Raphael Pharmaceutical Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-12.
0001213900-24-067723
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-14.
0001213900-24-098456
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 63 previous paragraphs and 63 current paragraphs.
46 unchanged; 16 reworded; 1 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Nine months ended September 30, 2024 compared to the Nine months ended September 30, 2023
Removed paragraphs (1)
Previous report
Six months ended June 30, 2024 compared to the six months ended June 30, 2023
Reworded paragraphs (16)
Previous wording
Research and Development Expenses. Our research and development expenses totaled $24,000 for the three months ended June 30, 2024, representing a decrease of $269,000, or 91.8%, compared to $293,000 for the three months ended June 30, 2023. The decrease was primarily attributable to value of shares issued to Wolc in June 2023 which did not recur in 2024.
Current wording
Research and Development Expenses. Our research and development expenses totaled $162,000 for the three months ended September 30, 2024, representing a decrease of $348,000, or 68.2%, compared to $510,000 for the three months ended September 30, 2023. The decrease was primarily attributable to higher expenses in 2023 associated with our pre-clinical activities at Rambam Hospital.
Previous wording
General and Administrative Expenses. Our general and administrative expenses totaled $393,000 for the six months ended June 30, 2024, representing an increase of $123,000, or 45.5%, compared to $270,000 for the six months ended June 30, 2023. The increase was primarily due to increase in professional services in the second quarter of 2024.
Current wording
General and Administrative Expenses. Our general and administrative expenses totaled $157,000 for the three months ended September 30, 2024, representing a decrease of $62,000, or 28.3%, compared to $219,000 for the three months ended September 30, 2023. The decrease was primarily due to decrease in professional services expenses in the third quarter of 2024.
Previous wording
Operating Loss. Our operating loss totaled $249,000 for the three months ended June 30, 2024, representing a decrease of $170,000, or 40.5%, compared to $419,000 for the three months ended June 30, 2023. The decrease was primarily due to the decrease in our research and development expenses offset by an increase in our general and administrative expenses.
Current wording
Operating Loss. Our operating loss totaled $319,000 for the three months ended September 30, 2024, representing a decrease of $410,000, or 56.2%, compared to $729,000 for the three months ended September 30, 2023. The decrease was primarily due to the decrease in our research and development expenses and a decrease in our general and administrative expenses.
Previous wording
*Financial income, net.*We recognized financial income, net, of $1,000 for the three months ended June 30, 2024, representing a decrease of $1,000, or 50%, compared to financial income, net of $2,000 for the three months ended June 30, 2023. The decrease was immaterial.
Current wording
*Financial expense (income), net.*We recognized financial expense, net, of $7,000 for the three months ended September 30, 2024, representing a decrease of $11,000, or 275,000%, compared to financial income, net of $4,000 for the three months ended September 30, 2023. The decrease was primarily due to exchange rate differences.
Previous wording
Net Loss. As a result of the foregoing, our net loss totaled $248,000 for the three months ended June 30, 2024, representing a decrease of $169,000, or 40.5%, compared to $417,000 for the three months ended June 30, 2023. The decrease was primarily due to decrease in our research and development expenses offset by an increase in our general and administrative expenses.
Current wording
Net Loss. As a result of the foregoing, our net loss totaled $326,000 for the three months ended September 30, 2024, representing a decrease of $399,000, or 55.0%, compared to $ 725,000 for the three months ended September 30, 2023. The decrease was primarily due to decrease in our operating expenses.
Previous wording
Revenues. We had no revenues during the six months ended June 30, 2024 and June 30, 2023.
Current wording
Revenues. We had no revenues during the nine months ended September 30, 2024 and September 30, 2023.
Previous wording
Research and Development Expenses. Our research and development expenses totaled $403,000 for the six months ended June 30, 2024, representing a decrease of $4,000, or 1%, compared to $407,000 for the six months ended June 30, 2023. The decrease was immaterial.
Current wording
Research and Development Expenses. Our research and development expenses totaled $565,000 for the nine months ended September 30, 2024, representing a decrease of $352,000 or 38.4%, compared to $917,000 for the nine months ended September 30, 2023. The decrease was primarily attributable to higher expenses in 2023 associated with our pre-clinical activities at Rambam Hospital.
Previous wording
General and Administrative Expenses. Our general and administrative expenses totaled $225,000 for the three months ended June 30, 2024, representing an increase of $99,000, or 78.5%, compared to $126,000 for the three months ended June 30, 2023. The increase was primarily due to increase in professional services in the second quarter of 2024.
Current wording
General and Administrative Expenses. Our general and administrative expenses totaled $550,000 for the nine months ended September 30, 2024, representing an increase of $61.000, or 12.4%, compared to $489,000 for the nine months ended September 30, 2023. The increase was primarily due to increase in professional services for investor relations in the second quarter of 2024.
Previous wording
Operating Loss. Our operating loss totaled $796,000 for the six months ended June 30, 2024, representing an increase of $119,000, or 17.5%, compared to $677,000 for the six months ended June 30, 2023. The increase was primarily due to the increase in our general and administrative expenses.
Current wording
Operating Loss. Our operating loss totaled $1,115,000 for the nine months ended September 30, 2024, representing a decrease of $291,000, or 20.7%, compared to $1,406,000 for the nine months ended September 30, 2023. The decrease was primarily due to the decrease in our research and development expenses.
Previous wording
*Financial Expense, net.*We recognized financial expense, net of $2,000 for the six months ended June 30, 2024, representing a decrease of $2,000, or 50%, compared to $4,000 for the six months ended June 30, 2023. The decrease was immaterial.
Current wording
*Financial Expense, net.*We recognized financial expense, net of $9,000 for the nine months ended September 30, 2024, representing an increase of $9.000, or 100%, compared to immaterial expenses for the nine months ended September 30, 2023. The increase was primarily due to exchange rate differences.
Previous wording
Net Loss. As a result of the foregoing, our net loss totaled $798,000 for the six months ended June 30, 2024, representing an increase of $117,000, or 17.2%, compared to $681,000 for the six months ended June 30, 2023. The increase was primarily due to the increase in our general and administrative expenses.
Current wording
Net Loss. As a result of the foregoing, our net loss totaled $1,124,000 for the nine months ended September 30, 2024, representing a decrease of $282,000, or 20.0%, compared to $1,406,000 for the nine months ended September 30, 2023. The decrease was primarily due to the decrease in our research and development expenses.
Previous wording
Since inception, we have funded our operations primarily through our founder’s capital and capital received from Easy Energy, Inc. As of June 30, 2024, we had $120,000 in cash and cash equivalents, and have invested most of our available cash funds in ongoing cash accounts.
Current wording
Since inception, we have funded our operations primarily through our founder’s capital and capital received from Easy Energy, Inc. As of September 30, 2024, we had $40,000 in cash and cash equivalents and have invested most of our available cash funds in ongoing cash accounts.
Previous wording
Net cash used in operating activities was $390,000 for the six months period ended June 30, 2024, compared with net cash used in operating activities of $614,000 for the corresponding period in 2023. The $224,000 decrease in the net cash used in operating activities during the six months period ended June 30, 2024, compared to the same period in 2023, was primarily due to an increase in Company’s net loss for the period in the amount of $117,000 which was offset by a change in account payables and related party and other current assets of $341,000.
Current wording
Net cash used in operating activities was $470,000 for the nine months period ended September 30, 2024, compared with net cash used in operating activities of $1,115,000 for the corresponding period in 2023. The $645,000 decrease in the net cash used in operating activities during the nine months period ended September 30, 2024, compared to the same period in 2023, was primarily due to a decrease in Company’s net loss for the period in the amount of $282,000 and an increase in account payables and related party of $344,000.
Previous wording
There was no net cash used in investing activities for the six months period ended June 30, 2024 and for the same period in 2023.
Current wording
There was no net cash used in investing activities for the nine months period ended September 30, 2024 and for the same period in 2023.
Previous wording
Net cash provided by financing activities for the six months period ended June 30, 2024 was $280,000 compared to $437,000 for the same period in 2023. The decrease in net cash provided by financing activities during the six months period ended June 30, 2024 compared to the corresponding period in 2023 was mainly due to a decrease in funds received from issuance of shares and warrants and proceeds received from exercise of warrants.
Current wording
Net cash provided by financing activities for the nine months period ended September 30, 2024 was $280,000 compared to $1,126,000 for the same period in 2023. The decrease in net cash provided by financing activities during the nine months period ended September 30, 2024 compared to the corresponding period in 2023 was mainly due to a decrease in funds received from issuance of shares and warrants and proceeds received from exercise of warrants.
Previous wording
As of June 30, 2024, our cash and cash equivalents were $120,000. We believe that our existing cash and cash equivalents will not be sufficient to fund our projected cash requirements through the end of the year. Therefore, we will require significant additional financing in the near future to fund our operations. We currently anticipate that we will require approximately $700,000 for research and development activities over the course of the next 12 months. We also anticipate that we will require approximately $500,000 for capital expenditures over such 12-month period, which consists primarily of expenditures for clinical trials and general Company operating costs.
Current wording
As of September 30, 2024, our cash and cash equivalents were $40,000. We believe that our existing cash and cash equivalents will not be sufficient to fund our projected cash requirements through the end of the year. Therefore, we will require significant additional financing in the near future to fund our operations. We currently anticipate that we will require approximately $0.8 million for research and development activities over the course of the next 12 months. We also anticipate that we will require approximately $0.6 million for capital expenditures over such 12-month period, which consists primarily of expenditures for clinical trials and general Company operating costs.