BiondVax Announces Second Quarter 2020 Financial Results
JERUSALEM, Aug. 20, 2020 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing M-001, a universal influenza vaccine candidate, today announced its second quarter financial results for the quarter ended June 30, 2020.
Second Quarter 2020 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.466 (NIS/$US) as at June 30, 2020.
Total operating expenses for the second quarter were NIS 16.0 million (approximately $4.61 million) compared with NIS 19.7 million for the second quarter of 2019.
- R&D expenses for the second quarter amounted to NIS 11.9 million (approximately $3.4 million) compared with NIS 15.2 million for the second quarter of 2019.
- Net loss for the second quarter was NIS 42 million (approximately $12.1 million) compared to net loss of NIS 47.4 million for the second quarter of 2019.
The decrease in total operating expenses compared to the second quarter of 2019 was primarily due to fewer costs associated with the nearly complete pivotal Phase 3 trial and completion of construction of the manufacturing facility.
As of June 30, 2020, BiondVax had cash and cash equivalents of NIS 38.7 million (approximately $11.2 million) compared to NIS 72.4 million as of December 31, 2019.
*Tables to follow*
About BiondVax
BiondVax (NASDAQ: BVXV) is a Phase 3 clinical stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to provide multi-strain and multi-season protection against current and future, seasonal and pandemic influenza. BiondVax's proprietary technology utilizes a unique combination of conserved and common influenza virus peptides intended to stimulate both arms of the immune system for a cross-protecting and long-lasting effect. In a total of seven completed Phase 1/2 and Phase 2 clinical trials enrolling 818 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. The ongoing pivotal Phase 3 clinical trial aims to assess safety and effectiveness of M-001 in reducing flu illness and severity. For more information, please visit www.biondvax.com.
Contact Details
Joshua E. Phillipson | +972 8 930 2529 | [email protected]
Forward Looking Statements
This 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 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, risks relating to the COVID-19 (coronavirus) pandemic, the prosecution, timing and results of the ongoing Phase 2 and Phase 3 trials and any subsequent trials; timing of receipt of regulatory approval of our manufacturing facility in Jerusalem; ability to demonstrate the efficacy and safety of the vaccine; the timing of clinical trials and marketing approvals; the risk that drug development involves a lengthy and expensive process with uncertain outcome; the ability of the Company to maintain, preserve and defend its intellectual property and patents granted; whether our vaccine candidate will successfully advance through the clinical trial process on a timely basis, or at all, and receive approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies; the adequacy of available cash resources and the ability to raise additional 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, 2019 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov. We undertake no obligation to revise or update any forward-looking statement for any reason.
BALANCE SHEETS |
||||||||
In thousands, except share and per share data |
||||||||
Convenience |
||||||||
Translation |
||||||||
December 31 |
|
June 30, |
||||||
2019 |
2019 |
2020 |
2020 |
|||||
Audited |
Unaudited |
Unaudited |
||||||
N I S |
U.S. dollars |
|||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
72,467 |
33,916 |
38,752 |
11,181 |
||||
Other receivables |
656 |
1,258 |
2,467 |
712 |
||||
73,123 |
35,174 |
41,219 |
11,893 |
|||||
LONG–TERM ASSETS: |
||||||||
Property, plant and equipment |
34,981 |
32,475 |
36,937 |
10,658 |
||||
Right-of-use assets |
7,136 |
7,610 |
6,662 |
1,922 |
||||
Other long-term assets |
510 |
510 |
891 |
257 |
||||
42,627 |
40,595 |
44,490 |
12,837 |
|||||
- |
||||||||
115,750 |
75,769 |
85,709 |
24,730 |
|||||
CURRENT LIABILITIES: |
||||||||
Trade payables |
17,062 |
7,977 |
4,070 |
1,174 |
||||
Operating lease liabilities |
694 |
686 |
676 |
195 |
||||
Other payables |
1,203 |
1,348 |
1,609 |
464 |
||||
18,959 |
10,011 |
6,355 |
1,835 |
|||||
LONG–TERM LIABILITIES: |
||||||||
Liability in respect of government grants |
14,812 |
14,621 |
12,686 |
3,660 |
||||
Operating lease liabilities |
6,809 |
7,076 |
6,457 |
1,863 |
||||
Loan from others |
123,780 |
110,971 |
122,041 |
35,211 |
||||
Warrants |
16,354 |
5,517 |
- |
- |
||||
Severance pay liability, net |
89 |
86 |
92 |
26 |
||||
161,844 |
138,271 |
141,276 |
40,760 |
|||||
SHAREHOLDERS' EQUITY: |
||||||||
Ordinary shares of no par value: Authorized: |
*) - |
*) - |
*) - |
*) - |
||||
Share premium |
255,285 |
185,454 |
304,089 |
87,735 |
||||
Accumulated deficit |
(320,338) |
(257,967) |
(366,011) |
(105,600) |
||||
(65,053) |
(72,513) |
(61,922) |
(17,865) |
|||||
115,750 |
75,769 |
85,709 |
24,730 |
|||||
*) Represents less than NIS\USD 1. |
||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|||||||||||||||||||
In thousands, except share and per share data |
|||||||||||||||||||
Convenience |
|||||||||||||||||||
Year ended December 31, |
Three months ended June 30, |
Six months ended June 30, |
Six months ended June 30, |
||||||||||||||||
2019 |
2019 |
2020 |
2019 |
2020 |
2020 |
||||||||||||||
Audited |
Unaudited |
Unaudited |
|||||||||||||||||
N I S |
U.S. dollars |
||||||||||||||||||
(In thousands, except per share data) |
|||||||||||||||||||
Operating expenses: |
|||||||||||||||||||
Research and development, net of |
68,645 |
15,172 |
11,948 |
20,904 |
31,016 |
8,949 |
|||||||||||||
Marketing, general and administrative |
9,706 |
4,518 |
4,139 |
5,951 |
5,120 |
1,477 |
|||||||||||||
Total operating expenses |
78,351 |
19,690 |
16,087 |
26,855 |
36,136 |
10,426 |
|||||||||||||
- |
|||||||||||||||||||
Operating loss |
(78,351) |
(19,690) |
(16,087) |
(26,855) |
(36,136) |
(10,426) |
|||||||||||||
Financial income |
4 |
- |
(11,291) |
24 |
5,211 |
1,503 |
|||||||||||||
Financial expense |
(30,847) |
(27,699) |
(14,600) |
(19,992) |
(14,748) |
(4,255) |
|||||||||||||
Net loss |
(109,194) |
(47,389) |
(41,978) |
(46,823) |
(46,673) |
(13,177) |
|||||||||||||
Basic and diluted net loss per share |
(0.33) |
(0.18) |
(0.10) |
(0.18) |
(0.11) |
(0.03) |
|||||||||||||
Weighted average number of shares |
326,651,721 |
261,482,786 |
433,498,227 |
261,435,179 |
431,485,801 |
431,485,801 |
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SOURCE BiondVax Pharmaceuticals Ltd.
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