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TEL AVIV, Israel, Nov. 9, 2017 /PRNewswire/ -- Galmed Pharmaceuticals (Nasdaq: GLMD) ("Galmed" or the "Company"), a clinical-stage biopharmaceutical company focused on the development of a once-daily, oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH, and other liver diseases, today reported financial results for the three and nine months ended September 30, 2017. The Company will host a conference call and webcast today to discuss the financial results and to provide an update on current developments with respect to its clinical programs for Aramchol™. Business Update
"We are pleased with our continued progress on both our ARRIVE and ARREST clinical trials, which we anticipate will report our topline data in the first and second quarters of 2018, respectively," said Allen Baharaff, President and Chief Executive Officer of Galmed. Mr. Baharaff continued, "Moreover, we strengthened our balance sheet with the support of institutional investors, along with two members of our board." Financial Summary - Third Quarter 2017 vs. Third Quarter 2016:
Conference Call & Webcast: Replays, available through November 23, 2017 About Aramchol™ and Non-alcoholic Steatohepatitis (NASH) NASH is an emerging world crisis impacting an estimated 3% to 5% of the U.S. population and an estimated 2% to 4% globally. It is the fastest growing cause of liver cancer and liver transplant in the U.S. due to the rise in obesity. NASH is the progressive form of non-alcoholic fatty liver disease that can lead to cardiovascular disease, cirrhosis and liver-related mortality. About Galmed Pharmaceuticals Ltd. Forward-Looking Statements: GALMED PHARMACEUTICALS LTD.
Consolidated Balance Sheets
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U.S. Dollars in thousands, except share data and per share data
As of As of
September 30, December 31,
2017 2016
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Unaudited Audited
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Assets
Current assets
Cash and cash equivalents $2,614 $3,097
Marketable securities 6,344 12,351
Other accounts receivable 171 284
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Total current assets 9,129 15,732
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Property and equipment, net 548 718
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Total assets $9,677 $16,450
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Liabilities and stockholders' equity
Current liabilities
Trade payables $1,965 $3,122
Other accounts payable 219 363
Short-term portion of deferred revenue 811 1,094
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Total current liabilities 2,995 4,579
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Long-term liabilities
Related parties 150 267
Long-term portion of deferred revenue - 529
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Total long-term liabilities 150 796
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Stockholders' equity:
Ordinary shares par value NIS 0.01 per share;
Authorized 50,000,000; 36 34
Issued and outstanding: 12,733,512 shares as of
September 30, 2017;
12,149,226 shares as of December 31, 2016
Additional paid-in capital 79,479 75,446
Accumulated other comprehensive loss (8) (85)
Accumulated deficit (72,975) (64,320)
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Total stockholders' equity 6,532 11,075
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Total liabilities and stockholders'
equity $9,677 $16,450
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GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Operations (Unaudited)
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U.S. Dollars in thousands, except share data and per share data
Three months ended Nine months ended
September 30, September 30,
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2017 2016 2017 2016
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Revenue $273 $193 $811 $193
Research and development
expenses 2,331 3,342 7,421 10,086
General and administrative
expenses 697 656 2,110 2,236
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Total operating expenses 2,755 3,805 8,720 12,129
Financial expenses (income),
net 46 (78) (65) (108)
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Loss before income taxes 2,801 3,727 8,655 12,021
Taxes on Income - 105 - 106
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Net loss $2,801 $3,832 $8,655 $12,127
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Basic and diluted
net loss per share $0.23 $0.34 $0.71 $1.09
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Weighted-average number of
shares outstanding 12,364,249 11,150,023 12,274,536 11,101,360
used in computing basic and
diluted net loss per share
GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Cash Flows (Unaudited)
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U.S. Dollars in thousands
Nine months ended
September 30,
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2017 2016
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Cash flow from operating activities
Net loss $(8,655) $(12,127)
Adjustments required to reconcile net loss to
net cash used in operating activities
Depreciation and amortization 180 118
Stock-based compensation expense 1,066 1,307
Amortization of discount/premium on marketable
securities (187) 18
Loss from Realization of marketable securities 130 150
Changes in operating assets and liabilities:
Decrease in other accounts receivable 113 13
Decrease in trade payables (1,157) (556)
Decrease in other accounts payable (144) (173)
Increase (decrease) in related party (117) 45
Increase (decrease) in deferred revenue (812) 1,897
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Net cash used in operating activities (9,583) (9,305)
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Cash flow from investing activities
Purchase of property and equipment (10) (26)
Investment in securities, available for sale (1,447) (2,480)
Maturity of securities, available for sale 7,589 9,956
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Net cash provided in (used in) investing
activities 6,132 7,450
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Cash flow from financing activities
Proceeds from issuance of stock offerings, net
of issuance costs 2,655 4,479
Proceeds from exercise of options 313 255
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Net cash used in financing activities 2,968 4,734
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Increase (decrease) in cash and cash equivalents (483) 2,879
Cash and cash equivalents at the beginning of
the year 3,097 4,156
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Cash and cash equivalents at the end
of the period $2,614 $7,035
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Supplemental disclosure of cash flow
information:
Cash received from interest $169 $319
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View original content with multimedia:http://www.prnewswire.com/news-releases/galmed-pharmaceuticals-reports-third-quarter-2017-financial-results-and-provides-business-update-300551897.html SOURCE Galmed Pharmaceuticals Ltd. |
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Company Codes: NASDAQ-SMALL:GLMD |
