.56 NIS/USD for the six-month period ended June 30, 2018)
Attributable to equity holders of the Company
Share
capital
Share
premium
Reserve
from
share-
based
payment
transactions
Foreign
currency
translation
reserve
Transactions
with non-
controlling
interests
Accumulated
deficit
Total
Unaudited
USD in thousands
Balance at January 1, 2018
3,812
36,612
5,311
782
261
(38,389)
8,389
Loss
-
-
-
-
-
(3,262)
(3,262)
Other comprehensive loss
-
-
-
(350)
-
-
(350)
Total comprehensive loss
-
-
-
(350)
-
(3,262)
(3,612)
Share-Based payment
-
-
376
-
-
-
376
Expiration of share options
-
377
(377)
-
-
-
-
Balance at June 30, 2018
3,812
36,989
5,310
432
261
(41,651)
5,153
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||
(Mainly based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||||||
Attributable to equity holders of the Company |
||||||||||||||
Share |
Share premium |
Reserve |
Foreign currency translation reserve |
Transactions with non-controlling interests |
Accumulated deficit |
Total |
||||||||
Unaudited |
||||||||||||||
USD in thousands |
||||||||||||||
Balance at January 1, 2017 |
1,087 |
26,600 |
4,449 |
321 |
261 |
(32,145) |
573 |
|||||||
Loss |
- |
- |
- |
- |
- |
(2,499) |
(2,499) |
|||||||
Other comprehensive income |
- |
- |
- |
439 |
- |
- |
439 |
|||||||
Total comprehensive income (loss) |
- |
- |
- |
439 |
- |
(2,499) |
(2,060) |
|||||||
Share-Based payment |
- |
- |
135 |
- |
- |
- |
135 |
|||||||
Issuance of shares (1) |
189 |
769 |
- |
- |
- |
- |
958 |
|||||||
Issuance of shares (2) |
2,207 |
7,928 |
- |
- |
- |
- |
10,135 |
|||||||
Issuance of shares (3) |
329 |
1,315 |
- |
- |
- |
- |
1,644 |
|||||||
Balance at June 30, 2017 |
3,812 |
36,612 |
4,584 |
760 |
261 |
(34,644) |
11,385 |
(1) Net issuance expenses of $61,000 |
(2) Net issuance expenses of $1,865,000 |
(3) Net issuance expenses of $156,000 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||
(Mainly based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||||||
Attributable to equity holders of the Company |
||||||||||||||
Share |
Share |
Reserve |
Foreign |
Transactions |
Accumulated |
Total |
||||||||
Unaudited |
||||||||||||||
USD in thousands |
||||||||||||||
Balance at March 31, 2018 |
3,812 |
36,829 |
5,332 |
698 |
261 |
(40,437) |
6,495 |
|||||||
Loss |
- |
- |
- |
- |
- |
(1,214) |
(1,214) |
|||||||
Other comprehensive loss |
- |
- |
- |
(266) |
- |
- |
(266) |
|||||||
Total comprehensive loss |
- |
- |
- |
(266) |
- |
(1,214) |
(1,480) |
|||||||
Share-based payment |
- |
- |
138 |
- |
- |
- |
138 |
|||||||
Expiration of share options |
- |
160 |
(160) |
- |
- |
- |
- |
|||||||
Balance at June 30, 2018 |
3,812 |
36,989 |
5,310 |
432 |
261 |
(41,651) |
5,153 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||
(Mainly based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||||||
Attributable to equity holders of the Company |
||||||||||||||
Share |
Share |
Reserve |
Foreign |
Transactions |
Accumulated |
Total |
||||||||
Unaudited |
||||||||||||||
USD in thousands |
||||||||||||||
Balance at March 31, 2017 |
3,483 |
35,297 |
4,513 |
636 |
261 |
(32,781) |
11,409 |
|||||||
Loss |
- |
- |
- |
- |
- |
(1,863) |
(1,863) |
|||||||
Other comprehensive income |
- |
- |
- |
124 |
- |
- |
124 |
|||||||
Total comprehensive income (loss) |
- |
- |
- |
124 |
- |
(1,863) |
(1,739) |
|||||||
Share-based payment |
- |
- |
71 |
- |
- |
- |
71 |
|||||||
Issuance of shares (1) |
329 |
1,315 |
- |
- |
- |
- |
1,644 |
|||||||
Balance at June 30, 2017 |
3,812 |
36,612 |
4,584 |
760 |
261 |
(34,644) |
11,385 |
|||||||
(1) Net issuance expenses of $156,000 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
||||||||||||||
(Mainly based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||||||
Attributable to equity holders of the Company |
||||||||||||||
Share |
Share |
Reserve |
Foreign |
Transactions |
Accumulated |
Total |
||||||||
Audited |
||||||||||||||
USD in thousands |
||||||||||||||
Balance at January 1, 2017 |
1,087 |
26,600 |
4,449 |
321 |
261 |
(32,145) |
573 |
|||||||
Loss |
- |
- |
- |
- |
- |
(6,244) |
(6,244) |
|||||||
Other comprehensive income |
- |
- |
- |
461 |
- |
- |
461 |
|||||||
Total comprehensive income (loss) |
- |
- |
- |
461 |
- |
(6,244) |
(5,783) |
|||||||
Share-Based payment |
- |
- |
862 |
- |
- |
- |
862 |
|||||||
Issuance of shares (1) |
189 |
769 |
- |
- |
- |
- |
958 |
|||||||
Issuance of shares (2) |
2,207 |
7,928 |
- |
- |
- |
- |
10,135 |
|||||||
Issuance of shares (3) |
329 |
1,315 |
- |
- |
- |
- |
1,644 |
|||||||
Balance at December 31, 2017 |
3,812 |
36,612 |
5,311 |
782 |
261 |
(38,389) |
8,389 |
(1) Net issuance expenses of $61,000 |
(2) Net issuance expenses of $1,865,000 |
(3) Net issuance expenses of $156,000 |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||
(Based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||
Six months ended |
Three months ended |
Year ended |
||||||||
2018 |
2017 |
2018 |
2017 |
2017 |
||||||
Unaudited |
Audited |
|||||||||
USD in thousands |
||||||||||
Cash flows from operating activities: |
||||||||||
Net loss |
(3,262) |
(2,499) |
(1,214) |
(1,863) |
(6,244) |
|||||
Adjustments to reconcile net loss to net cash |
||||||||||
Depreciation and amortization |
6 |
2 |
3 |
1 |
5 |
|||||
Gain from sale of equipment |
- |
- |
- |
- |
1 |
|||||
Share-based payment expense |
376 |
135 |
138 |
71 |
862 |
|||||
Finance expenses (incomes), net |
(512) |
446 |
(422) |
453 |
525 |
|||||
(130) |
583 |
(281) |
525 |
1,393 |
||||||
Working capital adjustments: |
||||||||||
Increase in accounts receivable |
(189) |
(110) |
(50) |
(102) |
(143) |
|||||
Decrease (increase) in trade payables |
113 |
(101) |
(101) |
(406) |
349 |
|||||
Decrease (increase) in other accounts payable |
3 |
33 |
(189) |
(54) |
66 |
|||||
(73) |
(178) |
(340) |
(562) |
272 |
||||||
Net cash used in operating activities |
(3,465) |
(2,094) |
(1,835) |
(1,900) |
(4,579) |
|||||
Cash flows from investing activities: |
||||||||||
Increase in restricted cash |
- |
(2) |
- |
(2) |
(11) |
|||||
Proceed from sale of equipment |
- |
- |
- |
- |
2 |
|||||
Purchase of equipment |
(12) |
(7) |
(3) |
(7) |
(44) |
|||||
Grant of convertible loan |
(500) |
- |
(500) |
- |
- |
|||||
Net cash used in investing activities |
(512) |
(9) |
(503) |
(9) |
(53) |
|||||
Cash flows from financing activities: |
||||||||||
Prepaid public offering costs |
(36) |
- |
1 |
- |
(18) |
|||||
Proceeds from issuance of share capital (net of issuance expenses) |
- |
13,167 |
- |
1,943 |
13,193 |
|||||
Net cash provided by (used in) financing activities |
(36) |
13,167 |
1 |
1,943 |
13,175 |
|||||
Exchange rate differences on cash and cash equivalents in foreign currency |
308 |
(446) |
218 |
(453) |
(527) |
|||||
Translation differences on cash and cash equivalents |
(387) |
490 |
(287) |
149 |
503 |
|||||
Increase (decrease) in cash |
(4,092) |
11,108 |
(2,406) |
(270) |
8,519 |
|||||
Cash at the beginning of the period |
9,195 |
676 |
7,509 |
12,054 |
676 |
|||||
Cash at the end of the period |
5,103 |
11,784 |
5,103 |
11,784 |
9,195 |
R&D AND G&A DETAIL |
||||||||||
(Based on the average exchange rate of 3.56 NIS/USD for the six-month period ended June 30, 2018) |
||||||||||
Six months ended |
Three months ended |
Year ended |
||||||||
2018 |
2017 |
2018 |
2017 |
2017 |
||||||
Unaudited |
Audited |
|||||||||
USD in thousands |
||||||||||
Research and Development Expenses: |
||||||||||
Clinical studies |
372 |
256 |
118 |
163 |
511 |
|||||
R&D and preclinical studies |
423 |
158 |
268 |
119 |
362 |
|||||
Wages and related expenses |
335 |
140 |
127 |
57 |
321 |
|||||
Share-based payment |
80 |
24 |
33 |
11 |
103 |
|||||
Regulatory and other expenses |
384 |
117 |
104 |
105 |
276 |
|||||
Chemistry and formulation studies |
51 |
- |
- |
- |
330 |
|||||
1,645 |
695 |
650 |
455 |
1,943 |
||||||
General and Administrative Expenses: |
||||||||||
Investor relations and business expenses |
164 |
388 |
55 |
340 |
871 |
|||||
Professional and director fees |
713 |
394 |
259 |
302 |
1,007 |
|||||
Regulatory expenses |
35 |
53 |
20 |
29 |
80 |
|||||
Business development |
484 |
- |
393 |
- |
74 |
|||||
Wages and related expenses |
347 |
343 |
120 |
185 |
808 |
|||||
Office, maintenance, rent and other expenses |
100 |
87 |
48 |
55 |
211 |
|||||
Share-based payment |
296 |
111 |
105 |
60 |
759 |
|||||
2,139 |
1,376 |
1,000 |
971 |
3,810 |
Subsequent events:
On July 31,
2018, the Company entered into an Agreement for Convertible
Equity (the "Convertible Equity Agreement") with Therapix
Healthcare Resources, Inc. ("THR"), which is a company incorporated
in Delaware and an unaffiliated third party. Under the
Convertible Equity Agreement, the Company loaned an aggregate of
$1,300,000 (the "Loan") to THR. The maturity date of
the Loan, which accrues interest at a rate of nine percent (9%) per
annum, will be upon demand of the Company at any time after
August 1, 2018, the closing date (the "Maturity
Date"). At the election of the Company, the entire Loan shall be
converted into that number of shares of the most senior class of
shares of THR existing at the time of such conversion, at a price
per share equal to the fair market value of such shares as shall be
determined by THR's Board of Directors, it being acknowledged that,
following the exercise of such conversion right, the Company shall
hold 20.96% of THR. In addition, the Company shall have the right
to appoint 50% of the members of the THR Board of Directors. The
proceeds of the Loan were used by THR to acquire eight pain
clinics, seven of which are located in Tennessee and
one in Arkansas, as well as a fully equipped
laboratory in Tennessee from Anesthesia Services
Associates PLLC. (d/b/a Comprehensive Pain Specialist) on
August 1, 2018.
About Therapix Biosciences
Ltd.:
Therapix Biosciences Ltd. is a specialty
clinical-stage pharmaceutical company led by an experienced team of
Senior Executives and Scientists. Our focus is creating and
enhancing a portfolio of technologies and assets based on
cannabinoid pharmaceuticals. With this focus, the company is
currently engaged in the following drug development programs based
on repurposing an FDA-approved cannabinoid (Dronabinol): THX-110
for the treatment of Tourette syndrome (TS), for the treatment of
Obstructive Sleep Apnea (OSA), and the treatment of pain; THX-130
for the treatment of Mild Cognitive Impairment (MCI) and Traumatic
Brain Injury (TBI); THX-150 for the treatment of infectious
diseases; and THX-160 for the treatment of pain. Please visit our
website for more information at www.therapixbio.com.
About TXH-110 (Previously referred to as
THX-TS01 and THX-OSA01):
THX-110 is a combination drug
candidate for the treatment of Tourette syndrome, Obstructive Sleep
Apnea and pain. It is composed of two components: (1) dronabinol
(an FDA approved analog of ∆9-tetrahydracannabinol, or "THC"), and
(2) palmitoylethanolamide ("PEA"), which is an endogenous fatty
acid amide that belongs to the class of nuclear factor agonists,
which are molecules that regulate the expression of genes. The
combination of THC and PEA may induce a reaction known as the
"Entourage Effect". The basic tenet of the entourage effect is that
cannabinoids work together, or possess synergy, and affect the body
in a mechanism similar to the body's own endocannabinoid system,
which is a group of molecules and receptors in the brain that
mediates the psychoactive effects of cannabis. This entourage
effect may account for the pharmacological actions of PEA. Based on
an activity enhancement of other physiological compounds, PEA may
indirectly stimulate the cannabinoid receptors by potentiating
their affinity for a receptor or by inhibiting their metabolic
degradation, and by doing so, may increase the uptake of
cannabinoid compounds, such as THC. Thus, it is speculated that the
presence of the PEA molecule could increase the efficacy of THC,
while reducing the required dosage and decreasing associated
deleterious adverse events.
About THX-130:
THX-130 is a
proprietary, innovative, formulation of ultra-low dose dronabinol,
which is intended to provide a treatment for Mild Cognitive
Impairment (MCI). Recent pre-clinical animal studies have found
that an ultra-low dose of THC could potentially protect the brain
from long-term cognitive impairment, which may be caused by aging,
lack of oxygen supply, seizures or use of drugs. Certain
pre-clinical studies also suggest that ultra-low doses of THC cause
animals to improve performance in behavioral tests that measure
learning and memory.
About THX-150:
THX-150 is a drug
candidate intended for the treatment of infectious diseases. It
consists of dronabinol or dronabinol with PEA and a selected
antibacterial agent, which possesses antimicrobial synergy
potential.
About THX-160:
THX-160 is a drug
candidate intended for the treatment of pain. It consists of a CB2
receptor agonist with or without the opioid.