Purple Biotech .(PPBT) - 2021 Q4 - Annual Report

Financial Performance - The operating loss for the year ended December 31, 2021 amounted to $17.9 million, an increase of $4.7 million, or 36%, compared to $13.2 million for the year ended December 31, 2020[411] - The net loss for the year ended December 31, 2021 was $18.5 million, or $1.05 per basic and diluted ADS, compared to a net loss of $28.1 million, or $2.45 per basic and diluted ADS, in 2020[414] - The adjusted operating loss for the year ended December 31, 2021 was $15.8 million, an increase of $5.2 million compared to $10.6 million for the year ended December 31, 2020[412] Research and Development - Research and development expenses for the year ended December 31, 2021 were $11.8 million, an increase of $4.6 million, or 64%, compared to $7.2 million for the year ended December 31, 2020[409] Cash Flow and Liquidity - Net cash flow used in operating activities for the year ended December 31, 2021 was approximately $14.9 million, compared to approximately $13.8 million for 2020[425] - Net cash provided by investing activities for the year ended December 31, 2021 was $13.4 million, compared to net cash used of $49.6 million for the year ended December 31, 2020[426] - As of December 31, 2021, the company had approximately $47.4 million in cash and cash equivalents, sufficient to satisfy liquidity requirements for the next 12 months[424] - The company had no borrowings as of December 31, 2021[429] - The company raised gross proceeds of approximately $50 million from the sale of ADSs under the Sales Agreement with Jefferies during the twelve months ended December 31, 2021[423] Expenses - Selling, general and administrative expenses for the year ended December 31, 2021 were $6.1 million, an increase of $0.1 million compared to $6.0 million for the year ended December 31, 2020[410] Currency Sensitivity - A sensitivity test on the U.S. dollars/NIS exchange rate as of December 31, 2021, indicates that a 2% decrease in the exchange rate results in an income increase of $4,000, while a 5% decrease leads to an income increase of $6,000[667] - A 5% increase in the exchange rate results in a loss of $6,000, and a 2% increase results in a loss of $4,000[667] - Cash and cash equivalents show a potential income change of $1,877,000 with a 5% increase in the exchange rate, while a 5% decrease results in an income of $38,000[667] - Other current assets could see an income change of $1,185,000 with a 5% increase in the exchange rate, and $24,000 with a 2% decrease[667] - Accounts payable may incur a loss of $661,000 with a 5% increase in the exchange rate, while a 5% decrease results in an income of $13,000[667] - Other payables could lead to a loss of $1,970,000 with a 5% increase in the exchange rate, and an income of $39,000 with a 2% decrease[667] - Post-employment benefit liabilities may incur a loss of $292,000 with a 5% increase in the exchange rate, while a 5% decrease results in an income of $6,000[667]