Full Press Release Details
AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
U.S. DOLLARS IN THOUSANDS
| Page | ||
| Interim Condensed Consolidated Balance Sheets | 2 - 3 | |
| Interim Condensed Consolidated Statements of Operations | 4 | |
| Interim Condensed Consolidated Statements of Shareholders' Equity | 5 - 7 | |
| Interim Condensed Consolidated Statements of Cash Flows | 8 - 9 | |
| Notes to Interim Condensed Consolidated Financial Statements | 10 - 18 |
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POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 17,448 | $ | 15,641 | ||||
| Restricted deposits | 182 | 168 | ||||||
| Short-term deposits | 12,007 | - | ||||||
| Prepaid expenses and other current assets | 351 | 764 | ||||||
| Total current assets | 29,988 | 16,573 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Property and equipment, net | 5,339 | 6,075 | ||||||
| Operating lease right-of-use assets | 2,062 | 2,295 | ||||||
| Other long-term assets | 298 | 277 | ||||||
| Total long-term assets | 7,699 | 8,647 | ||||||
| Total assets | $ | 37,687 | $ | 25,220 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands (except share and
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 2,572 | $ | 2,409 | ||||
| Accrued expenses and other current liabilities | 2,967 | 2,566 | ||||||
| Current maturities of long-term debt | 6,548 | 6,787 | ||||||
| Current maturities of operating lease liabilities | 1,068 | 919 | ||||||
| Total current liabilities | 13,155 | 12,681 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term debt | - | 634 | ||||||
| Deferred revenues | 2,548 | 2,548 | ||||||
| Long-term operating lease liabilities | 1,054 | 1,277 | ||||||
| Other liabilities | 454 | 396 | ||||||
| Total long-term liabilities | 4,056 | 4,855 | ||||||
| COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Ordinary shares with no par value - | ||||||||
| Authorized: 107,800,000 shares at June 30, 2025 and December 31, 2024; Issued and outstanding: 15,654,129 and 10,190,904 shares at June 30, 2025 and December 31, 2024, respectively | ||||||||
| Additional paid-in capital | 306,052 | 275,015 | ||||||
| Accumulated deficit | ( 285,576 | ) | ( 267,331 | ) | ||||
| Total shareholders' equity | 20,476 | 7,684 | ||||||
| Total liabilities and shareholders' equity | $ | 37,687 | $ | 25,220 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
U.S. dollars in thousands (except share and
| Six Months Ended | Three Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 12,332 | $ | 9,810 | $ | 6,215 | $ | 4,760 | ||||||||
| Marketing and business development | 989 | 501 | 700 | 265 | ||||||||||||
| General and administrative | 3,661 | 2,111 | 2,488 | 1,096 | ||||||||||||
| Operating loss | 16,982 | 12,422 | 9,403 | 6,121 | ||||||||||||
| Loss on extinguishment of debt | 512 | - | - | - | ||||||||||||
| Financial expenses, net | 687 | 311 | 521 | 171 | ||||||||||||
| Loss before income tax | 18,181 | 12,733 | 9,924 | 6,292 | ||||||||||||
| Income tax expenses | 64 | 9 | 53 | 2 | ||||||||||||
| Net loss | $ | 18,245 | $ | 12,742 | $ | 9,977 | $ | 6,294 | ||||||||
| Loss per share: | ||||||||||||||||
| Basic and diluted | $ | 1.48 | $ | 2.62 | $ | 0.78 | $ | 1.25 | ||||||||
| Weighted-average Ordinary shares outstanding: | ||||||||||||||||
| Basic and diluted | 12,298,113 | 4,858,158 | 12,841,621 | 5,024,871 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
U.S. dollars in thousands (except share and
| Three Months Ended June 30, 2025 | Number of ordinary shares | Additional paid-in capital | Accumulated deficit | Total shareholders' equity | ||||||||||||
| Balances as of March 31, 2025 | 10,190,904 | $ | 275,685 | $ | ( 275,599 | ) | $ | 86 | ||||||||
| Share-based compensation | - | 2,205 | - | 2,205 | ||||||||||||
| Issuance of Ordinary shares, abeyance shares and warrants, net (1) | 4,492,875 | 28,162 | - | 28,162 | ||||||||||||
| Exercise of pre-funded warrants | 970,350 | - | *) | - | - | *) | ||||||||||
| Net loss | - | - | ( 9,977 | ) | ( 9,977 | ) | ||||||||||
| Balances as of June 30, 2025 | 15,654,129 | $ | 306,052 | $ | ( 285,576 | ) | $ | 20,476 |
| Three Months Ended June 30, 2024 | Number of ordinary shares | Additional paid-in capital | Accumulated deficit | Total shareholders' equity | ||||||||||||
| Balances as of March 31, 2024 | 4,797,252 | $ | 251,902 | $ | ( 244,757 | ) | $ | 7,145 | ||||||||
| Share-based compensation | - | 750 | - | 750 | ||||||||||||
| Net loss | - | - | ( 6,294 | ) | ( 6,294 | ) | ||||||||||
| Balances as of June 30, 2024 | 4,797,252 | $ | 252,652 | $ | ( 251,051 | ) | $ | 1,601 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
U.S. dollars in thousands (except share and
| Six Months Ended June 30, 2025 | Number of ordinary shares | Additional paid-in capital | Accumulated deficit | Total shareholders' equity | ||||||||||||
| Balances as of January 1, 2025 | 10,190,904 | $ | 275,015 | $ | ( 267,331 | ) | $ | 7,684 | ||||||||
| Share-based compensation | - | 2,875 | - | 2,875 | ||||||||||||
| Issuance of Ordinary shares, abeyance shares and warrants, net (1) | 4,492,875 | 28,162 | - | 28,162 | ||||||||||||
| Exercise of pre-funded warrants | 970,350 | - | *) | - | - | *) | ||||||||||
| Net loss | - | - | ( 18,245 | ) | ( 18,245 | ) | ||||||||||
| Balances as of June 30, 2025 | 15,654,129 | $ | 306,052 | $ | ( 285,576 | ) | $ | 20,476 |
| Six Months Ended June 30, 2024 | Number of ordinary shares | Additional paid-in capital | Accumulated deficit | Total shareholders' equity | ||||||||||||
| Balances as of January 1, 2024 | 1,653,559 | $ | 236,213 | $ | ( 238,309 | ) | $ | ( 2,096 | ) | |||||||
| Share-based compensation | - | 1,440 | - | 1,440 | ||||||||||||
| Issuance of Ordinary shares, warrants and pre-funded warrants, net (3) | 3,143,693 | 14,999 | - | 14,999 | ||||||||||||
| Net loss | - | - | ( 12,742 | ) | ( 12,742 | ) | ||||||||||
| Balances as of June 30, 2024 | 4,797,252 | $ | 252,652 | $ | ( 251,051 | ) | $ | 1,601 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)
U.S. dollars in thousands (except share and
| Year Ended December 31, 2024 | Number of ordinary shares | Additional paid-in capital | Accumulated deficit | Total shareholders' equity (deficit) | ||||||||||||
| Balances as of January 1, 2024 | 1,653,559 | $ | 236,213 | $ | ( 238,309 | ) | $ | ( 2,096 | ) | |||||||
| Share-based compensation | - | 2,824 | - | 2,824 | ||||||||||||
| Issuance of Ordinary shares, warrants and pre-funded warrants, net (4) | 8,537,345 | 35,863 | - | 35,863 | ||||||||||||
| Issuance of warrants | - | 115 | - | 115 | ||||||||||||
| Net loss | - | - | ( 29,022 | ) | ( 29,022 | ) | ||||||||||
| Balances as of December 31, 2024 | 10,190,904 | $ | 275,015 | $ | ( 267,331 | ) | $ | 7,684 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( 18,245 | ) | $ | ( 12,742 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation of property and equipment | 752 | 827 | ||||||
| Non-cash financial expenses, net | 198 | 676 | ||||||
| Loss on extinguishment of debt | 512 | - | ||||||
| Share-based compensation expenses | 2,875 | 1,440 | ||||||
| Changes in assets and liabilities: | ||||||||
| Prepaid expenses and other assets | 416 | 188 | ||||||
| Operating lease right-of-use-assets | 435 | 400 | ||||||
| Operating lease liabilities | ( 276 | ) | ( 412 | ) | ||||
| Trade payables | 163 | 220 | ||||||
| Accrued expenses and other liabilities | 459 | 909 | ||||||
| Net cash used in operating activities | ( 12,711 | ) | ( 8,494 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Investment in bank deposits | ( 12,000 | ) | ( 14,691 | ) | ||||
| Proceeds from bank deposits | - | 8,500 | ||||||
| Purchase of property and equipment | ( 16 | ) | ( 19 | ) | ||||
| Net cash used in investing activities | ( 12,016 | ) | ( 6,210 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of Ordinary shares, abeyance shares, warrants and pre-funded warrants, net | 28,162 | 15,076 | ||||||
| Payments due to long-term debt | ( 1,614 | ) | ( 2,574 | ) | ||||
| Net cash provided by financing activities | 26,548 | 12,502 | ||||||
| Increase (decrease) in cash, cash equivalents and restricted deposits | 1,821 | ( 2,202 | ) | |||||
| Cash, cash equivalents and restricted deposits at the beginning of the period | 15,809 | 5,686 | ||||||
| Cash, cash equivalents and restricted deposits at the end of the period | $ | 17,630 | $ | 3,484 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Non-cash activities: | ||||||||
| Issuance costs | $ | - | $ | 77 | ||||
| Right-of-use asset recognized with corresponding lease liability | $ | 202 | $ | 1,482 | ||||
| Supplemental disclosures of cash flows: | ||||||||
| Interest paid | $ | 397 | $ | 471 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash and cash equivalents | $ | 17,448 | $ | 3,076 | ||||
| Restricted deposits | 182 | 163 | ||||||
| Restricted deposits included in other long-term assets | - | 245 | ||||||
| Cash, cash equivalents and restricted deposits at the end of the period | $ | 17,630 | $ | 3,484 |
The accompanying notes are an integral part of
the interim condensed consolidated financial statements.
POLYPID LTD. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and
wholly owned subsidiaries include a subsidiary in the United States (the "US Subsidiary") and a subsidiary in Romania. The US
Subsidiary's operation focuses on marketing and business development of the Company's operation in the United States.
Company announced positive top-line results from the Surgical site Hospital acquired Infection prEvention with Local D-PLEX100
("SHIELD") II Phase 3 trial. D-PLEX100 successfully met the primary efficacy endpoint, with statistically significant
results (p<0.005) in 798 patients with large abdominal surgery incisions. The trial successfully met all key secondary efficacy endpoints,
including a 58% reduction in the rate of surgical site infections in patients treated with D-PLEX100 arm versus standard of
As of June 30, 2025,
the Company's cash, cash equivalents and short-term deposits amounted to a total of $29,455. During the six-month period ended June 30,
2025, the Company incurred a loss of $18,245 and had negative cash flows from operating activities of $12,711. In addition, the Company
had an accumulated deficit of $285,576 as of June 30, 2025.
to seek additional equity financing through private and public offerings or strategic partnerships and, in the longer term, by generating
revenues from product sales.
future operations are highly dependent on a combination of factors, including (i) completion of all required clinical studies; (ii) the
success of its research and development activities; (iii) manufacture of all required clinical and commercial production batches; (iv)
marketing approval by the relevant regulatory authorities; and (v) market acceptance of the Company's product candidates.
POLYPID LTD. AND ITS SUBSIDIARIES
NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and
assurance that the Company will succeed in achieving the clinical, scientific and commercial milestones as detailed above.
Based on the abovementioned,
as of the approval date of these interim consolidated financial statements, the Company has not raised the necessary funding in order
to continue its activity for a period of at least one year. Therefore, these factors raise a substantial doubt about the Company's
ability to continue as a going concern. The interim condensed consolidated financial statements do not include any adjustments to the
carrying amounts and classifications of assets and liabilities that might result should the Company be unable to continue as a going concern,
and such adjustments could be material.
interim condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally
accepted in the United States and are consistent in all material respects with those applied in the Company's Annual Report on Form
20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 26, 2025.
of interim condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP")
requires management to make estimates and judgments that affect the amounts reported in the interim condensed consolidated financial statements
and accompanying notes. Significant items subject to such estimates and assumptions, but are not limited to, the fair value of financial