Raphael Pharmaceutical Files Q2 2024 10-Q

TL;DR

Raphael Pharma (RPHM) filed its Q2 10-Q. Financials and operations update.

AI Summary

Raphael Pharmaceutical Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, formerly known as Easy Energy Inc., is incorporated in Nevada and operates in the medicinal chemicals and botanical products sector. Its principal executive offices are located in Tel Aviv-Jaffa, Israel.

Why It Matters

This filing provides investors with an update on Raphael Pharmaceutical's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented.

Key Players & Entities

• Raphael Pharmaceutical Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• Easy Energy Inc. (company) — Former company name
• Nevada (location) — State of incorporation
• Tel Aviv-Jaffa, Israel (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of August 12,
• $24,000 — search and development expenses totaled $24,000 for the three months ended June 30, 202
• $269,000 — ne 30, 2024, representing a decrease of $269,000, or 91.8%, compared to $293,000 for the
• $293,000 — ease of $269,000, or 91.8%, compared to $293,000 for the three months ended June 30, 202
• $225,000 — ral and administrative expenses totaled $225,000 for the three months ended June 30, 202
• $99,000 — e 30, 2024, representing an increase of $99,000, or 78.5%, compared to $126,000 for the
• $126,000 — rease of $99,000, or 78.5%, compared to $126,000 for the three months ended June 30, 202

Filing Documents

• ea0211026-10q_raphael.htm (10-Q) — 254KB
• ea021102601ex31-1_raphael.htm (EX-31.1) — 11KB
• ea021102601ex31-2_raphael.htm (EX-31.2) — 11KB
• ea021102601ex32-1_raphael.htm (EX-32.1) — 3KB
• ea021102601ex32-2_raphael.htm (EX-32.2) — 3KB
• 0001213900-24-067723.txt ( ) — 1371KB
• raph-20240630.xsd (EX-101.SCH) — 18KB
• raph-20240630_cal.xml (EX-101.CAL) — 12KB
• raph-20240630_def.xml (EX-101.DEF) — 63KB
• raph-20240630_lab.xml (EX-101.LAB) — 146KB
• raph-20240630_pre.xml (EX-101.PRE) — 68KB
• ea0211026-10q_raphael_htm.xml (XML) — 74KB

Financial Statements

Financial Statements F-1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 7 Item 4.

Controls and Procedures

Controls and Procedures 7 PART II Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 6. Exhibits 8 i

Financial Statements

Item 1. Financial Statements RAPHAEL PHARMACEUTICAL INC. AND ITS SUBSIDIARY CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF JUNE 30, 2024 UNAUDITED U.S. DOLLARS IN THOUSANDS INDEX Page Condensed Consolidated Interim Balance Sheets (PCAOB ID No. 6629) F-2 Condensed Consolidated Interim Statements of Comprehensive Loss F-3 Condensed Consolidated Interim Statements of Changes in Stockholders' Equity F-4 Condensed Consolidated Interim Statements of Cash Flows F-5 Notes to Condensed Consolidated Interim Financial Statements F-6 - F-7 - - - - - - - - - - - -F-1- RAPHAEL PHARMACEUTICAL INC. AND SUBSIDIARY CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS U.S dollars in thousands (except for share and per share data) As of June 30, As of December 31, 2024 2023 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 120 $ 230 Other current assets 6 107 Total current assets 126 337 Fixed assets, net 2 2 Total assets $ 128 $ 339 Liabilities and stockholders' equity Current liabilities: Other account payables and accrued expenses 392 34 Payable to related party 26 38 Total current liabilities 418 72 Stockholders' equity (deficit): Common stock, $ 0.01 par value: Authorized: 50,000,000 shares at June 30, 2024, and 21,020,560 shares at December 31, 2023; Issued and outstanding: 18,701,418 and 18,502,918 at June 30, 2024 and December 31, 2023, respectively; 187 185 Additional paid-in capital 7,631 7,392 Accumulated deficit ( 8,108 ) ( 7,310 ) Total stockholders' equity (deficit) ( 290 ) 267 Total liabilities and stockholders' equity (deficit) $ 128 $ 339 The accompanying notes are an integral part of the condensed consolidated interim financial statements. -F-2- RAPHAEL PHARMACEUTICAL INC. AND SUBSIDIARY CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS U.S dollars in thousands (except for share and per share data) Six

Management's Discussion and Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying condensed consolidated

financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q

financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. On May 14, 2021, Raphael Pharmaceutical Ltd., an Israeli company, and Easy Energy, Inc., a Nevada corporation, completed a share exchange agreement, or the Share Exchange, pursuant to which the shareholders of Raphael Pharmaceutical Ltd. became the holders of 90% of the issued and outstanding share capital of Easy Energy, Inc., while Easy Energy, Inc.'s shareholders hold, following the share exchange, 10% of Easy Energy, Inc. On May 19, 2021, as agreed by the parties to the Share Exchange, Easy Energy, Inc. changed its name to Raphael Pharmaceutical Inc. Unless otherwise mentioned or unless the context requires otherwise, when used in this Quarterly Report, the terms "Raphael," "Company," "we," "us," and "our" refer to Raphael Pharmaceutical Inc. and its subsidiary, Raphael Pharmaceutical Ltd., or Raphael Israel. References to Easy Energy are to Easy Energy, Inc. Unless otherwise mentioned or unless the context requires otherwise, the information provided in this Quarterly Report on Form 10-Q relates to Raphael Israel.

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, which include information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: the regulatory pathways that we may elect to utilize in seeking U.S. Food and Drug Administration, or FDA, European Medicines Agency, or EMA, and other regulatory approvals, if any; obtaining (and the cost thereof) FDA and EMA approval of, or other regulatory action in Europe or the United States and elsewhere with respect to our product candidates; the commercial launch and future sales of our product candidates and our advancement of product candidates for other indications in our pipeline; the potential cost of our rheumatoid arthritis product candidate, or RA and RA product candidate, respectively, for patients; our expectations regarding the timing of commencing clinical trials; our expectations regarding the s

View Full Filing

View this 10-Q filing on SEC EDGAR