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XTL Biopharmaceuticals Ltd. Financial Report: Q3 2024 Insights & Strategic Expansion

$XTLB
Form 6-K
Filed on: 2024-12-30
Source
XTL Biopharmaceuticals Ltd. Financial Report: Q3 2024 Insights & Strategic Expansion

Key Information Extracted from XTL Biopharmaceuticals Ltd. Financial Report (Form 6-K)

  1. Company Overview:
  • Name: XTL Biopharmaceuticals Ltd.
  • Trading Symbols: NASDAQ: XTLB, TASE: XTLB.TA
  • Address: 26 Ben-Gurion St., Ramat Gan, 5112001, Israel.
  1. Reporting Period:
  • Financial results are for the nine months ended September 30, 2024.
  • Report filed on December 30, 2024.
  1. Recent Developments:
  • Completed acquisition of The Social Proxy Ltd. on August 14, 2024.
  • Adjusted consideration to previous shareholders of The Social Proxy in November 2024.
  • Issued 1,864,790 unregistered American Depositary Shares (ADSs) as part of the acquisition, representing 21.16% of the company’s share capital.
  • Paid US$430,000 to Social Proxy shareholders; the estimated value of the Social Proxy was US$5.8 million.
  1. Financial Performance:
  • Cash and Cash Equivalents: $0.82 million as of September 30, 2024, down from $1.40 million as of December 31, 2023.
  • Marketable Securities: $0.90 million (up from $0.60 million).
  • Revenue: $162,000 for the nine months ended September 30, 2024; no revenue reported for the same period in 2023.
  • Cost of Revenue: $116,000 for the nine months ended September 30, 2024.
  • Operating Loss: $1.36 million for the nine months ended September 30, 2024, compared to $565,000 for the same period in 2023.
  • Total Comprehensive Loss: $772,000 for the period, an improvement from $1.50 million in the corresponding period of 2023.
  • Basic Loss Per Share: $(0.001) for the nine months ended September 30, 2024; $(0.003) for the same period in 2023.
  1. Expenses Overview:
  • Research and Development Expenses: $66,000 (up from $25,000).
  • Sales and Marketing Expenses: $284,000 (no expenses in the prior period).
  • General and Administrative Expenses: $1.06 million (up from $540,000), mainly due to higher share-based compensation.
  1. Impact of Regional Conflict:
  • Ongoing conflict in Israel has had a negligible impact on operations to date, although management acknowledges potential future disruptions. The company is monitoring the situation closely.
  1. Total Assets and Liabilities:
  • Total Assets: $9.28 million as of September 30, 2024, compared to $2.43 million as of December 31, 2023.
  • Total Equity: $5.72 million as of September 30, 2024, significantly up from $2.22 million as of December 31, 2023.
  1. Future Considerations:
  • The company plans to explore collaborations with strategic partners for the development of its hCDR1 compound aimed at treating lupus.

This financial report indicates that XTL Biopharmaceuticals is actively expanding its operations, notably through the acquisition of The Social Proxy and has shown increased revenues tied to this acquisition. However, the company continues to face operational risks due to geopolitical tensions in its home region.