Full Press Release Details
Pharmaceuticals Ltd.
Pro Forma Condensed Consolidated Statement of Financial Position
of December 31, 2016
| Kitov Pharmaceuticals Holdings Ltd . | TyrNovo Ltd. | Pro Forma adjustment (1) | Kitov Pharmaceuticals Holdings Ltd. Pro forma | |||||||||||||
| USD thousand | USD thousand | USD thousand | USD thousand | |||||||||||||
| Current assets | ||||||||||||||||
| Cash and cash equivalents | 6,758 | - | (2,000 | ) | 4,758 | |||||||||||
| Short term Short term deposits | 7,899 | - | - | 7,899 | ||||||||||||
| Other receivables | 241 | 21 | - | 262 | ||||||||||||
| 14,898 | 21 | (2,000 | ) | 12,919 | ||||||||||||
| Fixed assets, net | 16 | 2 | - | 18 | ||||||||||||
| Intangible assets | - | - | 6,172 | 6,172 | ||||||||||||
| Total assets | 14,914 | 23 | 4,172 | 19,109 | ||||||||||||
| Current liabilities | ||||||||||||||||
| Short term bank credit | - | 15 | - | 15 | ||||||||||||
| Trade payables | 515 | 123 | - | 638 | ||||||||||||
| Other payables | 758 | 212 | - | 970 | ||||||||||||
| Total current liabilities | 1,273 | 350 | - | 1,623 | ||||||||||||
| Non-current liabilities | ||||||||||||||||
| Post employment benefit liabilities | 256 | - | - | 256 | ||||||||||||
| Loans from related parties | - | 130 | (101 | ) | 29 | |||||||||||
| Total non-current liabilities | 256 | 130 | (101 | ) | 285 | |||||||||||
| Equity (deficit) | ||||||||||||||||
| Premium on shares | 30,826 | 933 | 867 | 32,626 | ||||||||||||
| Capital reserves | 8,759 | - | - | 8,759 | ||||||||||||
| Non - controlling interest | - | - | 2,016 | 2,016 | ||||||||||||
| Accumulated loss | (26,200 | ) | (1,390 | ) | 1,390 | (26,200 | ) | |||||||||
| 13,385 | (457 | ) | 4,273 | 17,201 | ||||||||||||
| Total liabilities and equity | 14,914 | 23 | 4,172 | 19,109 |
Pharmaceuticals Ltd.
Pro Forma Condensed Consolidated Statement of Operations
the year ended December 31, 2016
| Kitov Pharmaceuticals Holdings Ltd . | TyrNovo Ltd. | Pro Forma adjustment (2) | Kitov Pharmaceuticals Holdings Ltd. Pro forma | |||||||||||||
| USD thousand | USD thousand | USD thousand | USD thousand | |||||||||||||
| Research and development expenses | 4,180 | 505 | - | 4,685 | ||||||||||||
| General and administrative expenses | 3,003 | 38 | (4 | ) | 3,037 | |||||||||||
| Operating loss | 7,183 | 543 | (4 | ) | 7,722 | |||||||||||
| Finance expenses, net | 4,942 | 11 | - | 4,953 | ||||||||||||
| Loss from continuing operations | 12,125 | 554 | (4 | ) | 12,675 | |||||||||||
| Attributable to: | ||||||||||||||||
| Equity holders of the Company | 12,125 | 359 | (3 | ) | 12,481 | |||||||||||
| Non-controlling interest | - | 195 | (1 | ) | 194 | |||||||||||
| Loss from continuing operations | 12,125 | 554 | (4 | ) | 12,675 | |||||||||||
| Loss per share data | ||||||||||||||||
| Basic and diluted loss per share - USD | 0.11 | 0.10 | ||||||||||||||
| Number of shares used in calculating basic and diluted loss per share | 115,114,946 | 11,292,508 | 126,407,454 |
| (1) | To record the intangible asset created in the Business combination. The fair value of the consideration transferred amounted to USD 3,699 thousand, which included USD 2,000 thousand in cash and USD 1,800 thousand in Kitov's shares net of USD 101 thousand for a loan assumed by Kitov. The consideration was allocated to a deficit net book value of USD 457 thousand and USD 6,172 thousand to an intangible asset. Non - controlling interest amounted to USD 2,016 thousand. |
| (2) | Assumptions made in preparing this pro forma statement of operations: Based on management's analysis of TyrNovo's general and administrative expenses these expenses were reduced by $4 thousand. |