Vaxil Bio : Financial Statements (September 30)

VAXIL BIO LTD
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in Canadian Dollars)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021
INDEX
	Page
Condensed Consolidated Interim Statements of Financial Position	3
Condensed Consolidated Interim Statements of Loss of Comprehensive and Loss	4
Condensed Consolidated Interim Statements of Cash Flows	5
Consolidated Statements of Changes in Equity	6
Notes to the Condensed Consolidated Interim Financial Statements	7 - 15

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VAXIL BIO LTD

NOTICE OF NO AUDITOR REVIEW OF THE

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 - Continuous Disclosure Obligations, of the Canadian Securities Administrators, the Company (as defined herein) discloses that its auditors have not reviewed the unaudited condensed interim consolidated financial statements.

The accompanying unaudited condensed interim consolidated financial statements of Vaxil Bio ("Vaxil", the "Company") for the three and nine month periods ended September 30, 2021 have been prepared by and are the responsibility of the Company's management and have not been reviewed by the Company's auditors.

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VAXIL BIO LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited)

(Expressed in Thousands of Canadian Dollars, except per share data)

		September 30	December 31
	Note		2021		2020
ASSETS
Current assets
Cash		$	2,326	$	1,510
Amounts receivable and prepaid expenses			46		124
Total current assets			2,372		1,634
Equipment, net			19		21
Rights of use assets			-		6
Total Assets		$	2,391	$	1,661
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable			208		588
Other accounts payable and accrued liabilities			239		260
Short term portion of lease liability			-		9
Total current liabilities			447		857
Shareholders' equity
Share capital	4		16,026		13,860
Warrant reserve	4		371		755
Contributed surplus	4		3,860		3,790
Foreign currency transaction reserve			(74)		(68)
Accumulated deficit			(18,239)		(17,533)
Total shareholders' equity			1,944		804
Total liabilities and shareholders' equity		$	2,391	$	1,661

Nature and continuance of operations (Note 1)

Commitments (Note 7)

Approved and authorized by the Board on November 25, 2021:

"Gadi Levin"	Director	"Ari Kellen"
Gadi Levin		Ari Kellen

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

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VAXIL BIO LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited)

(Expressed in Thousands of Canadian Dollars, except per share data)

		Three months ended			Nine months ended
		September 30			September 30
		2021			2020			2021			2020
Expenses:
Research and development costs	$	152	$	133	$	358	$	385
General and administration costs		71			100			278			275
Share based compensation		16			73			70			108
Total Expenses		239			306			706			768
Operating Loss		(239)			(306)			(706)			(768)
Financial expenses		-			(7)			-			(15)
Net loss for the period		(239)			(313)			(706)			(783)
Other Comprehensive Loss
Foreign currency translation adjustment		(8)			(22)			(6)			(58)
Comprehensive Loss For The Period	$	(247)	$	(335)	$	(712)	$	(841)
Basic and Fully Diluted Loss Per Share
$	(0.01)	$	(0.01)	$	(0.01)	$	(0.01)
Weighted Average Number Of Shares Outstanding		136,628,973			103,771,984			133,974,449			99,410,655

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

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VAXIL BIO LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)

(Expressed in Thousands of Canadian Dollars, except per share data)

		Nine months ended
		September 30
		2021		2020
Cash flows from operating activities
Net loss for the period	$	(706)	$	(783)
Items not affecting cash:
Depreciation		8		46
Interest on loans		-		15
Share-based compensation		70		108
Changes in non‑cash working capital:
Amounts receivable and prepaid expenses		78		(22)
Accounts payable		(380)		(119)
Other accounts payable and accrued liabilities		(21)		(55)
		(951)		(810)
Cash flows from financing activities
Lease repayment		(9)		(46)
Proceeds from unsecured convertible loans		-		36
Proceeds from unsecured loans		-		95
Proceeds from exercise of warrants		1,782		1,478
		1,773		1,563
Increase in cash		822		753
Effect of changes in foreign exchange rates		(6)		(58)
Cash, beginning of period		1,510		83
Cash, end of period	$	2,326	$	778

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

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