Exhibit 99.1

Inspira™ Technologies Reports First Quarter 2023 Financial Results

As of March 31, 2023, the Company had $11.5 million in cash, cash equivalents, and short-term bank deposits.

May 18, 2023

Ra’anana, Israel– Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the “Company” or “Inspira Technologies”), a company aiming to revolutionize acute respiratory care, announced today its financial results for the first quarter ended March 31, 2023.

Dagi Ben-Noon, Chief Executive Officer of Inspira Technologies, stated:

“We believe that this is a very important period for the Company, as we continue to progress towards the regulatory submission of the New ALICETM Device with the U.S. Food and Drug Administration (FDA) in the coming months. This is in addition to the ongoing clinical studies of the HYLATM non-invasive blood sensor currently underway at Sheba Medical Centre in Israel. The progress of these devices represents important building blocks of our flagship INSPIRATM ART system, which is advancing in the development process.”

Highlights:

Financial Results for the Three Months Ended March 31, 2023

Research and development expenses for the three months ended March 31, 2023, were $2.0 million, compared to $1.5 million for the corresponding period in 2022. The increase is a result of the Company’s recruitment of employees and the expanded research and development of its new technologies and operations.

Marketing expenses for the three months ended March 31, 2023, were $168 thousand compared to $472 thousand for the corresponding period in 2022. The decrease is attributable to decreases in share-based compensation expenses and a reduction in marketing activities. The marketing department increase its efforts in the first quarter of 2022 with respect to brand awareness and exploring go-to-market capabilities.

General and administrative expenses for the three months ended March 31, 2023, were $1.0 million, compared to $1.5 million for the corresponding period in 2022. The decrease resulted primarily from a decrease in share-based compensation expenses.

Finance income for the three months ended March 31, 2023, was $368 thousand, compared to $2.2 million for the corresponding period in 2022. The change in finance income resulted primarily from the calculation of the fair value of the Company’s financial equity liabilities to pre-initial public offering (IPO) and IPO investors, in addition to the fluctuation in the U.S. dollar – New Israeli Shekel exchange rate during the first quarter of 2023.

Finance expenses for the three months ended March 31, 2023, were $112 thousand, compared to $25 thousand for the corresponding period in 2022.

Net loss for the three months ended March 31, 2023, was $3.0 million, compared to a net loss of $1.3 million for the three months ended March 31, 2022.

Balance Sheet Highlights

Cash, cash equivalents and short-term bank deposits were $11.5 million as of March 31, 2023, compared to $13.9 million as of December 31, 2022.

Financial liabilities at fair value totalled $431 thousand as of March 31, 2023, compared to $368 thousand as of December 31, 2022. The financial liabilities represent the fair value of the Company’s equity liabilities to pre-IPO and IPO investors.

As of March 31, 2023, the Company’s shareholders’ equity totalled $10 million, compared to shareholders’ equity totalling $12.8 million as of December 31, 2022.

Inspira Technologies OXY B.H.N. Ltd.

Inspira Technologies is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration Technology (INSPIRA ART), designed to rebalance patient oxygen saturation levels. This technology potentially allows patients to remain awake during treatment while preventing the need for highly invasive, risky, and costly mechanical ventilation systems that require intubation and medically induced coma. The Company’s products have not yet been tested or used in humans and has not been approved by any regulatory entity.

For more information, please visit our corporate website: 

https://inspira-technologies.com/

Forward-Looking Statement Disclaimer

This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For example, the Company is using forward-looking statements when it discusses its regulatory strategy, the continuation of its progress towards the regulatory submission of the ALICE Device with the FDA, the progress of its clinical studies, and its believe that the progress of its devices represents important building blocks of its INSPIRA ART system. These forward-looking statements and their implications are based solely on the current expectations of the Company’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC, which is available on the SEC’s website, www.sec.gov.

US Public Relations

Dave Gentry

RedChip Companies Inc.

1-800-RED-CHIP (733-2447)

Or 407-491-4498

IINN@redchip.com

MRK-ARS-057 Copyright © 2018-2023 Inspira Technologies OXY B.H.N. LTD., All rights reserved.

UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

(US dollars in thousands)

UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

(US dollars in thousands)

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(US dollars in thousands)

For the Three-Month Period Ended March 31, 2023 (Unaudited):

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