Can-Fite BioPharma reported financial results for the nine months ended September 30, 2015. Net loss was NIS 20.53 million ($5.23 million).
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This compares with a net loss of NIS 16.89 million ($4.31 million) for the same period in 2014. The increase in net loss for the nine months of 2015, was primarily attributable to an increase in finance expenses, net offset by decreases in operating expenses.
Research and development expenses for the nine months ended September 30, 2015 were NIS 9.58 million ($2.44 million) compared with NIS 12.44 million ($3.17 million) for the same period in 2014.
Research and developments expenses for the nine months of 2015 comprised primarily of expenses associated with the Phase II study for CF102 as well as expenses for ongoing studies of CF101.
The decrease is primarily due to the completion of the Phase II/III psoriasis study during the first quarter of 2015 and a decrease in the scope of the non-clinical expenses during the first nine months of 2015 as compared to the parallel period in 2014.
General and administrative expenses were NIS 6.79 million ($1.73 million) for the nine months ended September 30, 2015 compared to NIS 7.73 million ($1.97 million) for the same period in 2014. The decrease is primarily due to a reduction in salary and professional services expenses.
Financial expenses, net for the nine months ended September 30, 2015 aggregated NIS 4.70 million ($1.20 million) compared to financial income, net of NIS 3.28 million ($0.84 million) for the same period in 2014. The increase in financial expenses, net in the nine months of 2015 was mainly due to an increase in the fair value of warrants that are accounted as financial liability.
As of September 30, 2015, Can-Fite had cash and cash equivalents of NIS 56.73 million ($14.46 million) as compared to NIS 36.09 million ($9.20 million) at December 31, 2014.
The increase in cash during the nine months ended September 30, 2015 is due to NIS 32.35 million ($8.25 million) received from issuance of shares and warrants, net of issuance expenses and NIS 5.14 million ($1.31 million) received from Cipher Pharmaceuticals as upfront payment for entering into the distribution agreement with Cipher, offset by operating expenses.
An additional $4.3 million, net was raised in October 2015, following the end of the third quarter.
For the convenience of the reader, the reported NIS amounts have been translated into U.S. dollars, at the representative rate of exchange on September 30, 2015 ($1 = NIS 3.923).
The Company's consolidated financial results for the nine months ended September 30, 2015 are presented in accordance with International Financial Reporting Standards. ■