XTLbio(XTLB) - 2022 Q2 - Quarterly Report

Financial Performance - The company reported a total profit of $221,000 for the six months ended June 30, 2022, compared to a loss of $865,000 for the same period in 2021, indicating a significant turnaround[10] - The company recorded finance income of $672,000 for the six months ended June 30, 2022, compared to finance expenses of $(330,000) for the same period in 2021, indicating a positive shift in financial performance[10] - The basic and diluted earnings per share improved from $(0.002) in the six months ended June 30, 2021, to $0.000 in the same period of 2022[10] - The company recognized a loss of $1,289 thousand in finance income (expense), net, during the six months ended June 30, 2021[35] - The company disposed of warrants resulting in a loss of $512 thousand during the six months ended June 30, 2021[35] Assets and Liabilities - Total assets decreased from $6,618,000 as of December 31, 2021, to $5,757,000 as of June 30, 2022, representing a decline of approximately 13%[6] - Cash and cash equivalents decreased from $2,969,000 at the beginning of the period to $2,346,000 at the end of the period, a reduction of about 21%[16] - Marketable securities decreased from $3,158,000 as of December 31, 2021, to $2,810,000 as of June 30, 2022, a decline of approximately 11%[28] - The warrant liability decreased significantly from $1,054,000 as of December 31, 2021, to $22,000 as of June 30, 2022, a reduction of approximately 98%[6] - The balance of warrant liability increased from $2,637 thousand at the beginning of 2021 to $3,414 thousand by June 30, 2021, before decreasing to $22 thousand by June 30, 2022[35] Equity and Deficit - The company’s accumulated deficit improved slightly from $(155,133,000) as of December 31, 2021, to $(154,903,000) as of June 30, 2022[6] - Total equity attributable to equity holders of the company increased from $5,333,000 as of December 31, 2021, to $5,563,000 as of June 30, 2022, an increase of about 4%[6] Research and Development - Research and development expenses increased to $21,000 for the six months ended June 30, 2022, from $18,000 in the same period of 2021, reflecting a growth of approximately 17%[10] Warrants - As of June 30, 2022, the company had outstanding warrants totaling 1,797,500, which could potentially convert into 179,750,000 shares[32] - The company recorded finance income of $1,032 thousand and $495 thousand for the six and three months ended June 30, 2022, respectively, related to warrant liability revaluation[33] - A total of 60,000,000 warrants from the February 23, 2017 round expired on August 23, 2022[36] - The company expects the life of the warrants to be based on their expiration dates[34] - The expected volatility for the warrants was calculated based on actual historical share price movements over the contractual term[34] Dividends - The company has not paid dividends in the past and does not expect to pay dividends in the future[34]