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Name | Symbol | Market | Type |
---|---|---|---|
Chemomab Therapeutics Ltd | NASDAQ:CMMB | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.81 | 0.77 | 0.87 | 0 | 09:05:28 |
Exhibit
|
Description
|
|
CHEMOMAB THERAPEUTICS LTD.
|
|
|
|
|
Date: November 9, 2023
|
By:
|
/s/ Sigal Fattal
|
|
|
Sigal Fattal
|
|
|
Chief Financial Officer
|
Chemomab Therapeutics Ltd. and
its subsidiaries
Condensed Consolidated Interim
Financial Statements
As of September 30, 2023
(Unaudited)
|
|
Page
|
F-3
|
|
|
|
F-4 |
|
|
|
F-5 |
|
|
|
F-7 |
|
F-8 - F-11 |
September 30,
|
December 31,
|
||||||||||
Note |
2023
|
2022
|
|||||||||
Unaudited
|
Audited
|
||||||||||
Assets
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
9,156
|
13,519
|
|||||||||
Short term bank deposits
|
12,216
|
26,374
|
|||||||||
Restricted cash
|
72
|
77
|
|||||||||
Other receivables and prepaid expenses
|
922
|
1,766
|
|||||||||
Total current assets
|
22,366
|
41,736
|
|||||||||
Non-current assets
|
|||||||||||
Long term prepaid expenses
|
603
|
733
|
|||||||||
Property and equipment, net
|
319
|
367
|
|||||||||
Operating lease right-of-use assets
|
130
|
227
|
|||||||||
Total non-current assets
|
1,052
|
1,327
|
|||||||||
Total assets
|
23,418
|
43,063
|
|||||||||
Current liabilities
|
|||||||||||
Trade payables
|
731
|
1,688
|
|||||||||
Accrued expenses
|
3,007
|
3,378
|
|||||||||
Employee and related expenses
|
1,527
|
1,560
|
|||||||||
Operating lease liabilities
|
105
|
123
|
|||||||||
Total current liabilities
|
5,370
|
6,749
|
|||||||||
Non-current liabilities
|
|||||||||||
Operating lease liabilities - long term
|
5
|
91
|
|||||||||
Total non-current liabilities
|
5
|
91
|
|||||||||
Commitments and contingent liabilities
|
3
|
||||||||||
Total liabilities
|
5,375
|
6,840
|
|||||||||
Shareholders' equity (*)
|
|||||||||||
Ordinary shares no par value - Authorized: 650,000,000 shares as of September 30, 2023 and December 31, 2022;
|
-
|
-
|
|||||||||
Issued and outstanding: 248,094,700 Ordinary shares as of September 30, 2023 and 232,636,700 as of December 31, 2022;
|
-
|
-
|
|||||||||
Treasury share at cost (11,640,460 Ordinary shares as of September 30, 2023 and December 31, 2022)
|
(1,218
|
)
|
(1,218
|
)
|
|||||||
Additional paid in capital
|
103,884
|
101,260
|
|||||||||
Accumulated deficit
|
(84,623
|
)
|
(63,819
|
)
|
|||||||
Total shareholders’ equity
|
18,043
|
36,223
|
|||||||||
Total liabilities and shareholders’ equity
|
23,418
|
43,063
|
Three months
|
Three months
|
Nine months
|
Nine months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
3,377
|
5,423
|
15,284
|
11,082
|
||||||||||||
General and administrative
|
990
|
2,894
|
6,327
|
8,809
|
||||||||||||
Total operating expenses
|
4,367
|
8,317
|
21,611
|
19,891
|
||||||||||||
Financing expense (income), net
|
(231
|
)
|
(237
|
)
|
(807
|
)
|
27
|
|||||||||
Loss before taxes
|
4,136
|
8,080
|
20,804
|
19,918
|
||||||||||||
Taxes on income (tax benefit)
|
(55
|
)
|
-
|
-
|
(544
|
)
|
||||||||||
Net loss for the period
|
4,081
|
8,080
|
20,804
|
19,374
|
Basic and diluted loss per Ordinary Share (*)
|
0.017
|
0.035
|
0.092
|
0.085
|
||||||||||||
Weighted average number of Ordinary Shares outstanding, basic, and diluted (*)
|
236,449,153
|
228,773,418
|
226,449,755
|
228,349,115
|
Ordinary
Shares (*)
|
Treasury
shares
|
Additional
paid in
capital
|
Accumulated
Deficit
|
Total Shareholders’
equity
|
||||||||||||||||||||||||
Number
|
USD
|
Number
|
USD
|
USD | USD | USD | ||||||||||||||||||||||
For the nine-month period ended on September 30, 2023
|
||||||||||||||||||||||||||||
Balance as of January 1, 2023
|
232,636,700
|
-
|
(11,640,460
|
)
|
(1,218
|
)
|
101,260
|
(63,819
|
)
|
36,223
|
||||||||||||||||||
Share-based compensation
|
-
|
-
|
-
|
-
|
484
|
-
|
484
|
|||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(8,753
|
)
|
(8,753
|
)
|
|||||||||||||||||||
Balance as of March 31, 2023
|
232,636,700
|
-
|
(11,640,460
|
)
|
(1,218
|
)
|
101,744
|
(72,572
|
)
|
27,954
|
Share-based compensation
|
-
|
-
|
-
|
-
|
639
|
-
|
639
|
|||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(7,970
|
)
|
(7,970
|
)
|
|||||||||||||||||||
Issuance of shares, net of issuance expenses
|
15,422,000
|
-
|
-
|
-
|
1,368
|
-
|
1,368
|
|||||||||||||||||||||
Balance as of June 30, 2023
|
248,058,700
|
-
|
(11,640,460
|
)
|
(1,218
|
)
|
103,751
|
(80,542
|
)
|
21,991
|
Share-based compensation
|
-
|
-
|
-
|
-
|
130
|
-
|
130
|
|||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
-
|
-
|
(4,081
|
)
|
(4,081
|
)
|
|||||||||||||||||||
Issuance of shares, net of issuance expenses
|
36,000
|
-
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Balance as of September 30, 2023
|
248,094,700
|
-
|
(11,640,460
|
)
|
(1,218
|
)
|
103,884
|
(84,623
|
)
|
18,043
|
Ordinary
Shares (*)
|
Additional
paid in
capital
|
Accumulated
Deficit
|
Total Shareholders’
equity
|
|||||||||||||||||
Number
|
USD
|
USD
|
USD
|
USD
|
||||||||||||||||
For the nine-month period ended on September 30, 2022
|
||||||||||||||||||||
Balance as of January 1, 2022
|
228,090,300
|
-
|
97,639
|
(36,173
|
)
|
61,466
|
||||||||||||||
Share-based compensation
|
-
|
-
|
874
|
-
|
874
|
|||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(5,104
|
)
|
(5,104
|
)
|
|||||||||||||
Balance as of March 31, 2022
|
228,090,300
|
-
|
98,513
|
(41,277
|
)
|
57,236
|
||||||||||||||
Share-based compensation
|
-
|
-
|
761
|
-
|
761
|
|||||||||||||||
Exercise of options
|
542,820
|
-
|
29
|
-
|
29
|
|||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(6,190
|
)
|
(6,190
|
)
|
|||||||||||||
Balance as of June 30, 2022
|
228,633,120
|
-
|
99,303
|
(47,467
|
)
|
51,836
|
Share-based compensation
|
-
|
-
|
836
|
-
|
836
|
|||||||||||||||
Exercise of options
|
382,282
|
-
|
32
|
-
|
32
|
|||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(8,080
|
)
|
(8,080
|
)
|
|||||||||||||
Balance as of September 30, 2022
|
229,015,402
|
-
|
100,171
|
(55,547
|
)
|
44,624
|
Nine months
|
Nine months
|
|||||||
ended |
Ended
|
|||||||
September 30,
|
September 30,
|
|||||||
2023
|
2022
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss for the period
|
(20,804
|
)
|
(19,374
|
)
|
||||
Adjustments for operating activities:
|
||||||||
Depreciation
|
51
|
44
|
||||||
Share-based compensation
|
1,253
|
2,471
|
||||||
Change in other receivables and prepaid expenses
|
974
|
(600
|
)
|
|||||
Change in operating lease liability
|
(7
|
)
|
(15
|
)
|
||||
Change in trade payables
|
(957
|
)
|
(89
|
)
|
||||
Change in accrued expenses
|
(371
|
)
|
2,022
|
|||||
Change in employees and related expenses
|
(33
|
)
|
874
|
|||||
910
|
4,707
|
|||||||
Net cash used in operating activities
|
(19,894
|
)
|
(14,667
|
)
|
||||
Cash flows from investing activities
|
||||||||
Decrease in bank deposits
|
14,158
|
10,250
|
||||||
Purchase of property and equipment
|
(3
|
)
|
(67
|
)
|
||||
Net cash provided by investing activities
|
14,155
|
10,183
|
||||||
Cash flows from financing activities
|
||||||||
Issuance of Shares, net of issuance expenses
|
1,371
|
-
|
||||||
Exercise of options
|
-
|
61
|
||||||
Net cash provided by financing activities
|
1,371
|
61
|
||||||
Change in cash, cash equivalents and restricted cash
|
(4,368
|
)
|
(4,423
|
)
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
13,596
|
15,241
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
9,228
|
10,818
|
A. |
Chemomab Therapeutics Ltd. (the “Company”) is an Israeli-based company incorporated under the laws of the State of Israel in September 2011. The Company’s registered
office is located in Kiryat Atidim, Tel Aviv, Israel. The Company is a clinical-stage biotech company discovering and developing innovative therapeutics for conditions with high-unmet medical need that involve inflammation and fibrosis. The
wholly owned subsidiaries of the Company are: Chemomab Ltd. ("Chemomab"), Chemomab Therapeutics Israel Ltd. and Chemomab Therapeutics, Inc.
|
B. |
On October 7, 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on
Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths, injuries and kidnapping of civilians and soldiers in the
southern part of the country. Following the attack, Israel’s security cabinet declared war (“Iron Swords” war) against Hamas and a military campaign commenced in parallel to continued rocket and terror attacks by Hamas. In the weeks since the
initial attack by Hamas, hostilities along Israel’s northern border with Hezbollah located in Lebanon have accelerated, and this clash may escalate in the future into a greater regional conflict.
|
C. |
On April 30, 2021, the Company entered into an At the Market Offering Agreement (the "Cantor ATM Agreement") with Cantor Fitzgerald & Co., ("Cantor"). According
to the Cantor ATM Agreement, the Company could offer and sell, from time to time, its ADSs having an aggregate offering price of up to $75 million through Cantor or the Cantor ATM Agreement. On April 25, 2022, the Company filed a prospectus
supplement with the SEC for the issuance and sale of up to $18,125,000 of its ADSs in connection with the reactivation of the Cantor ATM Agreement facility and pursuant to General Instruction I.B.6 of Form S-3, which, subject to certain
exceptions, limits the amount of securities the Company was able to offer and sell under such registration statement to one-third of the Company's unaffiliated public float. From April 30, 2021 through September 30, 2023, the Company issued
1,603,211 ADSs under the Cantor ATM Agreement, resulting in gross proceeds of $17,606 thousand. In September 2023, the Company terminated the Cantor ATM Agreement . In October 2023, the Company entered into an At the Market Offering
Agreement with Roth Capital Partners LLC. See also Note 4.
|
D. |
On June 1, 2023, the board of directors (the “Board”) of the Company appointed Dr. Adi Mor as Chief Executive Officer of the Company (to replace Dr. Dale Pfost), and
Sigal Fattal as the Chief Financial Officer of the Company (to replace Donald Marvin), effective as of the same date. The company recorded in June 2023 a provision for severance payments to Dale Pfost and Donald Marvin in the amount of
$1,110 thousand. The severance has been paid in 12 equal bi-monthly installments over 6 months. Through September 30, 2023, the Company paid the amount of $442 thousand.
|
◾ |
Cash Position: Cash and cash equivalents were $21.4 million as of September 30, 2023, compared to $26.7 million for the quarter ended June 30, 2023. The Company currently expects its cash runway to
last through year-end 2024.
|
◾ |
Research and Development (R&D) Expenses: R&D expenses were $3.4 million for the third quarter ended September 30, 2023, compared to $5.4 million for the same quarter in 2022. The decrease
in R&D expense year-over-year primarily reflects a decrease in manufacturing costs for clinical supplies, which was partly offset by increases in the company’s clinical program activities.
|
◾ |
General and Administrative (G&A) Expenses: G&A expenses were $1.0 million for the third quarter ended September 30, 2023, compared to $2.9 million for the same quarter in 2022. The decrease
was primarily due to a decrease in salaries and related benefits expenses as well as a decrease in non-cash share-based expenses.
|
◾ |
Net Loss: Net loss was $4.1 million, or a net loss of approximately $0.017 per basic and diluted share, for the third quarter ended September 30, 2023, compared to a net loss of $8.1 million, or a
net loss of approximately $0.035 per basic and diluted share, for the quarter ended September 30, 2022.
|
September 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
|
Unaudited
|
Audited
|
||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
9,156
|
13,519
|
||||||
Short term bank deposits
|
12,216
|
26,374
|
||||||
Restricted cash
|
72
|
77
|
||||||
Other receivables and prepaid expenses
|
922
|
1,766
|
||||||
Total current assets
|
22,366
|
41,736
|
||||||
Non-current assets
|
||||||||
Long term prepaid expenses
|
603
|
733
|
||||||
Property and equipment, net
|
319
|
367
|
||||||
Operating lease right-of-use assets
|
130
|
227
|
||||||
Total non-current assets
|
1,052
|
1,327
|
||||||
Total assets
|
23,418
|
43,063
|
||||||
Current liabilities
|
||||||||
Trade payables
|
731
|
1,688
|
||||||
Accrued expenses
|
3,007
|
3,378
|
||||||
Employee and related expenses
|
1,527
|
1,560
|
||||||
Operating lease liabilities
|
105
|
123
|
||||||
Total current liabilities
|
5,370
|
6,749
|
||||||
Non-current liabilities
|
||||||||
Operating lease liabilities - long term
|
5
|
91
|
||||||
Total non-current liabilities
|
5
|
91
|
||||||
Commitments and contingent liabilities
|
||||||||
Total liabilities
|
5,375
|
6,840
|
||||||
Shareholders' equity (*)
|
||||||||
Ordinary shares no par value - Authorized: 650,000,000 shares as of September 30, 2023 and December 31, 2022
|
-
|
-
|
||||||
Issued and outstanding: 248,094,700 Ordinary shares as of September 30, 2023 and 232,636,700 as of December 31, 2022
|
-
|
-
|
||||||
Treasury share at cost (11,640,460 Ordinary shares as of September 30, 2023 and December 31, 2022)
|
(1,218
|
)
|
(1,218
|
)
|
||||
Additional paid in capital
|
103,884
|
101,260
|
||||||
Accumulated deficit
|
(84,623
|
)
|
(63,819
|
)
|
||||
Total shareholders’ equity
|
18,043
|
36,223
|
||||||
Total liabilities and shareholders’ equity
|
23,418
|
43,063
|
Three months
|
Three months
|
Nine months
|
Nine months
|
|||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
3,377
|
5,423
|
15,284
|
11,082
|
||||||||||||
General and administrative
|
990
|
2,894
|
6,327
|
8,809
|
||||||||||||
Total operating expenses
|
4,367
|
8,317
|
21,611
|
19,891
|
||||||||||||
Financing expense (income), net
|
(231
|
)
|
(237
|
)
|
(807
|
)
|
27
|
|||||||||
Loss before taxes
|
4,136
|
8,080
|
20,804
|
19,918
|
||||||||||||
Taxes on income (tax benefit)
|
(55
|
)
|
-
|
-
|
(544
|
)
|
||||||||||
Net loss for the period
|
4,081
|
8,080
|
20,804
|
19,374
|
Basic and diluted loss per Ordinary Share (*)
|
0.017
|
0.035
|
0.092
|
0.085
|
||||||||||||
Weighted average number of Ordinary Shares outstanding, basic, and diluted (*)
|
236,449,153
|
228,773,418
|
226,449,755
|
228,349,115
|
1 Year Chemomab Therapeutics Chart |
1 Month Chemomab Therapeutics Chart |
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