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Heavy reliance on forensic evidence: radiologist interviews, LinkedIn screenshots (Reifman's prison tenure), corporate registry records linking Reifman relative to A-Labs, address-lookup data placing Reifman at the same address as the A-Labs GP. Report explicitly invokes Nikola (truck rolled down hill) and Theranos as analogues — unusually blunt precedent-citing. No slides, charts, or SOTP valuation — the 'valuation' is rhetorical ('no real product to sell other than its stock'). Notable pages: p2 cover-thesis, p5 phantom-with-arms-up photo, p6 circled-collarbone X-ray showing image mismatch, p9 Reifman LinkedIn 'Prisoner' entry, p12 ARC prototype vs. sci-fi rendering comparison, p41 sci-fi prop render by Jurassic-World designer. Stake size not disclosed.", "kpisCited": [ { "detail": "$1.3 billion at $28.83 share price on report date", "metric": "Market capitalization" }, { "detail": "43.2% of shares outstanding", "metric": "Float" }, { "detail": "$284 million", "metric": "Average daily volume (5-day)" }, { "detail": "$180.8M across seven partners, almost all non-credible", "metric": "Stated annual distribution commitments" }, { "detail": "Promedica committed to $29M annual sales with only €250,160 cash and €4.6M sales at year-end 2018", "metric": "Italian partner capacity gap" }, { "detail": "~$9.0M total (cash + warrants + shares) vs. top underwriter fees of ~$6.3M", "metric": "A-Labs IPO compensation" }, { "detail": "1,206,290 options struck at $2.21 — ~$32.1M in-the-money at report date", "metric": "Dr. Ilung Kim option grant" }, { "detail": "40,234 warrants at $2.21 strike, ~$1.1M value", "metric": "Erez Meltzer (Hadassah chairman) warrants" }, { "detail": "5 radiologists interviewed; 4 compared NNOX to Theranos without prompting; none expressed credulity", "metric": "Radiologist interviews" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 19:46:59+00", "model": "unknown-legacy", "runId": null, "seconds": 130.8037, "promptVersion": null }, "scqaReward": "No price target is disclosed, but Muddy Waters concludes NNOX 'has no real product to sell other than its stock,' calling it 'a much bigger piece of garbage than Nikola will ever be' — implying the equity is worth substantially zero.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Demo video's chest images look faked — radiologists say the ARC cannot perform the claimed CT imaging.", "$180.8M in distribution partnerships are shell-like entities incapable of delivering the stated volumes.", "Stock promotion architect A-Labs is secretly controlled by convicted Israeli fraudster Eli Reifman." ], "scqaSituation": "Nano-X Imaging IPO'd in August 2020 at a $1.3B market cap on claims its ARC device will revolutionize radiology with low-cost digital X-rays, backed by SK Telecom, Hadassah Hospital, and $180.8M in distribution commitments.", "thesisSummary": "Muddy Waters is short Nano-X Imaging (NNOX), arguing the company's $1.3B valuation rests on a fabricated medical-imaging story. Four of five interviewed radiologists compared NNOX to Theranos, and the firm's 'live demo' video appears to show borrowed or reconstructed CT images rather than footage from the ARC device itself — which radiologists say is incapable of the claimed tomosynthesis. NNOX touts $180.8M in annual distribution commitments, but partners include shell-like entities in Russia, Italy, South Africa and Spain that lack the cash, facilities or track record to fulfill them. The IPO was orchestrated by boutique banker A-Labs, allegedly controlled by convicted Israeli fraudster Eli Reifman, who served four years in prison for forgery. CEO Ran Poliakine has no medical or physics background, never graduated from art school, and faces fraud allegations in prior ventures including Powermat.", "primaryDemands": [ "Investors should recognize NNOX as a stock promotion built around a non-functional device", "NNOX should explain why its demo video images appear to come from different subjects", "NNOX should disclose the involvement of convicted felon Eli Reifman in its IPO and operations", "Regulators and the market should scrutinize the $180.8M in purported distribution commitments" ], "scqaResolution": "Muddy Waters is publicly short the stock and calls on investors, auditors and regulators to scrutinize the fabricated demo, the sham distribution partnerships, the felon-architect behind A-Labs, and CEO Poliakine's lack of qualifications.", "thesisOneLiner": "Nanox's $1.3B medical-imaging story is a stock promotion: the ARC device appears to be a prop, distribution partnerships are shams, and a convicted felon engineered the IPO.", "precedentsCited": [ "Nikola (truck rolled down hill to fake propulsion)", "Theranos (four of five radiologists unprompted invoked Theranos)", "Emblaze (Reifman's prior dotcom-era fraud and forgery)", "Powermat (Poliakine lawsuit alleging improper management)" ], "scqaComplication": "Radiologists say the ARC cannot produce the images shown in NNOX's demo video, which appears to splice borrowed CT scans; partners are shell entities; the IPO was architected by a boutique secretly run by convicted Israeli fraudster Eli Reifman.", "narrativeInterest": 5, "notableSlidePages": [ 2, 5, 6, 9, 12, 41 ], "peerCompaniesCited": [], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Standard legal disclaimer page.", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/VsS1xptC-wJ5BfZKhuxSDloBLeFhehp92FSwXOy85t0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9mZTQ0Yjg4OThiZGMvcDAwMS5qcGc", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 3, "textChars": 349, "nDataPoints": 0, "notes": "Standard legal disclaimer page.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:36.94+00", "seconds": 2.37, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-1cb0d2f8aa38/1", "deck": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38", "deckAnchor": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.11 }, "kind": "disclaimer", "text": "These Terms of Use govern current reports published by Muddy Waters Research and supersede any prior Terms of Use for older reports of Muddy Waters Research, which you may download from the Muddy Waters Research's website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:36.94+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c90fb0-4475-4858-a36f-1136615f4579", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... 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There are important similarities, though. Nikola rolled a truck down the hill to try to prove it's real. NNOX almost certainly used somebody else's chest images to try to make its ARC machine look real. Both Nikola and NNOX try to legitimize themselves by using the halo of respectable companies. Nikola gave a bunch of stock away to GM. 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A convicted felon, who crashed an $8 billion market cap dotcom into the ground, was seemingly instrumental in plucking NNOX out of obscurity and bringing its massively exaggerated story to the U.S. NNOX touts distribution partnerships that supposedly amount to $180.8 million in annual commitments. Almost all of the company's partnerships give reason for skepticism. A U.S. AI partner has apparently not received any ARC images, despite requesting them for six months. 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It's more like they're just using our name on their advertisement, which makes me very upset.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:38.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ffdd43a-2f23-4020-95fe-eaa14aea96ca", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I feel like it's a misnomer to say that we are even collaborating with [Nanox] at this point. 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In fact, an Israeli company that designed a pickup truck used in the movie Jurassic World claims credit for its design. That company is run by a graduate of the same art school from which NNOX CEO Ran Poliakine dropped out after two years. Does Mr. Poliakine have qualifications that make him well-suited to run an industry-changing medical imaging company? It depends. We understand that he has no background in medicine, physics, or imaging. However, in two lawsuits, he has been alleged to have cheated investors in other businesses he ran. If the ARC is indeed real, it would be quite an achievement for somebody without such training. 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I suspect neither of these pictures are from that machine.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:36:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b8-76f8-9f0f-51b393900aa5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "One radiologist found a similar type of phantom to the one being used, a Kyoto Kagaku PBU-60: the radiologist noted that because the phantom was closed-body and shipped free of nodules, there was no way for someone to insert such objects in the chest, meaning the image on the left was not of the same phantom, if even a phantom at all. 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One remarked that this image was \"terrible... no radiologist would want to read images look like that\". Two radiologists opined that the chest image seemed not to advance with the movement of the Nanox.ARC. One remarked that for this reason, \"those images certainly weren't acquired then and there.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:43.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5595fa72-825a-487a-96aa-8a3112506dbc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "from some other scan or technology. 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Reifman was previously imprisoned for four years for forging documents related to his ownership of shares in a stock of a company crashed from $8 billion almost to zero.12 Reifman proudly displays his prison term on his LinkedIn profile:13", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dea9316-7362-4a3b-9422-300183e60a9c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "A-Labs is quick to provide excuses for the image quality in the video description: they say, “no filtering, no image processing, no collimation [image focusing]”. We would like NNOX to explain why the images appear to come from different subjects, as we suspect that has nothing to do with collimation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44e38bc1-7dc4-4aca-bf59-a16e2fe36a33", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "12 https://www.globes.co.il/news/article.aspx?did=1001340188\n13 https://www.linkedin.com/in/elireifman/", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Emblaze's expectations had run well ahead of reality into the dotcom crash, and the stock fell -90% from its peak valuation of $8 billion over the ensuing decade, but Reifman had managed to cash out $46 million in 2000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a80ea8d4-f4e3-461a-8b3b-777183cc4615", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.15, "y": 0.68 }, "kind": "paragraph", "text": "Last month, Globes reported that 'market sources claim that Reifman is actually the power behind A-Labs.' We corroborated this with a former NNOX employee who told us that Reifman had significant involvement in NNOX's pre-IPO meetings. A-Labs denied to Globes that Reifman has any official role, but we are skeptical. Globes has previously pointed out that one of Reifman's relatives, Rita Alter, is the head of life sciences at A-Labs. According to documents that Israeli investigators retrieved and translated from the Israeli Companies Authority, Alter owns 40.1% of the A-Labs general partner entity, A-Labs Fund Holdings G.P. Ltd. The address Alter gives in the filing is the same as a place of residence that we found for Reifman himself:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:39.494+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cad72da3-3d3f-4604-88c4-01057fd7a793", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“slippery, clever man who stops at nothing and does not recognize the authority of the court.” — Court-appointed special manager", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:36:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b8-76f8-9f0f-6c9668ec02c2", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.88 }, "kind": "source-note", "text": "Footnotes 14-23 listing sources for the claims.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Reifman would be sitting one room over... he's the guy, real guy behind it... Two former senior executives of Emblaze hold senior roles at NNOX...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:38.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24382865-8ae0-4c52-b028-4f31b6c4a7ac", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.38, "x": 0.31, "y": 0.27 }, "kind": "paragraph", "text": "List of people living in Israel sorted by address... 46. HA SAVION 3 Kadima Hasharon 6092000... Eli Reifman", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:38.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffa10e02-47e1-4a8b-8486-b56d3ed22028", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "a lot of people here wouldn't— wouldn't touch him, wouldn't go near him because getting four years in Israel back then is like getting, you know, 14 years today... and that conviction... maybe because of other things, he cannot go to the US. It was kind of weird. I mean, we were meeting banks and he was like in the other room because they wouldn't, you know... he was doing the whole thing. And then the Israelis that knew who he was, he would not come to the company at that day because they knew who he was. Yeah, so he's the guy, real guy behind it... they [A-Labs] would do work. I imagine in terms of crafting the narrative and the pitch book and so forth. And I mean, basically, promoting the valuation. — Former NNOX employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:36:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b8-76f8-9f0f-e5621d1f16f5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.66, "x": 0.17, "y": 0.86 }, "kind": "source-note", "text": "Sources: 24, 25, 26", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We note, however, that the chairman of Hadassah is on NNOX's board and received options with a $2.21 strike. Having SK Telecom as a backer certainly sounds impressive. 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], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:48:40.331+00", "seconds": 3.77, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-1cb0d2f8aa38/12", "deck": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38", "deckAnchor": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "However, these admissions fail to match NNOX’s own claimed development timeline.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": 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Dr. Kim will not receive any cash compensation, but will be granted options to purchase 1,206,290 ordinary shares with an exercise price of $2.21 per ordinary share. 301,572 of the options vested as of the grant date and the remaining 904,718 options will vest in equal monthly installments over a period of three years from the vesting commencement date. 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They highlighted that this runs in stark contrast to industry practice.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea718793-749b-4cd2-9fc7-8e9f0cd1c536", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "We lay out experts' key statements below, subdivided among a series of eight serious points that the experts raised. We call upon the company to address these deep points of concern, each of which we believe indicates blatant fabrication and a near-total lack of scientific substance at the company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f12cf6a2-d4af-4224-986e-944ab8c17b5b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "quote", "text": "Radiologist C: “We've talked amongst ourselves; we came to some of these conclusions on our own because there's just nothing near there. There's not an image. There's not an approval. I'm not even sure they have a prototype. It is alarmingly vapor-like... Do you have a working prototype? Show me the images!”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41a2a799-f2a5-4e6d-8396-0d8092c58ad1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.49 }, "kind": "quote", "text": "“They're lying, they're overtly misleading, and they really are deliberately obscuring what the product does. Except the only pictures they show are the same X-rays that other folks have seen. It's really not a huge challenge to get an X-ray machine... That user interface [glossy promo video] is a total joke. I mean, that's like a Star Wars illustration.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45bebe3a-ff61-4f85-a305-e849b5cffc38", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "quote", "text": "Radiologist D: “This thing just seems so outrageous and there's not a single article, there's no images anywhere. Where's the images? If you're doing it, there's images. Because the other thing would be is, you would have to say that your images have to be the same or better, but you're claiming it's all better. As a radiologist and someone who", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8963b108-254f-41a5-bbd1-5df591532de5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "quote", "text": "“Maybe they have something, but if I had a prototype at Hadassah Hospital, those images would be at the website. If I have a prototype sitting in a room that's never turned on, then images will not be on the website.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9304cfe9-58de-4607-8b9c-59b20a7a2255", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "quote", "text": "NNOX Advisory Board Member: “No, I have not seen a live demonstration... I have not seen a working device or any pictures or images from or computerized tomography pictures of this, or images with this device yet. I don't think that's something that is done yet. As far as I know, no one has gotten scanned by this device yet.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f21f3f5-1acf-4f06-9f05-6947689fd01b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "quote", "text": "“They haven't shown they can do anything except for the extremity X-ray. On the other hand, the rest of it is bluster. Will they be able to build it at scale? Will it actually work as a CT scanner? Nobody knows.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad0bd8cf-1ddb-482d-b8a1-f9beaea6dba5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "quote", "text": "“A buddy of mine was also looking at this company. He has CT patents himself. He ran the CT business for [large imaging company], ran the MR business for [large imaging company], very close colleague of [NNOX Advisory Board member]. He reads these things and he just laughs out loud. He says it's like there's not an ounce of credibility in anything they're claiming.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:48:41.833+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0bc6069-1953-4f7e-90d3-c4ab81569228", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "No, I have not seen a live demonstration... I have not seen a working device or any pictures or images from or computerized tomography pictures of this, or images with this device yet. I don't think that's something that is done yet. 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