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10-Q
PROTALIX BIOTHERAPEUTICS, INC. filed this Form 10-Q on 05/10/2017
Entire Document
 

 

 

PROTALIX BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

(Unaudited)

 

   Three Months Ended 
   March 31, 2017   March 31, 2016 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  $(59,148)  $(8,598)
Loss from discontinued operations        (72)
Loss from continuing operations   (59,148)   (8,526)
Adjustments required to reconcile net loss to net cash used in operating activities:          
Share based compensation   118    375 
Depreciation   492    516 
Financial expenses, net   (9)   (130)
Changes in accrued liability for employee rights upon retirement   42    43 
Gain on amounts funded in respect of employee rights upon retirement   (20)   (1)
Gain on conversion of convertible notes   (1,445)     
Change in fair value of convertible notes embedded derivative   52,321      
Amortization of debt issuance costs and debt discount   590    110 
Changes in operating assets and liabilities:          
Increase in deferred revenues   1,088      
Increase in accounts receivable and other assets   (3,092)   (1,215)
Decrease (increase) in inventories   (1,855)   30 
Increase (decrease) in accounts payable and accruals   2,370    (470)
Net cash used in continuing operations   (8,548)   (9,268)
Net cash provided by (used in) discontinued operations   122    (357)
Net cash used in operating activities  $(8,426)  $(9,625)
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of property and equipment  $(220)  $(251)
Increase in restricted deposit   (23)     
Amounts funded in respect of employee rights upon retirement, net   (40)   (42)
Net cash used in investing activities  $(283)  $(293)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net payment for conversion of convertible notes   (6,726)     
Net cash used in financing activities   (6,726)     
EFFECT OF EXCHANGE RATE CHANGES ON CASH  $171   $213 
NET DECREASE IN CASH AND CASH EQUIVALENTS   (15,264)   (9,705)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   63,281    76,374 
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD  $48,017   $66,669 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

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