Polyrizon Ltd.(PLRZ) - 2025 Q2 - Quarterly Report

Financial Statements Index This section provides an index to the company's condensed financial statements and related notes Financial Statements Listing | | Page | | :--- | :--- | | Condensed Balance Sheets | F-2 | | Condensed Statements of Comprehensive Loss | F-3 | | Condensed Statement of Changes in Shareholders' Equity | F-4 - F-5 | | Condensed Statements of Cash Flows | F-6 | | Notes to Condensed Financial Statements | F-7 - F-17 | Condensed Balance Sheets This section presents the company's financial position, detailing assets, liabilities, and shareholders' equity at specific dates Condensed Balance Sheets Overview | | As of June 30, 2025 (U.S. dollars in thousands) | As of December 31, 2024 (U.S. dollars in thousands) | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $15,828 | $2,554 | | Other current assets | $204 | $99 | | Total current assets | $16,032 | $2,653 | | Property and equipment, net | $10 | $10 | | Intangible asset, net | $2,697 | $2,884 | | Total assets | $18,739 | $5,547 | | Liabilities and Shareholders' Equity | | | | Employees and payroll-related liabilities | $45 | $45 | | Other payables and accrued expenses | $249 | $216 | | Warrants liability | $70 | $- | | Total current liabilities | $364 | $261 | | Additional paid-in capital | $23,618 | $10,352 | | Accumulated deficit | $(5,243) | $(5,066) | | Total shareholders' equity | $18,375 | $5,286 | | Total liabilities and shareholders' equity | $18,739 | $5,547 | - Total assets increased significantly from $5,547 thousand as of December 31, 2024, to $18,739 thousand as of June 30, 2025, primarily driven by an increase in cash and cash equivalents[3] - Total shareholders' equity increased from $5,286 thousand as of December 31, 2024, to $18,375 thousand as of June 30, 2025[3] Condensed Statements of Net Income (Loss) This section details the company's financial performance, including revenues, expenses, and net loss over specific periods Condensed Statements of Net Income (Loss) Overview | | Six months ended June 30, 2025 (U.S. dollars in thousands) | Six months ended June 30, 2024 (U.S. dollars in thousands) | | :--- | :--- | :--- | | Research and development expenses | $(776) | $(137) | | General and administrative expenses | $(1,709) | $(210) | | Operating loss | $(2,485) | $(347) | | Financial income (expense), net | $2,308 | $(241) | | Net loss | $(177) | $(588) | | Basic and diluted net loss per share | $(0.12) | $(59.90) | | Weighted average number of shares | 1,443,182 | 10,417 | - Net loss decreased significantly from $(588) thousand for the six months ended June 30, 2024, to $(177) thousand for the same period in 2025, primarily due to a positive shift in financial income (expense), net[5] - Operating loss increased from $(347) thousand in 2024 to $(2,485) thousand in 2025, driven by higher R&D and G&A expenses[5] Condensed Statement of Changes in Shareholders' Equity This section outlines changes in shareholders' equity, including contributions, distributions, and net income or loss For the Six Months Ended June 30, 2025 Shareholders' equity increased from $5,286 thousand at December 31, 2024, to $18,375 thousand at June 30, 2025, primarily due to $11,100 thousand from the exercise of warrants and $1,768 thousand from the issuance of shares and warrants, partially offset by a net loss of $(177) thousand Changes in Shareholders' Equity (2025) | | Ordinary shares (Number) | Ordinary shares (Amount) | Additional paid-in capital | Accumulated deficit | Total shareholders' equity | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of December 31, 2024 | 16,778 | $- | $10,352 | $(5,066) | $5,286 | | Share based payment | - | $- | $398 | $- | $398 | | Issuance of shares, warrants and pre-funded warrants, net | 141,667 | $- | $1,768 | $- | $1,768 | | Exercise of warrants | 5,722,318 | $- | $11,100 | $- | $11,100 | | Net loss | - | $- | $- | $(177) | $(177) | | Balance as of June 30, 2025 | 5,880,763 | $- | $23,618 | $(5,243) | $18,375 | - Total shareholders' equity increased by $13,089 thousand, from $5,286 thousand to $18,375 thousand, during the six months ended June 30, 2025[7] - The exercise of warrants contributed $11,100 thousand to additional paid-in capital[7] For the Six Months Ended June 30, 2024 Shareholders' equity (deficit) improved from $(191) thousand at December 31, 2023, to $(26) thousand at June 30, 2024. This improvement was driven by share-based payments, conversion of convertible loans, issuance of shares, and classification of warrant liability to equity, partially offset by a net loss of $(588) thousand Changes in Shareholders' Equity (2024) | | Preferred shares (Number) | Preferred shares (Amount) | Ordinary shares (Number) | Ordinary shares (Amount) | Additional paid-in capital | Receivables on account of shares | Accumulated deficit | Total shareholders' deficit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of December 31, 2023 | 419 | $248 | 10,202 | $- | $3,526 | $(196) | $(3,521) | $(191) | | Share based payment | - | $- | - | $- | $35 | $- | $- | $35 | | Conversion of convertible loan | - | $- | 794 | $- | $225 | $- | $- | $225 | | Issuance of shares | - | $- | - | $- | $- | $177 | $- | $177 | | Classification of warrant liability to equity | - | $- | - | $- | $316 | $- | $- | $316 | | Net loss | - | $- | - | $- | $- | $- | $(588) | $(588) | | Balance as of June 30, 2024 | 419 | $248 | 10,996 | $- | $4,102 | $(19) | $(4,109) | $(26) | - Total shareholders' deficit decreased from $(191) thousand to $(26) thousand during the six months ended June 30, 2024[9] - The classification of warrant liability to equity contributed $316 thousand to additional paid-in capital[9] Condensed Statements of Cash Flows This section summarizes cash inflows and outflows from operating, investing, and financing activities Condensed Statements of Cash Flows Overview | | For the Six Months Ended June 30, 2025 (U.S. dollars in thousands) | For the Six Months Ended June 30, 2024 (U.S. dollars in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,821) | $(337) | | Net cash used in investing activities | $(2) | $- | | Net cash provided by financing activities | $15,097 | $356 | | Change in cash and cash equivalents | $13,274 | $19 | | Cash and cash equivalents at the beginning of the year | $2,554 | $4 | | Cash and cash equivalents at the end of the year | $15,828 | $23 | - Net cash provided by financing activities significantly increased to $15,097 thousand in 2025 from $356 thousand in 2