Note 2 - Basis of Presentation

9 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

Note B – Basis of Presentation

1. Basis of Presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.”). The Company’s functional currency is the U.S. dollar.

The consolidated balance sheet as of September 30, 2013, the consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2013 and 2012 and the cumulative period from July 11, 2010 (Date of Inception) through September 30, 2013, the consolidated statement of stockholders’ deficit for the nine months ended September 30, 2013 and the consolidated statements of cash flows for the nine months ended September 30, 2013 and 2012 and the cumulative period from July 11, 2010 (Date of Inception) through September 30, 2013, and related disclosures contained in the accompanying notes are unaudited. The consolidated balance sheet as of December31, 2012 is derived from the audited consolidated financial statements of Immune Ltd. included in the definitive proxy statement filed on Schedule 14A with the U.S. Securities and Exchange Commission (the “SEC”). The consolidated financial statements are presented on the basis of accounting principles that are generally accepted in the U.S. for interim financial information and in accordance with the instructions of the SEC on Form 10-Q and Rule10-01 of RegulationS-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the U.S. for a complete set of financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the consolidated balance sheet as of September 30, 2013 and the results of operations and cash flows for the three and nine months ended September 30, 2013 and 2012 and the cumulative period from July 11, 2010 (Date of Inception) through September 30, 2013 have been made. The results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December31, 2013 or for any other period. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements of Immune Ltd. and the accompanying notes for the year ended December31, 2012 included in the definitive proxy statement filed on Schedule 14A with the SEC on June 18, 2013.