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XTL Biopharmaceuticals Reports First Quarter 2018 Financial Results & Provides Update

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XTL Biopharmaceuticals Reports First Quarter 2018 Financial Results & Provides Update

PR Newswire

RAMAT GAN, Israel, May 29, 2018 /PRNewswire/ -- XTL Biopharmaceuticals Ltd. (NASDAQ:XTLB) (TASE: XTLB.TA) ("XTL" or the "Company"), a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases, today announced financial results for the quarter ended March 31, 2018 and provided an update on the development program for its lead drug candidate hCDR1.

The Company is expanding its IP portfolio surrounding hCDR1 and has decided to reduce its research and development expenditures in connection with execution of its clinical trials until full funding for the trials or cooperation with a strategic partner is secured. In parallel, the Company will look to identify additional assets to add to XTL's portfolio.

Financial Overview

XTL reported approximately $1.0 million in cash and cash equivalents as of March 31, 2018 and approximately $5 million in Other Current Assets (mainly short term bank deposits). The decrease of $2.3 million since December 31, 2017, in cash and cash equivalents derives mainly from depositing additional $2 million to the short-term bank deposit.

Research and development expenses for the quarter ended March 31, 2018 were $11 thousand compared to $23 thousand for the corresponding period in 2017. The decrease was due to management decision to reduce its research and development expenditures on its current drug.

General and administrative expenses for the three months ended March 31, 2018 were $187 thousand compared to $304 thousand for the corresponding period in 2017. The change resulted mainly from decreases in salaries and expenses relating to employees (including stock-based compensation expenses) and investor relations.

Finance income, net for the three months ended March 31, 2018 were $982 thousand compared to finance expenses, net amounted to $650 thousand for the corresponding period in 2017. The difference is driven primarily by revaluation of warrants. During the first quarter of 2018 the Company filed an F-1 amendment and registered its warrants. Subsequently, all warrants were classified to the capital and there will be no further future evaluations. 

XTL reported an operating loss for the quarter ended March 31, 2018 of $198 thousand compared to $327 thousand for the corresponding period in 2017 reflecting decreased spending on research and development and general and administrative expenses. The Company reported a total net income for the period ended March 31, 2018 of approximately $875 thousand or $0.002 per share, compared to a loss of  approximately $980 thousand or $0.003 per share in the corresponding period in 2017.  The change is driven primarily by the revaluation of warrants as described above.


 

XTL Biopharmaceuticals, Ltd. and Subsidiaries

(USD in thousands)

Consolidated Statements of Financial Position - Selected Data



As of


As of



March 31,


December 31,



2018


2017

Cash, cash equivalents


$              1,020


$              3,289

Short-term deposit


4,521


2,507

Other current assets


508


410

Non-current assets


380


380

Total assets


6,429


6,586






Current liabilities


$                 232


$                 300

Non-current liabilities


-


2,667

Total shareholders' equity


6,197


3,619

 

 

XTL Biopharmaceuticals, Ltd. and Subsidiaries

(USD in thousands, except per share amounts)

Consolidated Statements of Comprehensive Income - Selected Data


For the three months ended

March 31,


2018


2017





Research and Development expenses

$                 (11)


$               (23)

General and administrative expenses

(187)


(304)

Operating Loss

$               (198)


$               (327)





Finance income

$              1,079


$                   17

Finance expenses

(6)


(667)

Finance income (expenses), net

$               1,073


$              (650)





Total income (loss)

$                  875


$               (977)





Other comprehensive income:




Items that may be reclassified to profit or loss:




Changes in the fair value of available-for-sale financial assets

$                      -


$                  (3)

Other comprehensive income

$                      -


$                  (3)





Total comprehensive income (loss) for the period

$                 875


$              (980)



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