Purple Biotech Ltd. ("Purple Biotech" or "the Company")
(NASDAQ/TASE: PPBT), a clinical-stage company developing
first-in-class therapies that harness the power of the tumor
microenvironment to overcome tumor immune evasion and drug
resistance, today announced financial results for the fourth
quarter and full year ended December 31, 2023.
“Our two lead oncology candidates, CM24 and NT219, designed to
overcome tumor immune evasion, made significant clinical progress
over the past year in difficult to treat indications, positioning
them well as potential second line treatments in pancreatic and
head and neck cancer. The acquisition last year of our
conditionally activated T cells and NK cell engagers platform
strongly positions us with a very promising and differentiated
approach to cancer treatment, as multi-specifics have garnered
increasing industry attention. We look ahead to key data read outs
in 2024, backed by a cash runway to take us well into the first
half of 2025,” stated Gil Efron, Chief Executive Officer of Purple
Biotech.
2023 and Recent Clinical & Corporate
Highlights:
- CM24 as 2nd
Line Treatment for Pancreatic Ductal Adenocarcinoma (PDAC)
Data Upcoming
- Phase 2 PDAC study completed
enrollment ahead of schedule in 2023
- Interim data expected H1
2024 and topline data expected H2 2024
- CM24 biomarker data
presented at AACR support PDAC indication
The Company’s Phase 2 study for CM24, a multi-functional immune
checkpoint inhibitor, dosed its first PDAC patient in February 2023
and completed enrollment of approximately 60 patients ahead of
schedule in December of 2023 through 18 centers in the U.S., Spain
and Israel. The Phase 2 study (NCT04731467) is evaluating CM24 in
combination with Bristol Myers Squibb’s nivolumab plus
chemotherapy in PDAC patients as a second line treatment as
compared to standard of care chemotherapy alone.
The primary endpoint is overall survival (OS). Interim data are
expected in H1 2024, with topline data expected to follow in H2
2024.
At the American Association for Cancer Research (AACR) Special
Conference on pancreatic cancer, Purple Biotech presented new
potential PDAC biomarker data for CM24. The data showed potential
association of a high expression of CEACAM1 on tumor infiltrating
lymphocytes, CM24's target, with treatment outcomes and decrease in
Neutrophil Extracellular Traps (NETs) marker following treatment
with CM24, in PDAC patients. This demonstrated the potential of
CM24's novel mechanism of action (MOA) in treating pancreatic
cancer.
- NT219 as 2nd
Line Treatment for Recurrent and/or Metastatic Squamous
Cell Carcinoma of the Head and Neck (R/M SCCHN) Phase 2 is
Planned
- R/M SCCHN positive results
reported at ESMO-TAT Congress 2024 from Phase 1 study demonstrating
NT219 activity and safety profile
- Recommended Phase 2 Dose
achieved; Phase 2 study is planned to commence in H1
2024
- Preclinical data reported at
AACR supports synergy with checkpoint inhibitors
In a Phase 1 dose escalation study (NCT04474470) of NT219, a
first-in-class small molecule dual inhibitor of IRS 1/2 and STAT3,
Purple Biotech determined 100mg/kg as the recommended Phase 2 dose
for NT219 in combination with Erbitux® (cetuximab) in the treatment
of R/M SCCHN. Detailed results from the study were presented at the
European Society of Medical Oncology Targeted Anticancer Therapies
(ESMO TAT) Congress 2024 in Paris. Safety profile was well
tolerated and manageable. Of the 7 evaluable R/M SCCHN patients
treated at the highest doses of 50 and 100mg/kg, the tumor
objective response rate (ORR) was 29% and the disease control rate
(DCR) was 71%, both highly encouraging results. Median follow-up
across all dose levels was 9.4 months as of the cutoff date (95%
CI: 3.4-10.0, 8 out of 15 patients remaining in follow
up).
A Phase 2 study of NT219 in combination with cetuximab as a
second line treatment for R/M SCCHN is planned to commence in
H1 2024. The Company is supported by its newly formed Head and Neck
Cancer Scientific Advisory Board, which provided us their
guidance on clinical studies for NT219 in combination with
cetuximab as a second line treatment and potentially in
combination with a PD1 inhibitor as a first line treatment.
At the AACR Annual Meeting 2023 in Orlando, Florida, results
presented from a preclinical study demonstrated the potential of
NT219 to work synergistically with either anti-PD1 or anti-CTLA4
drugs to reprogram the immune profile in the tumor microenvironment
and convert resistant tumors to responders. The study was led by
researchers at The University of Texas MD Anderson Cancer
Center.
- Tri-Specific Conditionally
Activated Immuno-Engagers Oncology Platform Acquired
- First asset expected to be
IND ready in approximately two years
- Lead tribody target 5T4 is
highly expressed in multiple cancers
- Preclinical data validate
cancer cell killing effect
In February 2023, Purple Biotech acquired a platform of
conditionally activated T cell and NK cell engagers that
selectively activate immune response within the tumor
microenvironment. The platform’s lead tribody in development,
IM1240, which is expected to be ready for an Investigational New
Drug (IND) filing with the U.S. Food and Drug Administration
in approximately two years, targets the antigen 5T4 to induce a
strong immune system response against cancer cells. 5T4 is highly
expressed on certain tumors and correlates with poor prognosis.
Financial Results for the Year Ended December 31,
2023
Research and Development Expenses were $17
million, an increase of $0.7 million, or 4.3%, compared to $16.3
million in 2022. The increase was mainly due to expenses related to
the ongoing NT219 and CM24 clinical trials, including chemistry,
manufacturing and controls (CMC) expenses.
Selling, General and Administrative
Expenses were $5.2 million, compared to $6.3 million
in 2022, a decrease of $1.1 million mainly due to a decrease in
salary, insurance and share based payment expenses.
Operating Loss was $22.3 million, a
decrease of $0.3 million, or 1.3%, compared to $22.6 million 2022.
The decrease was mainly due to the decrease in selling, general and
administrative expenses offset by the increase in research and
development expenses.
Finance income for 2023 was $2.3 million, an
increase of $1.5 million, or 188%, compared to $0.8 million in
2022. The increase was mainly due to the change in the fair value
valuation of warrants.
On a non-IFRS basis (as reconciled below), adjusted
operating loss was $20.4 million, an increase of $0.2
million, compared to $20.2 million in 2022, mainly due to the
increased operating loss of $0.3 million offset by decrease in
share based payment expenses of $0.5 million.
Net Loss for 2023 was $20 million, or
$0.90 per basic and diluted share, compared to a net loss of $21.8
million, or $1.20 per basic and diluted share, in 2022. The
decrease in net loss was mainly due to the increase in finance
income and decrease in selling, general and administrative
expenses. Adjusted net
loss for 2023 was $22.1 million, an increase
from $19.6 million in the full year of 2022.
As of December 31, 2023, Purple Biotech had cash and cash
equivalents and short-term deposits of $15.3 million, compared to
$31.7 million on December 31, 2022. This cash position provides a
cash runway into the first half of 2025.
During the year ended December 31, 2023, the Company sold, under
the Open Market Sale Agreement with Jefferies LLC,
approximately 1,044,000 ADSs, at an average price of $1.63 per ADS.
Net proceeds to the Company were approximately $1.5 million, net of
issuance expenses.
Financial Results for the Three Months Ended December
31, 2023
Research and Development Expenses were
$5.2 million, an increase of $0.4 million, or 8.3%, compared to
$4.8 million in the same period of 2022. The increase was mainly
due to expenses related to the CM24 and NT219 clinical trials.
Selling, General and Administrative
Expenses were $1 million, compared to $1.8 million in
the same period of 2022, a decrease of $0.8 million, mainly due to
salary and share based payment expenses.
Operating Loss was $6.3 million, a
decrease of $0.3 million, or 4.5%, compared to $6.6 million in the
same period of 2022.
On a non-IFRS basis (as reconciled below), adjusted
operating loss was $6.0 million, an increase of $0.2
million, compared to $5.8 million in the same period of 2022,
mainly due to an increase in research and development
expenses.
Finance income for the three months ended
December 31, 2023 was $1.4 million, an increase of $0.8 million, or
133%, compared to $0.6 million in the same period of 2022. The
increase was mainly due to the change in the fair value
evaluation of warrants.
Net Loss for the three months ended
December 31, 2023 was $4.9 million, or $0.19 per basic and diluted
share, compared to a net loss of $6.0 million, or $0.33 per basic
and diluted, in the three months ended December 31, 2022. The
decrease in net loss was mainly due to an increase in financial
income from financial instruments. Adjusted net
loss for the three months ended December 31, 2023 was
$8.1 million, an increase from $5.4 million in the same period
of 2022.
Non-IFRS Financial MeasuresThis press release
includes information about certain financial measures that are not
prepared in accordance with International Financial Reporting
Standards ("IFRS"), including adjusted operating loss and adjusted
net loss. These non-IFRS measures are not based on any standardized
methodology prescribed by IFRS and are not necessarily comparable
to similar measures presented by other companies. Adjusted
operating loss and adjusted net loss adjust for share-based
compensation expenses. The Company's management and board of
directors utilize these non-IFRS financial measures to evaluate the
Company's performance. The Company provides these non- IFRS
measures of the Company's performance to investors because its
management believes that these non- IFRS financial measures, when
viewed with the Company's results under IFRS and the accompanying
reconciliations, are useful in identifying underlying trends in
ongoing operations. However, these non- IFRS measures are not
measures of financial performance under IFRS and, accordingly,
should not be considered as alternatives to IFRS measures as
indicators of operating performance. Further, these non-IFRS
measures should not be considered measures of the Company's
liquidity. A reconciliation of certain IFRS to non-IFRS financial
measures has been provided in the tables included in this press
release.
About Purple BiotechPurple
Biotech Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company
developing first-in-class therapies that seek to overcome tumor
immune evasion and drug resistance. The Company's oncology pipeline
includes NT219, CM24 and IM1240. NT219 is a dual inhibitor, novel
small molecule that simultaneously targets IRS1/2 and STAT3. A
Phase 1 dose escalation study is being concluded and a phase 2
study of NT219 at its recommended Phase 2 level in combination with
cetuximab in patients with recurrent and/or metastatic squamous
cell carcinoma of the head and neck cancer (SCCHN) is planned.
CM24 is a humanized monoclonal antibody that blocks CEACAM1, an
immune checkpoint protein that supports tumor immune evasion and
survival through multiple pathways. The Company is advancing CM24
as a combination therapy with anti-PD-1 checkpoint inhibitors in a
Phase 2 study for the treatment of pancreatic ductal adenocarcinoma
(PDAC). The Company has entered into a clinical collaboration
agreement with Bristol Myers Squibb for the Phase 2 clinical trials
to evaluate the combination of CM24 with the PD-1 inhibitor
nivolumab in addition to chemotherapy. The Company is advancing a
preclinical platform of conditionally-activated tri-specific
antibodies that engage both T cells and NK cells to induce a
strong, localized immune response within the tumor
microenvironment. The cleavable capping technology confines the
compound's therapeutic activity to the local tumor
microenvironment, and thereby potentially increases the anticipated
therapeutic window in patients. The third arm of the antibody
specifically targets the Tumor Associated Antigen (TAA). The
technology presents a novel mechanism of action by unleashing both
innate and adaptive immune systems to mount an optimal anti-tumor
immune response. IM1240 is the platform’s lead tribody in
development that targets 5T4 expressed in a variety of solid tumors
and is correlated with advanced disease, increased invasiveness and
poor clinical outcomes. The Company's corporate headquarters are
located in Rehovot, Israel. For more information, please
visit https://purple-biotech.com/.
Forward-Looking Statements and Safe
Harbor StatementCertain statements in this press release
that are forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements that are not statements of historical fact, and may be
identified by words such as "believe", "expect", "intend", "plan",
"may", "should", "could", "might", "seek", "target", "will",
"project", "forecast", "continue" or "anticipate" or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. Forward-looking statements reflect our current views,
expectations, beliefs or intentions with respect to future events,
and are subject to a number of assumptions, involve known and
unknown risks, many of which are beyond our control, as well as
uncertainties and other factors that may cause our actual results,
performance or achievements to be significantly different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
or contribute to such differences include, among others, risks
relating to: the plans, strategies and objectives of management for
future operations; product development for NT219, CM24 and IM1240;
the process by which such early stage therapeutic candidates could
potentially lead to an approved drug product is long and subject to
highly significant risks, particularly with respect to a joint
development collaboration; the fact that drug development and
commercialization involves a lengthy and expensive process with
uncertain outcomes; our ability to successfully develop and
commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the impact of any
changes in regulation and legislation that could affect the
pharmaceutical industry; the difficulty in receiving the regulatory
approvals necessary in order to commercialize our products; the
difficulty of predicting actions of the U.S. Food and Drug
Administration or any other applicable regulator of pharmaceutical
products; the regulatory environment and changes in the health
policies and regimes in the countries in which we operate; the
uncertainty surrounding the actual market reception to our
pharmaceutical products once cleared for marketing in a particular
market; the introduction of competing products; patents obtained by
competitors; dependence on the effectiveness of our patents and
other protections for innovative products; our ability to obtain,
maintain and defend issued patents; the commencement of any patent
interference or infringement action against our patents, and our
ability to prevail, obtain a favorable decision or recover damages
in any such action; and the exposure to litigation, including
patent litigation, and/or regulatory actions; the impact of the
economic, public health, political and security situation in
Israel, the U.S. and other countries in which we may operate or
obtain approvals for our products or our business, and other
factors that are discussed in our Annual Report on Form 20-F for
the year ended December 31, 2023 and in our other filings with the
U.S. Securities and Exchange Commission ("SEC"), including our
cautionary discussion of risks and uncertainties under "Risk
Factors" in our Registration Statements and Annual Reports. These
are factors that we believe could cause our actual results to
differ materially from expected results. Other factors besides
those we have listed could also adversely affect us. Any
forward-looking statement in this press release speaks only as of
the date which it is made. We disclaim any intention or obligation
to publicly update or revise any forward-looking statement or other
information contained herein, whether as a result of new
information, future events or otherwise, except as required by
applicable law. You are advised, however, to consult any additional
disclosures we make in our reports to the SEC, which are available
on the SEC's website, https://www.sec.gov.
CONTACTS:
Company Contact:Lior FhimaChief Financial
OfficerIR@purple-biotech.com
|
Consolidated Statements of Financial Position as of
December 31, |
|
|
2023 |
|
|
2022 |
|
|
USD thousands |
|
|
USD thousands |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
|
14,489 |
|
|
|
15,030 |
|
Short term deposits |
|
850 |
|
|
|
16,652 |
|
Other investments |
|
73 |
|
|
|
431 |
|
Other current assets |
|
376 |
|
|
|
1,143 |
|
|
|
|
|
|
|
|
|
Total current
assets |
|
15,788 |
|
|
|
33,256 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Right to use assets |
|
316 |
|
|
|
467 |
|
Fixed assets, net |
|
154 |
|
|
|
215 |
|
Intangible assets |
|
28,044 |
|
|
|
20,684 |
|
|
|
|
|
|
|
|
|
Total non - current
assets |
|
28,514 |
|
|
|
21,366 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
44,302 |
|
|
|
54,622 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current maturity of lease liability |
|
188 |
|
|
|
194 |
|
Trade payable |
|
3,532 |
|
|
|
2,132 |
|
Other payables |
|
3,463 |
|
|
|
4,732 |
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
7,183 |
|
|
|
7,058 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liability |
|
163 |
|
|
|
321 |
|
Post-employment benefit
liabilities |
|
141 |
|
|
|
145 |
|
Warrants |
|
2,518 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Total non - current
liabilities |
|
2,822 |
|
|
|
466 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital, no par
value |
|
- |
|
|
|
- |
|
Share premium |
|
133,184 |
|
|
|
126,407 |
|
Receipts on account of warrants |
|
28,467 |
|
|
|
28,017 |
|
Capital reserve for share-based payments |
|
10,088 |
|
|
|
10,164 |
|
Capital reserve from transactions with related parties |
|
761 |
|
|
|
761 |
|
Capital reserve from hedging |
|
19 |
|
|
|
(6 |
) |
Capital reserve from transactions with non- controlling
interest |
|
(859 |
) |
|
|
(859 |
) |
Accumulated loss |
|
(137,453 |
) |
|
|
(117,573 |
) |
|
|
|
|
|
|
|
|
Equity attributable to owners of the Company |
|
34,207 |
|
|
|
46,911 |
|
Non-controlling interests |
|
90 |
|
|
|
187 |
|
Total
equity |
|
34,297 |
|
|
|
47,098 |
|
|
|
|
|
|
|
|
|
Total liabilities and
equity |
|
44,302 |
|
|
|
54,622 |
|
|
|
|
|
|
|
|
|
Consolidated Unaudited Statements of
Operations |
|
|
For the year ended |
|
|
For the three
months ended |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
USDthousands |
|
|
USDthousands |
|
|
USDthousands |
|
|
USDthousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
17,034 |
|
|
|
16,320 |
|
|
|
5,242 |
|
|
|
4,820 |
|
Sales, general and
administrative expenses |
|
5,237 |
|
|
|
6,283 |
|
|
|
1,025 |
|
|
|
1,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
22,271 |
|
|
|
22,603 |
|
|
|
6,267 |
|
|
|
6,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value of
warrants |
|
(3,497 |
) |
|
|
|
|
|
|
(3,497 |
) |
|
|
|
|
Finance expenses |
|
2,195 |
|
|
|
67 |
|
|
|
2,089 |
|
|
|
18 |
|
Finance income |
|
(992 |
) |
|
|
(910 |
) |
|
|
- |
|
|
|
(576 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance (income)
expense, net |
|
(2,294 |
) |
|
|
(843 |
) |
|
|
(1,408 |
) |
|
|
(558 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the
period |
|
19,977 |
|
|
|
21,760 |
|
|
|
4,859 |
|
|
|
6,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will be
transferred to profit or loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (profit) from cash flow
hedges |
|
(25 |
) |
|
|
(6 |
) |
|
|
(21 |
) |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period |
|
19,952 |
|
|
|
21,766 |
|
|
|
4,838 |
|
|
|
6,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
19,880 |
|
|
|
21,668 |
|
|
|
4,828 |
|
|
|
6,011 |
|
Non-controlling interests |
|
97 |
|
|
|
92 |
|
|
|
31 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,977 |
|
|
|
21,760 |
|
|
|
4,859 |
|
|
|
6,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company |
|
19,855 |
|
|
|
21,674 |
|
|
|
4,807 |
|
|
|
6,000 |
|
Non-controlling interests |
|
97 |
|
|
|
92 |
|
|
|
31 |
|
|
|
32 |
|
|
|
19,952 |
|
|
|
21,766 |
|
|
|
4,838 |
|
|
|
6,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per ADS
- USD |
|
0.90 |
|
|
|
1.20 |
|
|
|
0.19 |
|
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of ADSs used in
calculation |
|
22,133,294 |
|
|
|
18,081,087 |
|
|
|
25,789,760 |
|
|
|
18,389,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purple Biotech Ltd. |
Consolidated Unaudited Statements of Cash
Flow |
|
|
For the year ended |
|
|
For the three
months ended |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
USDthousands |
|
|
USDthousands |
|
|
USDthousands |
|
|
USDthousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Loss for the period from continuing operation |
|
(19,977 |
) |
|
|
(21,760 |
) |
|
|
(4,859 |
) |
|
|
(6,043 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
197 |
|
|
|
201 |
|
|
|
48 |
|
|
|
50 |
|
Finance expense (income),
net |
|
(2,294 |
) |
|
|
(843 |
) |
|
|
(1,408 |
) |
|
|
(558 |
) |
Share-based payments |
|
1,875 |
|
|
|
2,412 |
|
|
|
181 |
|
|
|
839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,199 |
) |
|
|
(19,990 |
) |
|
|
(6,038 |
) |
|
|
(5,712 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in other current
assets |
|
178 |
|
|
|
313 |
|
|
|
(41 |
) |
|
|
437 |
|
Changes in accounts
payable |
|
1,334 |
|
|
|
799 |
|
|
|
919 |
|
|
|
(735 |
) |
Changes in other payables |
|
(1,076 |
) |
|
|
2,132 |
|
|
|
179 |
|
|
|
1,637 |
|
Changes in post-employment
benefit liabilities |
|
(162 |
) |
|
|
11 |
|
|
|
(1 |
) |
|
|
159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
274 |
|
|
|
3,255 |
|
|
|
1,056 |
|
|
|
1,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities |
|
(19,925 |
) |
|
|
(16,735 |
) |
|
|
(4,982 |
) |
|
|
(4,214 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary, net
of cash acquired |
|
(3,549 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
Proceed from other
investment |
|
875 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Acquisition of intangible
asset |
|
- |
|
|
|
(202 |
) |
|
|
- |
|
|
|
- |
|
Decrease (increase) in short
term deposits |
|
15,803 |
|
|
|
19,658 |
|
|
|
(6 |
) |
|
|
|
|
Decrease in long terms
deposits |
|
- |
|
|
|
160 |
|
|
|
- |
|
|
|
7,999 |
|
Interest received |
|
755 |
|
|
|
324 |
|
|
|
80 |
|
|
|
- |
|
Acquisition of fixed
assets |
|
(3 |
) |
|
|
(26 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
investing activities |
|
13,881 |
|
|
|
19,914 |
|
|
|
74 |
|
|
|
7,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
ADSs |
|
1,563 |
|
|
|
1,498 |
|
|
|
4 |
|
|
|
186 |
|
ADS issuance expenses
paid |
|
(229 |
) |
|
|
(152 |
) |
|
|
(41 |
) |
|
|
(38 |
) |
Proceeds from issuance of
ADSs, warrants and prefunded warrants |
|
5,000 |
|
|
|
- |
|
|
|
5,000 |
|
|
|
- |
|
Warrants issuance expenses
paid |
|
(661 |
) |
|
|
- |
|
|
|
(661 |
) |
|
|
|
|
Repayment of lease
liability |
|
(168 |
) |
|
|
(165 |
) |
|
|
(42 |
) |
|
|
(41 |
) |
Interest paid |
|
(56 |
) |
|
|
(67 |
) |
|
|
(14 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
financing activities |
|
5,449 |
|
|
|
1,114 |
|
|
|
4,246 |
|
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
(595 |
) |
|
|
4,293 |
|
|
|
(662 |
) |
|
|
3,874 |
|
Cash and cash
equivalents at the beginning of the period |
|
15,030 |
|
|
|
10,890 |
|
|
|
15,104 |
|
|
|
11,074 |
|
Effect of translation
adjustments on cash and equivalents |
|
54 |
|
|
|
(153 |
) |
|
|
47 |
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of the period |
|
14,489 |
|
|
|
15,030 |
|
|
|
14,489 |
|
|
|
15,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purple Biotech Ltd. |
Reconciliation of Non-IFRS financial Results |
Reconciliation of Adjusted Operating Loss |
|
|
For the year ended |
|
For the three
months ended |
|
December 31, |
|
December 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
USD thousands |
|
|
USD thousands |
|
USD thousands |
|
USD thousands |
|
|
|
|
|
|
|
|
|
Operating loss for the
year |
22,271 |
|
|
22,603 |
|
|
6,267 |
|
|
6,601 |
|
Less ESOP expenses |
(1,875 |
) |
|
(2,412 |
) |
|
(181 |
) |
|
(839 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
20,396 |
|
|
20,191 |
|
|
6,086 |
|
|
5,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Net Loss |
|
|
For the year ended |
|
For the three
months ended |
|
December 31, |
|
December 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
USD thousands |
|
|
USD thousands |
|
USD thousands |
|
|
USD thousands |
|
|
|
|
|
|
|
|
|
|
Net loss for the year |
19,977 |
|
|
21,760 |
|
|
4,859 |
|
|
6,043 |
|
Less ESOP expenses |
(1,875 |
) |
|
(2,412 |
) |
|
(181 |
) |
|
(839 |
) |
Less finance income from
financial instruments |
4,014 |
|
|
244 |
|
|
3,432 |
|
|
244 |
|
|
|
|
|
|
|
|
|
|
|
|
22,116 |
|
|
19,592 |
|
|
8,110 |
|
|
5,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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