SaverOne 2014 .(SVRE) - 2025 Q2 - Quarterly Report

Financial Performance - Revenues for the six months ended June 30, 2025, increased to NIS 756,000 from NIS 483,000 for the same period in 2024, representing a growth of 56.4%[8] - Gross profit for the six months ended June 30, 2025, was NIS 224,000, compared to NIS 85,000 in the prior year, indicating a significant increase of 163.5%[8] - The operating loss for the six months ended June 30, 2025, was NIS 16,783,000, slightly higher than the loss of NIS 15,678,000 in the same period of 2024[8] - The company reported a comprehensive loss of NIS 16,119,000 for the six months ended June 30, 2025, compared to a loss of NIS 16,284,000 in the same period of 2024[8] - The basic and diluted loss per share for the six months ended June 30, 2025, was NIS 0.01, compared to NIS 0.21 for the same period in 2024[8] - The loss attributed to shareholders for the six months ended June 30, 2025, was $(16,119) thousand[94] Assets and Equity - Total assets as of June 30, 2025, amounted to NIS 24,527,000, up from NIS 22,039,000 as of June 30, 2024, reflecting an increase of 11.3%[6] - Shareholders' equity rose to NIS 16,812,000 as of June 30, 2025, compared to NIS 9,622,000 a year earlier, marking a substantial increase of 74.5%[6] - Cash and cash equivalents increased to NIS 15,993,000 as of June 30, 2025, from NIS 11,302,000 at the end of June 2024, representing a growth of 41.5%[6] Research and Development - Research and development expenses for the six months ended June 30, 2025, were NIS 9,840,000, compared to NIS 8,897,000 in the prior year, indicating an increase of 10.6%[8] Financing Activities - The Company entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville, allowing the sale of up to $10,000 thousand of ADSs over 48 months, with an initial advance of $2,000 thousand[26] - By December 31, 2023, the Company sold 33,034,240 shares to Yorkville for a total purchase price of $3,394 thousand[27] - On December 13, 2023, the Company agreed to sell 8,333,335 ordinary shares for total gross proceeds of $1,000 thousand through a registered direct offering[32] - The Commitment Amount under the SEPA was increased to $15,000 thousand on March 25, 2024[33] - The Company issued a Fourth Promissory Note to Yorkville for $1,000 thousand, maturing on November 11, 2025, with an interest rate of 8%[37] - During the six months ended June 30, 2025, the Company sold 3,130,608,000 ordinary shares to Yorkville for a total of $5,506 thousand[41] - The Company plans to finance operations through equity and/or debt sales, including a potential public offering on Nasdaq[42] - The Company entered into a new Standby Equity Purchase Agreement (New SEPA) with Yorkville, allowing for an aggregate subscription amount of up to $15 million from July 16, 2024, to July 16, 2027[65] - The Company sold 3,130,608,000 ordinary shares to Yorkville for a total purchase price of $5,506 thousand during the six months ended June 30, 2025[81] - As of June 30, 2025, the remaining outstanding balance of the Fourth Promissory Note was $494 thousand, with a maturity date extended to December 11, 2025[79] - The Company issued an unsecured non-convertible promissory note (Fourth Promissory Note) in the principal amount of $1,000 thousand, bearing an interest rate of 8%[77] - The net amount received for the Third Promissory Note was $2,895 thousand after a 3% discount[71] - The company sold 999,720,000 ordinary shares to Yorkville for a total purchase price of $629 thousand during the period from July 1, 2025, to the issuance date of the condensed interim financial statements[102] Share Capital and Stock Activity - The Company issued 195,428,970 ordinary shares through a registered direct offering for a gross amount of $1,520 thousand on January 30, 2025[83] - The Company increased its authorized shares to 500,000,000,000 ordinary shares as approved on August 18, 2025[84] - The Company executed a reverse stock split, changing the ADS ratio from 1:1,200 to 1:3,600 on June 11, 2025[88] - The company's shareholders approved an increase in registered share capital to 500,000,000,000 ordinary shares on August 18, 2025[103] Economic and Operational Impact - The ongoing Iron Sword War has significantly impacted the economic and business activity in Israel, affecting the Company's operational continuity[45] - The Company is unable to predict the intensity of the War's impact on its financial condition and operational results due to the uncertainty surrounding the conflict[49] Derivative Liabilities - The company has a Derivative warrants liability amounting to NIS 54, classified at fair value through profit or loss, with revaluation income recognized at NIS 3,503 during the six-month period ended June 30, 2025[99]