BIOLINERX     Print Page  Close Window

SEC filings
F-1
BIOLINERX LTD. filed this Form F-1 on 10/02/2012
Entire Document
 
53

 
 
Quarterly Results of Operations
 
The following tables show our unaudited quarterly statements of operations for the periods indicated. We have prepared this quarterly information on a basis consistent with our audited consolidated financial statements and we believe it includes all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the information shown. Operating results for any quarter are not necessarily indicative of results for a full fiscal year.
 
   
Three Months Ended
 
   
March 31
   
June 30
   
Sept. 30
   
Dec. 31
   
March 31
   
June 30
   
Sept. 30
   
Dec. 31
   
March 31
   
June 30
 
   
2010
   
2011
   
2012
 
Consolidated statements of Operations
                                                           
Revenues
                113,160                                            
Cost of revenues
                (25,571 )                                          
Sales and marketing expenses
    (959 )     (1,225 )     (1,322 )     (1,103 )     (750 )     (1,323 )     (358 )     (877 )     (766 )     (948 )
Research and development expenses, net
    (10,736 )     (26,296 )     (6,737 )     (11,197 )     (6,384 )     (10,405 )     (13,255 )     (12,579 )     (14,675 )     (16,000 )
General and administrative expenses
    (2,935 )     (3,289 )     (2,690 )     (5,961 )     (2,926 )     (3,348 )     (3,272 )     (3,176 )     (3,525 )     (2,956 )
                                                                                 
Operating profit (loss)
    (14,630 )     (30,810 )     76,840       (18,261 )     (10,060 )     (15,076 )     (16,885 )     (16,632 )     (18,966 )     (19,904 )
Non-operating income, net
    -       -       -       -       -       -       -       -       2,819       2,712  
Financial income, net
    193       2,685       178             1,183       637       8,965       2,432       446       6,050  
Financial expenses, net
    (1,038 )     (24 )     (3,869 )     (3,824 )     (2,767 )     (1,965 )     (18 )           (2,231 )     (172 )
Net profit (loss)
    (15,475 )     (28,149 )     73,149       (22,085 )     (11,644 )     (16,404 )     (7,938 )     (14,200 )     (17,932 )     (11,314 )
 
Our quarterly revenues and operating results of operations have varied in the past and can be expected to vary in the future due to numerous factors. We believe that period-to-period comparisons of our operating results are not necessarily meaningful and should not be relied upon as indications of future performance.
 
Liquidity and Capital Resources
 
Since inception, we have funded our operations primarily through public (in Israel) and private offerings of our equity securities, grants and loans from the OCS, and payments received under our strategic licensing arrangements. At June 30, 2012, we held approximately NIS 119.9 million ($30.6 million) in cash, cash equivalents and short-term bank deposits, and have invested substantially all of our available cash funds in short-term bank deposits.
 
Net cash used in operating activities was NIS 36.4 million ($9.3 million) for the six months ended June 30, 2012, compared with cash provided by operating activities of NIS 21.3 million ($5.4 million) for the six months ended June 30, 2011. The NIS 15.1 million ($3.9 million) increase in net cash used in operating activities during the six month period in 2012 as compared to the six month period in 2011 was primarily the result of t of increased research and development spending.
 
Net cash provided by investing activities for the six months ended June 30, 2012 was NIS 9.9 million ($2.5 million), compared to net cash used in investing activities of NIS 52.0 million ($13.2) for the six months ended June 30, 2011. The changes in cash flows from investing activities relate primarily to a net increase in the amount of short-term bank deposits that matured during the period.
 
Net cash provided by financing activities for the six months ended June 30, 2012 was NIS 52.3 million ($13.3 million) compared to an insignificant amount of net cash used in financing activities for the six months ended June 30, 2011. This increase relates to the private placement which we completed in February 2012.