Foresight Autonomous Holdings Profile
Foresight Autonomous Holdings Ltd. (Foresight), a technology company, engages in the development of smart multi-spectral 3D vision software solutions and cellular-based applications.
The company, through its wholly owned subsidiaries, Foresight Automotive Ltd. (Foresight Automotive), Foresight Changzhou Automotive Ltd. (Foresight Changzhou), and Eye-Net Mobile Ltd. (Eye-Net Mobile), develops both 'in-line-of-sight' vision solutions and 'beyond-line-of-sight' accident-prevention solutions.
The company's 3D vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to diverse markets, such as automotive, defense, autonomous vehicles, agriculture, and heavy industrial equipment. Eye-Net Mobile's cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge artificial intelligence (AI) technology and advanced analytics.
3D Vision-Based Solutions - Foresight Automotive
The company's 3D vision solutions are based on stereoscopic vision technology. Stereo technology is an image processing concept which uses two synchronized cameras to mimic human depth perception in order to obtain a 3D view. The company's unique solutions include modules of automatic calibration and dense 3D point cloud that can be applied to diverse markets, such as automotive, defense, autonomous vehicles, agriculture and heavy industrial equipment. Its QuadSight four-camera based vision solution creates and analyzes a 3D image, which foresees possible collisions with road users and other obstacles inherent to roadway (both urban and highway) and off-road environments. This solution provides highly accurate real-time detection with a low rate of false alerts and enables a 24/7 operation in harsh weather and lighting conditions for a complete 3D image of the driving environment in front of the vehicle.
The company's powerful proprietary stereoscopic and four-camera technology is based in part on intellectual property that it acquired from Magna in 2016. Magna's field-proven security technology has been deployed for almost two decades in critical facilities worldwide, including borders, nuclear plants, and airports.
In 2021, the company identified an opportunity to offer a solution that will enhance existing ADAS systems, and it developed the Mono2Stereo software-based solution, which can provide a readily available solution to vehicles equipped with Level 2 and Level 2-plus autonomy systems without the need for additional hardware or changes in the design and architecture of the vehicle. Mono2Stereo is a 3D stereo-vision system that improves the performance of existing cameras by utilizing the overlapping views of existing cameras with different fields of view.
3D Vision Solutions
Mono2Stereo - Creating 3D Stereo Perception from Existing Mono Cameras
The company's Mono2Stereo solution enhances existing vision sensor systems by using proprietary software-based algorithms to create a 3D perception stereo vision solution. This solution is designed to amplify the performance of existing ADAS sensors resulting in better distance accuracy and more robust active safety features.
ScaleCam - Separated Stereo Cameras Solution
The company's ScaleCam solution enables the separation of stereo cameras, allowing flexible placement of cameras on the vehicle, increasing the distance between the cameras, and, as a result, extending obstacle detection range with greater accuracy up to several hundred meters.
Separated cameras require ongoing calibration to optimize distance accuracy. Combined with the company's DynamiCal auto calibration solution, it is able to compensate for deviations caused by external factors, such as vibrations and temperature changes.
In September 2022, the company signed a proof of concept (POC) project with a leading U.S. manufacturer of electric vehicles to evaluate its ability to create 3D stereo perception with software only, using the manufacturer's existing pair of mono cameras mounted on a large baseline (distance between the cameras).
The QuadSight Automotive Vision Solution
The QuadSight solution, a four-camera multi-spectral vision solution, consists of software based on a chip and hardware (camera and processors) that it can customize to a customer's needs. The solution offers unprecedented accuracy through exceptional distance and location measurements due to its 3D stereo perception capabilities and dynamic stereo auto calibration. The solution uses a four-camera technology that combines two sets of stereoscopic infrared and visible-light cameras, enabling highly accurate and reliable obstacle detection.
The solution is designed to achieve near 100% obstacle detection with the lowest rates of false alerts, under harsh weather and lighting conditions, including complete darkness, rain, haze, fog, and glare.
In contrast to other active technologies, QuadSight is a non-active sensor that emits no energy during operation. As a result, the QuadSight solution does not interfere with other systems and is hazard-free.
In November 2022, the company signed a commercial agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd. (SUNWAY) for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, as well as for ADAS systems for airport ground support vehicles, using both visible light, and thermal cameras. Its QuadSight stereoscopic technology, including both proprietary software and cameras, will be licensed to SUNWAY and will serve as the underlying technology for SUNWAY's ADAS systems, intended for integration into several types of vehicles working closely with aircrafts.
DynamiCal - Automatic Calibration Solution
The company has developed DynamiCal - a proprietary automatic calibration software solution designed to ensure that stereo cameras remain calibrated at all times regardless of their configuration or position on a vehicle, in order to create accurate and continuous 3D depth perception.
In September 2020, the company announced the completion of a commercial version of its groundbreaking automatic calibration software, which allows it to offer this software also as a standalone product.
Percept3D - 3D Point Cloud Solution
Point cloud provides 3D raw data that can be used for obstacle detection, terrain analysis, and autonomous vehicle sensor fusion. The use of stereoscopic technology is designed to offer a non-emitting and cost-effective solution for generating a high-resolution point cloud.
The company's Percept3D point cloud solution provides rich and accurate per pixel information that enables precise object detection. The use of passive sensors, such as visible-light and thermal cameras, leaves no energy signature, making the Percept3D an ideal for use in the defense industry.
Vehicle-to Everything (V2X) Solutions - Eye-Net Mobile
Vehicle-to-Everything, or V2X, communication, is a wireless technology that allows vehicles, infrastructure, grid, home, and network to communicate with each other.
V2X technology can be segmented based on the communication medium: vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), vehicle-to-grid (V2G), vehicle-to-cloud (V2C), and vehicle-to-device (V2D). The rapid technological advancements that have recently transpired have paved the way for semi-autonomous and autonomous vehicles, which have a wide range of applications in V2X communication technology domain.
The Eye-Net Products
Eye-Net Mobile offers two software-based products:
Eye-Net Protect (Market penetration - Under commercial integration)
In December 2019, the company completed the SDK configuration of the Eye-Net Protect solution. The Eye-Net Protect is a comprehensive solution that includes an intuitive mobile interface designed to provide real-time pre-collision alerts to all road users, including the most vulnerable ones (pedestrians, cyclists, and micro-mobility riders).
An SDK configuration indicates commercial engagement readiness and will allow Eye-Net Mobile to integrate its solution with leading location-based applications, such as navigation, ridesharing, parking, and fitness applications. This configuration will enable rapid market penetration, providing a life-saving accident prevention solution that is readily available for deployment.
Eye-Net Protect family of products (Eye-Net Protect, Eye-Net Protect Plus, Eye-Net Protect Pro) provides real-time pre-collision alerts to all road users by using smartphones with SDK configuration installed, relying on existing cellular networks.
Eye-Zone (Market penetration - Under POCs with an automotive OEM)
Eye-Zone is a V2X collision detection and accident prevention solution that sends alerts and indications to the driver. Eye-Zone uses a unique virtual sensor RUDAR (Road Users Detection and Ranging) designed to provides a point cloud of the real time location, movement characteristics, and probability of collision with each of the road users around the vehicle.
Eye-Zone is designed to provide unique features and capabilities enhancing automotive safety, without any hardware changes, allowing vehicles to communicate with all road users.
Eye-Net utilizes existing cellular networks, without requiring any hardware installation other than using smartphones, and other smart devices within vehicles. It incorporates cutting-edge algorithms, protocols, and system architecture to enhance accuracy, predict collisions, reduce latency, and optimize device resource consumption.
Sales and Marketing
As of December 31, 2022, the company had signed a commercial agreement with Elbit Systems, a leading defense company in Israel. The company has completed several POC projects with notable customers, including a leading European OEM, a global Japanese Tier One supplier - Hitachi, a leading global Tier One technology company, ZF North America, as well as a leading American manufacturer of electric vehicles. Furthermore, it is presently engaged in multiple POC projects with leading OEMs and Tier One suppliers in Japan, Europe, and China. The company has successfully completed a development project for a customized 3D perception solution to meet the requirements of the Israeli Defense Forces (IDF). The customized solution was showcased in June 2022 by Elbit on an unmanned ground robotic combat vehicle at Eurosatory, the world's leading land and airland defense and security exhibition in Paris. It has also signed a commercial agreement with SUNWAY for the development and supply of obstacle detection systems for driverless vehicles, as well as for ADAS systems for airport ground support vehicles.
The company's focus for 2023 is to increase the number of customers engaged in POC projects in order to allow them to test and evaluate the performance of its technology; engage with customers in co-development projects, allowing it to tailor its solutions to each customer's individual needs; and initiate sales of its products to SUNWAY-AI's customers for airport ground vehicles.
In April 2020, the company signed a strategic cooperation agreement with FLIR Systems, Inc., the world's largest and leading commercial company specializing in the design and production of thermal imaging cameras, components, and imaging sensors. According to the agreement, FLIR will develop, market, and distribute the company's QuadSight vision solution, combined with FLIR Systems' infrared cameras, to a wide range of prospective customers.
In May 2020, the company joined the All Weather Autonomous Real logistics operations and Demonstrations (AWARD) Consortium. The AWARD Consortium, which also includes participants, such as Continental Teves AG & Co. oHG, Terberg Benschop BV. and EasyMile, among others, applied to the European Commission to win funding for a large-scale project aimed to develop and safely operate autonomous heavy-duty vehicles in harsh weather conditions. Foresight will provide its QuadSight multispectral vision solution to the project.
Additionally, in May 2020, the company announced the sale of a prototype of its QuadSight solution to a leading, multi-billion-dollar European Tier One supplier of subsystems for rail and commercial vehicles. The sale took place following successful technological demonstrations in Germany. Two more QuadSight solution prototypes were ordered in July 2020 by the automotive solutions business unit of a multi-billion-dollar global Chinese technology company. The technology company may use the company's technology to improve its autonomous vehicle and safety solutions, and the prototype sales could result in future collaboration.
In July 2020, the company received two orders for product development and customization from Elbit Systems Land Ltd., a subsidiary of the leading Israeli defense company Elbit Systems. According to the orders, it has supplied a QuadSight prototype solution with wide-angle field-of-view detection capabilities to meet Elbit Systems' specific requirements.
In November 2020, the company completed integration of its QuadSight software on the NVIDIA Jetson AGX Xavier platform, enabling shuttles, agriculture equipment and heavy equipment machines to operate Foresight's stereoscopic obstacle detection software. The company also joined the NVIDIA Inception program, providing go-to-market support, technological assistance, and expertise to AI startups using NVIDIA processing units.
In December 2020, the company announced that it will join the 2021 startup cohort at the University of Michigan's TechLab at MCity. During the one-year program, it has worked with students from the University of Michigan to further develop its automotive vision solution designed for Advanced Driver Assistance Systems and autonomous vehicles.
In March 2021, the company announced the sale of a QuadSight prototype to the U.S. division of Hitachi, a leading Japanese Tier One supplier and manufacturer of stereo vision systems for the automotive industry. The successful evaluation of the company's technology led to the signing of two POC projects with Hitachi, one in January 2022 and another one in June 2022. The POC projects consisted of technological evaluation and testing of predefined simulated and real-life scenarios. The company paired its QuadSight and Mono2Stereo technologies with Hitachi's existing camera systems in an effort to improve distance measurement and object detection. Both POC projects were completed successfully, and, during the fourth quarter of 2022, Hitachi demonstrated the company's solution to their customers, primarily automotive OEMs, and received positive feedback.
In May 2021, the company signed a joint POC project with an American subsidiary of a leading European passenger car manufacturer. In December 2021, the company successfully completed the POC project and is discussing with the European car manufacturer future possible steps, which may include a joint development project.
In June 2021, the company expanded its presence in the autonomous agricultural equipment market with its QuadSight prototype sale to a leading global manufacturer of agricultural and construction equipment.
In July 2021, the company received a notice of allowance from the U.S. Patent and Trademark Office for its patent application with respect to its multi-spectral vehicular solution for providing pre-collision alerts. The patented technology involves a multi-spectral automotive vision solution comprising a pair of stereoscopic infrared sensors and a pair of stereoscopic visible-light sensors. This patent serves as the underlying technology of the QuadSight automotive vision solution, one of the company's flagship products.
In August 2021, the company signed a memorandum of understanding (MOU) for a multiphase business cooperation with Wuhu Chery Technology Co., LTD (Chery), a global Chinese vehicle manufacturer, and Xuanyuan Idrive Technology Co. Ltd. (XY), a subsidiary of Wuhan Guide Infrared Co., a leading Chinese developer and manufacturer of infrared thermal imaging systems.
Additionally, in August 2021, the company began a POC project with a leading Chinese vehicle manufacturer.
In October 2021, the company received an order for a prototype of its QuadSight four-camera vision solution from a leading North American robotic systems developer.
Additionally, in October 2021, the company announced the sale of a prototype of its QuadSight four-camera vision solution to a leading Japanese manufacturer of agricultural and heavy equipment for testing.
In January 2022, the company deepened its Chinese footprint with the establishment of Foresight Changzhou in Jiangsu Province, China. The Chinese subsidiary was established in cooperation with the China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market.
Additionally, in January 2022, the company announced the signing of a multiphase business cooperation agreement with SUNWAY-AI. The first phase consisted of a POC project in which SUNWAY will test the QuadSight vision prototype solution and evaluate its technology and its further potential integration into SUNWAY's products and services. The POC project was completed successfully and in May 2022 the company announced the signing of a memorandum of understanding with SUNWAY. SUNWAY intends to incorporate the company's stereo vision technology into its unmanned agricultural vehicles and heavy machinery. Furthermore, SUNWAY has applied for the endorsement and financial support of the Chinese province of Jiangsu to underwrite and otherwise advance the joint development.
In November 2022, the company signed a joint development and supply agreement with SUNWAY to strengthen its relationship. The agreement establishes a joint program for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, as well as for ADAS for airport ground support vehicles, using both visible light and thermal cameras. Starting in the second half of 2023, SUNWAY will commercialize the ADAS systems to its customers and to third parties in Mainland China, as well as to Hong Kong, Taiwan, and Macao. SUNWAY will assume responsibility for all regulatory clearances in connection with commercialization, as well as all installation, deployment, maintenance, and support activities. Additionally, and subject to predefined commercial terms, SUNWAY was granted exclusive commercialization rights in China regarding the ADAS systems for ground support vehicles used in airports. Its QuadSight stereoscopic technology, including both proprietary software and cameras, will be licensed to SUNWAY and will serve as the underlying technology for SUNWAY's ADAS systems, intended for integration into several types of vehicles working closely with aircraft, including fueling vehicles, garbage trucks, boarding vehicles, etc. The QuadSight system allows all obstacle detection in challenging weather and lighting conditions.
In February 2022, the company announced that it will customize products and solutions for a leading Israeli defense integrator, Elbit Systems.
In June 2022, the company announced the signing of an agreement for a POC project with ZF North America, a subsidiary of ZF Friedrichshafen AG, one of the top three leading Tier One technology companies supplying systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.
In July 2022, the company signed a memorandum of understanding with Shandong Industry Research Information and Artificial Intelligence Integration Research Institute Co., Ltd., a professional research institute wholly owned by Shandong Industrial Technology Research Institute, and Beidou Jingzong Technology (Shandong) Co., Ltd. (Beidou Tech). The memorandum of understanding established the joint development of an obstacle detection system and all-weather, high-precision positioning for unmanned vehicles based on multi-sensor fusion. The new system will combine its stereoscopic technology (using both visible light and thermal cameras), radar, and the laser scanning technology LiDAR, as well as Beidou Tech's vehicle navigation and positioning system. The resulting system is intended for use in autonomous vehicles, trucks, passenger cars, and other vehicles in Shandong Province, China. Furthermore, the Chinese parties applied for the endorsement and financial support of the province to underwrite and otherwise advance the project. Meanwhile, the parties intend to negotiate a definitive agreement to develop the above-mentioned system and to establish a joint venture in Shandong.
In September 2022, the company signed a paid joint POC project with a leading American manufacturer of electric vehicles. The project consists of the technological evaluation and testing of predefined scenarios. The company intends to demonstrate its ability to create 3D stereo perception with software only, using the manufacturer's existing pair of mono cameras mounted on a large baseline (distance between the cameras). Its proprietary ScaleCam separated stereo camera solution allows manufacturers to place cameras on a large baseline. This solution increases distance accuracy at long ranges, allows detection of any type of obstacle, and improves the safety and robustness of the manufacturer's driver assistance system.
In February 2023, the company's QuadSight stereovision solution was recognized as a significant technological breakthrough by Israel's Ministry of Defense. After extensive testing by the Administration for Research and Development of Weapons and Technological Infrastructure of Israel's Ministry of Defense in search for an alternative sensor to replace active LiDAR sensors, the QuadSight non-active stereo technology exceeded all requirements and was declared a significant technological breakthrough for defense applications.
In March 2023, the company signed a paid joint POC project with a leading global Japanese automaker. The project consists of evaluating its unique automatic calibration capabilities to ensure that the location and orientation of mono cameras on a vehicle are known at all times. The parties will work together to develop a breakthrough solution capable of detecting when a single camera's position has changed, as well as providing real-time correction of the camera's position while the vehicle is in motion, through the use of its proprietary software.
Over the course of 2023, the company intends to continue to seek opportunities that will allow it to enter into commercial agreements with vehicle manufacturers and Tier One automotive suppliers and system integrators in the automotive, defense, and heavy machinery markets for its various 3D vision-based software solutions.
In January 2022, Eye-Net Mobile began its first pilot project in India with a local telematics company, a venture facilitated by Eye-Net Mobile's Indian distributor. Telematics, also known as fleet tracking, refers to the methodology of monitoring fleets, vehicles, and drivers' behavior by using GPS technology and onboard diagnostics.
In February 2022, Eye-Net Mobile was one of five winners selected by the Paris2Connect consortium to participate in an urban mobility experiment to take place in Paris' Urban Innovation District. The Paris2Connect consortium includes Nokia, ATC France (a subsidiary of American Tower Corporation), Aximum, RATP Group, and Signify N.V.
In September 2022, Eye-Net Mobile signed a five-year commercial cooperation agreement with Pango Pay & Go Ltd. (Pango). Pursuant to the agreement, the parties will cooperate to integrate Eye-Net Protect products into Pango's app as an SDK.
In November 2022, Eye-Net Mobile successfully completed a technological roadshow of the Eye-Net Protect solution in Japan. Eye-Net Mobile demonstrated the technology for 20 automotive-related companies, including five leading Japanese OEMs, Tier One, and Tier Two suppliers, as well as 11 dashboard cameras (dashcam) companies.
In February 2023, Eye-Net Mobile was engaged in a paid POC project to integrate Eye-Zone automotive system with vehicle manufacturer's existing ADAS systems. The parties will begin a paid POC project to evaluate the added value and capabilities of Eye-Zone as a software V2X communication layer, allowing for unprecedented, seamless communication between vehicles and all road users (including vulnerable road users). The POC will include the integration of Eye-Zone within the automaker's ADAS as an enhancement layer for the vehicle's safety capabilities. The POC will be conducted in collaboration with a leading Japanese technology and communication company that will provide the communication infrastructure and advanced communication modules.
Investment in Railway Safety
The company is leveraging its unique expertise in advanced image processing algorithms and Computer vision technology into the rail industry. As of March 20, 2023, the company held a 15.2% stake (11.86% fully diluted) in Rail Vision Ltd. (Rail Vision), a development stage company that is seeking to revolutionize railway safety and the data-related market.
Rail Vision develops solutions for a number of verticals in the railway market:
Rail Vision's Main Line System is an application of its railway detection system that includes an external sensor unit installed on the train along with an on-board computer system. The on-board computer system receives data from the external sensor unit and uses artificial intelligence to perform algorithmic calculations in real time to identify potential hazards for the train operator.
For the shunting yard application, Rail Vision solution is meant to streamline work in the operational areas of railways (shunting yards) which are used for the assembly, loading, and unloading of freight trains. The shunting yard application of the railway detection system consists of two external sensor units installed on either side of the locomotive that are linked to the central processing unit inside the train, and uses algorithms, artificial intelligence/deep learning neural nets, to classify these obstacles in real time, at a range of up to 200 meters on and beside the track, under severe weather and poor visibility conditions. These warnings are shown to the driver with some recommendations to stop or slow down.
For LRV application, Rail Vision's Urban Rail Vehicle System helps to increase travel safety with the use of advanced technologies that provide real-time warnings of obstacles on the track by utilizing sensors and cameras with a broad field of vision.
For Maintenance, Predictive maintenance applications based on measurements and data collection - customers who have installed Rail Vision Main line and Shunting yard systems for real time identification of objects, will have the option of receiving predictive track maintenance services, such as identification of vegetation invading the tracks, damage to infrastructures, sunk pylons, etc. This railway detection system application will be able to collect the data from the sensors and check for any changes in and around the track to indicate possible defects in the infrastructures.
In August 2020, Rail Vision entered into a framework agreement with KBCH (a subsidiary of Knorr-Bremse operating in Switzerland) regarding the supply of a prototype of its system to the shunting yard of a company operating cargo trains in Switzerland (SBBC). Under the Framework Agreement, Rail Vision provided KBCH one prototype of the system which was installed on an operating locomotive in an SBBC shunting yard, for the purpose of examining the operational performance of the system, or the Operational Function Test. As of March 20, 2023, SBB (the parent company of SBB cargo) is planning to issue a tender for purchasing nine systems for evaluation. Upon successful tender, Rail Vision estimates that the total potential is more than 100 systems.
On September 17, 2020, Rail Vision entered into a non-binding memorandum of understanding with Knorr-Bremse regarding cooperation between the parties with respect to LRV systems. Following the signing of the Knorr-Bremse memorandum of understanding, in December 2020, Knorr-Bremse placed a purchase order for developing two prototypes of the LRV system according to specifications required by Knorr-Bremse.
As of March 20, 2023, Knorr-Bremse owned 32.6% of Rail Vision's outstanding capital.
In April 2021, Rail Vision entered into an equipment, personnel and services supply agreement with Hitachi Rail STS Australia Pty Ltd. (STS), which enables STS, as the principal supplier, to supply Rio Tinto Railway Network with its Main Line system for long term demonstrations and to examine the Main Line system operational performance. The long-term pilot was concluded at the end of August 2022. Following the completion of the long-term pilot, Rail Vision submitted a summary report of the pilot and following a technical workshop with Rio Tinto that was performed in November 2022.
In April 2022, Rail Vision completed an initial public offering of its ordinary shares and warrants on the Nasdaq Capital Market.
In January 2023, Rail Vision signed a contract with Israel Railways to purchase ten Rail Vision Main Line Systems and related services. The delivery is expected to start during the fourth quarter of 2023.
In February 2023, a leading U.S.-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 with support, to evaluate its performance during a six-month trial. The U.S.-based customer offers a suite of rail-centric services including in-plant rail switching and material handling services.
Intellectual Property
The company has three granted U.S. patents and four pending U.S. non-provisional applications, two granted patents with the Israeli Patent Office, one granted patent and five full applications in China, one of which has been allowed, six applications in Europe, four applications in Japan, and one PCT application. Eye-Net Mobile has a growing portfolio of one granted U.S. patent, three U.S. provisional patent applications, one full application with the Israeli Patent Office and one application in Europe.
On January 5, 2016, the company entered into an asset transfer agreement with Magna whereby Magna transferred to its certain intellectual property rights and assets in the field of vehicle safety. The asset transfer agreement became effective retroactively on October 11, 2015.
In addition to patent protection, the company has filed trademark applications for the purpose of preserving rights to the identity of its products. It has two trademarks that have been granted in Israel and two additional applications that were filed via the Madrid Protocol, one of them has been granted in Europe, the U.K., Japan, and the U.S. and the second has been granted in Europe and the U.K. Eye-Net Mobile has One trademark that has been granted in Israel, one additional application was filed via the Madrid Protocol and has been granted in Europe and the UK and is pending (awaiting examination) in Canada. Eye-Net Mobile's trademark applications in the following countries are still pending - Brazil, Canada, China, India, Japan, and the U.S.
Research and Development
For the year ended December 31, 2022, the company incurred approximately $11,534,000 of research and development expenses.
