Can-Fite BioPharma Ltd. Files 2023 Annual Report on Form 20-F

TL;DR

<b>Can-Fite BioPharma Ltd. has filed its 2023 annual report on Form 20-F, detailing its financial performance and operational status.</b>

AI Summary

Can-Fite BioPharma Ltd. (CANF) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Can-Fite BioPharma Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in Israel and its principal executive offices are located at 26 Ben Gurion Street, Ramat Gan. As of December 31, 2023, 1,359,837,393 ordinary shares were outstanding. The company's American Depositary Shares (ADS), representing 300 Ordinary Shares each, are traded on the NYSE American under the symbol CANF. Can-Fite BioPharma Ltd. is not a well-known seasoned issuer and has been subject to the filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Can-Fite BioPharma Ltd., this filing contains several important signals. This filing provides investors with a comprehensive overview of Can-Fite BioPharma's financial health and strategic direction for the fiscal year 2023. The report confirms the company's compliance with SEC reporting requirements, offering transparency to shareholders regarding its outstanding shares and trading status.

Risk Assessment

Risk Level: low — Can-Fite BioPharma Ltd. shows low risk based on this filing. The filing is a routine annual report and does not contain new material information that would significantly alter the company's risk profile.

Analyst Insight

Investors should review the full 20-F filing for detailed financial statements, risk factors, and business updates from Can-Fite BioPharma Ltd.

Key Numbers

• 1,359,837,393 — Ordinary Shares Outstanding (As of December 31, 2023)
• 20231231 — Fiscal Year End (Report period)
• 20240328 — Filing Date (Date of submission)

Key Players & Entities

• Can-Fite BioPharma Ltd. (company) — Registrant
• Motti Farbstein (person) — Chief Executive, Financial and Operating Officer
• NYSE American (company) — Exchange where securities are registered
• CANF (company) — Trading Symbol

FAQ

Industry Context

Can-Fite BioPharma Ltd. operates within the pharmaceutical preparations industry, focusing on the development of novel therapeutic drug candidates.

Regulatory Implications

As an Israeli company, Can-Fite BioPharma Ltd. is subject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full Form 20-F for detailed financial statements and disclosures.
2. Analyze the company's business operations and strategic objectives for 2024.
3. Monitor future SEC filings for updates on clinical trials and regulatory milestones.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, and follows the standard reporting cadence for publicly traded companies.

Key Financial Figures

• $1 — anslated using the rate of NIS 3.627 to $1.00, the exchange rate reported by the B
• $7.6 million — , including net losses of approximately $7.6 million in 2023, $10.1 million in 2022, and $12
• $10.1 million — of approximately $7.6 million in 2023, $10.1 million in 2022, and $12.6 million in 2021. As
• $12.6 million — ion in 2023, $10.1 million in 2022, and $12.6 million in 2021. As of December 31, 2023, we ha
• $158.5 million — an accumulated deficit of approximately $158.5 million. We do not know whether or when we will
• $4.3 million — 23, we had cash and cash equivalents of $4.3 million and short-term deposits of $4.6 million
• $4.6 million — $4.3 million and short-term deposits of $4.6 million. In January 2023, we raised approximate
• $7.5 million — n January 2023, we raised approximately $7.5 million in gross proceeds (approximately $6.5 m
• $6.5 million — illion in gross proceeds (approximately $6.5 million net of issuance costs) from a registere
• $3.0 million — November 2023, we raised approximately $3.0 million in gross proceeds (approximately $2.61
• $2.61 million — illion in gross proceeds (approximately $2.61 million net of issuance costs) from a warrant r

Filing Documents

• ea0202482-20f_canfite.htm (20-F) — 2056KB
• ea020248201ex2-1_canfite.htm (EX-2.1) — 87KB
• ea020248201ex4-9_canfite.htm (EX-4.9) — 100KB
• ea020248201ex12-1_canfite.htm (EX-12.1) — 9KB
• ea020248201ex13-1_canfite.htm (EX-13.1) — 4KB
• ea020248201ex15-1_canfite.htm (EX-15.1) — 5KB
• ea020248201ex97-1_canfite.htm (EX-97.1) — 54KB
• image_001.jpg (GRAPHIC) — 30KB
• image_002.jpg (GRAPHIC) — 13KB
• image_003.jpg (GRAPHIC) — 19KB
• image_004.jpg (GRAPHIC) — 27KB
• image_005.jpg (GRAPHIC) — 17KB
• image_006.jpg (GRAPHIC) — 20KB
• fin_001.jpg (GRAPHIC) — 3KB
• 0001213900-24-026947.txt (&nbsp;) — 7145KB
• canf-20231231.xsd (EX-101.SCH) — 65KB
• canf-20231231_cal.xml (EX-101.CAL) — 33KB
• canf-20231231_def.xml (EX-101.DEF) — 233KB
• canf-20231231_lab.xml (EX-101.LAB) — 469KB
• canf-20231231_pre.xml (EX-101.PRE) — 224KB
• ea0202482-20f_canfite_htm.xml (XML) — 584KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 150 ITEM 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 151 PART II 153 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 153 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 153 ITEM 15.

Controls and Procedures

Controls and Procedures 153 ITEM 16. [RESERVED] 154 ITEM 16A. Audit Committee Financial Expert 154 ITEM 16B. Code of Ethics 154 ITEM 16C. Principal Accountant Fees and Services 154 ITEM 16D. Exemptions from the Listing Standards for Audit Committees 154 ITEM 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 154 ITEM 16F. Change in Registrant's Certifying Accountant 155 ITEM 16G. Corporate Governance 155 ITEM 16H. Mine Safety Disclosure 155 ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 155 ITEM 16J. Insider Trading Policies 155 ITEM 16K. Cybersecurity 155 PART III 156 ITEM 17.

Financial Statements

Financial Statements 156 ITEM 18.

Financial Statements

Financial Statements 156 ITEM 19. Exhibits 156 i INTRODUCTION Can-Fite is a clinical-stage biopharmaceutical company that develops orally bioavailable small molecule therapeutic products for the treatment of cancer, liver and inflammatory diseases and erectile dysfunction. We are also developing specific formulations of cannabis components for the treatment of cancer, inflammatory, and metabolic diseases. Our platform technology utilizes the Gi protein associated A3 adenosine receptor, or A3AR, as a therapeutic target. A3AR is highly expressed in pathological body cells such as inflammatory and cancer cells, and has a low expression in normal cells, suggesting that the receptor could be a specific target for pharmacological intervention. Our pipeline of drug candidates are synthetic, highly specific agonists and allosteric modulators targeting the A3AR. Our ordinary shares have been trading on the Tel Aviv Stock Exchange, or TASE, under the symbol "CFBI" since October 2005. On October 2, 2012, our ADSs began trading over the counter, or OTC, in the United States under the symbol "CANFY" and on November 19, 2013, our ADSs began trading on the NYSE American under the symbol "CANF." Unless otherwise indicated, all references to the "Company," "we," "our" and "Can-Fite" refer to Can-Fite BioPharma Ltd. and its consolidated subsidiary. References to "ordinary shares", "ADSs", "warrants" and "share capital" refer to the ordinary shares, ADSs, warrants and share capital, respectively, of Can-Fite. References to "U.S. dollars", "dollars", "USD", and "$" are to currency of the United States of America, and references to "NIS" are to New Israeli Shekels. References to "ordinary shares" are to our ordinary shares, no par value. We report financial information under generally accepted accounting principles in the United States, or U.S. GAAP. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented in this Annual Report on Form 20-F for the yea

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 20-F contains forward-looking statements, about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, we or our representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these to, various filings made by us with the U.S. Securities and Exchange Commission, or the SEC, press releases or oral statements made by or with the approval of one of our authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the factors summarized below. This Annual Report on Form 20-F identifies important factors which could cause our actual results to differ materially from those indicated by the forward-looking on Form 20-F are not necessarily all of the important facto

Identity

ITEM 1. Identity of Directors, Senior Management and Advisers. Not applicable.

Offer

ITEM 2. Offer Statistics and Expected Timetable. Not applicable.

Key

ITEM 3. Key Information. A. [Reserved] B. Capitalization and Indebtedness. Not applicable. C. Reasons for the Offer and Use of Proceeds. Not applicable. D. Risk Factors You should carefully consider the risks we describe below, in addition to the other information set forth elsewhere in this Annual Report on Form 20-F, including our consolidated financial statements and the related notes beginning on page F-1, before deciding to invest in our ordinary shares and American Depositary Shares, or ADSs. These material risks could adversely impact our results of operations, possibly causing the trading price of our ordinary shares and ADSs to decline, and you could lose all or part of your investment. Summary Risk Factors The principal factors and uncertainties that make investing in our ordinary shares risky, include, among others: Risks Related to Our Financial Position and Capital Requirements We have incurred operating losses since our inception and anticipate that we will continue to incur substantial operating losses for the foreseeable future. We will need to raise additional capital to meet our business requirements in the future, and such capital raising may be costly or difficult to obtain and will dilute current shareholders' ownership interests. 1 Risks Related to Our Business and Regulatory Matters We have not yet commercialized any products or technologies, and we may never become profitable. Our product candidates are at various stages of clinical and preclinical development and may never be commercialized. Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials. We might be unable to develop product candidates that will achieve commercial success in a timely and cost-effective manner, or ever. Our current pipeline is based on our platform technology utilizing the Gi protein associated A3AR, as a potent therapeutic target and currently includes three molecules, Piclidenoson, Na

View Full Filing

View this 20-F filing on SEC EDGAR