Full Press Release Details
announces Third Quarter 2022 Financial Results and Provides Business Update
Israel - November 30, 2022 - BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), which focuses on
developing, manufacturing, and commercializing innovative immunotherapeutic products primarily for the treatment of infectious and
autoimmune diseases, today published its financial results for the quarter ended Sept. 30, 2022, and provided a business
Quarter 2022 Financial Summary
are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.543 (NIS/$US), the rate as
of the close of business on Sept. 30, 2022.
of Sept. 30, 2022, BiondVax had cash and cash equivalents of NIS 29.4 million ($8.3 million) compared to NIS 54 million as of Dec. 31,
third quarter financial results will be submitted to the Securities and Exchange Commission on Form 6-K. A summary is included in the
Pharmaceuticals Ltd. (Nasdaq: BVXV) is a biotechnology company focused on developing, manufacturing, and commercializing innovative immunotherapeutic
products primarily for the treatment of infectious and autoimmune diseases. 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.
Investor Relations | +972 8 930 2529 | ir@biondvax.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 pre-clinical 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 trials 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.
thousands, except share and per share data
| Convenience | ||||||||||||||||
| Translation | ||||||||||||||||
| December 31, | September 30, | September 30, | ||||||||||||||
| 2021 | 2021 | 2022 | 2022 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | N I S | U.S. dollars | ||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 54,036 | 34,672 | 29,444 | 8,310 | ||||||||||||
| Other receivables | 1,012 | 1,426 | 713 | 202 | ||||||||||||
| Total current assets | 55,048 | 36,098 | 30,157 | 8,512 | ||||||||||||
| LONG TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 38,519 | 38,607 | 39,183 | 11,059 | ||||||||||||
| Right-of-use assets | 5,588 | 5,874 | 4,409 | 1,244 | ||||||||||||
| Restricted cash | 444 | 446 | 483 | 136 | ||||||||||||
| Other long-term assets | - | - | 485 | 137 | ||||||||||||
| Total non-current assets | 44,551 | 44,927 | 44,560 | 12,576 | ||||||||||||
| Total assets | 99,599 | 81,025 | 74,717 | 21,088 | ||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 3,107 | 3,313 | 1,054 | 297 | ||||||||||||
| Operating lease liabilities | 773 | 777 | 1,138 | 321 | ||||||||||||
| Loan from others | - | 64,488 | 863 | 243 | ||||||||||||
| Other payables | 3,327 | 1,693 | 2,189 | 618 | ||||||||||||
| Total current liabilities | 7,207 | 70,271 | 5,244 | 1,479 | ||||||||||||
| LONG TERM LIABILITIES: | ||||||||||||||||
| Operating lease liabilities | 5,712 | 5,905 | 4,629 | 1,307 | ||||||||||||
| Loan from others | 63,252 | - | 55,390 | 15,634 | ||||||||||||
| Other payables | - | 568 | - | - | ||||||||||||
| Severance pay liability, net | 95 | 95 | 95 | 27 | ||||||||||||
| Total long-term liabilities | 69,059 | 6,568 | 60,114 | 16,968 | ||||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||||||
| Ordinary shares of no par value: Authorized: 1,800,000,000 shares at September 30, 2022, (unaudited) September 30, 2021 (unaudited) and December 31, 2021; Issued and outstanding: 747,153,064 shares at September 30, 2022 (unaudited), 573,285,824 shares at September 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021 | (* ) | (* ) | (* ) | (* ) | ||||||||||||
| Share premium | 388,104 | 358,204 | 392,651 | 110,824 | ||||||||||||
| Accumulated deficit | (364,771 | ) | (354,018 | ) | (383,292 | ) | (108,183 | ) | ||||||||
| Total Equity | 23,333 | 4,186 | 9,359 | 2,641 | ||||||||||||
| Total liabilities and shareholders' equity | 99,599 | 81,025 | 74,717 | 21,088 |
OF COMPREHENSIVE LOSS
thousands, except share and per share data
| Convenience translation | ||||||||||||||||||||||||
| Year ended December 31, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 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 | 2,024 | 3,992 | 6,677 | 14,140 | 3,991 | ||||||||||||||||||
| Marketing, general and administrative | 24,528 | 6,201 | 3,342 | 17,208 | 12,261 | 3,461 | ||||||||||||||||||
| Other income | (40 | ) | - | (11,201 | ) | - | (11,201 | ) | (3,161 | ) | ||||||||||||||
| Total operating expenses (income) | 34,829 | 8,225 | (3,867 | ) | 23,885 | 15,200 | 4,291 | |||||||||||||||||
| Operating Income (loss) | (34,829 | ) | (8,225 | ) | 3,867 | (23,885 | ) | (15,200 | ) | (4,291 | ) | |||||||||||||
| - | ||||||||||||||||||||||||
| Financial income | 5,716 | 1,980 | 6,045 | 2,802 | 8,829 | 2,492 | ||||||||||||||||||
| Financial expense | (10,865 | ) | (2,801 | ) | (6,165 | ) | (8,142 | ) | (12,150 | ) | (3,429 | ) | ||||||||||||
| Net Profit (loss) and total comprehensive Profit (loss) | (39,978 | ) | (9,046 | ) | 3,747 | (29,225 | ) | (18,521 | ) | (5,228 | ) | |||||||||||||
| Basic and diluted net Profit (loss) per share | (0.07 | ) | (0.02 | ) | 0.01 | (0.05 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 564,575,967 | 573,205,607 | 747,153,064 | 559,239,052 | 746,295,693 | 746,295,693 |
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 (SEC).