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Polyrizon Ltd

For the period ended Dec 31, 2024. Filed Mar 11, 2025.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Mar 11, 2025

PLRZ$11.05-4.7%Stored close · as of Nov 6, 2026
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**UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31,2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report ____________

For the transition period from ____________ to ____________

Commission File No.:001-42375

Polyrizon Ltd.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

State of Israel5 Ha-Tidhar Street Raanana, 4366507, Israel
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Tomer Izraeli

Chief Executive Officer

5 Ha-Tidhar Street

Raanana,4366507, Israel

Tel:+972-9-3740120

Email: IR@polyrizon-biotech.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class to be registeredTrading Symbol(s)Name of each exchange on which each class is to be registered
Ordinary Shares, no par value per sharePLRZThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2024:4,194,445 Ordinary Shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 7(a)(2)(B) of the Securities Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☒International Financial Reporting Standards as issued by the International Accounting Standards Board ☐Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company. Yes ☐ No☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
EMERGING GROWTH COMPANY STATUSiii
TRADEMARKSiii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
MARKET, INDUSTRY, AND OTHER DATAv
PART I1
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY52
A.History and Development of the Company52
B.Business Overview53
C.Organizational Structure86
D.Property, Plants and Equipment86
ITEM 4A.UNRESOLVED STAFF COMMENTS86
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS87
A.Operating Results87
B.Liquidity and Capital Resources89
C.Research and Development, Patents and Licenses92
D.Trend Information92
E.Critical Accounting Estimates92
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES93
A.Directors and Senior Management93
B.Compensation97
C.Board Practices98
D.Employees110
E.Share Ownership110
F.Disclosure of a registrant’s action to recover erroneously awarded compensation111
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS111
A.Major Shareholders111
B.Related Party Transactions113
C.Interests of Experts and Counsel114
ITEM 8.FINANCIAL INFORMATION114
A.Consolidated Statements and Other Financial Information114
B.Significant Changes115
ITEM 9.THE OFFER AND LISTING115
A.Offer and Listing Details115
B.Plan of Distribution115
C.Markets115
D.Selling Shareholders115
E.Dilution115
F.Expenses of the Issue115

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ITEM 10.ADDITIONAL INFORMATION115
A.Share Capital115
B.Articles of Association115
C.Material Contracts115
D.Exchange Controls116
E.Taxation116
F.Dividends and Paying Agents124
G.Statement by Experts124
H.Documents on Display124
I.Subsidiary Information124
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK124
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES125
PART II126
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES126
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS126
ITEM 15.CONTROLS AND PROCEDURES126
ITEM 16.[RESERVED]126
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT126
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES127
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES127
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS127
ITEM 16F.REGISTRANT’S CERTIFYING ACCOUNTANT127
ITEM 16G.CORPORATE GOVERNANCE128
ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS129
ITEM 16JINSIDER TRADING POLICIES130
ITEM 16KCYBERSECURITY130
PART III131
ITEM 17.FINANCIAL STATEMENTS131
ITEM 18.FINANCIAL STATEMENTS131
ITEM 19.EXHIBITS131
SIGNATURES133

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.