Galmed Pharmaceuticals Provides Business Update and Reports First Quarter 2019 Financial Results

Tuesday, May 7, 2019 General News
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Conference Call and Webcast Today at 8:30 a.m. EST / 5:30 a.m. PST

GALMED PHARMACEUTICALS LTD.

Consolidated Statements of Cash Flows (Unaudited)

U.S. Dollars in thousands

Three months ended

March 31,

2019

2018

Cash flow from operating activities

Net loss

$

(3,492)

$

(2,506)

Adjustments required to reconcile net loss to net cash used in operating activities

Depreciation and amortization

9

59

Stock-based compensation expense

416

330

Amortization of discount (premium) on marketable debt securities

(39)

9

Interest income from short-term deposits

(45)

-

Loss (gain) from realization of marketable debt securities

(5)

3

Changes in operating assets and liabilities:

Increase in other accounts receivable

(199)

(210)

Decrease in trade payables

(17)

(80)

Decrease in other accounts payable

(449)

(802)

Decrease in deferred revenue

-

(268)

Net cash used in operating activities

(3,821)

(3,465)

Cash flow from investing activities

Purchase of property and equipment

(4)

(1)

Investment in available for sale securities

(48,717)

(8,185)

Consideration from sale of available for sale securities

65,647

1,249

Net cash provided in (used in) investing activities

16,926

(6,937)

Cash flow from financing activities

Proceeds from exercise of options

74

12

Net cash provided in financing activities

74

12

Decrease (increase) in cash and cash equivalents

13,179

(10,390)

Cash and cash equivalents at the beginning of the period

24,159

13,021

Cash and cash equivalents at the end of the period

$

37,338

$

2,631

Supplemental disclosure of cash flow information:

Cash received from interest

$

535

$

46

 

Non-cash transactions

Recognition of right-of-use asset and lease liability from adoption of ASU 2016-02

$

679

$

-



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