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XTL Biopharmaceuticals Reports First Quarter 2018 Financial Results & Provides Update
XTL Biopharmaceuticals Reports First Quarter 2018 Financial Results & Provides UpdatePR NewswireRAMAT GAN, Israel, May 29, 2018RAMAT 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 OverviewXTL 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 DataAs ofAs ofMarch 31,December 31,20182017Cash, cash equivalents $ 1,020$ 3,289Short-term deposit4,521Full story available on Benzinga.com
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