,887 117,344 124,609 164,057 
Total operating costs and expenses151,815 153,474 447,431 460,984 613,928 
Operating income (loss)(32,092)(58,245)(107,192)(181,154)(232,870)
Financial income (expenses), net10,507 10,023 31,236 27,948 41,130 
Income (loss) before income tax(21,585)(48,222)(75,956)(153,206)(191,740)
Income tax8,985 1,263 26,749 6,758 15,303 
Net income (loss)$(30,570)$(49,485)$(102,705)$(159,964)$(207,043)
Basic and diluted net income (loss) per ordinary share$(0.28)$(0.46)$(0.95)$(1.51)$(1.95)
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share108,247,716 106,772,814 107,679,501 106,219,194 106,391,178 










Exhibit 99.1
Consolidated Balance Sheets
USD in thousands (except share data)

NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
September 30,
2024		December 31, 2023
UnauditedAudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$185,422 $240,821 
Short-term investments774,476 669,795 
Restricted cash3,777 1,743 
Trade receivables, net67,060 61,221 
Receivables and prepaid expenses25,437 22,677 
Inventories39,096 38,152 
Total current assets1,095,268 1,034,409 
LONG-TERM ASSETS:
Property and equipment, net73,251 51,479 
Field equipment, net12,913 11,384 
Right-of-use assets28,330 34,835 
Other long-term assets12,224 14,022 
Total long-term assets126,718 111,720 
TOTAL ASSETS$1,221,986 $1,146,129 




Exhibit 99.1
Consolidated Balance Sheets
USD in thousands (except share data)
September 30,
2024		December 31, 2023
UnauditedAudited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Convertible note$557,333 $— 
Trade payables91,319 94,391 
Other payables, lease liabilities and accrued expenses86,350 84,724 
Total current liabilities735,002 179,115 
LONG-TERM LIABILITIES:
Convertible note— 568,822 
Senior secured credit facility, net97,149 — 
Long-term leases21,144 27,420 
Employee benefit liabilities7,892 8,258 
Other long-term liabilities18 18 
Total long-term liabilities126,203 604,518 
TOTAL LIABILITIES861,205 783,633 
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares no par value, unlimited shares authorized; issued and outstanding:
108,100,392 shares and 107,075,754 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively		— — 
Additional paid-in capital1,454,367 1,353,468 
Accumulated other comprehensive income (loss)(5,378)(5,469)
Retained earnings (accumulated deficit)(1,088,208)(985,503)
TOTAL SHAREHOLDERS' EQUITY360,781 362,496 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$1,221,986 $1,146,129 

Exhibit 99.1
Non-U.S. GAAP financial measures reconciliation
USD in thousands

Three months ended September 30,Nine months ended September 30,
20242023% Change20242023% Change
Net income (loss)$(30,570)$(49,485)(38)%$(102,705)$(159,964)(36)%
Add: Income tax8,985 1,263 611 %26,749 6,758 296 %
Add: Financial expenses (income), net(10,507)(10,023)5 %(31,236)(27,948)12 %
Add: Depreciation and amortization2,458 2,803 (12)%8,131 8,246 (1)%
EBITDA$(29,634)$(55,442)(47)%$(99,061)$(172,908)(43)%
Add: Share-based compensation31,364 26,346 19 %97,278 98,170 (1)%
Adjusted EBITDA$1,730 $(29,096)(106)%$(1,783)$(74,738)(98)%

Investors & Media:
Ingrid Goldberg
investorinfo@novocure.com

Media:
Catherine Falcetti
media@novocure.com


Exhibit 99.2
Novocure Appoints Christoph Brackmann as Chief Financial Officer

ROOT, Switzerland – Novocure (NASDAQ: NVCR) announced today that Christoph Brackmann has been appointed as the company’s next Chief Financial Officer (CFO). Mr. Brackmann will join Novocure immediately as a Senior Financial Advisor and will transition to the role of CFO on January 1, 2025 when current CFO, Ashley Cordova, becomes CEO.

Mr. Brackmann joins Novocure from Moderna, Inc. where he served as Senior Vice President of Finance since 2019. While at Moderna he established and built the finance team and oversaw the rapid expansion of the organization during the COVID-19 pandemic.

“The addition of Christoph to our Novocure executive team comes at a pivotal time for the organization as we expand our product portfolio and our global footprint,” said Ashley Cordova, Novocure’s current CFO and CEO succedent. “Christoph’s knowledge of our industry, strategic insight and experience leading successful financial organizations through periods of growth will be valuable assets to Novocure. I look forward to partnering with him as we work to deliver on our commitments in the coming years.”

“Novocure is founded on an innovative idea that has been developed into multiple products that changed how cancer is treated. The potential of this organization is energizing, especially as it is poised to expand into new indications,” said Mr. Brackmann. “I am eager to contribute to the organization’s patient-forward mission and to work with this team to drive Novocure to reach its full potential for patients, employees and our shareholders.”

During his career at Moderna, Mr. Brackmann, 51, oversaw the expansion and development of the Finance function, including Financial Planning and Analysis, Accounting, Tax, Treasury, Procurement and Business Services. Prior to Moderna, Mr. Brackmann served as the Vice President of Investor Relations and Head of International Finance at Shire plc (acquired by Takeda), and in various financial roles at Eli Lilly and Company and Novartis. Mr. Brackmann earned his Master of Business Administration from the SDA Bocconi School of Management, Milan and holds a bachelor’s degree in Business and Economics from the University of Mannheim.

About Novocure
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer.


Exhibit 10.1
Novocure’s global headquarters is located in Root Switzerland, with U.S. headquarters located in Portsmouth, New Hampshire and research and development facilities located in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.

Forward-Looking Statements
In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical study progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “could” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 22, 2024, and subsequent filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.

Investors:
Ingrid Goldberg
investorinfo@novocure.com

Media:
Catherine Falcetti
media@novocure.com

v3.24.3
Document and Entity Information Document
 4 Months Ended
Nov. 01, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2024
Entity Registrant Name NovoCure Limited
Entity Central Index Key 0001645113
Amendment Flag false
Entity Incorporation, State or Country Code Y9
Entity File Number 001-37565
Entity Tax Identification Number 98-1057807
Entity Address, Address Line One No. 4 The Forum, Grenville Street
Entity Address, City or Town St. Helier
Entity Address, Country JE
Entity Address, Postal Zip Code JE2 4UF
City Area Code 44 (0) 15
Local Phone Number 3475 6700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Ordinary Shares, no par value
Trading Symbol NVCR
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
NovoCure (NASDAQ:NVCR)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more NovoCure Charts.
NovoCure (NASDAQ:NVCR)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more NovoCure Charts.