RedHill Biopharma Announces Full-Year 2023 Results and Operational Highlights
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Insights
The financial results reported by RedHill Biopharma indicate a significant strategic shift in the company's operations, with a focus on U.S. government-funded research and development (R&D) in areas such as nuclear and chemical countermeasures and infectious diseases like COVID-19 and Ebola. This pivot towards externally funded R&D is a prudent move, particularly in light of the company's improved financial performance in 2023, which shows a net income of $23.9 million compared to the net loss of $71.7 million the previous year.
From a market perspective, the transition to a cost-disciplined approach and the divestiture of Movantik are indicative of a strategic realignment that aims to optimize the company's portfolio and focus on areas with high unmet medical needs and significant market opportunities. The reported gross profit of $3.1 million on revenues of $6.5 million, along with the operating income of $12.6 million, is a testament to the effectiveness of these measures. Investors and stakeholders should note that the company's cash balance of $6.5 million, while modest, reflects the current stage of its corporate transformation.
RedHill's emphasis on novel, oral, host-directed small molecule drugs like opaganib and RHB-107, which are in advanced clinical development, positions the company to potentially capitalize on the multi-billion-dollar global market for medical countermeasures and treatments for viral pandemics. The government funding and strategic collaborations further de-risk the development process and could lead to expedited pathways to approval under the FDA's Animal Rule for certain indications.
RedHill's operational highlights suggest that the company is navigating the regulatory landscape effectively, particularly with the potential use of the FDA Animal Rule for the development of opaganib as a medical countermeasure for nuclear and chemical incidents. The Animal Rule allows for approval based on animal studies when it is not feasible or ethical to conduct trials in humans, which could accelerate the approval process for opaganib and RHB-107 in their respective applications.
The strategic business transactions discussed, including potential divestment of assets or commercial operations, reflect a focused approach to streamline the company's operations and concentrate resources on the most promising areas of development. This strategic move could potentially enhance shareholder value by improving the company's financial health and allowing for more efficient allocation of capital towards high-potential projects.
It is also noteworthy that the company's R&D candidates are targeting underserved therapeutic areas, which may provide additional incentives such as priority review vouchers, increasing the attractiveness of these assets from a legal and regulatory standpoint. Stakeholders should be aware of the implications of these incentives on the company's potential market positioning and competitive advantage.
The selection of RedHill's investigational drugs by U.S. government programs underscores the importance of public-private partnerships in addressing public health emergencies and national security concerns. The focus on medical countermeasures for nuclear and chemical incidents, as well as emerging infectious diseases like COVID-19 and Ebola, aligns with current healthcare policies that prioritize preparedness and response to biological threats.
RedHill's collaboration with the U.S. Department of Defense and the National Institutes of Health for the development of opaganib and RHB-107 could facilitate access to additional funding and resources, thereby supporting the company's R&D efforts. This alignment with government-funded initiatives not only provides financial support but also reflects a strategic alignment with national health priorities, potentially enhancing the company's reputation and positioning within the biopharmaceutical industry.
The company's focus on oral, host-directed therapies is particularly relevant in the context of pandemic preparedness, as these treatments can be more easily distributed and administered in emergency situations. The mutation-resistant nature of these drugs is also a significant advantage, given the rapid evolution of viral pathogens and the need for flexible, long-term solutions.
Focused externally funded R&D:
Opaganib for nuclear and chemical medical countermeasure (NIH funding): Selected for evaluation by two
Opaganib for Ebola (
RHB-107 for COVID-19 (
RHB-107 for Ebola (
With multiple target indications, opaganib and RHB-107 are novel, oral, host-directed small molecule drugs in advanced clinical development, with demonstrated safety & efficacy profiles, well suited to counter nuclear / chemical exposure and viral pandemic scenarios, being viral mutation-resistant and easy to administer and distribute
Discussions ongoing with multiple parties regarding strategic business transactions, including potential divestment of certain of our assets and/or commercial operations
Cash balance of
Dror Ben-Asher,
Mr. Ben-Asher continued: "We believe that growing geo-political instability and current regional conflicts are causes for concern regarding increased potential for both nuclear and chemical threats. Governments across the world and global health organizations have been stepping up their efforts to find new options in the face of these devastating possibilities – especially those that can be delivered in challenging circumstances. Opaganib has now been selected by separate
Financial results for the 12 months ended December 31, 20233
Net Revenues for the year ended December 31, 2023, were
Cost of Revenues for the year ended December 31, 2023, was
Gross Profit for the year ended December 31, 2023, was
Research and Development Expenses for the year ended December 31, 2023, were
Selling, Marketing and General and Administrative Expenses for the year ended December 31, 2023, were
Other Income for the year ended December 31, 2023, was
Operating Income for the year ended December 31, 2023, was
Financial Income, net for the year ended December 31, 2023, was
Net Income of
Total Assets as of December 31, 2023, were
Total Liabilities as of December 31, 2023, were
Net Cash Used in Operating Activities for the year ended December 31, 2023, was
Net Cash Provided by Financing Activities for the year ended December 31, 2023, was
Cash Balance as of December 31, 2023, was
R&D Overview
Opaganib's development is focused on a potential role as a nuclear and chemical medical countermeasure in the event of radiation and chemical incidents, while RHB-107 remains focused on the outpatient treatment of COVID-19. Both molecules have also shown promise for potential use in the treatment of the Ebola virus disease, along with other viral pandemic scenarios, and various inflammatory and oncologic conditions.
Both opaganib and RHB-107 are novel, oral, host-directed small molecule drugs with demonstrated safety and efficacy profiles that are ideally suited to nuclear/chemical incidents and viral pandemic scenarios, being viral mutation-resistant and easy to administer and distribute.
Opaganib (ABC294640)4
Opaganib is a first-in-class, orally administered sphingosine kinase-2 (SPHK2) selective inhibitor with potential for broad activity across radioprotection, cancer, inflammatory and viral conditions. Opaganib's host-directed action is thought to work through the inhibition of multiple pathways, the induction of autophagy and apoptosis, and disruption of viral replication, through simultaneous inhibition of three sphingolipid-metabolizing enzymes in human cells (SPHK2, DES1 and GCS). Current focuses of opaganib's development are:
Nuclear and chemical medical countermeasures: Opaganib has been selected for evaluation by two
Ebola virus disease: U.S. Army-funded and conducted studies suggest opaganib is the first host-directed molecule to show activity in vivo in Ebola virus disease, significantly increasing survival time, and separately, opaganib demonstrated robust synergistic effect in vitro when combined with remdesivir (Veklury®; Gilead Sciences, Inc.), improving viral inhibition while maintaining cell viability.
Nuclear and Chemical Medical Countermeasures updates
- In November 2022, the Company announced acceleration of opaganib's nuclear radiation protection development program, with newly published data from eight
U.S. government-funded in vivo studies, and additional experiments, indicating that opaganib was associated with:- Protection of normal tissue, including gastrointestinal, from radiation damage due to ionizing radiation exposure or cancer radiotherapy.
- Improvement of antitumor activity, response to chemoradiation, and enhancement of tolerability and survival.
- Radioprotective capacity in bone marrow, with opaganib showing enhanced survival in mice irradiated with both lethal and half-lethal whole-body radiation.
- Protection of normal tissue, including gastrointestinal, from radiation damage due to ionizing radiation exposure or cancer radiotherapy.
- Improvement of antitumor activity, response to chemoradiation, and enhancement of tolerability and survival.
- Radioprotective capacity in bone marrow, with opaganib showing enhanced survival in mice irradiated with both lethal and half-lethal whole-body radiation.
- In addition, in November 2022, the Company announced additional positive in vivo results from a new pre-clinical study evaluating the effects of opaganib on radiation-induced hematologic and renal toxicity, which suggests that opaganib exerts a protective impact on key hematological and kidney function parameters following total body irradiation (TBI). Development of opaganib as a homeland security nuclear medical countermeasure is currently expected to follow the Animal Rule under which human efficacy studies may not be required, and if approved, may be eligible for a Medical Countermeasure Priority Review Voucher.
- In February 2023, the Company announced that the Radiation and Nuclear Countermeasures Program (RNCP), of the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health, had selected opaganib for the nuclear medical countermeasures product development pipeline as a potential treatment for ARS. As part of this collaboration, contractors directed and supported by the RNCP will undertake studies, designed in collaboration with us, to test opaganib in established ARS models.
- In July 2023, the Company announced that Apogee had been awarded a further
$1.7 million U.S. government RNCP product pipeline development contract awarded to opaganib following its selection by the RNCP for ARS development. - In February 2024, the Company announced that the International Journal of Molecular Sciences published data showing that opaganib protects against radiation-induced lung inflammation and fibrosis in an in vivo mouse model of lung damage following exposure to ionizing radiation.
- In March 2024, the Company announced that opaganib had been selected by the
U.S. government's Chemical Medical Countermeasure Program and chemical countermeasures research program for evaluation as a potential MCM against inhalation Sulfur Mustard exposure. This selection follows opaganib's previous acceptance into the RNCP for ARS development, providing the potential to see broad activity across both radiation and Sulfur Mustard injuries.
Ebola updates
- In October 2023, the Company announced that opaganib delivered a statistically significant increase in survival time when given at 150 mg/kg twice a day (BID) with a
30% mice survival benefit compared to control in a United States Army Medical Research Institute of Infectious Diseases (USAMRIID) in vivo Ebola virus study, making it the first host-directed molecule to show activity in Ebola virus disease. - In December 2023, the Company announced that opaganib demonstrated a robust synergistic effect when combined with remdesivir (Veklury® by Gilead Sciences, Inc.), significantly improving viral inhibition while maintaining cell viability, in a new
U.S. Army-funded and conducted Ebola virus in vitro study.
RHB-107 (upamostat)5
A novel investigational broad-acting, host-directed once-daily oral antiviral targeting multiple potential indications with a focus on COVID-19 and other viruses as part of a pandemic preparedness approach. RHB-107 targets human serine proteases involved in preparing the spike protein for viral entry into target cells and inhibits several proteases targeting cancer and inflammatory gastrointestinal disease. Because it is host-cell targeted, RHB-107 is expected to also be effective against emerging viral variants with mutations in the spike protein. RHB-107 is well tolerated demonstrating its clinical safety profile in approximately 200 patients6. Current focus for RHB-107 development is:
COVID-19 outpatient treatment: Accepted for inclusion in the
Ebola virus disease: In
COVID-19 updates:
- On January 3, 2023, the Company announced publication of positive data from a Phase 2 study of once-daily oral investigational RHB-107 (upamostat) in non-hospitalized symptomatic COVID-19 patients, in the peer-reviewed International Journal of Infectious Diseases. The study showed that RHB-107 successfully met the primary endpoint of safety and tolerability and delivered promising efficacy results, despite the small number of patients in each treatment group, including faster recovery from severe COVID-19 symptoms and
100% reduction in hospitalization due to COVID-19. - In July 2023, the Company announced that RHB-107 had been accepted for inclusion in the U.S. Department of Defense-supported Austere environments Consortium for Enhanced Sepsis Outcomes' (ACESO) PROTECT multinational platform trial for early COVID-19 outpatient treatment. The 300-patient Phase 2 study has received FDA clearance. The study is being conducted in the
U.S. ,Thailand ,Ivory Coast ,South Africa andUganda , and is estimated to be completed by end of 2024. The ACESO PROTECT study is an adaptive, randomized, double blind, multi-site Phase 2 platform trial, being conducted by researchers from ACESO and partner organizations, and administered by the Henry M. Jackson Foundation for the Advancement of Military Medicine (HJF). - In December 2023, the Company announced the receipt of non-dilutive external funding, additional to the previously announced U.S. Government funding, which now covers the entirety of the RHB-107 (upamostat) arm of the ACESO PROTECT adaptive platform trial for early COVID-19 outpatient treatment.
Ebola Virus Disease updates:
- As part of a collaboration with the Therapeutic Discovery Branch of the USAMRIID (US Army Medical Research Institute of Infectious Diseases) in-vitro studies against different strains of Ebola virus and additional viral infectious diseases were undertaken. Initial data from high-content imaging assays provided further support for activities of
RedHill candidates against these viral diseases. - In December 2023, the Company announced results from a U.S. Army-funded and conducted Ebola virus in vitro study. RHB-107 demonstrated robust synergistic effect when combined with remdesivir (Veklury® by Gilead Sciences, Inc.), significantly improving viral inhibition while maintaining cell viability.
Other R&D updates:
- RHB-204: On January 26, 2023, the Company announced that the
U.S. Patent and Trademark Office (USPTO) issued a Notice of Allowance for the granting of a patent covering orphan drug designated RHB-204's oral fixed-dose combination, methods for treating pulmonary Mycobacterium avium Complex (MAC) disease, and kits comprising a supply of fixed-dose combination products for treating pulmonary MAC disease, expected to protect RHB-2047 through 2041. - RHB-102: On February 16, 2023, the Company announced that following a positive pre-MAA meeting it plans to submit a Marketing Authorisation Application (MAA) to the
UK Medicines & Healthcare products Regulatory Agency (MHRA) seeking approval for RHB-102 (Bekinda) for oncology support (management of nausea and vomiting induced by cytotoxic chemotherapy and radiotherapy, also referred to as CINV and RINV) in adults and children over the age of 12. - RHB-204 and RHB-102 are subject to ongoing commercialization / out-licensing / divestment discussions.
Talicia 2023 Updates
Talicia® (omeprazole magnesium, amoxicillin and rifabutin)8
- Talicia continues to be the most prescribed branded agent for H. pylori eradication by
U.S. gastroenterologists9. - Total Talicia coverage stood at nearly 200 million American lives as of December 31, 202310.
- On August 1, 2023, the Company announced that Gaelan Medical had received marketing approval for Talicia in the
UAE and that Gaelan Medical has subsequently placed the first commercial order for Talicia, which was dispatched from the CMO in December 2023. - In September 2023, the Company announced that the FDA approved our Supplemental new drug application (sNDA) for Talicia®, allowing a change to a more flexible three times daily, taken at least 4 hours apart with food, enabling patients to follow a convenient "breakfast, lunch and dinner" dosing routine, which may support increased patient adherence and optimize he potential for successful H. pylori eradication.
- In November 2023, Talicia® was granted another five years' market exclusivity under the QIDP designation by the FDA under the GAIN Act. This grant is on top of the three years' exclusivity granted for the approval of Talicia® under section 505(b)(2). Talicia® is protected by its broad intellectual property suite to 2034.
- In January 2024, the Company announced that the USPTO issued a new patent covering Talicia® as a method for eradicating H. pylori regardless of BMI. The new patent is expected to provide protection for Talicia® until May 2042.
- In March 2024, the Company announced that Talicia had received a new
U.S. patent covering its use as an all-in-one treatment of H. pylori infection, providing protection until 2034.
About RedHill Biopharma
RedHill Biopharma Ltd. (NASDAQ: RDHL) is a specialty biopharmaceutical company primarily focused on gastrointestinal and infectious diseases.
More information about the Company is available at www.redhillbio.com / twitter.com/RedHillBio.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may discuss investment opportunities, stock analysis, financial performance, investor relations, and market trends. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words and include statements regarding the potential divestment of certain of our assets and/or commercial operations, progress of the R&D activities for opaganib and RHB-107, including timing of opaganib's development for Acute Radiation Syndrome and the potential market opportunity for opaganib and RHB-107. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control and cannot be predicted or quantified, and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, market and other conditions, the risk that the Company will not comply with the listing requirements of the Nasdaq Capital Market ("Nasdaq") to remain listed for trading on Nasdaq, the risk that the potential divestment of certain of our assets and/or commercial operations will not occur or will be delayed, the risk of delay in the R&D activities for opaganib or RHB-107, including the ACESO PROTECT platform trial for early COVID-19 outpatient treatment, the risk that opaganib or RHB-107 are not found to be well-suited to counter nuclear/chemical exposure and viral pandemic scenarios, risk that acceptance onto the RNCP Product Development Pipeline will not guarantee ongoing development or that any such development will not be completed or successful; the risk that the FDA does not agree with the Company's proposed development plans for opaganib for any indication, the risk that observations from preclinical studies are not indicative or predictive of results in clinical trials; that the RHB-107 Phase 2 ACESO PROTECT platform trial for early COVID-19 outpatient treatment may not be successful and, even if successful, such studies and results may not be sufficient for regulatory applications, including emergency use or marketing applications, and that additional COVID-19 studies for opaganib and RHB-107 are likely to be required, as well as risks and uncertainties associated with the risk that the Company will not successfully commercialize its products; as well as risks and uncertainties associated with (i) the initiation, timing, progress and results of the Company's research, manufacturing, pre-clinical studies, clinical trials, and other therapeutic candidate development efforts, and the timing of the commercial launch of its commercial products and ones it may acquire or develop in the future; (ii) the Company's ability to advance its therapeutic candidates into clinical trials or to successfully complete its pre-clinical studies or clinical trials or the development of a commercial companion diagnostic for the detection of MAP; (iii) the extent and number and type of additional studies that the Company may be required to conduct and the Company's receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings, approvals and feedback; (iv) the manufacturing, clinical development, commercialization, and market acceptance of the Company's therapeutic candidates and Talicia®; (v) the Company's ability to successfully commercialize and promote Talicia® and Aemcolo®; (vi) the Company's ability to establish and maintain corporate collaborations; (vii) the Company's ability to acquire products approved for marketing in the
Company contact:
Adi Frish
Chief Corporate and Business Development Officer
RedHill Biopharma
+972-54-6543-112
adi@redhillbio.com
Category: Financials
1 Including cash, cash equivalents, short-term bank deposits and restricted cash.
2 The FDA's Animal Rule allows for the use of pivotal animal model efficacy studies to support FDA approval of new drugs when human clinical trials are not ethical or feasible.
3 All financial highlights are approximate and are rounded to the nearest hundreds of thousands.
4 Opaganib is an investigational new drug, not available for commercial distribution.
5 RHB-107 (upamostat) is an investigational new drug, not available for commercial distribution.
6 https://www.ijidonline.com/article/S1201-9712(22)00638-5/fulltext
7 RHB-204 is an investigational new drug, not available for commercial distribution.
8 Talicia® (omeprazole magnesium, amoxicillin and rifabutin) is indicated for the treatment of H. pylori infection in adults. For full prescribing information see: www.Talicia.com.
9 IQVIA XPO Data on file.
10 © 1998 - 2024 Managed Markets Insight & Technology, LLC. All rights reserved.
11 Talicia® (omeprazole magnesium, amoxicillin and rifabutin) is indicated for the treatment of H. pylori infection in adults. For full prescribing information see: www.Talicia.com.
12 Aemcolo® (rifamycin) is indicated for the treatment of travelers' diarrhea caused by noninvasive strains of Escherichia coli in adults. For full prescribing information see: www.Aemcolo.com.
REDHILL BIOPHARMA LTD. | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||
Year Ended December 31, | ||||||||
2023 | 2022 | 2021 | ||||||
U.S. dollars in thousands | ||||||||
NET REVENUES | 6,530 | 61,800 | 85,757 | |||||
COST OF REVENUES | 3,459 | 33,337 | 49,406 | |||||
GROSS PROFIT | 3,071 | 28,463 | 36,351 | |||||
RESEARCH AND DEVELOPMENT EXPENSES | 3,528 | 7,279 | 29,498 | |||||
SELLING AND MARKETING EXPENSES | 14,756 | 35,442 | 55,623 | |||||
GENERAL AND ADMINISTRATIVE EXPENSES | 16,219 | 28,586 | 32,365 | |||||
OTHER INCOME | 44,064 | — | — | |||||
OPERATING INCOME (LOSS) | 12,632 | (42,844) | (81,135) | |||||
FINANCIAL INCOME | 20,889 | 13,562 | 51 | |||||
FINANCIAL EXPENSES | 9,605 | 42,387 | 16,660 | |||||
FINANCIAL INCOME (EXPENSES), net | 11,284 | (28,825) | (16,609) | |||||
INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE | 23,916 | (71,669) | (97,744) | |||||
EARNINGS (LOSS) PER ORDINARY SHARE, basic and diluted ( | 0.01 | (0.12) | (0.21) | |||||
REDHILL BIOPHARMA LTD. | ||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
December 31, | December 31, | |||
2023 | 2022 | |||
U.S. dollars in thousands | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 5,569 | 19,968 | ||
Bank deposits | — | 15 | ||
Restricted cash | 790 | 16,000 | ||
Trade receivables | 2,591 | 34,521 | ||
Prepaid expenses and other receivables | 2,801 | 4,387 | ||
Inventory | 4,389 | 11,009 | ||
16,140 | 85,900 | |||
NON-CURRENT ASSETS: | ||||
Restricted cash | 147 | 150 | ||
Fixed assets | 193 | 502 | ||
Right-of-use assets | 989 | 6,692 | ||
Intangible assets | 5,578 | 65,626 | ||
6,907 | 72,970 | |||
TOTAL ASSETS | 23,047 | 158,870 | ||
CURRENT LIABILITIES: | ||||
Account payable | 3,278 | 4,230 | ||
Lease liabilities | 718 | 1,032 | ||
Allowance for deductions from revenue | 10,654 | 47,870 | ||
Accrued expenses and other current liabilities | 4,592 | 17,949 | ||
Borrowing | — | 115,216 | ||
Payable in respect of intangible assets purchase | — | 11,157 | ||
19,242 | 197,454 | |||
NON-CURRENT LIABILITIES: | ||||
Lease liabilities | 455 | 6,443 | ||
Derivative financial instruments | 741 | 2,623 | ||
Royalty obligation | 540 | 750 | ||
1,736 | 9,816 | |||
TOTAL LIABILITIES | 20,978 | 207,270 | ||
EQUITY (CAPITAL DEFICIENCY): | ||||
Ordinary shares | 21,441 | 2,835 | ||
Additional paid-in capital | 388,363 | 382,625 | ||
Accumulated deficit | (407,735) | (433,860) | ||
TOTAL EQUITY (CAPITAL DEFICIENCY) | 2,069 | (48,400) | ||
TOTAL LIABILITIES AND EQUITY (CAPITAL DEFICIENCY) | 23,047 | 158,870 | ||
REDHILL BIOPHARMA LTD. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
Year Ended December 31, | |||||||
2023 | 2022 | 2021 | |||||
U.S. dollars in thousands | |||||||
OPERATING ACTIVITIES: | |||||||
Comprehensive income (loss) | 23,916 | (71,669) | (97,744) | ||||
Adjustments in respect of income and expenses not involving cash flow: | |||||||
Share-based compensation to employees and service providers | 1,647 | 5,675 | 10,212 | ||||
Depreciation | 1,445 | 2,136 | 1,914 | ||||
Amortization of intangible assets | 545 | 6,018 | 16,235 | ||||
Gains from the transfer of rights in Movantik® and extinguishment of debt obligations, (see | (56,082) | — | — | ||||
Gains from early termination of leases and impairment of fixed assets, net | (543) | — | — | ||||
Non-cash expenses related to borrowing and payable in respect of intangible assets purchase | — | 33,151 | 5,366 | ||||
Fair value (gains) losses on derivative financial instruments and changes in royalty obligation | 5,359 | (13,422) | 5 | ||||
Loss from modification of warrants terms as part of a new issuance | 1,459 | — | — | ||||
Issuance costs in respect of warrants | 2,034 | 958 | — | ||||
Exchange differences and revaluation of bank deposits | 19 | (40) | 118 | ||||
(44,117) | 34,476 | 33,850 | |||||
Changes in assets and liability items: | |||||||
Decrease (increase) in trade receivables | 31,930 | (2,845) | (3,021) | ||||
Decrease in prepaid expenses and other receivables | 1,586 | 274 | 860 | ||||
Decrease (increase) in inventories | 2,387 | 3,801 | (8,285) | ||||
Increase (decrease) in accounts payable | (952) | (7,434) | 111 | ||||
(Decrease) in accrued expenses and other liabilities | (13,354) | (2,947) | (3,186) | ||||
Increase (decrease) in allowance for deductions from revenue | (37,216) | 17,159 | 12,368 | ||||
(15,619) | 8,008 | (1,153) | |||||
Net cash used in operating activities | (35,820) | (29,185) | (65,047) | ||||
INVESTING ACTIVITIES: | |||||||
Purchase of fixed assets | (11) | (198) | (115) | ||||
Change in investment in current bank deposits | 15 | 8,500 | (8,500) | ||||
Proceeds from sale of financial assets at fair value through profit or loss | — | — | 475 | ||||
Net cash provided by (used in) investing activities | 4 | 8,302 | (8,140) | ||||
FINANCING ACTIVITIES: | |||||||
Proceeds from issuance of ordinary shares and warrants, net of issuance costs | 13,959 | 23,806 | 78,536 | ||||
Exercise of options into ordinary shares | — | — | 4,006 | ||||
Repayment of payable in respect of intangible asset purchase | (6,555) | (10,878) | (7,397) | ||||
Decrease in restricted cash | 15,210 | — | — | ||||
Payment of principal with respect to lease liabilities | (1,175) | (1,475) | (1,683) | ||||
Net cash provided by financing activities | 21,439 | 11,453 | 73,462 | ||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (14,377) | (9,430) | 275 | ||||
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (22) | (76) | (96) | ||||
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 19,968 | 29,474 | 29,295 | ||||
BALANCE OF CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 5,569 | 19,968 | 29,474 | ||||
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN CASH | 138 | 84 | 47 | ||||
SUPPLEMENTARY INFORMATION ON INTEREST PAID IN CASH | 367 | 8,182 | 11,280 | ||||
SUPPLEMENTARY INFORMATION ON NON-CASH INVESTING AND FINANCING | |||||||
Acquisition of right-of-use assets by means of lease liabilities | 270 | 5,590 | 303 | ||||
Decrease in lease liability (with corresponding decrease in right of use asset in amount of | 5,413 | 587 | — | ||||
Transfer of rights in Movantik® and extinguishment of debt obligations: | |||||||
Decrease in Intangible asset | (59,503) | ||||||
Decrease in Inventories | (4,233) | ||||||
Decrease in Payable in respect of Intangible asset | 4,602 | ||||||
Decrease in Borrowing | 115,216 | ||||||
Gains from the transfer of the rights in Movantik® and extinguishment of debt obligations | 56,082 | ||||||
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SOURCE RedHill Biopharma Ltd.
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