Purple Biotech Ltd. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Purple Biotech Ltd. has filed its annual 20-F report detailing its 2023 fiscal year performance and share structure.</b>

AI Summary

PURPLE BIOTECH LTD. (PPBT) filed a Foreign Annual Report (20-F) with the SEC on March 5, 2024. Purple Biotech Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's ordinary shares are traded on the NASDAQ Capital Market under the symbol PPBT. As of December 31, 2023, Purple Biotech Ltd. had 252,379,218 ordinary shares outstanding. The company was formerly known as Kitov Pharma Ltd. and Kitov Pharmaceuticals Holdings Ltd. The principal executive offices are located at 4 Oppenheimer Street, Science Park, Rehovot, Israel.

Why It Matters

For investors and stakeholders tracking PURPLE BIOTECH LTD., this filing contains several important signals. This filing provides investors with a comprehensive overview of Purple Biotech's financial health and operational status for the past fiscal year. The report confirms the company's listing on the NASDAQ Capital Market, a key indicator for its accessibility to public investors.

Risk Assessment

Risk Level: low — PURPLE BIOTECH LTD. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate material changes or significant new risks beyond typical disclosures for a publicly traded company.

Analyst Insight

Review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess the company's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (The period covered by the annual report.)
• 252,379,218 — Ordinary Shares Outstanding (As of the close of the period covered by the annual report.)
• 001-37643 — Commission File Number (SEC file number for Purple Biotech Ltd.)
• 20180125 — Date of Name Change (From Kitov Pharma Ltd.)
• 20140724 — Date of Name Change (From Kitov Pharmaceuticals Holdings Ltd.)

Key Players & Entities

• Purple Biotech Ltd. (company) — Filer of the 20-F report.
• PPBT (company) — Trading symbol for Purple Biotech Ltd.'s American Depositary Shares.
• NASDAQ Capital Market (company) — Exchange where Purple Biotech Ltd.'s American Depositary Shares are registered.
• Lior Fhima (person) — Chief Financial Officer and Company Contact Person.
• Kitov Pharma Ltd. (company) — Former name of Purple Biotech Ltd.
• Kitov Pharmaceuticals Holdings Ltd. (company) — Former name of Purple Biotech Ltd.

FAQ

Industry Context

Purple Biotech Ltd. operates in the pharmaceutical preparations industry, focusing on the development and commercialization of novel therapies.

Regulatory Implications

As a foreign private issuer incorporated in Israel, Purple Biotech Ltd. files annual reports on Form 20-F with the SEC, adhering to specific disclosure requirements.

What Investors Should Do

1. Analyze the financial statements and management's discussion and analysis within the 20-F for detailed performance metrics.
2. Review the risk factors section for any new or evolving risks that may impact the company's future operations.
3. Monitor future SEC filings for updates on clinical trials, regulatory approvals, and business developments.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-03-05: Filing Date — Date the 20-F report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year ended December 31, 2023, following the company's operational and reporting cycle.

Filing Documents

• ea0200486-20f_purplebio.htm (20-F) — 2352KB
• ea0200486ex8-1_purplebio.htm (EX-8.1) — 7KB
• ea0200486ex12-1_purplebio.htm (EX-12.1) — 11KB
• ea0200486ex12-2_purplebio.htm (EX-12.2) — 11KB
• ea0200486ex13-1_purplebio.htm (EX-13.1) — 4KB
• ea0200486ex13-2_purplebio.htm (EX-13.2) — 4KB
• ea0200486ex15-1_purplebio.htm (EX-15.1) — 2KB
• image_001.jpg (GRAPHIC) — 31KB
• image_002.jpg (GRAPHIC) — 14KB
• image_003.jpg (GRAPHIC) — 45KB
• image_004.jpg (GRAPHIC) — 20KB
• 0001213900-24-020111.txt (&nbsp;) — 8316KB
• ppbt-20231231.xsd (EX-101.SCH) — 112KB
• ppbt-20231231_cal.xml (EX-101.CAL) — 41KB
• ppbt-20231231_def.xml (EX-101.DEF) — 318KB
• ppbt-20231231_lab.xml (EX-101.LAB) — 667KB
• ppbt-20231231_pre.xml (EX-101.PRE) — 338KB
• ea0200486-20f_purplebio_htm.xml (XML) — 999KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 1 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 1 ITEM 3. KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 43 ITEM 4A. UNRESOLVED STAFF COMMENTS 75 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 75 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 83 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 103 ITEM 8. FINANCIAL INFORMATION 106 ITEM 9. THE OFFER AND LISTING 109 ITEM 10. ADDITIONAL INFORMATION 109 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 122 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 124 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 125 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 125 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 125 ITEM 16. [RESERVED] 125 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 125 ITEM 16B. CODE OF ETHICS 126 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 126 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES. 127 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 127 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 127 ITEM 16G. CORPORATE GOVERNANCE 127 ITEM 16H. MINE SAFETY DISCLOSURE 128 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 128 ITEM 16J. INSIDER TRADING POLICY 129 ITEM 16K. CYBERSECURITY 129 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 130 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 130 ITEM 19. EXHIBITS 130 i Unless the context otherwise indicates or requires, all references to: "Registrant," "Purple", "Purple Biotech", "Company," "we," "us," "our," "our company" and similar designations refer to Purple Biotech Ltd., together with (i) its former wholly-owned subsidiary, Kitov Pharmaceuticals, (ii) its majority owned subsidiary, TyrNovo, (iii) its wholly owned subsidiary, FameWave, (iv) its wholly owned subsidiary, Immunorizon, and (v) its wholly owned subsidiary Purple Biotech GmbH, except where otherwise stated or where it is clear that the terms mean only Purple Biotech Ltd. exclusive of any subsidiaries, "TyrNovo" refers to TyrNovo Ltd., the majority owned subsidiary of Purple Biotech, "FameWave" refers to FameWave Ltd., the wholly owned subsidiary of Purple Biotech, "Immunorizon" refers to Immunorizon Ltd., the wholly owned subsidiary of Purple Biotech, "dollar", "US$" or "$" refer to U.S. dollars, the lawful currency of the United States of America, "Euro" or "" refer to the Euro, the lawful currency of the European Union member states, "NIS" refers to the New Israeli Shekel, the lawful currency of the State of Israel, "IFRS" refers to the International Financial Reporting Standards as issued by the International Accounting Standards Board, "ordinary shares," "our shares" and similar expressions refer to the Registrant's ordinary shares, no par value per share, "ADSs" refers to the Registrant's American Depositary Shares, "Companies Law" refers to the Israeli Companies Law, 5759-1999, "Securities Act" refers to the Securities Act of 1933, as amended, "SEC" refers to the United States Securities and Exchange Commission, "NASDAQ" refers to The NASDAQ Capital Market, except where otherwise stated or where it is clear that the term means any of the NASDAQ exchanges, and "TASE" refers to the Tel Aviv Stock Exchange. Unless otherwise indicated, all information contained in this Annual

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the statements under the sections entitled "Item 3. Key Information — D. Risk Factors," "Item 4. Information on the Company," "Item 5. Operating and Financial Review and Prospects" and elsewhere in this Annual Report on Form 20-F may include forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the

forward-looking statements. In some cases, you can identify forward-looking statements by terms including "anticipates",

forward-looking statements. In some cases, you can identify forward-looking statements by terms including "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "plans", "potential", "predicts", "projects", "should", "will", "would", and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. In addition, the section of this Annual Report on Form 20-F entitled "Item 4. Information on the Company" contains information obtained from independent industry and other sources. You should not put undue reliance on any forward-looking statements. Unless we are required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the initiation, timing, progress and results of our research, manufacturing, preclinical studies, clinical trials, and other therapeutic candidate development efforts, including the safety and efficacy of our therapeutic candidates, as well as the extent and number of additional studies that we may be required to conduct; our ability to advance our therapeutic candidates into the next stages of clinical trials, or to successfully complete our planned and ongoing preclinical studies or clinical trials; our receipt of regulatory clarity and approvals for our therapeutic candidates and the timing of other regulatory filings and approvals; our ability to acquire or in-license additional therapeutic candidates, integrate acquired therapeutic candidates successfully into our business and to realize the anticipated benefits of acquisitions, such as our Immunorizon acquisition; a delay or rejection of an IND, NDA or BLA for o

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS A. Directors and Senior Management Not applicable B. Advisors Not applicable C. Auditors Not applicable

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

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

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, which could materially adversely affect our business, financial condition and future results. If any of the following risks actually occur, our business, financial condition and results of operations could be materially and adversely affected. In that event, the trading price of Purple Biotech's ordinary shares and American Depositary Shares could decline. Risks Related to Our Financial Condition and Capital Requirements We are a clinical-stage pharmaceutical company with a history of operating los

View Full Filing

View this 20-F filing on SEC EDGAR