Full Press Release Details
BIONDVAX PHARMACEUTICALS LTD.
INTERIM FINANCIAL STATEMENTS
AS OF MARCH 31, 2017
| Page | |
| Condensed Interim Balance Sheets | 2 |
| Condensed Interim Statements of Comprehensive Income | 3 |
| Condensed Interim Statements of Changes in Shareholders' Equity | 4 - 5 |
| Condensed Interim Statements of Cash Flows | 6 - 7 |
| Notes to Condensed Interim Financial Statements | 8 - 9 |
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| BIONDVAX PHARMACEUTICALS LTD. |
| BALANCE SHEETS |
| In thousands, except share and per share data |
| Convenience translation (Note 2) | ||||||||||||||||
| December 31, | March 31, | March 31, | ||||||||||||||
| 2016 | 2016 | 2017 | 2017 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 15,705 | 29,817 | 24,020 | 6,613 | ||||||||||||
| Marketable securities | 4,067 | 4,065 | 4,068 | 1,120 | ||||||||||||
| Short-term deposits | 7,602 | - | 6,751 | 1,859 | ||||||||||||
| Other receivables | 815 | 2,282 | 4,979 | 1,371 | ||||||||||||
| 28,189 | 36,164 | 39,818 | 10,963 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 1,443 | 1,903 | 1,297 | 357 | ||||||||||||
| Other long term assets | 478 | 290 | 478 | 132 | ||||||||||||
| 1,921 | 2,193 | 1,775 | 489 | |||||||||||||
| 30,110 | 38,357 | 41,593 | 11,452 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 686 | 836 | 752 | 207 | ||||||||||||
| Other payables | 689 | 735 | 526 | 145 | ||||||||||||
| 1,375 | 1,571 | 1,278 | 352 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Options | 3,043 | 4,540 | 10,848 | 2,987 | ||||||||||||
| Severance pay liability, net | 76 | 71 | 76 | 21 | ||||||||||||
| 3,119 | 4,611 | 10,924 | 3,008 | |||||||||||||
| SHAREHOLDERS' EQUITY (DEFICIT): | ||||||||||||||||
| Ordinary shares of NIS 0.0000001 par value: | ||||||||||||||||
| Authorized: 391,000,000 shares as of March 31, 2017, 2016 (unaudited) and December 31, 2016; Issued and Outstanding: 162,481,153 , 135,097,367 and 135,097,367 shares respectively | *)- | *)- | *)- | *)- | ||||||||||||
| Share premium | 113,041 | 111,083 | 129,550 | 35,668 | ||||||||||||
| Options | 1,435 | 2,536 | 533 | 147 | ||||||||||||
| Other comprehensive income | 6 | 14 | 6 | 2 | ||||||||||||
| Accumulated deficit | (88,866 | ) | (81,458 | ) | (100,698 | ) | (27,725 | ) | ||||||||
| 25,616 | 32,175 | 29,391 | 8,092 | |||||||||||||
| 30,110 | 38,357 | 41,593 | 11,452 |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| STATEMENTS OF COMPREHENSIVE INCOME |
| In thousands, except share and per share data |
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2016 | 2016 | 2017 | 2017 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 7,794 | 2,063 | 1,874 | 516 | ||||||||||||
| Marketing, general and administrative | 4,106 | 771 | 1,094 | 301 | ||||||||||||
| Total operating expenses | 11,900 | 2,834 | 2,968 | 817 | ||||||||||||
| Operating loss | (11,900 | ) | (2,834 | ) | (2,968 | ) | (817 | ) | ||||||||
| Financial income | 3,019 | 1,481 | 8 | 2 | ||||||||||||
| Financial expense | (303 | ) | (423 | ) | (8,872 | ) | (2,443 | ) | ||||||||
| Net loss | (9,184 | ) | (1,776 | ) | (11,832 | ) | (3,258 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Gain (loss) from available-for-sale financial assets | (6 | ) | 2 | - | - | |||||||||||
| Total comprehensive loss | (9,190 | ) | (1,774 | ) | (11,832 | ) | (3,258 | ) | ||||||||
| Basic and Diluted net loss per share (NIS) | (0.07 | ) | (0.01 | ) | (0.07 | ) | (0.02 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 135,097,367 | 135,097,367 | 162,481,153 | 162,481,153 |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY |
| Share capital | Share premium | Options | Other comprehensive income | Accumulated deficit | Total Equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of January 1, 2017 | *)- | 113,041 | 1,435 | 6 | (88,866 | ) | 25,616 | |||||||||||||||||
| Loss | - | - | - | - | (11,832 | ) | (11,832 | ) | ||||||||||||||||
| Issuance of ordinary shares in February 2017 | - | 10,905 | - | - | - | 10,905 | ||||||||||||||||||
| Issuance of ordinary shares in March 2017 | - | 4,482 | - | - | - | 4,482 | ||||||||||||||||||
| Expiration of Options series 4 | - | 902 | (902 | ) | - | - | - | |||||||||||||||||
| Share-based compensation | - | 220 | - | - | - | 220 | ||||||||||||||||||
| Balance as of March 31, 2017 | *)- | 129,550 | 533 | 6 | (100,698 | ) | 29,391 | |||||||||||||||||
| Balance as of March 31, 2017 (convenience translation into U.S dollars - see note 2) | *)- | 35,668 | 147 | 2 | (27,725 | ) | 8,092 |
| Share capital | Share premium | Options | Other comprehensive income | Accumulated deficit | Total Equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of January 1, 2016 | *)- | 110,679 | 2,536 | 12 | (79,682 | ) | 33,545 | |||||||||||||||||
| Loss | - | - | - | - | (1,776 | ) | (1,776 | ) | ||||||||||||||||
| Unrealized gain on available-for-sale financial assets | - | - | - | 2 | - | 2 | ||||||||||||||||||
| Share-based compensation | - | 404 | - | - | - | 404 | ||||||||||||||||||
| Balance as of March 31, 2016 | *)- | 111,083 | 2,536 | 14 | (81,458 | ) | 32,175 |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY |
| Share capital | Share premium | Options | Other comprehensive income | Accumulated deficit | Total Equity | |||||||||||||||||||
| NIS in thousands | ||||||||||||||||||||||||
| Balance as of January 1, 2016 | *)- | 110,679 | 2,536 | 12 | (79,682 | ) | 33,545 | |||||||||||||||||
| Loss | - | - | - | - | (9,184 | ) | (9,184 | ) | ||||||||||||||||
| Unrealized loss on available-for-sale financial assets | - | - | - | (6 | ) | - | (6 | ) | ||||||||||||||||
| Expiration of Options series 3 | *)- | 1,101 | (1,101 | ) | - | - | - | |||||||||||||||||
| Share-based compensation | - | 1,261 | - | - | - | 1,261 | ||||||||||||||||||
| Balance as of December 31, 2016 | *)- | 113,041 | 1,435 | 6 | (88,866 | ) | 25,616 |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| STATEMENTS OF CASH FLOWS |
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2016 | 2016 | 2017 | 2017 | |||||||||||||
| Unaudited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| (In thousands) | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | (9,184 | ) | (1,776 | ) | (11,832 | ) | (3,258 | ) | ||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||
| Depreciation and amortization | 621 | 156 | 149 | 41 | ||||||||||||
| Net financing expenses (income) | (2,716 | ) | (1,058 | ) | 8,864 | 2,441 | ||||||||||
| Share-based compensation | 1,261 | 404 | 220 | 61 | ||||||||||||
| Change in employee benefit liabilities, net | 7 | 2 | - | - | ||||||||||||
| (827 | ) | (496 | ) | 9,233 | 2,543 | |||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in other receivables | 640 | (841 | ) | 318 | 88 | |||||||||||
| Increase (decrease) in trade payables | (238 | ) | (92 | ) | 73 | 20 | ||||||||||
| Increase (decrease) in other payables | (79 | ) | (33 | ) | (163 | ) | (45 | ) | ||||||||
| 323 | (966 | ) | 228 | 63 | ||||||||||||
| Cash paid and received during the year for: | ||||||||||||||||
| Interest paid | (27 | ) | (9 | ) | (8 | ) | (2 | ) | ||||||||
| Interest received | 62 | 27 | 8 | 2 | ||||||||||||
| 35 | 18 | - | - | |||||||||||||
| Net cash flows used in operating activities | (9,653 | ) | (3,220 | ) | (2,371 | ) | (652 | ) |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| STATEMENTS OF CASH FLOWS |
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2016 | 2016 | 2017 | 2017 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| (In thousands) | ||||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||
| Decrease (increase) in short-term deposits | (7,602 | ) | - | 851 | 234 | |||||||||||
| Purchase of property and equipment | (20 | ) | (15 | ) | (3 | ) | (1 | ) | ||||||||
| Increase in other long term assets | (191 | ) | (3 | ) | - | - | ||||||||||
| Net cash used in investing activities | (7,813 | ) | (18 | ) | 848 | 233 | ||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||
| Proceeds from issuance of shares | - | - | 10,905 | 3,002 | ||||||||||||
| Net cash provided by financing activities | - | - | 10,905 | 3,002 | ||||||||||||
| - | ||||||||||||||||
| Exchange differences on balances of cash and cash equivalents | (299 | ) | (415 | ) | (1,067 | ) | (294 | ) | ||||||||
| Increase (decrease) in cash and cash equivalents | (17,765 | ) | (3,653 | ) | 8,315 | 2,289 | ||||||||||
| Balance of cash and cash equivalents at the beginning of the period | 33,470 | 33,470 | 15,705 | 4,324 | ||||||||||||
| Balance of cash and cash equivalents at the end of the period | 15,705 | 29,817 | 24,020 | 6,613 |
The accompanying notes are an integral
part of the interim financial statements.
| BIONDVAX PHARMACEUTICALS LTD. |
| NOTES TO FINANCIAL STATEMENTS |
| In thousands (except share and per share data) |
| BIONDVAX PHARMACEUTICALS LTD. |
| NOTES TO FINANCIAL STATEMENTS |
| In thousands (except share and per share data) |
2:- CONVENIENCE TRANSLATION INTO U.S. DOLLARS
The financial statements as
of March 31, 2017 and for the three months then ended have been translated into dollars using the representative exchange rate
as of that date ($ 1 = NIS 3.632). The translation was made solely for the convenience of the reader. 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.
3: SIGNIFICANT ACCOUNTING POLICIES
of preparation of the interim financial statements
The 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", and in accordance with the disclosure requirements
of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970.
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.
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