Full Press Release Details
BIONDVAX PHARMACEUTICALS LTD.
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2016
| Page | |
| Condensed Interim Balance Sheets | 2 |
| Condensed Interim Statements of Comprehensive Income | 3 |
| Condensed Interim Statements of Changes in Shareholders' Equity | 4 - 7 |
| Condensed Interim Statements of Cash Flows | 8 - 9 |
| Notes to Condensed Interim Financial Statements | 10 |
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BIONDVAX PHARMACEUTICALS LTD.
| Convenience translation (Note 2) | ||||||||||||||||
| December 31, | September 30, | September 30, | ||||||||||||||
| 2015 | 2015 | 2016 | 2016 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| (In thousands except share and per share data) | ||||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 33,470 | 36,294 | 15,091 | 4,016 | ||||||||||||
| Short term bank deposit | - | 578 | 10,510 | 2,797 | ||||||||||||
| Marketable securities | 2,016 | 2,016 | 2,017 | 537 | ||||||||||||
| Other receivables | 1,442 | 1,594 | 727 | 193 | ||||||||||||
| 36,928 | 40,482 | 28,345 | 7,543 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Marketable securities | 2,048 | 2,047 | 2,050 | 545 | ||||||||||||
| Property, plant and equipment | 2,044 | 2,191 | 1,592 | 424 | ||||||||||||
| Other long term assets | 287 | 24 | 370 | 98 | ||||||||||||
| 4,379 | 4,262 | 4,012 | 1,067 | |||||||||||||
| 41,307 | 44,744 | 32,357 | 8,610 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 931 | 571 | 477 | 127 | ||||||||||||
| Other payables | 768 | 758 | 466 | 124 | ||||||||||||
| 1,699 | 1,329 | 943 | 251 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Options | 5,994 | 6,863 | 3,528 | 938 | ||||||||||||
| Severance pay liability, net | 69 | 67 | 74 | 20 | ||||||||||||
| 6,063 | 6,930 | 3,602 | 958 | |||||||||||||
| SHAREHOLDERS' EQUITY (DEFICIT): | ||||||||||||||||
| Ordinary shares of NIS 0.0000001 par value: | ||||||||||||||||
| Authorized: 391,000,000 shares as of September 30, 2016, 2015 (unaudited) and December 31, 2015; Issued and Outstanding: 135,097,367, shares as of September 30, 2016, 2015 (unaudited) and December 31, 2015. | *) - | *) - | *) - | *) - | ||||||||||||
| Share premium | 110,679 | 110,352 | 111,697 | 29,722 | ||||||||||||
| Options | 2,536 | 2,536 | 2,536 | 675 | ||||||||||||
| Other comprehensive income | 12 | 12 | 8 | 2 | ||||||||||||
| Accumulated deficit | (79,682 | ) | (76,415 | ) | (86,429 | ) | (22,998 | ) | ||||||||
| 33,545 | 36,485 | 27,812 | 7,401 | |||||||||||||
| 41,307 | 44,744 | 32,357 | 8,610 |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS LTD.
OF COMPREHENSIVE INCOME
| Convenience translation (Note 2) | ||||||||||||||||||||||||
| Year ended December 31, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
| 2015 | 2015 | 2016 | 2015 | 2016 | 2016 | |||||||||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||||||||||
| N I S | U.S. dollars | |||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Research and development, net of participations | 7,906 | 1,247 | 2,421 | 5,032 | 5,962 | 1,586 | ||||||||||||||||||
| Marketing, general and administrative | 3,397 | 966 | 1,049 | 2,216 | 2,819 | 750 | ||||||||||||||||||
| Total operating expenses | 11,303 | 2,213 | 3,470 | 7,248 | 8,781 | 2,336 | ||||||||||||||||||
| Operating loss | 11,303 | 2,213 | 3,470 | 7,248 | 8,781 | 2,336 | ||||||||||||||||||
| Financial income | 1,118 | 1,540 | 10 | 651 | 59 | 16 | ||||||||||||||||||
| Financial expense | (24 | ) | (5 | ) | (291 | ) | (20 | ) | (491 | ) | (131 | ) | ||||||||||||
| Financial income (expenses) due to revaluations of options | 10 | 812 | 1,395 | (315 | ) | 2,466 | 656 | |||||||||||||||||
| Total finance income, net | 1,104 | 2,347 | 1,114 | 316 | 2,034 | 541 | ||||||||||||||||||
| Net loss (income) | 10,199 | (134 | ) | 2,356 | 6,932 | 6,747 | 1,795 | |||||||||||||||||
| Other comprehensive loss (income): | ||||||||||||||||||||||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||||||
| Gain (loss) from available-for-sale financial assets | (5 | ) | (2 | ) | 1 | (5 | ) | (4 | ) | (1 | ) | |||||||||||||
| Total comprehensive loss (income) | 10,204 | (132 | ) | 2,355 | 6,937 | 6,751 | 1,796 | |||||||||||||||||
| Basic and diluted net loss per share (NIS) | 0.10 | (0.00 | ) | 0.02 | 0.07 | 0.05 | 0.01 | |||||||||||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 105,522,642 | 135,097,367 | 135,097,367 | 95,519,426 | 135,097,367 | 135,097,367 |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS LTD.
OF CHANGES IN SHAREHOLDERS' EQUITY
| Share capital | Share premium | Options | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total equity | |||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of January 1, 2016 | *) - | 110,679 | 2,536 | 12 | (79,682 | ) | 33,545 | |||||||||||||||||
| Loss | - | - | - | - | (6,747 | ) | (6,747 | ) | ||||||||||||||||
| Other comprehensive loss | - | - | - | (4 | ) | - | (4 | ) | ||||||||||||||||
| Total comprehensive loss | - | - | - | (4 | ) | (6,747 | ) | (6,751 | ) | |||||||||||||||
| Share-based compensation | - | 1,018 | - | - | - | 1,018 | ||||||||||||||||||
| Balance as of September 30, 2016 (unaudited) | *) - | 111,697 | 2,536 | 8 | (86,429 | ) | 27,812 | |||||||||||||||||
| Balance as of September 30, 2016 (convenience translation into U.S dollars - see note 2) | *) - | 29,722 | 675 | 2 | (22,998 | ) | 7,401 |
| Share capital | Share premium | Options | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total Equity | |||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of January 1, 2015 | *) - | 83,517 | 2,536 | 17 | (69,483 | ) | 16,587 | |||||||||||||||||
| Loss | - | - | - | - | (6,932 | ) | (6,932 | ) | ||||||||||||||||
| Other comprehensive loss | - | - | - | (5 | ) | - | (5 | ) | ||||||||||||||||
| Total comprehensive loss | - | - | - | (5 | ) | (6,932 | ) | (6,937 | ) | |||||||||||||||
| Share-based compensation | - | 418 | - | - | - | 418 | ||||||||||||||||||
| Issuance of shares, net | - | 26,417 | - | - | - | 26,417 | ||||||||||||||||||
| Balance as of September 30, 2015 (unaudited) | *) - | 110,352 | 2,536 | 12 | (76,415 | ) | 36,485 |
BIONDVAX PHARMACEUTICALS LTD.
OF CHANGES IN SHAREHOLDERS' EQUITY
| Share capital | Share premium | Options | Unrealized gain on available-for-sale financial assets | Accumulated deficit | Total equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of July 1, 2016 | *) - | 111,458 | 2,536 | 7 | (84,073 | ) | 29,928 | |||||||||||||||||
| Loss | - | - | - | (2,356 | ) | (2,356 | ) | |||||||||||||||||
| Other comprehensive gain | - | - | 1 | - | 1 | |||||||||||||||||||
| Total comprehensive income (loss) | - | - | 1 | (2,356 | ) | (2,355 | ) | |||||||||||||||||
| Share-based compensation | - | 239 | - | - | - | 239 | ||||||||||||||||||
| Balance as of September 30, 2016 | *) - | 111,697 | 2,536 | 8 | (86,429 | ) | 27,812 | |||||||||||||||||
| Balance as of September 30, 2016 (convenience translation into U.S dollars - see note 2) | *) - | 29,722 | 675 | 2 | (22,998 | ) | 7,401 |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS
OF CHANGES IN SHAREHOLDERS' EQUITY
| Share capital | Share premium | Options | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of July 1, 2015 | *) - | 109,934 | 2,536 | 14 | (76,549 | ) | 35,935 | |||||||||||||||||
| Loss | - | - | - | - | 134 | 134 | ||||||||||||||||||
| Other comprehensive loss | - | - | - | (2 | ) | - | (2 | ) | ||||||||||||||||
| Total comprehensive loss | - | - | - | (2 | ) | 134 | 132 | |||||||||||||||||
| Share-based compensation | - | 418 | - | - | - | 418 | ||||||||||||||||||
| Balance as of September 30, 2015 | *) - | 110,352 | 2,536 | 12 | (76,415 | ) | 36,485 |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS LTD.
OF CHANGES IN SHAREHOLDERS' EQUITY
| Share capital | Share premium | Warrants | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total Equity | |||||||||||||||||||
| NIS | ||||||||||||||||||||||||
| Balance as of January 1, 2015 | - | 83,517 | 2,536 | 17 | (69,483 | ) | 16,587 | |||||||||||||||||
| Loss | - | - | - | - | (10,199 | ) | (10,199 | ) | ||||||||||||||||
| Other comprehensive loss | - | - | - | (5 | ) | - | (5 | ) | ||||||||||||||||
| Total comprehensive loss | - | - | - | (5 | ) | (10,199 | ) | (10,204 | ) | |||||||||||||||
| Issue of shares, net | *) - | 26,417 | - | - | - | 26,417 | ||||||||||||||||||
| Share-based compensation | - | 745 | - | - | - | 745 | ||||||||||||||||||
| Balance as of December 31, 2015 | *) - | 110,679 | 2,536 | 12 | (79,682 | ) | 33,545 |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS LTD.
| Convenience translation (Note 2) | ||||||||||||||||||||||||
| Year ended December 31, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
| 2015 | 2015 | 2016 | 2015 | 2016 | 2016 | |||||||||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||||||||||
| N I S | U.S. dollars | |||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||||||
| Net income (loss) | (10,199 | ) | 134 | (2,356 | ) | (6,932 | ) | (6,747 | ) | (1,795 | ) | |||||||||||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||||||||||
| Depreciation and amortization | 628 | 164 | 154 | 477 | 467 | 124 | ||||||||||||||||||
| Net financing income | (1,104 | ) | (2,348 | ) | (1,114 | ) | (317 | ) | (2,034 | ) | (541 | ) | ||||||||||||
| Share-based compensation | 745 | 418 | 239 | 418 | 1,018 | 271 | ||||||||||||||||||
| Change in employee benefit liabilities, net | 7 | 1 | 2 | 5 | 5 | 1 | ||||||||||||||||||
| 276 | (1,765 | ) | (719 | ) | 583 | (544 | ) | (145 | ) | |||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||||||
| Decrease (increase) in other receivables | (744 | ) | (1,324 | ) | 2,461 | (958 | ) | 715 | 190 | |||||||||||||||
| Increase (decrease) in trade payables | 415 | (64 | ) | 8 | 47 | (463 | ) | (123 | ) | |||||||||||||||
| Increase (decrease) in other payables | 10 | 441 | (231 | ) | (20 | ) | (302 | ) | (80 | ) | ||||||||||||||
| (339 | ) | (947 | ) | 2,238 | (931 | ) | (50 | ) | (13 | ) | ||||||||||||||
| Cash paid and received during the year for: | ||||||||||||||||||||||||
| Interest paid | (23 | ) | (5 | ) | (7 | ) | (19 | ) | (22 | ) | (6 | ) | ||||||||||||
| Interest received | 18 | (2 | ) | 10 | 6 | 53 | 14 | |||||||||||||||||
| (5 | ) | (7 | ) | 3 | (13 | ) | 31 | 8 | ||||||||||||||||
| Net cash flows used in operating activities | (10,267 | ) | (2,585 | ) | (834 | ) | (7,293 | ) | (7,310 | ) | (1,945 | ) |
The accompanying notes are an integral
part of the interim financial statements.
BIONDVAX PHARMACEUTICALS LTD.
| Convenience translation (Note 2) | ||||||||||||||||||||||||
| Year ended December 31, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
| 2015 | 2015 | 2016 | 2015 | 2016 | 2016 | |||||||||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||||||||||
| N I S | U.S. dollars | |||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||||||
| Purchase of property and equipment | (34 | ) | - | - | (30 | ) | (15 | ) | (4 | ) | ||||||||||||||
| Decrease (increase) in short term deposit | - | (8 | ) | 990 | (16 | ) | (10,510 | ) | (2,797 | ) | ||||||||||||||
| Decrease (increase) in other long term assets | (9 | ) | (308 | ) | 120 | (308 | ) | (83 | ) | (22 | ) | |||||||||||||
| Net cash provided by (used in) investing activities | (43 | ) | (316 | ) | 1,110 | (354 | ) | (10,608 | ) | (2,823 | ) | |||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||||||
| Proceeds from issuance of shares and options | 27,323 | - | - | 27,323 | - | - | ||||||||||||||||||
| Issuance of options to public | 6,430 | - | - | 6,430 | - | - | ||||||||||||||||||
| Net cash provided by financing activities | 33,753 | - | - | 33,753 | - | - | ||||||||||||||||||
| Exchange differences on balances of cash and cash equivalents | 415 | 1,240 | (269 | ) | 576 | (461 | ) | (122 | ) | |||||||||||||||
| Increase (decrease) in cash and cash equivalents | 23,858 | (1,661 | ) | 7 | 26,682 | (18,379 | ) | (4,890 | ) | |||||||||||||||
| Balance of cash and cash equivalents at the beginning of the period | 9,612 | 37,955 | 15,084 | 9,612 | 33,470 | 8,906 | ||||||||||||||||||
| Balance of cash and cash equivalents at the end of the period | 33,470 | 36,294 | 15,091 | 36,294 | 15,091 | 4,016 |
accompanying notes are an integral part of the interim financial statements.
BIONDVAX PHARMACEUTICALS
TO FINANCIAL STATEMENTS
In thousands (except share and per share
May 15, 2015, the Company completed a public offering of securities in the United States. The Company allocated 1,910,000 ADSs
and warrants to purchase up to an aggragate of 2,038,000 ADSs. The net proceeds from the offering amounted to a total of NIS 31,031
($ 7,953). The offering expenses amounted to a total of NIS 5,576. On June 24, 2015, the Company issued an additional 110,000
ADS to the underwriters in consideration of a total gross amount of NIS 2,069 (USD 530). Issuance expenses amounted to NIS 134.
financial statements as of September 30, 2016 and for the nine months then ended have been translated into dollars using the representative
exchange rate as of that date ($ 1 = NIS 3.758). The translation was made solely for the convenience of the
amounts presented in these financial statements should not be construed to represent amounts receivable or payable in dollars
or convertible into dollars, unless otherwise indicated in these statements.
of preparation of the interim financial statements
interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the
preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting".
significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are
consistent with those followed in the preparation of the Company's annual financial statements.
April 10, 2016, the Audit Committee and the Board of Directors unanimously resolved to approve the payment of NIS 200, to be increased
by an additional amount of up to NIS 200 as needed, for the benefit of the Company's CEO, for the purpose of placing the bond
required in connection with an investigation conducted by the Israeli Securities Authority ("ISA"), regarding certain
shareholders of the Company (not including among them the Company's CEO) alleged use of inside information.
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