🔒Lifeward CEO and CFO departing amid company’s cash crunch

Lifeward has announced the departure of its CEO and CFO, as the Hudson medical device manufacturer said its current cash resources are insufficient to fund planned operations over the next year.

CEO Mark Grant departed his role as president and CEO of Lifeward effective immediately, the company disclosed Monday in a filing with the U.S. Securities and Exchange Commission. The filing said the parties had reached a separation agreement, and that Grant’s departure was not due to any disagreement over operations, policies, or practices. 

A consulting agreement with Grant will see him serve as a senior advisor to the firm through the end of September, with compensation of $40,000. Grant joined Lifeward in June 2025. 

Lifeward has named Josh Hexter as its interim CEO and principal executive officer, effective Tuesday. Hexter currently serves as the chief operating and business officer of New York-based Oramed Pharmaceuticals, the controlling shareholder of Lifeward. 

Hexter has been in that role at Oramed since 2019. He will reduce his responsibilities at Oramed but will remain on with the firm.

Originally focused on medical devices including its ReWalk robotic exoskeletons for people with spinal cord injuries and its AlterG anti-gravity rehabilitation systems, Lifeward expanded into pharmaceutical development when it purchased Oratech Pharmaceuticals from Oramed in March. 

Grant’s departure comes as Lifeward announced the pending departure of CFO Almog Adar on Aug. 14, which will be effective Sep. 30. Adar was promoted to the CFO role in August 2025. 

Adar will be replaced by Rami Aviram, who most recently served as CFO of Beewise Technologies, an Israeli firm that uses AI and robotics to help automate beehives used in honey production. 

Prior to his time at Beewise, Aviram was CFO of EndyMed Medical, an Israeli firm focused on aesthetic treatment systems. Aviram is set to take over as CFO of Lifeward on Nov. 1. Lifeward intends to appoint an interim CFO to cover the gap between Adar and Aviram.

“Mark, Almog, and the entire Lifeward team have done an outstanding job establishing the foundation for the company’s next stage of growth,” Lifeward Chairman Avi Gabay said in a Monday announcement of the leadership changes. “The company’s second-quarter performance provides tangible evidence of that progress, and we thank them for their leadership and important contributions.”

The firm reported second-quarter revenue of $6.6 million on Aug. 14, up 16% from $5.7 million a year earlier, but it had a $22.3 million net loss and used $9.7 million in operating cash in the first half of 2026.

Despite the revenue growth, gross margin declined to 41%, from 44% in the second quarter of 2025. Lifeward attributed the reduction to tariffs, foreign-exchange fluctuations, and a 4% revenue-sharing expense tied to its Oramed transaction. 

Lifeward’s net loss widened to $11.5 million, from $6.6 million in the second quarter of 2025.

Lifeward’s Form 10-Q filing detailing its second-quarter results included a going concern disclosure about the company’s existing cash resources, saying its $9.4 million in cash and cash equivalents as of June 30 were not sufficient to fund planned operations for the following 12 months. 

The company intends to raise additional capital, saying it could prioritize R&D, defer development work, and trim discretionary spending if it cannot raise more funds.

Formerly known as ReWalk Robotics, the firm had its U.S. operations based at 200 Donald Lynch Blvd. in Marlborough, with its global headquarters in Israel. Lifeward moved to its U.S. headquarters at 2 Cabot Road in Hudson, after the company announced in 2024 it would be streamlining its operations and reducing its real estate footprint.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.