Full Press Release Details
BiondVax announces Second Quarter 2022 Financial Results and Provides Business Update
JERUSALEM, Aug. 25, 2022 /PRNewswire/ -- BiondVax
Pharmaceuticals Ltd. (Nasdaq: BVXV), which focuses on developing, manufacturing and commercializing innovative products for the
prevention and treatment of infectious diseases and other illnesses, today published its financial results for the quarter ended June
30, 2022 and provided a business update.
Second Quarter 2022 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation
to $US is provided using the exchange rate of 3.5 (NIS/$US), the rate as of the close of business on June 30, 2022.
As of June 30, 2022, BiondVax had cash and cash equivalents of NIS
39.5 million ($11.3 million) compared to NIS 54.0 million as of December 31, 2021.
Unaudited second quarter financial results will be submitted to the
Securities and Exchange Commission. A summary is included in the tables below.
BiondVax 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. www.biondvax.com.
Company: Joshua E. Phillipson | +972 8 930 2529 | j.phillipson@biondvax.com
Forward Looking Statements
This 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, and the therapeutic and commercial potential of NanoAbs.
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
In thousands, except share and per share data
| Convenience | ||||||||||||||||
| Translation | ||||||||||||||||
| December 31, | June 30, | June 30, | ||||||||||||||
| 2021 | 2021 | 2022 | 2022 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | N I S | U.S. dollars | ||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 54,036 | 39,883 | 39,499 | 11,285 | ||||||||||||
| Other receivables | 1,012 | 2,641 | 626 | 179 | ||||||||||||
| Total current assets | 55,048 | 42,524 | 40,125 | 11,464 | ||||||||||||
| LONG TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 38,519 | 38,979 | 39,250 | 11,214 | ||||||||||||
| Right-of-use assets | 5,588 | 6,109 | 5,227 | 1,494 | ||||||||||||
| Restricted cash | 444 | 437 | 484 | 138 | ||||||||||||
| Other long-term assets | - | - | 485 | 139 | ||||||||||||
| Total non-current assets | 44,551 | 45,525 | 45,446 | 12,985 | ||||||||||||
| Total assets | 99,599 | 88,049 | 85,571 | 24,449 | ||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 3,107 | 2,635 | 2,057 | 588 | ||||||||||||
| Operating lease liabilities | 773 | 764 | 857 | 245 | ||||||||||||
| Loan from others | - | 64,248 | 18,706 | 5,345 | ||||||||||||
| Other payables | 3,327 | 1,739 | 1,898 | 542 | ||||||||||||
| Total current liabilities | 7,207 | 69,386 | 23,518 | 6,720 | ||||||||||||
| LONG TERM LIABILITIES: | ||||||||||||||||
| Operating lease liabilities | 5,712 | 6,047 | 5,536 | 1,582 | ||||||||||||
| Loan from others | 63,252 | - | 51,954 | 14,843 | ||||||||||||
| Other payables | - | 1,135 | - | - | ||||||||||||
| Severance pay liability, net | 95 | 95 | 95 | 27 | ||||||||||||
| Total long-term liabilities | 69,059 | 7,277 | 57,585 | 16,452 | ||||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||||||
| Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2022, (unaudited) June 30, 2021 (unaudited) and at December 31, 2021; Issued and outstanding: 747,153,064 shares at June 30, 2022 (unaudited), 573,285,824 shares at June 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021 | (* | ) | (* | ) | (* | ) | (* | ) | ||||||||
| Share premium | 388,104 | 356,358 | 391,507 | 111,859 | ||||||||||||
| Accumulated deficit | (364,771 | ) | (344,972 | ) | (387,039 | ) | (110,582 | ) | ||||||||
| Total Equity | 23,333 | 11,386 | 4,468 | 1,277 | ||||||||||||
| Total liabilities and shareholders' equity | 99,599 | 88,049 | 85,571 | 24,449 |
| STATEMENTS OF COMPREHENSIVE LOSS |
| In thousands, except share and per share data |
| Convenience translation | ||||||||||||||||||||||||||
| Year ended December 31, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
| 2021 | 2021 | 2022 | 2021 | 2022 | 2022 | |||||||||||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||||||||||||
| N I S | U.S. dollars | |||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Research and development, net of participations | 10,341 | 1,900 | 6,495 | 4,653 | 10,148 | 2,900 | ||||||||||||||||||||
| Marketing, general and administrative | 24,528 | 7,002 | 4,286 | 11,007 | 8,919 | 2,548 | ||||||||||||||||||||
| Other income | (40 | ) | - | - | - | - | - | |||||||||||||||||||
| Total operating expenses | 34,829 | 8,902 | 10,781 | 15,660 | 19,067 | 5,448 | ||||||||||||||||||||
| Operating loss | (34,829 | ) | (8,902 | ) | (10,781 | ) | (15,660 | ) | (19,067 | ) | (5,448 | ) | ||||||||||||||
| Financial income | 5,716 | - | 1,571 | 822 | 2,783 | 796 | ||||||||||||||||||||
| Financial expense | (10,865 | ) | (3,091 | ) | (3,642 | ) | (5,341 | ) | (5,984 | ) | (1,710 | ) | ||||||||||||||
| Net loss and total comprehensive loss | (39,978 | ) | (11,993 | ) | (12,852 | ) | (20,179 | ) | (22,268 | ) | (6,362 | ) | ||||||||||||||
| Basic and diluted net loss per share | (0.07 | ) | (0.03 | ) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.01 | ) | ||||||||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 564,575,9 67 | 573,205 ,607 | 746,898,6 71 | 552,140,0 30 | 745,817, 220 | 745,817,2 20 |
The 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.