Full Press Release Details
BIONDVAX PHARMACEUTICALS
FINANCIAL STATEMENTS
| 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 |
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thousands, except per share data
| Convenience translation (Note 2) | ||||||||||||||||
| December 31, | March 31, | March 31, | ||||||||||||||
| 2015 | 2015 | 2016 | 2016 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 33,470 | 7,397 | 29,817 | 7,917 | ||||||||||||
| Marketable securities | 2,016 | 2,016 | 2,016 | 535 | ||||||||||||
| Other receivables | 1,442 | 1,005 | 2,282 | 606 | ||||||||||||
| 36,928 | 10,418 | 34,115 | 9,058 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Marketable securities | 2,048 | 2,049 | 2,049 | 544 | ||||||||||||
| Property, plant and equipment | 2,044 | 2,480 | 1,903 | 505 | ||||||||||||
| Other long term assets | 287 | 1,423 | 290 | 77 | ||||||||||||
| 4,379 | 5,952 | 4,242 | 1,126 | |||||||||||||
| 41,307 | 16,370 | 38,357 | 10,184 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 931 | 774 | 836 | 222 | ||||||||||||
| Other payables | 768 | 860 | 735 | 195 | ||||||||||||
| 1,699 | 1,634 | 1,571 | 417 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Options | 5,994 | - | 4,540 | 1,205 | ||||||||||||
| Severance pay liability, net | 69 | 64 | 71 | 19 | ||||||||||||
| 6,063 | 64 | 4,611 | 1,224 | |||||||||||||
| SHAREHOLDERS' EQUITY (DEFICIT): | ||||||||||||||||
| Ordinary shares of NIS 0.0000001 par value: | ||||||||||||||||
| Authorized: 391,000,000 shares as of March 31, 2016, 2015 (unaudited) and December 31, 2015; Issued and Outstanding: 135,097,367, 54,297,367 and 135,097,367 shares respectively | *)- | *)- | *)- | *)- | ||||||||||||
| Share premium | 110,679 | 83,467 | 111,083 | 29,496 | ||||||||||||
| Options | 2,536 | 2,536 | 2,536 | 673 | ||||||||||||
| Other comprehensive income | 12 | 16 | 14 | 4 | ||||||||||||
| Accumulated deficit | (79,682 | ) | (71,347 | ) | (81,458 | ) | (21,630 | ) | ||||||||
| 33,545 | 14,672 | 32,175 | 8,543 | |||||||||||||
| 41,307 | 16,370 | 38,357 | 10,184 |
accompanying notes are an integral part of the interim financial statements.
OF COMPREHENSIVE INCOME
thousands, except per share data
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2015 | 2015 | 2016 | 2016 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 7,906 | 1,172 | 2,063 | 548 | ||||||||||||
| Marketing, general and administrative | 3,397 | 650 | 771 | 205 | ||||||||||||
| Total operating expenses | 11,303 | 1,822 | 2,834 | 753 | ||||||||||||
| Operating loss | (11,303 | ) | (1,822 | ) | (2,834 | ) | (753 | ) | ||||||||
| Financial income | 1,128 | 5 | 1,481 | 393 | ||||||||||||
| Financial expense | (24 | ) | (47 | ) | (423 | ) | (112 | ) | ||||||||
| Net loss | (10,199 | ) | (1,864 | ) | (1,776 | ) | (472 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Gain (loss) from available-for-sale financial assets | (5 | ) | (1 | ) | 2 | 1 | ||||||||||
| Total comprehensive loss (income) | (10,124 | ) | (1,865 | ) | (1,774 | ) | (471 | ) | ||||||||
| Basic and Diluted net loss (gain) per share (NIS) | (0.10 | ) | (0.03 | ) | (0.01 | ) | (0.003 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 105,522,642 | 54,297,367 | 135,097,367 | 135,097,367 |
accompanying notes are an integral part of the interim financial statements.
OF CHANGES IN SHAREHOLDERS' EQUITY
thousands, except per share data
| Share capital | Share premium | Options | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS | ||||||||||||||||||||||||
| Balance as of January 1, 2016 | *)- | 110,679 | 2,536 | 12 | (79,682 | ) | 33,545 | |||||||||||||||||
| Loss | - | - | - | - | (1,776 | ) | (1,776 | ) | ||||||||||||||||
| Other comprehensive loss | - | - | - | 2 | - | 2 | ||||||||||||||||||
| Total comprehensive loss | - | - | - | 2 | (1,776 | ) | (1,774 | ) | ||||||||||||||||
| Share-based compensation | - | 404 | - | - | - | 404 | ||||||||||||||||||
| Balance as of March 31, 2016 | *)- | 111,083 | 2,536 | 14 | (81,458 | ) | 32,175 | |||||||||||||||||
| Balance as of March 31, 2016 (convenience translation into U.S dollars - see note 2c) | *)- | 29,496 | 673 | 4 | (21,630 | ) | 8,543 |
| Share capital | Share premium | Options | Unrealized gain (loss) on available-for-sale financial assets | Accumulated deficit | Total equity | |||||||||||||||||||
| Unaudited | ||||||||||||||||||||||||
| NIS | ||||||||||||||||||||||||
| Balance as of January 1, 2015 | *)- | 83,517 | 2,536 | 17 | (69,483 | ) | 16,587 | |||||||||||||||||
| Loss | - | - | - | - | (1,864 | ) | (1,864 | ) | ||||||||||||||||
| Other comprehensive loss | - | - | - | (1 | ) | - | (1 | ) | ||||||||||||||||
| Total comprehensive loss | - | - | - | (1 | ) | (1,864 | ) | (1,865 | ) | |||||||||||||||
| Share-based compensation | - | (50 | ) | - | - | - | (50 | ) | ||||||||||||||||
| Balance as of March 31, 2015 | *)- | 83,647 | 2,536 | 16 | (71,347 | ) | 14,672 |
accompanying notes are an integral part of the interim financial statements.
OF CHANGES IN SHAREHOLDERS' EQUITY
thousands, except per share data
| Share capital | Share premium | Options | 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 | ) | (10,124 | ) | |||||||||||||||
| Issue od 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 |
accompanying notes are an integral part of the interim financial statements.
thousands, except per share data
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2015 | 2015 | 2016 | 2016 | |||||||||||||
| Unaudited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | (10,199 | ) | (1,864 | ) | (1,776 | ) | (472 | ) | ||||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Adjustments to profit and loss items: | ||||||||||||||||
| Depreciation and amortization | 628 | 158 | 156 | 41 | ||||||||||||
| Net financing expenses (income) | (1,104 | ) | 42 | (1,058 | ) | (281 | ) | |||||||||
| Share-based compensation | 745 | (50 | ) | 404 | 107 | |||||||||||
| Change in employee benefit liabilities, net | 7 | 2 | 2 | 1 | ||||||||||||
| 276 | 152 | (496 | ) | (132 | ) | |||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in other receivables | (744 | ) | (60 | ) | (841 | ) | (223 | ) | ||||||||
| Increase (decrease) in trade payables | 415 | 250 | (92 | ) | (24 | ) | ||||||||||
| Increase (decrease) in other payables | 10 | (429 | ) | (33 | ) | (8 | ) | |||||||||
| (339 | ) | (239 | ) | (966 | ) | (255 | ) | |||||||||
| Cash paid and received during the year for: | ||||||||||||||||
| Interest paid | (23 | ) | (9 | ) | (9 | ) | (2 | ) | ||||||||
| Interest received | 18 | 5 | 27 | 7 | ||||||||||||
| (5 | ) | (4 | ) | 18 | 5 | |||||||||||
| Net cash flows used in operating activities | (10,267 | ) | (1,955 | ) | (3,220 | ) | (854 | ) |
accompanying notes are an integral part of the interim financial statements.
| Convenience translation (Note 2) | ||||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2015 | 2015 | 2016 | 2016 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| NIS | U.S. dollars | |||||||||||||||
| (In thousands) | ||||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||
| Purchase of property and equipment | (34 | ) | - | (15 | ) | (4 | ) | |||||||||
| Decrease (increase) in other long term assets | (9 | ) | - | (3 | ) | (1 | ) | |||||||||
| Net cash used in investing activities | (43 | ) | - | (18 | ) | (5 | ) | |||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||
| Deferred offering costs | - | (173 | ) | - | - | |||||||||||
| Proceeds from issuance of shares | 27,323 | - | - | - | ||||||||||||
| Issuance of options to the public | 6,430 | - | - | - | ||||||||||||
| Net cash provided by (used in) financing activities | 33,753 | (173 | ) | - | - | |||||||||||
| Exchange differences on balances of cash and cash equivalents | 415 | (87 | ) | (415 | ) | (111 | ) | |||||||||
| Increase (decrease) in cash and cash equivalents | ||||||||||||||||
| 23,858 | (2,215 | ) | (3,653 | ) | (970 | ) | ||||||||||
| Balance of cash and cash equivalents at the beginning of the period | 9,612 | 9,612 | 33,470 | 8,887 | ||||||||||||
| Balance of cash and cash equivalents at the end of the period | 33,470 | 7,397 | 29,817 | 7,917 |
accompanying notes are an integral part of the interim financial statements.
In thousands (except share and per share data)
financial statements as of March 31, 2016 and for the three months then ended have been translated into dollars using the representative
exchange rate as of that date ($ 1 = NIS 3.766). 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", and
in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970.
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.
In thousands (except share and per share data)
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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