Full Press Release Details
CAN-FITE BIOPHARMA LTD.
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
| Page | |
| Review of Interim Consolidated Financial Statements | 2 |
| Interim Consolidated Statements of Financial Position | 3 - 4 |
| Interim Consolidated Statements of Comprehensive Income | 5 |
| Interim Consolidated Statements of Changes in Equity | 6 - 9 |
| Interim Consolidated Statements of Cash Flows | 10 - 11 |
| Notes to Interim Consolidated Financial Statements | 12 - 17 |
Auditors' Review Report to the Shareholders
of Can-Fite BioPharma Ltd.
We have reviewed the accompanying financial
information of Can-Fite BioPharma Ltd. (the "Company") and its subsidiary, OphthaliX, Inc. ("OphthaliX"),
which comprises the condensed consolidated statement of financial position as of June 30, 2013 and the related condensed consolidated
statements of comprehensive income, changes in equity and cash flows for the six and three-month periods then ended. The Company's
board of directors and management are responsible for the preparation and presentation of interim financial information for these
periods in accordance with IAS 34, "Interim Financial Reporting", and are responsible for the preparation of this interim
financial information in accordance with Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970. Our responsibility
is to express a conclusion on this interim financial information based on our review.
We conducted our review in accordance with
Review Standard 1 of the Institute of Certified Public Accountants in Israel, "Review of Interim Financial Information Performed
by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with generally accepted auditing standards in Israel and consequently does
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Based on our review, nothing has come to
our attention that causes us to believe that the accompanying financial information is not prepared, in all material respects,
in accordance with IAS 34.
In addition to the abovementioned, based
on our review, nothing has come to our attention that causes us to believe that the accompanying financial information does not
comply, in all material respects, with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate
| /s/ Kost Forer Gabbay & Kasierer | |
| Haifa, Israel | KOST FORER GABBAY & KASIERER |
| August 29, 2013 | A Member of Ernst & Young Global |
CAN-FITE BIOPHARMA LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| Convenience translation into U.S. dollars. | ||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||
| 2013 | 2013 | 2012 | 2012 | |||||||||||||
| Unaudited | Unaudited | Audited | ||||||||||||||
| In thousands | NIS in thousands | |||||||||||||||
| ASSETS | ||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 3,226 | 11,671 | 10,405 | 4,278 | ||||||||||||
| Short term investments | 902 | 3,265 | - | - | ||||||||||||
| Accounts receivable | 460 | 1,664 | 3,059 | 1,672 | ||||||||||||
| 4,588 | 16,600 | 13,464 | 5,950 | |||||||||||||
| NON-CURRENT ASSETS: | ||||||||||||||||
| Property, plant and equipment, net | 46 | 166 | 192 | 159 | ||||||||||||
| 4,634 | 16,766 | 13,656 | 6,109 |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
| Convenience translation into U.S. dollars. | ||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||
| 2013 | 2013 | 2012 | 2012 | |||||||||||||
| Unaudited | Unaudited | Audited | ||||||||||||||
| In thousands | NIS in thousands | |||||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 406 | 1,468 | 1,466 | 2,821 | ||||||||||||
| Other accounts payable | 949 | 3,434 | 2,292 | 4,586 | ||||||||||||
| Warrants exercisable into shares (series 6) | 64 | 233 | 277 | 149 | ||||||||||||
| Warrants exercisable into shares (series 7) | 134 | 485 | - | 773 | ||||||||||||
| Warrants exercisable into shares (series 8) | 61 | 219 | 341 | 357 | ||||||||||||
| 1,614 | 5,839 | 4,376 | 8,686 | |||||||||||||
| NON-CURRENT LIABILITIES: | ||||||||||||||||
| Warrants exercisable into shares (series 7) | - | - | 793 | - | ||||||||||||
| Warrants exercisable into shares (series 10) | 878 | 3,178 | - | - | ||||||||||||
| Warrants exercisable into shares (series 11) | 858 | 3,103 | - | - | ||||||||||||
| Employee benefit liabilities, net | 18 | 66 | 83 | 68 | ||||||||||||
| 1,754 | 6,347 | 876 | 68 | |||||||||||||
| 3,368 | 12,186 | 5,252 | 8,754 | |||||||||||||
| EQUITY (DEFICIENCY) ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: | ||||||||||||||||
| Share capital | 986 | 3,568 | 2,733 | 2,734 | ||||||||||||
| Share premium | 69,315 | 250,782 | 233,717 | 233,754 | ||||||||||||
| Capital reserve from share-based payment transactions | 4,291 | 15,522 | 15,073 | 15,279 | ||||||||||||
| Warrants exercisable into shares (series 9) | 185 | 669 | 669 | 669 | ||||||||||||
| Treasury shares | (1,003 | ) | (3,628 | ) | (5,805 | )* | (5,805 | )* | ||||||||
| Adjustments arising from translating financial statements of foreign operations | (43 | ) | (155 | ) | 167 | 84 | ||||||||||
| Accumulated deficit | (73,102 | ) | (264,484 | ) | (238,977 | )* | (251,359 | )* | ||||||||
| 629 | 2,274 | 7,577 | (4,644 | ) | ||||||||||||
| Non-controlling interests | 637 | 2,306 | 827 | 1,999 | ||||||||||||
| Total equity | 1,266 | 4,580 | 8,404 | (2,645 | ) | |||||||||||
| 4,634 | 16,766 | 13,656 | 6,109 |
Net of issuance expenses of NIS 1,951 thousand.
The accompanying notes are an integral
part of the interim consolidated financial statements.
| August 29, 2013 | /s/ Ilan Cohn | /s/ Pnina Fisman | /s/ Motti Farbstein | |||
| Date of approval of the financial statements | Mr. Ilan Cohn Chairman of the Board of Directors | Prof. Pnina Fishman Member of the Board and CEO | Mr. Motti Farbstein Chief Operating and Financial Officer |
CAN-FITE BIOPHARMA LTD.
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE
| Convenience translation into U.S. dollars | ||||||||||||||||||||||||
| Six months ended June 30, | Six months ended June 30, | Three months ended June 30, | Year ended December 31, | |||||||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||
| Unaudited | Unaudited | Audited | ||||||||||||||||||||||
| In thousands | NIS in thousands (except per share data) | |||||||||||||||||||||||
| Research and development expenses | 2,118 | 7,663 | 6,497 | 4,111 | 2,501 | 13,160 | ||||||||||||||||||
| General and administrative expenses | 1,822 | 6,591 | 4,138 | 3,849 | 2,391 | 9,230 | ||||||||||||||||||
| Operating loss | 3,940 | 14,254 | 10,635 | 7,960 | 4,892 | 22,390 | ||||||||||||||||||
| Finance expenses | 123 | 445 | 27 | 100 | 90 | 27 | ||||||||||||||||||
| Finance income | (114 | ) | (412 | ) | (304 | ) | (1,693 | ) | (197 | ) | (541 | ) | ||||||||||||
| Loss before taxes on income | 3,949 | 14,287 | 10,358 | 6,367 | 4,785 | 21,876 | ||||||||||||||||||
| Taxes on income | - | - | - | - | - | 11 | ||||||||||||||||||
| Net loss | 3,949 | 14,287 | 10,358 | 6,367 | 4,785 | 21,887 | ||||||||||||||||||
| Other comprehensive loss (income) - exchange differences on translation of foreign operations | 80 | 291 | (113 | ) | 204 | (172 | ) | (7 | ) | |||||||||||||||
| Total comprehensive loss | 4,029 | 14,578 | 10,245 | 6,571 | 4,613 | 21,880 | ||||||||||||||||||
| Loss attributable to: | ||||||||||||||||||||||||
| Equity holders of the Company | 3,628 | 13,125 | 8,438 | 5,682 | 4,775 | 20,820 | ||||||||||||||||||
| Non-controlling interests | 321 | 1,162 | 1,920 | 685 | 10 | 1,067 | ||||||||||||||||||
| 3,949 | 14,287 | 10,358 | 6,367 | 4,785 | 21,887 | |||||||||||||||||||
| Total comprehensive loss attributable to: | ||||||||||||||||||||||||
| Equity holders of the Company | 3,694 | 13,364 | 8,346 | 5,850 | 4,634 | 20,811 | ||||||||||||||||||
| Non-controlling interests | 335 | 1,214 | 1,899 | 721 | (21 | ) | 1,069 | |||||||||||||||||
| 4,029 | 14,578 | 10,245 | 6,571 | 4,613 | 21,880 | |||||||||||||||||||
| Net loss per share attributable to equity holders of the Company (in NIS): | ||||||||||||||||||||||||
| Basic and diluted net loss per share | 0.31 | 1.11 | 0.98 | * | 0.47 | 0.44 | * | 2.18 | * |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares (series 9) | Treasury shares | Foreign currency translation reserve | Accumulated deficit | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2013 (audited) | 2,734 | 233,754 | 15,279 | 669 | (5,805 | ) | 84 | (251,359 | ) | (4,644 | ) | 1,999 | (2,645 | ) | ||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | (13,125 | ) | (13,125 | ) | (1,162 | ) | (14,287 | ) | ||||||||||||||||||||||||||
| Total other comprehensive loss | - | - | - | - | - | (239 | ) | - | (239 | ) | (52 | ) | (291 | ) | ||||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | - | (239 | ) | (13,125 | ) | (13,364 | ) | (1,214 | ) | (14,578 | ) | |||||||||||||||||||||||||
| Exercise of unlisted share options | 86 | - | - | - | - | - | - | 86 | - | 86 | ||||||||||||||||||||||||||||||
| Issuance of shares* | 748 | 17,306 | - | - | - | - | - | 18,054 | - | 18,054 | ||||||||||||||||||||||||||||||
| Sale of treasury shares to third party | - | (278 | ) | - | - | 2,177 | - | - | 1,899 | (61 | ) | 1,838 | ||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 243 | - | - | - | - | 243 | 1,582 | 1,825 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2013 | 3,568 | 250,782 | 15,522 | 669 | (3,628 | ) | (155 | ) | (264,484 | ) | 2,274 | 2,306 | 4,580 | |||||||||||||||||||||||||||
| Balance as of January 1, 2012 (audited) | 2,606 | 229,299 | 14,670 | - | (5,805 | )* | 75 | (230,539 | )* | 10,306 | 2,221 | 12,527 | ||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | (8,438 | ) | (8,438 | ) | (1,920 | ) | (10,358 | ) | ||||||||||||||||||||||||||
| Total other comprehensive income | - | - | - | - | - | 92 | - | 92 | 21 | 113 | ||||||||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | - | 92 | (8,438 | ) | (8,346 | ) | (1,899 | ) | (10,245 | ) | ||||||||||||||||||||||||||
| Exercise of unlisted share options | 4 | 134 | - | - | - | - | - | 138 | - | 138 | ||||||||||||||||||||||||||||||
| Exercise of share warrants (series 5) | 1 | 75 | - | - | - | - | - | 76 | - | 76 | ||||||||||||||||||||||||||||||
| Issue of shares and warrants (series 9) | 122 | 4,209 | - | 669 | - | - | - | 5,000 | - | 5,000 | ||||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 403 | - | - | - | - | 403 | 505 | 908 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2012 | 2,733 | 233,717 | 15,073 | 669 | (5,805 | )* | 167 | (238,977 | )* | 7,577 | 827 | 8,404 |
* Net of issuance expenses of NIS 1,951
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares (series 9) | Treasury shares | Foreign currency translation reserve | Accumulated deficit | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||||||||||||||||||
| Balance as of April 1, 2013 | 3,568 | 251,060 | 15,422 | 669 | (5,805 | ) | 13 | (258,802 | ) | 6,125 | 1,618 | 7,743 | ||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | (5,682 | ) | (5,682 | ) | (685 | ) | (6,367 | ) | ||||||||||||||||||||||||||
| Total other comprehensive loss | - | - | - | - | - | (168 | ) | - | (168 | ) | (36 | ) | (204 | ) | ||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | - | - | - | - | (168 | ) | (5,682 | ) | (5,850 | ) | (721 | ) | (6,571 | ) | |||||||||||||||||||||||||
| Sale of treasury shares to third party | - | (278 | ) | - | - | 2,177 | - | - | 1,899 | (61 | ) | 1,838 | ||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 100 | - | - | - | - | 100 | 1,470 | 1,570 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2013 | 3,568 | 250,782 | 15,522 | 669 | (3,628 | ) | (155 | ) | (264,484 | ) | 2,274 | 2,306 | 4,580 | |||||||||||||||||||||||||||
| Balance as of April 1, 2012 | 2,608 | 229,414 | 14,744 | - | (5,805 | ) | 26 | (234,202 | ) | 6,785 | 558 | 7,343 | ||||||||||||||||||||||||||||
| Net loss | - | - | - | - | - | - | (4,775 | ) | (4,775 | ) | (10 | ) | (4,785 | ) | ||||||||||||||||||||||||||
| Total other comprehensive income | - | - | - | - | - | 141 | - | 141 | 31 | 172 | ||||||||||||||||||||||||||||||
| Total comprehensive income (loss) | - | - | - | - | - | 141 | (4,775 | ) | (4,634 | ) | 21 | (4,613 | ) | |||||||||||||||||||||||||||
| Exercise of unlisted share options | 3 | 94 | - | - | - | - | - | 97 | - | 97 | ||||||||||||||||||||||||||||||
| Issue of shares and warrants (series 9) | 122 | 4,209 | - | 669 | - | - | - | 5,000 | - | 5,000 | ||||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 329 | - | - | - | - | 329 | 248 | 577 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2012 | 2,733 | 233,717 | 15,073 | 669 | (5,805 | ) | 167 | (238,977 | ) | 7,577 | 827 | 8,404 |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares (series 9) | Treasury shares | Foreign currency translation reserve | Accumulated deficit | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Audited | ||||||||||||||||||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2012 | 2,606 | 229,299 | 14,670 | - | (5,805 | )* | 75 | (230,539 | )* | 10,306 | 2,221 | 12,527 | ||||||||||||||||||||||||||||
| Loss | - | - | - | - | - | - | (20,820 | ) | (20,820 | ) | (1,067 | ) | (21,887 | ) | ||||||||||||||||||||||||||
| Other comprehensive income (loss) | - | - | - | - | - | 9 | - | 9 | (2 | ) | 7 | |||||||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | - | 9 | (20,820 | ) | (20,811 | ) | (1,069 | ) | (21,880 | ) | ||||||||||||||||||||||||||
| Exercise of unlisted share options | 5 | 171 | - | - | - | - | - | 176 | - | 176 | ||||||||||||||||||||||||||||||
| Exercise of warrants (series 5) | 1 | 75 | - | - | - | - | - | 76 | - | 76 | ||||||||||||||||||||||||||||||
| Issuance of shares and warrants (series 9) | 122 | 4,209 | - | 669 | - | - | - | 5,000 | - | 5,000 | ||||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 609 | - | - | - | - | 609 | 847 | 1,456 | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2012 | 2,734 | 233,754 | 15,279 | 669 | (5,805 | )* | 84 | (251,359 | )* | (4,644 | ) | 1,999 | (2,645 | ) |
* Net of issuance expenses of NIS 1,951
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Attributable to equity holders of the Company | ||||||||||||||||||||||||||||||||||||||||
| Share capital | Share premium | Capital reserve from share-based payment transactions | Warrants exercisable into shares (series 9) | Treasury shares | Foreign currency translation reserve | Accumulated deficit | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||||||||||||||||||
| USD in thousands | ||||||||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2013 (audited) | 755 | 64,609 | 4,223 | 185 | (1,605 | )* | 23 | (69,474 | )* | (1,284 | ) | 553 | (731 | ) | ||||||||||||||||||||||||||
| Loss | - | - | - | - | - | - | (3628 | ) | (3,628 | ) | (321 | ) | (3,949 | ) | ||||||||||||||||||||||||||
| Other comprehensive loss | - | - | - | - | - | (66 | ) | - | (66 | ) | (14 | ) | (80 | ) | ||||||||||||||||||||||||||
| Total comprehensive loss | - | - | - | - | - | (66 | ) | (3,628 | ) | (3,694 | ) | (335 | ) | (4,029 | ) | |||||||||||||||||||||||||
| Exercise of unlisted share options | 24 | - | - | - | - | - | - | 24 | - | 24 | ||||||||||||||||||||||||||||||
| Issuance of shares *) | 206 | 4,783 | - | - | - | - | - | 4,989 | - | 4,989 | ||||||||||||||||||||||||||||||
| Sale of treasury shares to third party | - | (77 | ) | - | - | 602 | - | - | 525 | (17 | ) | 508 | ||||||||||||||||||||||||||||
| Cost of share-based payment | - | - | 68 | - | - | - | - | 68 | 437 | 505 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2013 | 986 | 69,315 | 4,291 | 185 | (1,003 | ) | (43 | ) | (73,102 | ) | 629 | 637 | 1,266 |
* Net of issuance expenses of $539 thousand.
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Convenience translation into U.S. dollars. | ||||||||||||||||||||||||
| Six months ended June 30, | Six months ended June 30, | Three months ended June 30, | Year ended December 31, | |||||||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||
| Unaudited | Unaudited | Audited | ||||||||||||||||||||||
| In thousands | NIS in thousands | |||||||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||||
| Net loss | (3,949 | ) | (14,287 | ) | (10,358 | ) | (6,367 | ) | (4,785 | ) | (21,887 | ) | ||||||||||||
| Adjustments to reconcile net loss to net cash used : | ||||||||||||||||||||||||
| Depreciation of property, plant and equipment | 8 | 27 | 49 | 13 | 24 | 86 | ||||||||||||||||||
| Cost of share-based payment | 479 | 1,731 | 908 | 1,570 | 577 | 1,456 | ||||||||||||||||||
| Interest on deposits | (3 | ) | (9 | ) | (38 | ) | (8 | ) | (23 | ) | (50 | ) | ||||||||||||
| Loss (gain) from sale of property, plant and equipment | (2 | ) | (6 | ) | (29 | ) | (1 | ) | 32 | (42 | ) | |||||||||||||
| Decrease in employee benefit liabilities, net | (1 | ) | (2 | ) | (107 | ) | (3 | ) | (3 | ) | (122 | ) | ||||||||||||
| Taxes on income | - | - | - | - | - | 11 | ||||||||||||||||||
| Decrease in fair value of warrants exercisable into shares (series 5) | - | - | (138 | ) | - | - | (138 | ) | ||||||||||||||||
| Increase (decrease) in fair value of warrants exercisable into shares (series 6) | 23 | 84 | (119 | ) | 60 | 213 | (247 | ) | ||||||||||||||||
| Decrease in fair value of warrants exercisable into shares (series 7) | (80 | ) | (288 | ) | - | (80 | ) | (89 | ) | (20 | ) | |||||||||||||
| Increase (decrease) in fair value of warrants exercisable into shares (series 8) | (38 | ) | (138 | ) | (8 | ) | 65 | (8 | ) | 8 | ||||||||||||||
| Increase (decrease) in fair value of warrants exercisable into shares (series 10) | 151 | 545 | - | (598 | ) | - | - | |||||||||||||||||
| Decrease in fair value of warrants exercisable into shares (series 11) | (10 | ) | (36 | ) | - | (860 | ) | - | - | |||||||||||||||
| Exchange rate differences on balances of cash and cash equivalents | (62 | ) | (227 | ) | 23 | (126 | ) | (35 | ) | (217 | ) | |||||||||||||
| 465 | 1,681 | 541 | 32 | 688 | 725 | |||||||||||||||||||
| Working capital adjustments: | ||||||||||||||||||||||||
| Decrease in accounts receivable | 2 | 8 | 701 | 629 | 298 | 2,088 | ||||||||||||||||||
| Increase (decrease) in trade payables | (374 | ) | (1,353 | ) | (464 | ) | (613 | ) | (1,023 | ) | 891 | |||||||||||||
| Increase (decrease) in other accounts payable | (318 | ) | (1,152 | ) | (394 | ) | 314 | (681 | ) | 1,900 | ||||||||||||||
| (690 | ) | (2,497 | ) | (157 | ) | 330 | (1,406 | ) | 4,879 | |||||||||||||||
| Cash paid and received during the period for: | ||||||||||||||||||||||||
| Interest received | 2 | 9 | 38 | 8 | 23 | 50 | ||||||||||||||||||
| Income tax paid | - | - | - | - | - | (11 | ) | |||||||||||||||||
| 2 | 9 | 38 | 8 | 23 | 39 | |||||||||||||||||||
| Net cash used in operating activities | (4,172 | ) | (15,094 | ) | (9,936 | ) | (5,997 | ) | (5,480 | ) | (16,244 | ) |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
INTERIM CONSOLIDATED STATEMENTS OF CASH
| Convenience translation into U.S. dollars. | ||||||||||||||||||||||||
| Six months ended June 30, | Six months ended June 30, | Three months ended June 30, | Year ended December 31 , | |||||||||||||||||||||
| 2013 | 2013 | 2012 | 2013 | 2012 | 2012 | |||||||||||||||||||
| Unaudited | Unaudited | Audited | ||||||||||||||||||||||
| In thousands | NIS in thousands | |||||||||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||||||
| Purchase of property, plant and equipment | (10 | ) | (35 | ) | (13 | ) | (9 | ) | (13 | ) | (17 | ) | ||||||||||||
| Proceeds from sale of property, plant and equipment | 2 | 7 | 79 | 1 | 14 | 92 | ||||||||||||||||||
| Purchase of assets measured by fair value | (902 | ) | (3,265 | ) | - | (3,265 | ) | - | - | |||||||||||||||
| Net cash provided by (used in) investing activities | (910 | ) | (3,293 | ) | 66 | (3,273 | ) | 1 | 75 | |||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||||||
| Issue of share capital (net of issue expenses) | 5,016 | 18,148 | 4,331 | - | 4,331 | 4,331 | ||||||||||||||||||
| Proceeds on account of share warrants (series 8 and 9) (net of issue expenses) | - | - | 1,018 | - | 1,018 | 1,018 | ||||||||||||||||||
| Proceeds on account of share warrants (series 10 and 11) (net of issue expenses) | 1,595 | 5,772 | - | - | - | - | ||||||||||||||||||
| Exercise of unlisted share options | 24 | 86 | 138 | - | 97 | - | ||||||||||||||||||
| Exercise of share warrants (series 5) | - | - | 76 | - | - | 176 | ||||||||||||||||||
| Sale of treasury shares to a third party | 508 | 1,838 | - | 1,838 | - | 76 | ||||||||||||||||||
| Net cash provided by financing activities | 7,143 | 25,844 | 5,563 | 1,838 | 5,446 | 5,601 | ||||||||||||||||||
| Exchange rate differences on balances of cash and cash equivalents | (18 | ) | (64 | ) | 90 | (78 | ) | 208 | 224 | |||||||||||||||
| Increase (decrease) in cash and cash equivalents | 2,043 | 7,393 | (4,217 | ) | (7,510 | ) | 175 | (10,344 | ) | |||||||||||||||
| Cash and cash equivalents at the beginning of the period | 1,183 | 4,278 | 14,622 | 19,181 | 10,230 | 14,622 | ||||||||||||||||||
| Cash and cash equivalents at the end of the period | 3,226 | 11,671 | 10,405 | 11,671 | 10,405 | 4,278 |
The accompanying notes are an integral
part of the interim consolidated financial statements.
CAN-FITE BIOPHARMA LTD.
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
consolidated financial statements have been prepared in accordance with IAS 34, "Interim Financial Reporting".
policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the
preparation of the annual consolidated financial statements, except as noted below:
10, "Consolidated Financial Statements":
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 Entities".
of IFRS 10 for the first time did not have a material effect on the Company's financial statements.
19 (Revised), "Employee Benefits":
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.
CAN-FITE BIOPHARMA LTD.
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
CAN-FITE BIOPHARMA LTD.
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Except as set forth above,
the revised agreement has no effect on the original license terms agreed upon with the NIH.
Every 25 warrants (series 10)
are exercisable into one ordinary share, NIS 0.25 par value per share, of the Company for NIS 0.394, with the warrants being
linked to the Israeli consumer price index for December 2012. The warrants are exercisable until October 31, 2015.
In addition, every 25 warrants