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Name | Symbol | Market | Type |
---|---|---|---|
Therapix Biosciences Ltd | NASDAQ:TRPX | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.317 | 0.3101 | 0.315 | 0 | 01:00:00 |
TEL AVIV, Israel, Aug. 10, 2017 /PRNewswire/ -- Therapix Biosciences Ltd. (Nasdaq: TRPX), a specialty clinical stage pharmaceutical Company specializing in the development of cannabinoid-based drugs, today reported financial results for the three and six months ended June 30, 2017. The Company will host a conference call and webcast today to discuss the financial results and to provide an update on current developments with respect to its clinical programs.
Financial Summary – Second Quarter 2017 vs. Second Quarter 2016 (Note: The functional currency of the Company is New Israeli Shekel; for presentation purposes, the financial data herein is presented in USD):
Business update and developments in the Company's clinical R&D programs:
Conference Call & Webcast:
Thursday, August 10, 2017, 8:30 am Eastern Time / 5:30 am Pacific Time
Participant Dial-In Numbers:
Toll-Free: +1-877-870-4263
Toll/International: +1-412-317-0790
Webcast: https://www.webcaster4.com/Webcast/Page/1726/22002
Replay, available until Aug 17, 2017
Replay Dial-In Numbers:
Toll-Free: +1-877-344-7529
Toll/International: +1-412-317-0088
Passcode: 10110882
Table 1: Balance Sheet:
USD in Thousands | ||||||||
December 31, |
March 31, |
June 30, | ||||||
2016 |
2017 |
2017 | ||||||
Audited |
Unaudited |
Unaudited | ||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash |
$ 676 |
$ 12,054 |
$ 11,784 | |||||
Restricted cash |
11 |
12 |
13 | |||||
Accounts receivable |
117 |
133 |
242 | |||||
Subtotal, current assets |
804 |
12,199 |
12,039 | |||||
NON-CURRENT ASSETS: |
||||||||
Prepaid public offering costs |
430 |
- |
- | |||||
Property |
11 |
11 |
17 | |||||
Subtotal, non-current assets |
441 |
11 |
17 | |||||
TOTAL ASSETS |
$ 1,245 |
$ 12,210 |
$ 12,056 | |||||
LIABILITIES AND EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Trade payables |
$ 590 |
$ 937 |
$ 520 | |||||
Other accounts payable |
82 |
177 |
128 | |||||
Subtotal, current liabilities |
672 |
1,114 |
648 | |||||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: |
||||||||
Share capital |
$ 1,088 |
$ 3,375 |
$ 3,709 | |||||
Share premium |
26,612 |
35,105 |
36,447 | |||||
Sharebased payment transactions |
4,443 |
4,507 |
4,578 | |||||
Foreign currency translation reserve |
316 |
631 |
1,060 | |||||
Transactions with noncontrolling interests |
261 |
261 |
261 | |||||
Accumulated deficit |
(32,147) |
(32,783) |
(34,647) | |||||
Total equity |
573 |
11,096 |
11,408 | |||||
TOTAL LIABILITIES AND EQUITY |
$ 1,245 |
$ 12,210 |
$ 12,056 |
Table 2: Profit or Loss:
USD in thousands | ||||||||
Three months ended |
Six months ended | |||||||
June 30, |
June 30, | |||||||
2016 |
2017 |
2016 |
2017 | |||||
Unaudited | ||||||||
Research and development expenses, net |
$ 227 |
$ 455 |
$ 376 |
$ 695 | ||||
General and administrative expenses |
299 |
971 |
635 |
1,376 | ||||
Subtotal |
526 |
1,426 |
1,011 |
2,071 | ||||
Other expenses |
26 |
- |
26 |
- | ||||
Operating loss |
552 |
1,426 |
1,037 |
2,071 | ||||
Finance income |
(9) |
- |
(1) |
- | ||||
Finance expenses |
- |
438 |
5 |
429 | ||||
Loss |
$ 543 |
$ 1,864 |
$ 1,041 |
$ 2,500 | ||||
Attributable to: |
||||||||
Equity holders of the Company |
533 |
1,864 |
1,027 |
2,500 | ||||
Non-controlling interests |
10 |
- |
14 |
- | ||||
$ 543 |
$ 1,864 |
$ 1,041 |
$ 2,500 | |||||
Basic and diluted loss per ADS attributable to equity holders of the Company |
$ 0.61 |
$ 0.54 |
$ 1.18 |
$ 1.08 |
Table 3: Comprehensive Income:
USD in Thousands | ||||||||
Three months ended |
Six months ended | |||||||
June 30, |
June 30, | |||||||
2016 |
2017 |
2016 |
2017 | |||||
Unaudited | ||||||||
Net loss |
$ (543) |
$ (1,864) |
$ (1,041) |
$ (2,500) | ||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods |
||||||||
Exchange differences on translation of foreign operations |
(18) |
429 |
8 |
744 | ||||
Total other comprehensive income (loss) |
(18) |
429 |
8 |
744 | ||||
Total comprehensive loss |
(561) |
(1,435) |
(1,033) |
(1,756) | ||||
Attributable to: |
||||||||
Equity holders of the Company |
(555) |
(1,435) |
(1,017) |
(1,756) | ||||
Non-controlling interests |
(6) |
- |
(16) |
- | ||||
TOTAL |
$ (561) |
$ (1,435) |
$ (1,033) |
$ (1,756) |
Table 4: Cash Flows:
USD in Thousands | ||||||||
Three months ended |
Six months ended | |||||||
June 30, |
June 30, | |||||||
2016 |
2017 |
2016 |
2017 | |||||
Cash flows from operating activities: |
||||||||
Net loss |
$ (543) |
$ (1,864) |
$ (1,042) |
$ (2,500) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Depreciation and amortization |
2 |
1 |
3 |
2 | ||||
Share-based payment expense |
132 |
71 |
208 |
135 | ||||
Finance expenses, net |
(5) |
- |
(5) |
- | ||||
Exchange rate differences on balances of cash and cash equivalents |
- |
453 |
- |
446 | ||||
129 |
525 |
206 |
583 | |||||
Working capital adjustments: |
||||||||
decrease (increase) in accounts receivable |
(42) |
(102) |
(7) |
(110) | ||||
Increase (decrease) in trade payables |
2 |
(441) |
40 |
(136) | ||||
Increase (decrease) in other accounts payable |
24 |
(54) |
38 |
33 | ||||
(16) |
(597) |
71 |
(213) | |||||
Net cash used in operating activities |
(430) |
(1,936) |
(765) |
(2,130) | ||||
Cash flows from investing activities: |
||||||||
Purchase of equipment |
- |
(7) |
(4) |
(7) | ||||
Net cash provided by (used in) investing activities |
- |
(7) |
(4) |
(7) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of share capital and share options (net of issuance expenses) |
- |
1,676 |
- |
12,900 | ||||
Net cash provided by financing activities |
- |
1,676 |
- |
12,900 | ||||
Exchange rate differences on balances of cash and cash equivalents |
- |
(453) |
- |
(446) | ||||
Translation differences on cash and cash equivalents |
(25) |
450 |
19 |
791 | ||||
Increase (decrease) in cash |
(455) |
(270) |
(750) |
11,108 | ||||
Cash at the beginning of the period |
1,278 |
12,054 |
1,573 |
676 | ||||
Cash at the end of the period |
$ 823 |
$ 11,784 |
$ 823 |
$ 11,784 |
Table 5: Changes in Equity:
Attributable to equity holders of the Company | ||||||||||||||
Issued Capital |
Share premium |
Share-based payment transactions |
Foreign currency translation reserve |
Transactions with non-controlling interests |
Accumulated deficit |
Total | ||||||||
Unaudited | ||||||||||||||
USD in thousands | ||||||||||||||
Balance at January 1, 2017 |
$ 1,088 |
$ 26,612 |
$ 4,443 |
$ 316 |
$ 261 |
$ (32,147) |
$ 573 | |||||||
Loss |
(636) |
(636) | ||||||||||||
Total other comprehensive loss |
315 |
315 | ||||||||||||
Total comprehensive loss |
- |
- |
- |
315 |
- |
(636) |
(321) | |||||||
Issuance of shares |
2,287 |
8,493 |
10,780 | |||||||||||
Share-based payment |
64 |
64 | ||||||||||||
Balance at March 31, 2017 |
$ 3,375 |
$ 35,105 |
$ 4,507 |
$ 631 |
$ 261 |
$ (32,783) |
$ 11,096 | |||||||
Loss |
(1,864) |
(1,864) | ||||||||||||
Total other comprehensive loss |
429 |
429 | ||||||||||||
Total comprehensive loss |
- |
- |
- |
429 |
- |
(1,864) |
(1,435) | |||||||
Issuance of shares |
334 |
1,342 |
1,676 | |||||||||||
Share-based payment |
71 |
71 | ||||||||||||
Balance at June 30, 2017 |
$ 3,709 |
$ 36,447 |
$ 4,578 |
$ 1,060 |
$ 261 |
$ (34,647) |
$ 11,408 |
Table 6: R&D and G&A Detail:
USD in Thousands | ||||||||||
Three months ended |
Six months ended | |||||||||
June 30, |
June 30, | |||||||||
2016 |
2017 |
2016 |
2017 | |||||||
Research and Development Expenses: |
||||||||||
Clinical studies |
$ 44 |
$ 163 |
$ 44 |
$ 257 | ||||||
R&A and preclinical studies |
37 |
120 |
80 |
158 | ||||||
General expenses |
8 |
97 |
15 |
108 | ||||||
Salaries and benefits |
53 |
56 |
92 |
139 | ||||||
Stock based compention |
43 |
11 |
63 |
23 | ||||||
Regulatory and other expenses |
10 |
8 |
21 |
10 | ||||||
Chemistry & formulation studies |
32 |
- |
61 |
- | ||||||
Subtotal, R&D expenses |
227 |
455 |
376 |
695 | ||||||
General and Administative Expenses: |
||||||||||
Investor relations and buisness development |
$ 85 |
$ 431 |
$ 117 |
$ 523 | ||||||
Professional & directors fees |
57 |
225 |
151 |
272 | ||||||
Salaries and benefits |
83 |
174 |
169 |
335 | ||||||
Rent and office maintenance |
11 |
80 |
79 |
135 | ||||||
Stock based compensation |
63 |
61 |
119 |
111 | ||||||
Subtotal, G&A expenses |
299 |
971 |
635 |
1,376 | ||||||
TOTAL |
$ 526 |
$ 1,426 |
$ 1,011 |
$ 2,071 |
About Therapix Biosciences:
Therapix Biosciences Ltd. is a specialty clinical-stage pharmaceutical company led by an experienced team of senior executives and scientists, focused on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in two internal drug development programs based on repurposing an FDA approved synthetic cannabinoid (dronabinol): THX-TS01 targets to the treatment of Tourette's Syndrome; and THX-ULD01 targets the high-value and under-served market of mild cognitive impairments. Please visit our website for more information at www.therapixbio.com
Forward-Looking Statements:
This press release contains forward-looking statements about the Company's expectations, beliefs, and intentions. Forward-looking statements can be identified by the use of forward-looking 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. For example, forward-looking statements are used in this press release when we discuss our search for a U.S. based Chief Executive Officer. These forward-looking statements involve certain risks and uncertainties, including, among others, risks that could cause the Company's results to differ materially from those expected by Company management or otherwise described in or implied by the statements in this press release. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in Therapix Biosciences Ltd.'s annual report on Form 20-F dated May 1, 2017 filed with the SEC, which is available on the SEC's website, www.sec.gov.
For further information: Investor Contact: Josh Blacher, CFO, Therapix Biosciences, josh@therapixbio.com
View original content:http://www.prnewswire.com/news-releases/therapix-biosciences-reports-second-quarter-2017-financial-results-and-provides-business-update-300502616.html
SOURCE Therapix Biosciences
Copyright 2017 PR Newswire
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