Full Press Release Details
BIOBLAST PHARMA LTD.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
U.S. DOLLARS IN THOUSANDS
| Page | |
| Consolidated Balance Sheets | 2 |
| Consolidated Statements of Operations | 3 |
| Consolidated Statements of Changes in Shareholders' Equity | 4 |
| Consolidated Statements of Cash Flows | 5 |
| Notes to Consolidated Interim Financial Statements | 6 - 9 |
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U.S. dollars in thousands, except share
| June 30, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 9,122 | $ | 10,583 | ||||
| Short-term bank deposits | 17,106 | 22,028 | ||||||
| Receivables and prepaid expenses | 585 | 274 | ||||||
| Total current assets | 26,813 | 32,885 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term deposit | 11 | 9 | ||||||
| Property and equipment, net | 75 | 60 | ||||||
| Total long-term assets | 86 | 69 | ||||||
| TOTAL ASSETS | $ | 26,899 | $ | 32,954 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 761 | $ | 1,285 | ||||
| Other accounts payable | 975 | 995 | ||||||
| Total current liabilities | 1,736 | 2,280 | ||||||
| LONG TERM LIABILITIES: | ||||||||
| Accrued severance pay | 32 | - | ||||||
| Total long term liabilities | 32 | - | ||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Ordinary shares of NIS 0.01 par value - 50,000,000 shares authorized at June 30, 2015 and December 31, 2014; 14,230,480 issued and outstanding shares at June 30, 2015 and December 31, 2014. | 39 | 39 | ||||||
| Additional paid- in capital | 40,499 | 39,057 | ||||||
| Accumulated deficit | (15,407 | ) | (8,422 | ) | ||||
| Total shareholders' equity | 25,131 | 30,674 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 26,899 | $ | 32,954 |
The accompanying notes are an integral
part of the consolidated interim financial statements.
STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | ||||||||
| Research and development | $ | 4,094 | $ | 1,163 | ||||
| General and administrative | 2,962 | 590 | ||||||
| Total operating expenses | 7,056 | 1,753 | ||||||
| Financial (income) expenses, net | (76 | ) | 6 | |||||
| Loss before taxes on income | 6,980 | 1,759 | ||||||
| Tax on income | 5 | - | ||||||
| Net loss attributable to holders of Ordinary shares | $ | 6,985 | $ | 1,759 | ||||
| Net basic and diluted loss per share | $ | 0.49 | $ | 0.16 | ||||
| Weighted average number of Ordinary shares used in computing basic and diluted net loss per share | 14,230,480 | 10,873,973 |
The accompanying notes are an integral
part of the consolidated interim financial statements.
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
U.S. dollars in thousands, except share
| Ordinary shares | Additional paid-in | Accumulated | Total shareholders' | |||||||||||||||||
| Number | Amount | capital | deficit | equity | ||||||||||||||||
| Balance as of December 31, 2013 | 9,182,867 | $ | 24 | $ | 1,551 | $ | (1,400 | ) | $ | 175 | ||||||||||
| Issuance of Ordinary shares, net ($0.95 per share) | 1,065,076 | 3 | 1,009 | - | 1,012 | |||||||||||||||
| Issuance of Ordinary shares upon private placement, net ($6.07 per share) | 782,537 | 3 | 4,365 | - | 4,368 | |||||||||||||||
| Issuance of Ordinary shares upon initial public offering, net ($11 per share) | 3,200,000 | 9 | 31,396 | - | 31,405 | |||||||||||||||
| Share based compensation | - | - | 736 | - | 736 | |||||||||||||||
| Net loss | - | - | - | (7,022 | ) | (7,022 | ) | |||||||||||||
| Balance as of December 31, 2014 | 14,230,480 | 39 | 39,057 | (8,422 | ) | 30,674 | ||||||||||||||
| Share based compensation | - | - | 1,442 | - | 1,442 | |||||||||||||||
| Net loss | - | - | - | (6,985 | ) | (6,985 | ) | |||||||||||||
| Balance as of June 30, 2015 (unaudited) | 14,230,480 | $ | 39 | $ | 40,499 | $ | (15,407 | ) | $ | 25,131 |
The accompanying notes are an integral part of the consolidated interim financial statements.
STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | $ | (6,985 | ) | $ | (1,759 | ) | ||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
| Depreciation | 6 | 1 | ||||||
| Stock based compensation | 1,442 | 14 | ||||||
| Interest on short term deposit | (78 | ) | - | |||||
| Change in operating assets and liabilities: | ||||||||
| Receivables and prepaid expenses | (311 | ) | (115 | ) | ||||
| Long-term deposit | (2 | ) | 3 | |||||
| Trade payables | (524 | ) | 231 | |||||
| Other accounts payable | (20 | ) | 353 | |||||
| Accrued severance pay | 32 | - | ||||||
| Net cash used in operating activities | (6,440 | ) | (1,272 | ) | ||||
| Cash flow from investing activities: | ||||||||
| Investment in short-term bank deposits | 5,000 | - | ||||||
| Purchase of property and equipment | (21 | ) | (29 | ) | ||||
| Net cash provided by (used in) investing activities | 4,979 | (29 | ) | |||||
| Cash flow from financing activities: | ||||||||
| Issuance of shares, net | - | 5,371 | ||||||
| Deferred issuance expenses | - | (97 | ) | |||||
| Net cash provided by financing activities | - | 5,274 | ||||||
| Increase (decrease) in cash and cash equivalents | (1,461 | ) | 3,973 | |||||
| Cash and cash equivalents at the beginning of the period | 10,583 | 270 | ||||||
| Cash and cash equivalents at the end of the period | $ | 9,122 | $ | 4,243 |
The accompanying notes are an integral
part of the consolidated interim financial statements.
TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
U.S. dollars in thousands, except share
accompanying unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information. Accordingly, they do not include all the information and footnotes
required by accounting principles generally accepted in the United States for complete financial statements. The Company believes
that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated interim financial
statements should be read in conjunction with the 2014 annual financial statements and the notes thereto.
results for the six months period ended June 30, 2015, are not necessarily indicative of the results that may be expected for
the year ended December 31, 2015.
significant accounting policies applied in the annual financial statements of the Company as of December 31, 2014 are applied
consistently in these financial statements. For further information,
refer to the financial statements as of December 31, 2014.
preparation of the consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates,
judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable
based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported
amounts of assets and liabilities and disclosure of contingent liabilities at the dates of the consolidated interim financial
statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
U.S. dollars in thousands, except share
Company has provided bank guarantees in the amount of $26.5 as security for the performance of its lease agreement.
December 2013, the Company authorized through its 2013 incentive option plan (the "2013 Plan") the grant of options
to officers, directors, advisors, management and other key employees. The options granted have a graded vesting schedule of generally
four years and expire ten years after the grant date.
TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
U.S. dollars in thousands, except share
summary of the Company's options activity (for employees and directors) under the 2013 Plan is as follows:
| Six months ended June 30, 2015 | ||||||||
| Number of options | Weighted average exercise price | |||||||
| Outstanding at beginning of period | 783,332 | $ | 4.47 | |||||
| Granted | 522,067 | 8.41 | ||||||
| Forfeited | (1,500 | ) | (7.17 | ) | ||||
| Outstanding at end of period | 1,303,899 | 6.06 | ||||||
| Vested and expected to vest | 1,303,899 | 6.06 | ||||||
| Options exercisable at the end of the period | 616,285 | $ | 3.56 |
of June 30, 2015, the weighted-average remaining contractual term of the outstanding and exercisable options is 8.67 years; the
aggregated intrinsic value of the outstanding and exercisable options is $2,930 As of June 30, 2015, the unrecognized compensation
cost is $2,228 to be recognized through 2019.
Company granted options to certain service providers and accounted for these options in accordance with ASC 505-50, "Equity-Based
payment to non-employees".
outstanding options granted to the Company's service providers are as follows:
| Grant date | Number of options *) | Exercise price | Expiration date | |||
| December 2, 2014 | 20,000 | $ 7.78 | December 2, 2024 |
were fully vested on the grant date.
share based expense recognized in the consolidated interim financial statements is as follows:
| Six months ended June 30, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Research and development | $ | 151 | $ | - | ||||
| General and administrative | 1,291 | 14 | ||||||
| $ | 1,442 | $ | 14 |
TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
U.S. dollars in thousands, except share
| June 30, 2015 | December 31, 2014 | |||||||
| (unaudited) | ||||||||
| Trade payable | $ | 1 | $ | 2 | ||||
| Other accounts payable | $ | 88 | $ | 123 |
| Six months ended June 30, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Amounts charged to: | ||||||||
| Research and development | $ | 162 | $ | 49 | ||||
| General and administrative | $ | 105 | $ | 82 |
| Six months ended June 30, | ||||||||
| 2015 | 2014 | |||||||
| (unaudited) | (unaudited) | |||||||
| Financial expenses: | ||||||||
| Bank fees | $ | 5 | $ | 3 | ||||
| Exchange rate | 18 | 3 | ||||||
| 23 | 6 | |||||||
| Financial income: | ||||||||
| Interest income | (99 | ) | - | |||||
| (99 | ) | - | ||||||
| Financial (income) expenses, net: | $ | (76 | ) | $ | 6 |
to June 30, 2015, the Company granted 1,022,061 options to its employees in a weighted average exercise price of $5.04.
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