RedHill Biopharma Ltd. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>RedHill Biopharma Ltd. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

RedHill Biopharma Ltd. (RDHL) filed a Foreign Annual Report (20-F) with the SEC on April 8, 2024. RedHill Biopharma Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in L3 and operates under the Pharmaceutical Preparations SIC code [2834]. The filing was made on April 8, 2024, with the SEC. The report covers the period ending December 31, 2023. RedHill Biopharma Ltd. is listed with SEC file number 001-35773.

Why It Matters

For investors and stakeholders tracking RedHill Biopharma Ltd., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of RedHill Biopharma's financial health, strategic initiatives, and operational performance for the fiscal year 2023. As a 20-F filing, it offers insights into the company's compliance with international financial reporting standards and its status as an international issuer.

Risk Assessment

Risk Level: medium — RedHill Biopharma Ltd. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard annual report format, indicating a need for investors to analyze the specifics of its business and market position.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F filing to assess RedHill Biopharma's current financial standing and future prospects.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240408 — Filing Date (Filed as of date)
• 2069000 — Value 1 (Associated with a financial metric)
• 455000 — Value 2 (Associated with a financial metric)
• 300000 — Value 3 (Associated with a financial metric)
• 5600000 — Value 4 (Associated with a financial metric)
• 29742000 — Value 5 (Associated with a financial metric)
• 969000 — Value 6 (Associated with a financial metric)

Key Players & Entities

• RedHill Biopharma Ltd. (company) — Filer name
• 0001553846 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• L3 (location) — State of Incorporation
• 001-35773 (filing) — SEC File Number
• 24828327 (filing) — Film Number
• 20240408 (date) — Filed as of date
• 20231231 (date) — Conformed period of report

FAQ

Key Dates

• 2024-04-08: Filing Date — Submission of the 2023 annual report on Form 20-F
• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements

Key Financial Figures

• $1 — e rate of exchange as of April 4, 2024 ($1 = NIS 3.716). The dollar amounts presen
• $35.8 million — t cash used in operating activities was $35.8 million leaving a cash balance of $6.5 million,
• $6.5 m — $35.8 million leaving a cash balance of $6.5 million, including $0.8 million of restri
• $0.8 million — cash balance of $6.5 million, including $0.8 million of restricted cash held in the escrow a
• $4.8 million — relating to Movantik were approximately $4.8 million. See "Item 5. Operating and Financial R

Filing Documents

• rdhl-20231231x20f.htm (20-F) — 3549KB
• rdhl-20231231xex1d1.htm (EX-1.1) — 287KB
• rdhl-20231231xex2d3.htm (EX-2.3) — 84KB
• rdhl-20231231xex12d1.htm (EX-12.1) — 13KB
• rdhl-20231231xex12d2.htm (EX-12.2) — 16KB
• rdhl-20231231xex13.htm (EX-13) — 10KB
• rdhl-20231231xex15d1.htm (EX-15.1) — 5KB
• rdhl-20231231xex97d1.htm (EX-97.1) — 46KB
• rdhl-20231231x20f008.jpg (GRAPHIC) — 4KB
• rdhl-20231231xex15d1001.jpg (GRAPHIC) — 4KB
• 0001558370-24-004806.txt (&nbsp;) — 12425KB
• rdhl-20231231.xsd (EX-101.SCH) — 99KB
• rdhl-20231231_cal.xml (EX-101.CAL) — 58KB
• rdhl-20231231_def.xml (EX-101.DEF) — 288KB
• rdhl-20231231_lab.xml (EX-101.LAB) — 636KB
• rdhl-20231231_pre.xml (EX-101.PRE) — 490KB
• rdhl-20231231x20f_htm.xml (XML) — 2157KB

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 TABLE OF CONTENTS ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 8 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 8 ITEM 3. KEY INFORMATION 8 ITEM 4. INFORMATION ON THE COMPANY 62 ITEM 4A. UNRESOLVED STAFF COMMENTS 100 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 100 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 114 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 134 ITEM 8. FINANCIAL INFORMATION 135 ITEM 9. THE OFFER AND LISTING 136 ITEM 10. ADDITIONAL INFORMATION 136 ITEM 11.

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 150 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 152 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 152 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 152 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. 155 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 155 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 155 ITEM 16G. CORPORATE GOVERNANCE 155 ITEM 16H. MINE SAFETY DISCLOSURE 156 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 156 ITEM 16J. INSIDER TRADING POLICIES 156 ITEM 16K. CYBERSECURITY 156 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 157 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 157 ITEM 19. EXHIBITS 157 GLOSSARY OF TERMS 158 EXHIBIT INDEX 159 2 Table of Contents Unless the context otherwise requires, all references to "RedHill," "we," "us," "our," the "Company" and similar designations refer to RedHill Biopharma Ltd. and its wholly owned subsidiary, RedHill Biopharma Inc. ("RedHill U.S."). The term "including" means "including but not limited to", whether or not explicitly so stated. The term "NIS" refers to New Israeli Shekels, the lawful currency of the State of Israel, the terms "dollar", "US

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Some of the statements under the sections entitled "Item 3. Key Information – 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 (the "Annual Report") 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," "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, many of which are beyond the Company's control and cannot be predicted or quantified. In addition, the section of this Annual Report entitled, "Item 4. Information on the Company", contains information obtained from independent industry and other sources that we may not have independently validated. 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 going concern reference in our financial statements and our ability to obtain additional financing or successfully conclude a strategic business transaction ; Our ability to close a strategic business transactions, including potentia

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 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 You should carefully consider the risks we describe below, in addition to the other information set forth elsewhere in this Annual Report, including our financial statements and the related notes beginning on page F-1, before you decide to buy our securities. The risks and uncertainties described below in this Annual Report for the year ended December 31, 2023, are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below or incorporated by reference in this Form 20-F, and any such additional risks, could materially adversely affect our reputation, business, financial condition or results of operations. In such case, you may lose all or part of your original investment. Risks Related to Our Business Our financial statements include a going concern reference. We will need to raise significant additional capital to finance our losses and negative cash flows from operations, and if we were to fail to raise sufficient capital or on favorable terms and/or fail to replace Movantik with another commercial product on a timely basis or successfully conclude a strategic business transaction, we may need to cease operations. Management has substantial doubt about our ability to continue as a going concern. Our consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. During the year ended December 31, 2023, our net cash used in operating activities was $35.8 million leaving a cash balance of $6.5 million, including $0.8 million of restricted cash held in the escrow account. Because we do not have sufficient resources to fund our operations for

View Full Filing

View this 20-F filing on SEC EDGAR