Full Press Release Details
Announces First Quarter 2022 Financial Results and Provides Business Update
Israel - June 1, 2022 - BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a biopharmaceuticals company focused on
developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses,
today published its first quarter financial results for the quarter ended March 31, 2022 and provided a business update.
Quarter 2022 Financial Summary
are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.176 (NIS/$US), the rate as
of the close of business on March 31, 2022.
of March 31, 2022, BiondVax had cash and cash equivalents of NIS 48.9 million ($15.4 million) as compared to NIS 54.0 million as of December
first quarter financial results will be submitted to the Securities and Exchange Commission. A summary is included in the tables below.
Jerusalem BioPark, 2nd floor Hadassah Ein Kerem
Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531 www.BiondVax.com
Pharmaceuticals Ltd. (Nasdaq: BVXV) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative
products for the prevention and treatment of infectious diseases and other illnesses. Since its inception, the company has executed eight
clinical trials including a seven country, 12,400 participant Phase 3 trial of its vaccine candidate and has built a state-of-the-art
manufacturing facility for biopharmaceutical products. With highly experienced pharmaceutical industry leadership, BiondVax is aiming
to develop a pipeline of diversified and commercially viable products and platforms beginning with an innovative nanosized antibody (NanoAb)
pipeline. For more information, please visit www.biondvax.com.
Joshua E. Phillipson | +972 8 930 2529 | j.phillipson@biondvax.com
Relations: Kenny Green | +1 212 378 8040 | kgreen@edisongroup.com
press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as "expect,"
"believe," "intend," "plan," "continue," "may," "will," "anticipate,"
and similar expressions are intended to identify forward-looking statements. All statements, other than statements of historical facts,
included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses,
prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited
to, statements regarding the timing of future clinical trials, the therapeutic and commercial potential of NanoAbs and execution of a
definitive amendment agreement with EIB. These forward-looking statements reflect management's current views with respect to certain
current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially
from those expected by the management of BiondVax Pharmaceuticals Ltd. Risks and uncertainties include, but are not limited to, the risk
that the therapeutic and commercial potential of NanoAbs will not be met; the risk of a delay in the preclinical and clinical data for
NanoAbs, if any; the risk that BiondVax and EIB will not reach agreement with respect to the restructuring of the loan from European
Investment Bank; the risk that BiondVax may not be able to secure additional capital on attractive terms, if at all; the risk that the
European Investment Bank may accelerate the loans under its finance contract with BiondVax; risks relating to the COVID-19 (coronavirus)
pandemic; BiondVax's ability to acquire rights to additional product opportunities; BiondVax's ability to enter into collaborations
on terms acceptable to BiondVax or at all; timing of receipt of regulatory approval of BiondVax's manufacturing facility in Jerusalem,
if at all or when required; the risk that the manufacturing facility will not be able to be used for a wide variety of applications and
other vaccine and treatment technologies, and the risk that drug development involves a lengthy and expensive process with uncertain
outcomes. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk
Factors" in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2022. BiondVax
undertakes no obligation to revise or update any forward-looking statement for any reason.
Jerusalem BioPark, 2nd floor Hadassah Ein Kerem
Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531 www.BiondVax.com
In thousands, except share and per share data
| Convenience | ||||||||||||||||
| Translation | ||||||||||||||||
| December 31, | March 31, | March 31, | ||||||||||||||
| 2021 | 2021 | 2022 | 2022 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 54,036 | 48,577 | 48,886 | 15,391 | ||||||||||||
| Other receivables | 1,012 | 481 | 619 | 196 | ||||||||||||
| 55,048 | 49,058 | 49,505 | 15,587 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 38,519 | 39,252 | 39,745 | 12,514 | ||||||||||||
| Right-of-use assets | 5,588 | 5,978 | 5,359 | 1,687 | ||||||||||||
| Other long-term assets | 444 | 436 | 929 | 293 | ||||||||||||
| 44,551 | 45,666 | 46,033 | 14,494 | |||||||||||||
| 99,599 | 94,724 | 95,538 | 30,081 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 3,107 | 2,085 | 4,102 | 1,292 | ||||||||||||
| Operating lease liabilities | 773 | 641 | 802 | 253 | ||||||||||||
| Loan from others | - | 62,346 | - | |||||||||||||
| Other payables | 3,327 | 1,640 | 3,598 | 1,133 | ||||||||||||
| 7,207 | 66,712 | 8,502 | 2,677 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Operating lease liabilities | 5,712 | 5,978 | 5,585 | 1,759 | ||||||||||||
| Loan from others | 63,252 | - | 65,187 | 20,524 | ||||||||||||
| Other payables | - | 1,135 | - | - | ||||||||||||
| Severance pay liability, net | 95 | 95 | 95 | 30 | ||||||||||||
| 69,059 | 7,208 | 70,867 | 22,313 | |||||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||||||
| Ordinary shares of no par value: Authorized: 1,800,000,000 and 700,000,000 shares at March 31, 2022 December 31, 2021 and March 31, 2021, respectively; Issued and outstanding: 745,048,544 , 739,048,544 and 573,285,824 shares March 31, 2022, December 31, 2021 and March 312021, respectively | -* | ) | -* | ) | -* | ) | -* | ) | ||||||||
| Share premium | 388,104 | 353,783 | 390,356 | 122,908 | ||||||||||||
| Accumulated deficit | (364,771 | ) | (332,979 | ) | (374,187 | ) | (117,817 | ) | ||||||||
| 23,333 | 20,804 | 16,169 | 5,091 | |||||||||||||
| 99,599 | 94,724 | 95,538 | 30,081 |
Jerusalem BioPark, 2nd floor Hadassah Ein Kerem
Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531 www.BiondVax.com
OF COMPREHENSIVE LOSS
except share and per share data
| Convenience translation | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2021 | 2021 | 2022 | 2022 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 10,341 | 2,750 | 3,653 | 1,150 | ||||||||||||
| Marketing, general and administrative | 24,528 | 4,005 | 4,633 | 1,459 | ||||||||||||
| Other income | (40 | ) | - | - | - | |||||||||||
| Total operating expenses (income) | 34,829 | 6,755 | 8,286 | 2,609 | ||||||||||||
| - | ||||||||||||||||
| Operating income (loss) | (34,829 | ) | (6,755 | ) | (8,286 | ) | (2,609 | ) | ||||||||
| Financial income | 5,716 | 1,182 | 1,212 | 382 | ||||||||||||
| Financial expense | (10,865 | ) | (2,613 | ) | (2,342 | ) | (737 | ) | ||||||||
| Net loss and total comprehensive loss | (39,978 | ) | (8,186 | ) | (9,416 | ) | (2,965 | ) | ||||||||
| Basic and Diluted net loss per share | (0.07 | ) | (0.02 | ) | (0.02 | ) | (0.005 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 564,575,967 | 530,840,391 | 570,114,429 | 570,114,429 |
notes in the Company's quarterly report are an integral part of the financial statements. The complete financial results are available
in the Form 6-K to be filed with the Securities and Exchange Commission.
Jerusalem BioPark, 2nd floor Hadassah Ein Kerem
Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531 www.BiondVax.com