• Like a 'PillCam' for the colon, using X-rays to detect polyps without bowel preparation.
• An ingestible X-ray capsule for colorectal cancer screening, like a preparation-free Cologuard.

• C-Scan System: A non-invasive, radiation-free capsule system designed for colorectal cancer screening and polyp detection.

Check-Cap (CHEK) Major Customers

Check-Cap (symbol: CHEK) is a clinical-stage medical diagnostics company focused on developing the C-Scan System, an ingestible capsule for colorectal cancer screening.

As of the current information, Check-Cap has not yet obtained marketing authorization for its C-Scan System in major markets like the United States, and has not commercially launched its product in any jurisdiction. Consequently, the company does not currently have significant commercial sales or major customers to report.

In the event of commercialization, the typical customers for medical device companies like Check-Cap would be healthcare providers and institutions, including hospitals, gastroenterology clinics, and other medical facilities that offer colorectal cancer screening services. However, as the product is not yet commercially available, no such customers exist for Check-Cap at this time.

David Lontini, Interim CEO & Chairman of the Board

Mr. Lontini is an experienced business owner and operator known for successfully completing M&A transactions. He has held senior leadership positions at various sports and media organizations, including Pointstreak Sports Technologies, Maru/Matchbox, and the Toronto Argonauts Football Club. He first became a public company director in January 2024 and added another director role in December 2024.

Alan Lewis, Chief Financial Officer

Appointed as CFO in April 2025, Mr. Lewis is the Co-Founder and Chief Investment Officer (CIO) of DiversyFund, a fintech company he co-founded in 2016 to expand investment opportunities. He brings a strong background in corporate law and real estate private equity, having worked on transactions totaling over $41 billion, including acquisitions and portfolio restructurings for a $6 billion real estate fund. His previous roles include Partner at JF Capital, overseeing real estate private equity efforts, and leading the investment banking division at Brill Securities. He also worked as a corporate attorney at Davis Polk & Wardwell LLP.

Paul Medeiros, Chairman, Executive Board

Mr. Medeiros previously served as the Managing Director of Consulting and Technical Services at NSF International. Earlier in his career, he was the youngest CEO out of over 70 Easter Seals affiliates worldwide, where he significantly grew income as Vice President of Rehabilitation. He also has a background as a banking executive, holding a position as Senior Vice President and Commercial Specialist at BankFive with 22 years of experience in the banking industry.

Noa Reshef, Head of Operations

Ms. Reshef is an experienced HR Manager at Check-Cap Ltd., possessing over 14 years of expertise in human resources within the healthcare and life sciences sector. She holds an MBA from Ben-Gurion University of the Negev, which supports her strategic and operational capabilities in HR management.

Here are 3-5 expected drivers of future revenue growth for Check-Cap (CHEK) over the next 2-3 years, primarily driven by its proposed merger with MBody AI:

1. Expansion into the Embodied AI Market: The primary driver of future revenue growth for Check-Cap is the strategic merger with MBody AI. This merger is anticipated to position the company at the forefront of the embodied AI sector, a rapidly expanding market. MBody AI has reportedly seen significant demand and growth, securing major contracts and attracting substantial investment interest, which is expected to enhance shareholder value and establish the company as a leader in AI-driven automation.
2. Acquisition of New Customers and Contracts in AI: MBody AI's existing "material inbound demand" and success in "securing major contracts" are crucial indicators for future revenue. The combined entity will likely focus on converting this demand and securing additional contracts within the AI sector, driving revenue through increased customer acquisition for its AI products and services.
3. Development and Launch of New AI-Driven Products and Services: While the initial focus will be on MBody AI's current offerings, a company positioned at the "forefront of the embodied AI sector" is expected to continuously innovate. Future revenue growth will likely be fueled by the development and launch of new AI-driven products and services, expanding the company's portfolio and addressing emerging needs in the rapidly evolving AI market.

**Share Repurchases**

• Check-Cap's 3-Year Share Buyback Ratio was -6.70% as of December 2024, with historical ratios predominantly negative, indicating that share issuance has generally outweighed repurchases over time.

**Share Issuance**

• As of August 25, 2025, Check-Cap had 5,850,906 ordinary shares outstanding, a figure that increased by 0.01% in the preceding year.
• The company executed a 1:20 reverse stock split on November 25, 2022.
• In connection with the proposed merger with MBody AI, the number of authorized ordinary shares is planned to remain at 18,000,000, with a proposed reverse split range of 1-for-2 to 1-for-100.

**Inbound Investments**

• On September 12, 2025, Check-Cap entered into a definitive merger agreement to acquire MBody AI, which will become a wholly-owned subsidiary of Check-Cap.
• MBody AI reported substantial inbound demand and investor inquiries reaching hundreds of millions of dollars prior to the merger with Check-Cap.
• Check-Cap's board is currently exploring potential financing opportunities to enhance its capital position, driven by increased market activity and investor interest following the MBody AI merger announcement.

**Outbound Investments**

• Check-Cap's primary outbound investment is the planned merger with MBody AI, formalized through an agreement on September 12, 2025, under which a Check-Cap subsidiary will merge into MBody AI.

**Capital Expenditures**

• Check-Cap's capital expenditures were approximately -$0.38 million in 2021, -$1.01 million in 2022, -$0.49 million in 2023, and -$0.08 million in 2024.