Full Press Release Details
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED FINANCIAL
| Page | |
| Interim Condensed Consolidated Statements of Financial Position | 2 - 3 |
| Interim Condensed Consolidated Statements of Comprehensive Loss | 4 |
| Interim Condensed Consolidated Statements of Changes in Equity | 5 - 7 |
| Interim Condensed Consolidated Statements of Cash Flows | 8 - 9 |
| Notes to Interim Condensed Consolidated Financial Statements | 10 - 17 |
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION (UNAUDITED)
In thousands (except share and per
| June 30, 2014 | December 31, 2013 | |||||||||||
| USD | NIS | NIS | ||||||||||
| Note 2(c) | ||||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | 5,580 | 19,185 | 20,767 | |||||||||
| Accounts receivable | 790 | 2,716 | 2,161 | |||||||||
| Total current assets | 6,370 | 21,901 | 22,928 | |||||||||
| NON-CURRENT ASSETS: | ||||||||||||
| Lease deposits | 10 | 34 | 34 | |||||||||
| Property, plant and equipment, net | 43 | 147 | 143 | |||||||||
| Total long-term assets | 53 | 181 | 177 | |||||||||
| Total assets | 6,423 | 22,082 | 23,105 |
The accompanying notes are an integral
part of the interim condensed consolidated financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
In thousands (except share and per
| June 30, | December 31, | |||||||||||
| 2014 | 2013 | |||||||||||
| USD | NIS | NIS | ||||||||||
| Note 2(c) | ||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Trade payables | 549 | 1,887 | 2,056 | |||||||||
| Other accounts payable | 739 | 2,540 | 5,276 | |||||||||
| Warrants exercisable into shares (series 7) | - | - | 119 | |||||||||
| Total current liabilities | 1,288 | 4,427 | 7,451 | |||||||||
| NON-CURRENT LIABILITIES: | ||||||||||||
| Warrants exercisable into shares | 456 | 1,569 | - | |||||||||
| Severance pay, net | 36 | 125 | 129 | |||||||||
| Total long-term liabilities | 492 | 1,694 | 129 | |||||||||
| COMMITMENTS AND CONTINGENT LIABILITIES (Note 3) | ||||||||||||
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY (Note 4): | ||||||||||||
| Share capital | 1,319 | 4,535 | 4,037 | |||||||||
| Share premium | 81,354 | 279,694 | 267,946 | |||||||||
| Capital reserve from share-based payment transactions | 4,729 | 16,257 | 15,761 | |||||||||
| Warrants exercisable into shares (series 9-12) | 2,807 | 9,652 | 9,652 | |||||||||
| Treasury shares at cost | (1,055 | ) | (3,628 | ) | (3,628 | ) | ||||||
| Accumulated other comprehensive loss | (29 | ) | (99 | ) | (151 | ) | ||||||
| Accumulated deficit | (85,051 | ) | (292,405 | ) | (280,391 | ) | ||||||
| Total equity attributable to equity holders of the Company | 4,074 | 14,006 | 13,226 | |||||||||
| Non-controlling interests | 569 | 1,955 | 2,299 | |||||||||
| Total shareholders' equity | 4,643 | 15,961 | 15,525 | |||||||||
| Total liabilities and shareholders' equity | 6,423 | 22,082 | 23,105 |
The accompanying notes are an integral part of the interim condensed consolidated financial
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS (UNAUDITED)
In thousands (except share and per
| Six months ended June 30, | ||||||||||||
| 2014 | 2014 | 2013 | ||||||||||
| USD | NIS | NIS | ||||||||||
| Note 2(c) | ||||||||||||
| Research and development expenses | 2,512 | 8,636 | 7,663 | |||||||||
| General and administrative expenses | 1,578 | 5,425 | 6,591 | |||||||||
| Operating loss | 4,090 | 14,061 | 14,254 | |||||||||
| Finance expenses | 228 | 780 | 445 | |||||||||
| Finance income | (723 | ) | (2,485 | ) | (412 | ) | ||||||
| Net loss | 3,595 | 12,356 | 14,287 | |||||||||
| Other comprehensive income: | ||||||||||||
| Exchange differences of foreign operations | (19 | ) | (65 | ) | 291 | |||||||
| Total comprehensive loss | 3,576 | 12,291 | 14,578 | |||||||||
| Loss attributable to: | ||||||||||||
| Equity holders of the Company | 3,496 | 12,014 | 13,125 | |||||||||
| Non-controlling interests | 99 | 342 | 1,162 | |||||||||
| 3,595 | 12,356 | 14,287 | ||||||||||
| Comprehensive loss attributable to: | ||||||||||||
| Equity holders of the Company | 3,480 | 11,962 | 13,364 | |||||||||
| Non-controlling interests | 96 | 329 | 1,214 | |||||||||
| 3,576 | 12,291 | 14,578 | ||||||||||
| Net loss per share attributable to equity holders of the Company : | ||||||||||||
| Basic and diluted net loss per share | 0.21 | 0.71 | 1.11 |
The accompanying notes are an integral
part of the interim condensed consolidated financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN EQUITY (UNAUDITED)
In thousands (except share and per
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares | Treasury shares at cost | Accumulated other comprehensive income (loss) | Accumulated deficit | Total | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||
| NIS | ||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2013 | 2,734 | 233,754 | 15,279 | 669 | (5,805 | ) | 67 | (251,342 | ) | (4,644 | ) | 1,999 | (2,645 | ) | ||||||||||||||||||||||||||
| Loss | - | - | - | - | - | - | (29,049 | ) | (29,049 | ) | (1,763 | ) | (30,812 | ) | ||||||||||||||||||||||||||
| Foreign currency translation reserve | - | - | - | - | - | (169 | ) | - | (169 | ) | (37 | ) | (206 | ) | ||||||||||||||||||||||||||
| Remesurments of defined benefit plan | - | - | - | - | - | (49 | ) | - | (49 | ) | - | (49 | ) | |||||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | - | (218 | ) | (29,049 | ) | (29,267 | ) | (1,800 | ) | (31,067 | ) | |||||||||||||||||||||||||
| Exercise of unlisted share options | 87 | - | - | - | - | - | - | 87 | - | 87 | ||||||||||||||||||||||||||||||
| Exercise of warrants (Series 8, Series 10 and Series 11) | 1 | 41 | - | - | - | - | - | 42 | - | 42 | ||||||||||||||||||||||||||||||
| Issuance of share capital and warrants (Series 12) net of issue expenses of NIS 3,749 | 1,206 | 34,083 | 283 | 2,739 | - | - | - | 38,311 | - | 38,311 | ||||||||||||||||||||||||||||||
| Reclassification of warrants (Series 10 and Series 11) | - | - | - | 6,244 | - | - | - | 6,244 | - | 6,244 | ||||||||||||||||||||||||||||||
| Sale of treasury shares | - | (277 | ) | - | - | 2,177 | - | - | 1,900 | (61 | ) | 1,839 | ||||||||||||||||||||||||||||
| Share-based payments | 9 | 345 | 199 | - | - | - | - | 553 | 2,161 | 2,714 | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2013 | 4,037 | 267,946 | 15,761 | 9,652 | (3,628 | ) | (151 | ) | (280,391 | ) | 13,226 | 2,299 | 15,525 |
notes are an integral part of the interim condensed consolidated financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
thousands (except share and per share data)
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares | Treasury shares at cost | Accumulated other comprehensive income (loss) | Accumulated deficit | Total | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||
| NIS | ||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2013 | 4,037 | 267,946 | 15,761 | 9,652 | (3,628 | ) | (151 | ) | (280,391 | ) | 13,226 | 2,299 | 15,525 | |||||||||||||||||||||||||||
| Loss | - | - | - | - | - | - | (12,014 | ) | (12,014 | ) | (342 | ) | (12,356 | ) | ||||||||||||||||||||||||||
| Foreign currency translation reserve | - | - | - | - | - | 52 | - | 52 | 13 | 65 | ||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | - | - | - | - | 52 | (12,014 | ) | (11,962 | ) | (329 | ) | (12,291 | ) | ||||||||||||||||||||||||||
| Issuance of shares, net of issuance expenses of NIS 1,405 | 491 | 11,560 | 381 | - | - | - | - | 12,432 | - | 12,432 | ||||||||||||||||||||||||||||||
| Share-based payment | 7 | 188 | 115 | - | - | - | - | 310 | (15 | ) | 295 | |||||||||||||||||||||||||||||
| Balance as of June 30, 2014 | 4,535 | 279,694 | 16,257 | 9,652 | (3,628 | ) | (99 | ) | (292,405 | ) | 14,006 | 1,955 | 15,961 |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CHANGES IN EQUITY (UNAUDITED)
In thousands (except share and per
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares | Treasury shares at cost | Accumulated other comprehensive income (loss) | Accumulated deficit | Total | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||
| USD (Note 2(c)) | ||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2013 | 1,174 | 77,937 | 4,584 | 2,807 | (1,055 | ) | (44 | ) | (81,556 | ) | 3,847 | 669 | 4,516 | |||||||||||||||||||||||||||
| Loss | - | - | - | - | - | - | (3,495 | ) | (3,495 | ) | (99 | ) | (3,594 | ) | ||||||||||||||||||||||||||
| Foreign currency translation reserve | - | - | - | - | - | 15 | - | 15 | 3 | 18 | ||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | - | - | - | - | 15 | (3,495 | ) | (3,480 | ) | (96 | ) | (3,576 | ) | ||||||||||||||||||||||||||
| Issuance of shares, net of issuance expenses of $ 409 | 143 | 3,362 | 111 | - | - | - | - | 3,616 | - | 3,616 | ||||||||||||||||||||||||||||||
| Share-based payment | 2 | 55 | 34 | - | - | - | - | 91 | (4 | ) | 87 | |||||||||||||||||||||||||||||
| Balance as of June 30, 2014 | 1,319 | 81,354 | 4,729 | 2,807 | (1,055 | ) | (29 | ) | (85,051 | ) | 4,074 | 569 | 4,643 |
accompanying notes are an integral part of the interim condensed consolidated
financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
In thousands (except share and per
| Six months ended June 30, | ||||||||||||
| 2014 | 2014 | 2013 | ||||||||||
| USD | NIS | NIS | ||||||||||
| Note 2(c) | ||||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | (3,594 | ) | (12,356 | ) | (14,287 | ) | ||||||
| Adjustments to reconcile net loss to net cash used : | ||||||||||||
| Depreciation of property, plant and equipment | 7 | 22 | 27 | |||||||||
| Share-based payment | 86 | 295 | 1,701 | |||||||||
| Issuance expenses related to warrants exercisable into shares | 137 | 472 | 650 | |||||||||
| Interest on deposits | (7 | ) | (25 | ) | (9 | ) | ||||||
| Gain from sale of property, plant and equipment | - | - | (6 | ) | ||||||||
| Decrease in severance pay, net | (1 | ) | (4 | ) | (2 | ) | ||||||
| Decrease in fair value of warrants exercisable into shares | (652 | ) | (2,243 | ) | - | |||||||
| Increase in fair value of warrants exercisable into shares (series 6-8,10-11) | (35 | ) | (119 | ) | (453 | ) | ||||||
| Exchange differences on balances of cash and cash equivalents | (38 | ) | (131 | ) | (227 | ) | ||||||
| (503 | ) | (1,733 | ) | 1,681 | ||||||||
| Working capital adjustments: | ||||||||||||
| Decrease (increase) in accounts receivable and lease deposit | (163 | ) | (559 | ) | 8 | |||||||
| Decrease in trade payables | (52 | ) | (180 | ) | (1,353 | ) | ||||||
| Decrease in other accounts payable | (772 | ) | (2,656 | ) | (1,152 | ) | ||||||
| (987 | ) | (3,395 | ) | (2,497 | ) | |||||||
| Cash paid and received during the period for: | ||||||||||||
| Interest received | 7 | 25 | 9 | |||||||||
| Net cash used in operating activities | (5,077 | ) | (17,459 | ) | (15,094 | ) |
The accompanying notes are an integral
part of the interim condensed consolidated financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
In thousands (except share and per
| Six months ended June 30, | ||||||||||||
| 2014 | 2014 | 2013 | ||||||||||
| USD | NIS | NIS | ||||||||||
| Note 2(c) | ||||||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchase of property, plant and equipment | (8 | ) | (26 | ) | (35 | ) | ||||||
| Proceeds from sale of property, plant and equipment | - | - | 7 | |||||||||
| Purchase of assets measured by fair value | - | - | (3,265 | ) | ||||||||
| Net cash used in investing activities | (8 | ) | (26 | ) | (3,293 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Issuance of shares capital and warrants, net of issuance expenses | 4,587 | 15,772 | 23,920 | |||||||||
| Exercise of unlisted share options | *) | - | *) | - | 86 | |||||||
| Sale of treasury shares | - | - | 1,838 | |||||||||
| Net cash provided by financing activities | 4,587 | 15,772 | 25,844 | |||||||||
| Exchange rate differences on balances of cash and cash equivalents | 38 | 131 | (64 | ) | ||||||||
| Increase (decrease) in cash and cash equivalents | (460 | ) | (1,582 | ) | 7,393 | |||||||
| Cash and cash equivalents at the beginning of the period | 6,040 | 20,767 | 4,278 | |||||||||
| Cash and cash equivalents at the end of the period | 5,580 | 19,185 | 11,671 |
accompanying notes are an integral part of the interim condensed consolidated
financial statements.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In thousands (except share and per
In these consolidated financial
| The Company | - | Can-Fite Biopharma Ltd. | |
| The Group | - | The Company and its subsidiaries (as defined below). | |
| Subsidiaries | - | Companies that are controlled by the Company (as defined in IFRS 10) and whose accounts are consolidated with those of the Company. | |
| OphthaliX | - | OphthaliX Inc. (owned 82% by the Company). | |
| Related company | - | Eye-Fite Ltd. (OphthaliX Inc.'s wholly owned subsidiary). | |
| Related parties | - | As defined in IAS 24. | |
| NIS | - | New Israeli Shekel. | |
| USD | - | U.S. dollar. |
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In thousands (except share and per
consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting".
condensed consolidated financial statements do not include all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the Company's annual consolidated financial statements for the year ended December
of the financial statements requires management to make critical accounting estimates as well as exercise judgment in the process
of adopting significant accounting policies. Actual results may differ from these estimates. Estimates and underlying assumptions
are reviewed on an ongoing basis.
policies adopted in the preparation of these interim condensed consolidated financial statements are consistent with those followed
in the preparation of the Company's annual consolidated financial statements for the year ended December 31, 2013, except as noted
10, "Consolidated Financial Statements":
supersedes IAS 27 regarding the accounting treatment in respect of consolidated financial statements and includes the accounting
treatment for the consolidation of structured entities previously accounted for under SIC 12, "Consolidation - Special Purpose
of IFRS 10 for the first time did not have a material effect on the Company's financial statements.
(Revised), "Employee Benefits":
2011, the IASB issued IAS 19 (Revised) which is to be applied commencing January 1, 2013. The principal amendments address the
accounting treatment of defined benefit plans.
of IAS 19 for the first time did not have a material effect on the Company's financial statements.
For the convenience of the
reader, the reported NIS amounts as of June 30, 2014 have been translated into U.S. dollars at the representative rate of
exchange on June 30, 2014 (U.S. $1 = NIS 3.438). The U.S. dollar amounts presented in these financial statements should
not be construed as representing amounts that are receivable or payable in dollars or convertible into U.S. dollars, unless otherwise
indicated. The U.S. dollar amounts were rounded to whole numbers for convenience.
CAN-FITE BIOPHARMA LTD. AND ITS SUBSIDIARIES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In thousands (except share and per
The agreement will remain
in effect until the expiration of the last patent, unless it is terminated sooner by one of the parties, according to the PHS Agreement.
On February 4, 2013, a second
revised agreement was signed for updating the milestone dates. These revised agreements have no effect on the original license
terms. In addition, CF101 and CF102 are defined in the agreements. As of June 30, 2014, the Company accrued amount of NIS 1,215
As of June 30, 2014, no accrual
has been recorded with respect to Leiden University.
LTD. AND ITS SUBSIDIARIES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
In thousands (except share and per
According to the agreement,
the Company is entitled to receive the following amounts: