Full Press Release Details
First Quarter 2018 Financial
NESS ZIONA, Israel, May 29, 2018 --
BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing
M-001, a universal flu vaccine candidate, today announced its financial results for the quarter ended March 31.
First Quarter 2018 Financial Summary
Results are in New Israel Shekels (NIS)
and convenience translation to $US is provided using the exchange rate of 3.514 (NIS/$US) as at March 29, 2018.
As of March 31, 2018, BiondVax had cash
and cash equivalents of NIS 55.7 million ($15.8 million) as compared to NIS 71.3 million as of December 31, 2017. The decrease
is attributable to execution of planned ongoing operations related to launch of the pivotal, clinical efficacy, Phase 3 trial
of the Company's M-001 Universal Flu Vaccine candidate, and construction of a mid-size commercial manufacturing facility.
BiondVax (Nasdaq: BVXV) is an advanced clinical
stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to provide
multi-season protection against current and future, seasonal and pandemic influenza virus strains. BiondVax's proprietary
technology utilizes a unique combination of conserved and common influenza virus peptides, activating both arms of the immune
system for a cross-protecting and long-lasting effect. In a total of 6 completed Phase 1/2 and Phase 2 human clinical trials,
covering 698 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. Please visit www.biondvax.com.
Forward Looking Statements
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. These
forward-looking statements involve certain risks and uncertainties reflect the 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 drug development involves a lengthy and expensive process with uncertain outcome, the results
of Phase 2 & 3 trials, delays or obstacles in launching and/or successfully completing our clinical trials, the impact of
the global economic environment on the Company customer target base, the adequacy of available cash resource and the ability to
raise capital when needed. More detailed information about the risks and uncertainties affecting the Company is contained under
the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2017 filed with the U.S.
Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov, and in the Company's
periodic filings with the SEC and the Tel-Aviv Stock Exchange. We undertake no obligation to revise or update
any forward-looking statement for any reason.
In thousands, except per share data
| Convenience translation | ||||||||||||||||
| December 31, | March 31, | March 31, | ||||||||||||||
| 2017 | 2017 | 2018 | 2018 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 71,382 | 24,020 | 55,675 | 15,844 | ||||||||||||
| Marketable securities | - | 4,068 | - | |||||||||||||
| Short-term deposits | - | 6,751 | - | - | ||||||||||||
| Other receivables | 3,923 | 4,979 | 2,975 | 847 | ||||||||||||
| 75,305 | 39,818 | 58,650 | 16,691 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 5,510 | 1,297 | 12,537 | 3,568 | ||||||||||||
| Other long term assets | 880 | 478 | 880 | 250 | ||||||||||||
| 6,390 | 1,775 | 13,417 | 3,818 | |||||||||||||
| 81,695 | 41,593 | 72,067 | 20,509 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 6,223 | 752 | 8,526 | 2,426 | ||||||||||||
| Other payables | 660 | 526 | 768 | 219 | ||||||||||||
| 6,883 | 1,278 | 9,294 | 2,645 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Liability in respect of government grants | 10,300 | 11,252 | 3,202 | |||||||||||||
| Warrants | 8,177 | 10,848 | 9,315 | 2,651 | ||||||||||||
| Severance pay liability, net | 83 | 76 | 78 | 22 | ||||||||||||
| 18,560 | 10,924 | 20,645 | 5,875 | |||||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||||||
| Ordinary shares of NIS 0.0000001 par value: | ||||||||||||||||
| Authorized: 391,000,000 shares as of March 31, 2018, 2017 (unaudited) and December 31, 2016; Issued and Outstanding: 261,419,599 , 162,481,153 and 261,419,599 shares respectively | *) - | *) - | *) - | *) - | ||||||||||||
| Share premium | 179,669 | 129,550 | 179,747 | 51,152 | ||||||||||||
| Options | - | 533 | - | - | ||||||||||||
| Other comprehensive income | - | 6 | - | |||||||||||||
| Accumulated deficit | (123,417 | ) | (100,698 | ) | (137,619 | ) | (39,163 | ) | ||||||||
| 56,252 | 29,391 | 42,128 | 11,989 | |||||||||||||
| 81,695 | 41,593 | 72,067 | 20,509 |
OF COMPREHENSIVE INCOME
In thousands, except per share data
| Convenience translation | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2017 | 2017 | 2018 | 2018 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 18,777 | 1,874 | 11,745 | 3,342 | ||||||||||||
| Marketing, general and administrative | 4,879 | 1,094 | 884 | 251 | ||||||||||||
| Total operating expenses | 23,656 | 2,968 | 12,629 | 3,593 | ||||||||||||
| Operating loss | (23,656 | ) | (2,968 | ) | (12,629 | ) | (3,593 | ) | ||||||||
| Financial income | 18 | 8 | - | - | ||||||||||||
| Financial expense | (10,913 | ) | (8,872 | ) | (1,573 | ) | (448 | ) | ||||||||
| Net loss | (34,551 | ) | (11,832 | ) | (14,202 | ) | (4,041 | ) | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Loss from available-for-sale marketable securities | (6 | ) | - | - | - | |||||||||||
| Total comprehensive loss | (34,557 | ) | (11,832 | ) | (14,202 | ) | (4,041 | ) | ||||||||
| Basic and Diluted net loss per share | (0.17 | ) | (0.07 | ) | (0.05 | ) | (0.02 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 201,030,768 | 162,481,153 | 261,419,599 | 261,419,599 |