6-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of August 2022

Commission File Number: 001-37353

BIONDVAX PHARMACEUTICALS LTD.

(Translation of registrant’s name into English)

Jerusalem BioPark, 2nd Floor

Hadassah Ein Kerem Campus

Jerusalem, Israel

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

EXPLANATORY NOTE

This Amendment No. 1 to the Report on Form 6-K, originally filed with the Securities and Exchange Commission on August 25, 2022, is being filed solely for the purposes of furnishing unaudited interim condensed consolidated financial statements as of June 30, 2022 and incorporating certain exhibits into registration statements of the registrant.

This Report on Form 6-K (including the text under “Second Quarter 2022 Financial Summary” in Exhibit 99.1 and Exhibit 99.2) is hereby incorporated by reference into the registrant’s Registration Statements on Form S-8 (File No. 333-239344) and Form F-3 (File No. 333-240189), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated August 25, 2022
99.2	Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2022

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BiondVax Pharmaceuticals Ltd.
Date: August 29, 2022	By:	/s/ Amir Reichman
		Amir Reichman
		Chief Executive Officer

2

EX-99.1

Exhibit 99.1

BiondVax announces Second Quarter 2022 Financial Results and Provides Business Update

JERUSALEM, Aug. 25, 2022 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), which focuses on developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses, today published its financial results for the quarter ended June 30, 2022 and provided a business update.

Business Update

● Development of the NanoAb program is proceeding according to plan. A pilot quantity of the lead NanoAb, a COVID-19 therapy, was manufactured in-house then sent for preclinical inhalation device evaluation and selection of an inhaler for human use.

● In September 2022, BiondVax plans to initiate an inhalation proof of concept study with its anti-SARS-COV-2 NanoAbs in COVID-19 infected animals with readout expected in November 2022.

● BiondVax currently holds several anti-SARS-COV-2 NanoAb candidates, generated and initially characterized by Max Planck Institute for Multidisciplinary Sciences in Göttingen together with University Medical Center Göttingen and exclusively licensed from Max-Planck-Innovation GmbH, which demonstrated high affinity to and strong neutralization of COVID-19 VoCs including Omicron BA1&2 and will be testing them in the coming months for neutralization of BA2.75 and BA5.

● BiondVax received supportive Scientific Advice from the Paul Ehrlich Institute (PEI) for its COVID-19 NanoAb development plans. PEI supported BiondVax’s plan for first-in-human clinical trial to be conducted directly in sick patients as a combined Phase 1/2a, testing both safety and efficacy, thereby shortening BiondVax’s clinical development timelines.

● As part of their broader research collaboration with BiondVax, the researchers at Max Planck Institute for Multidisciplinary Sciences in Göttingen and University Medical Center Gottingen have been able to successfully isolate new NanoAbs targeting IL-17A/F and other cytokines, which can be used for treatment of other diseases such as psoriasis, psoriatic arthritis, asthma, and macular degeneration. BiondVax has an exclusive option for an exclusive license to further develop and commercialize these drug candidates.

Second Quarter 2022 Financial Summary

Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.5 (NIS/$US), the rate as of the close of business on June 30, 2022.

● R&D expenses for the three months ended June 30, 2022 were NIS 6.5 million ($1.85 million) compared to NIS 1.9 million for the three months ended June 30, 2021. Total R&D expenses for the six months ended June 30, 2022 were NIS 10.1 million ($2.9 million) compared to NIS 4.6 million for the six months ended June 30, 2021. These increases were primarily due to drug development activities related to the new COVID-19 NanoAb program licensed from Max-Planck-Innovation GmbH in December 2021.

● Marketing, general and administrative expenses for the three months ended June 30, 2022 were NIS 4.3 million ($1.2 million) compared to NIS 7.0 million for the three months ended June 30, 2021. Total marketing, general and administrative expenses for the six months ended June 30, 2022 were NIS 8.9 million ($2.5 million) compared to NIS 11 million for the six months ended June 30, 2021. These decreases were primarily due to salaries and related expenses of NIS 1.2 million and share based payment of NIS 1 million.

● Financial expenses for the three months ended June 30, 2022 were NIS 2.1 million ($0.6 million) compared to NIS 3.0 million for the three months ended June 30, 2021. Financial expenses for the six months ended June 30, 2022 were NIS 3.2 million ($1 million) compared to NIS 4.5 million for the six months ended June 30, 2021. These decreases were primarily due to currency exchange differences and EIB loan financial expenses.

● Total operating expenses for the three months ended June 30, 2022 were NIS 10.8 million ($3.1 million) compared to NIS 8.9 million for the three months ended June 30, 2021. Total operating expenses for the six months ended June 30, 2022 were NIS 19 million ($5.5 million) compared to NIS 15.6 million for the six months ended June 30, 2021. 

● Net loss for the for the three months ended June 30, 2022 was NIS 12.9 million ($3.7 million) compared to NIS 12.0 million for the three months ended June 30, 2021. Net loss for the six months ended June 30, 2022 was NIS 22.3 million ($6.4 million) compared to NIS 20.2 million for the six months ended June 30, 2021. These increases were primarily due to an increase in R&D expenses, offset by a decrease in marketing, general and administrative expenses as described above.

As of June 30, 2022, BiondVax had cash and cash equivalents of NIS 39.5 million ($11.3 million) compared to NIS 54.0 million as of December 31, 2021.

Unaudited second quarter financial results will be submitted to the Securities and Exchange Commission. A summary is included in the tables below.

About BiondVax

BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses. Since its inception, the company has executed eight clinical trials including a seven country, 12,400 participant Phase 3 trial of its vaccine candidate and has built a state-of-the-art manufacturing facility for biopharmaceutical products. With highly experienced pharmaceutical industry leadership, BiondVax is aiming to develop a pipeline of diversified and commercially viable products and platforms beginning with an innovative nanosized antibody (NanoAb) pipeline. www.biondvax.com.

Contact Details

Company: Joshua E. Phillipson | +972 8 930 2529 | j.phillipson@biondvax.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements regarding the timing of future clinical trials, and the therapeutic and commercial potential of NanoAbs. These forward-looking statements reflect management’s current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of BiondVax Pharmaceuticals Ltd. Risks and uncertainties include, but are not limited to, the risk that the therapeutic and commercial potential of NanoAbs will not be met; the risk of a delay in the preclinical and clinical data for NanoAbs, if any; the risk that BiondVax and EIB will not reach agreement with respect to the restructuring of the loan from European Investment Bank; the risk that BiondVax may not be able to secure additional capital on attractive terms, if at all; the risk that the European Investment Bank may accelerate the loans under its finance contract with BiondVax; risks relating to the COVID-19 (coronavirus) pandemic; BiondVax’s ability to acquire rights to additional product opportunities; BiondVax’s ability to enter into collaborations on terms acceptable to BiondVax or at all; timing of receipt of regulatory approval of BiondVax’s manufacturing facility in Jerusalem, if at all or when required; the risk that the manufacturing facility will not be able to be used for a wide variety of applications and other vaccine and treatment technologies, and the risk that drug development involves a lengthy and expensive process with uncertain outcomes. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2022. BiondVax undertakes no obligation to revise or update any forward-looking statement for any reason.  

2

BALANCE SHEETS

In thousands, except share and per share data

										Convenience
										Translation
	December 31,			June 30,						June 30,
	2021			2021			2022			2022
	Audited			Unaudited						Unaudited
	NIS			N I S						U.S. dollars
CURRENT ASSETS:
Cash and cash equivalents		54,036			39,883			39,499			11,285
Other receivables		1,012			2,641			626			179
Total current assets		55,048			42,524			40,125			11,464
LONG TERM ASSETS:
Property, plant and equipment		38,519			38,979			39,250			11,214
Right-of-use assets		5,588			6,109			5,227			1,494
Restricted cash		444			437			484			138
Other long-term assets		-			-			485			139
Total non-current assets		44,551			45,525			45,446			12,985
Total assets		99,599			88,049			85,571			24,449
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables		3,107			2,635			2,057			588
Operating lease liabilities		773			764			857			245
Loan from others		-			64,248			18,706			5,345
Other payables		3,327			1,739			1,898			542
Total current liabilities		7,207			69,386			23,518			6,720
LONG TERM LIABILITIES:
Operating lease liabilities		5,712			6,047			5,536			1,582
Loan from others		63,252			-			51,954			14,843
Other payables		-			1,135			-			-
Severance pay liability, net		95			95			95			27
Total long-term liabilities		69,059			7,277			57,585			16,452
SHAREHOLDERS’ EQUITY:
Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2022, (unaudited) June 30, 2021 (unaudited) and at December 31, 2021; Issued and outstanding: 747,153,064 shares at June 30, 2022 (unaudited), 573,285,824 shares at June 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021		(*	)		(*	)		(*	)		(*	)
Share premium		388,104			356,358			391,507			111,859
Accumulated deficit		(364,771	)		(344,972	)		(387,039	)		(110,582	)
Total Equity		23,333			11,386			4,468			1,277
Total liabilities and shareholders’ equity		99,599			88,049			85,571			24,449

(*) Represents less than NIS\USD 1.

3

STATEMENTS OF COMPREHENSIVE LOSS

In thousands, except share and per share data

																Convenience translation
	Year ended December 31,			Three months ended June 30,						Six months ended June 30,						Six months ended June 30,
	2021			2021			2022			2021			2022			2022
	Audited			Unaudited												Unaudited
	N I S															U.S. dollars
	(In thousands, except per share data)
Operating expenses:
Research and development, net of participations		10,341			1,900			6,495			4,653			10,148			2,900
Marketing, general and administrative		24,528			7,002			4,286			11,007			8,919			2,548
Other income		(40	)		-			-			-			-			-
Total operating expenses		34,829			8,902			10,781			15,660			19,067			5,448
Operating loss		(34,829	)		(8,902	)		(10,781	)		(15,660	)		(19,067	)		(5,448	)
Financial income		5,716			-			1,571			822			2,783			796
Financial expense		(10,865	)		(3,091	)		(3,642	)		(5,341	)		(5,984	)		(1,710	)
Net loss and total comprehensive loss		(39,978	)		(11,993	)		(12,852	)		(20,179	)		(22,268	)		(6,362	)
Basic and diluted net loss per share		(0.07	)		(0.03	)		(0.02	)		(0.04	)		(0.03	)		(0.01	)
Weighted average number of shares outstanding used to compute basic and diluted loss per share		564,575,9 67			573,205 ,607			746,898,6 71			552,140,0 30			745,817, 220			745,817,2 20

The notes in the Company’s quarterly report are an integral part of the financial statements. The complete financial results are available in the Form 6-K to be filed with the Securities and Exchange Commission.

4

EX-99.2

Exhibit 99.2

BIONDVAX PHARMACEUTICALS LTD.

INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2022

NIS IN THOUSANDS

UNAUDITED

INDEX

	Page
Balance Sheets	F-2 - F-3
Statements of Comprehensive Loss	F-4
Statements of Changes in Shareholders’ Equity (Deficiency)	F-5 - F-7
Statements of Cash Flows	F-8 - F-9
Notes to Interim Financial Statements	F-10 - F-12

- - - - - - - - - - -

F-1

BIONDVAX PHARMACEUTICALS LTD.

BALANCE SHEETS

In thousands, except share and per share data

							Convenience
							Translation
							(Note 2)
	December 31,		June 30,				June 30,
	2021		2021		2022		2022
	Audited		Unaudited				Unaudited
	NIS		N I S				U.S. dollars
CURRENT ASSETS:
Cash and cash equivalents		54,036		39,883		39,499		11,285
Other receivables		1,012		2,641		626		179
Total current assets		55,048		42,524		40,125		11,464
LONG TERM ASSETS:
Property, plant and equipment		38,519		38,979		39,250		11,214
Right-of-use assets		5,588		6,109		5,227		1,494
Restricted cash		444		437		484		138
Other long-term assets		-		-		485		139
Total non-current assets		44,551		45,525		45,446		12,985
Total assets		99,599		88,049		85,571		24,449

The accompanying notes are an integral part of the interim financial statements.

F-2

BIONDVAX PHARMACEUTICALS LTD.

BALANCE SHEETS

In thousands, except share and per share data

										Convenience
										Translation
										(Note 2)
	December 31			June 30,						June 30,
	2021			2021			2022			2022
	Audited			Unaudited						Unaudited
				N I S						U.S. dollars
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables		3,107			2,635			2,057			588
Operating lease liabilities		773			764			857			245
Loan from others		-			64,248			18,706			5,345
Other payables		3,327			1,739			1,898			542
Total current liabilities		7,207			69,386			23,518			6,720
LONG TERM LIABILITIES:
Operating lease liabilities		5,712			6,047			5,536			1,582
Loan from others		63,252			-			51,954			14,843
Other payables		-			1,135			-			-
Severance pay liability, net		95			95			95			27
Total long-term liabilities		69,059			7,277			57,585			16,452
SHAREHOLDERS’ EQUITY:
Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2022, (unaudited) June 30, 2021 (unaudited) and December 31, 2021; Issued and outstanding: 747,153,064 shares at June 30, 2022 (unaudited), 573,285,824 shares at June 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021		(*	)		(*	)		(*	)		(*	)
Share premium		388,104			356,358			391,507			111,859
Accumulated deficit		(364,771	)		(344,972	)		(387,039	)		(110,582	)
Total Equity		23,333			11,386			4,468			1,277
Total liabilities and shareholders’ equity		99,599			88,049			85,571			24,449

(*) Represents less than NIS\USD 1.

The accompanying notes are an integral part of the interim financial statements.

August 25, 2022
Date of approval of the	Mark Germain	Amir Reichman	Uri Ben-Or
financial statements	Chairman of the Board	Chief Executive officer	Chief Financial Officer

F-3

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF COMPREHENSIVE LOSS

In thousands, except share and per share data

																Convenience translation (Note 2)
	Year ended December 31,			Three months ended June 30,						Six months ended June 30,						Six months   ended June 30,
	2021			2021			2022			2021			2022			2022
	Audited			Unaudited												Unaudited
	N I S															U.S. dollars
	(In thousands, except per share data)
Operating expenses:
Research and development, net of participations		10,341			1,900			6,495			4,653			10,148			2,900
Marketing, general and administrative		24,528			7,002			4,286			11,007			8,919			2,548
Other income		(40	)		-			-			-			-			-
Total operating expenses		34,829			8,902			10,781			15,660			19,067			5,448
Operating loss		(34,829	)		(8,902	)		(10,781	)		(15,660	)		(19,067	)		(5,448	)
								-
Financial income		5,716			-			1,571			822			2,783			796
Financial expense		(10,865	)		(3,091	)		(3,642	)		(5,341	)		(5,984	)		(1,710	)
Net loss and total comprehensive loss		(39,978	)		(11,993	)		(12,852	)		(20,179	)		(22,268	)		(6,362	)
Basic and diluted net loss per share		(0.07	)		(0.03	)		(0.02	)		(0.04	)		(0.03	)		(0.01	)
Weighted average number of shares outstanding used to compute basic and diluted loss per share		564,575,967			573,205,607			746,898,671			552,140,030			745,817,220			745,817,220

The accompanying notes are an integral part of the interim financial statements.

F-4

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIENCY)

In thousands, except share and per share data

	Share capital		Share premium			Accumulated deficit			Total equity (deficiency)
	Unaudited
	NIS in thousands
Balance as of January 1, 2022		(*)		388,104			(364,771	)		23,333
Total comprehensive loss		-		-			(22,268	)		(22,268	)
Issuance of shares, net		(*)		713			-			555
Deferred issuance expenses				(148	)
Share-based compensation		-		2,848			-			2,848
Balance as of June 30, 2022		(*)		391,507			(387,039	)		4,468
Balance as of June 30, 2022 (convenience translation into U.S. dollars (see Note 2))		(*)		111,859			(110,582	)		1,277

	Share capital		Share premium			Accumulated deficit			Total deficiency
	Unaudited
	NIS in thousands
Balance as of March 31, 2022		(*)		390,356			(374,187	)		16,169
Total comprehensive loss		-		-			(12,852	)		(12,852	)
Deferred issuance expenses		(*)		(148	)		-			(148	)
Share-based compensation		-		1,299			-			1,299
Balance as of June 30, 2022		(*)		391,507			(387,039	)		4,468
Balance as of June 30, 2022 (convenience translation into U.S. dollars (see Note 2))		(*)		111,859			(110,582	)		1,277

(*) Represents less than NIS\USD 1.

The accompanying notes are an integral part of the interim financial statements.

F-5

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIENCY)

In thousands, except share and per share data

	Share capital		Share premium		Accumulated deficit			Total equity (deficiency)
	Unaudited
	NIS in thousands
Balance as of January 1, 2021		(*)		310,197		(324,793	)		(14,596	)
Total comprehensive loss		-		-		(20,179	)		(20,179	)
Issuance of shares, net		(*)		42,129		-			42,129
Share-based compensation		-		4,032		-			4,032
Balance as of June 30, 2021		(*)		356,358		(344,972	)		11,386
Balance as of June 30, 2021 (convenience translation into U.S. dollars (see Note 2))		(*)		101,816		(98,563	)		3,253

	Share capital		Share premium		Accumulated deficit			Total deficiency
	Unaudited
	NIS in thousands
Balance as of March 31, 2021		(*)		353,783		(332,979	)		20,804
Total comprehensive loss		-		-		(11,993	)		(11,993	)
Share-based compensation		-		2,575		-			2,575
Balance as of June 30, 2021		(*)		356,358		(344,972	)		11,386
Balance as of June 30, 2021 (convenience translation into U.S. dollars (see Note 2))		(*)		101,816		(98,563	)		3,253

(*) Represents less than NIS\USD 1.

The accompanying notes are an integral part of the interim financial statements.

F-6

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)

In thousands, except share and per share data

	Share capital		Share premium		Accumulated deficit			Total Deficiency
	Audited
	NIS in thousands
Balance as of January 1, 2021		(*)		310,197		(324,793	)		(14,596	)
Total comprehensive loss		-		-		(39,978	)		(39,978	)
Issuance of Ordinary shares, net of issuance costs		-		69,003		-			69,003
Share-based compensation		-		8,904		-			8,904
Balance as of December 31, 2021		(*)		388,104		(364,771	)		23,333
Balance as of December 31, 2021 (convenience translation into U.S. dollars (see Note 2))		(*)		110,886		(104,220	)		6,666

(*) Represents less than NIS\USD 1.

The accompanying notes are an integral part of the interim financial statements.

F-7

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF CASH FLOWS

In thousands, except share and per share data

																Convenience translation (Note 2)
	Year ended December 31,			Three months ended June 30,						Six months ended June 30,						Six months ended June 30,
	2021			2021			2022			2021			2022			2022
	Audited			Unaudited												Unaudited
	N I S															U.S. dollars
Cash flows from operating activities:
Net loss		(39,978	)		(11,993	)		(12,852	)		(20,179	)		(22,268	)		(6,362	)
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to profit and loss items:
Depreciation of property, plant and equipment and right-of-use assets		2,415			604			778			1,209			1,436			410
Net financial expenses (income)		(930	)		520			(1,334	)		(471	)		(2,108	)		(602	)
Capital gain		(40	)		-			-			-			-			-
Increase in liability with respect to loans from others		2,831			1,902			5,473			3,827			7,408			2,116
Share-based compensation		8,904			2,575			1,299			4,032			2,848			814
		13,180			5,601			6,216			8,597			9,584			2,738
Changes in asset and liability items:
Increase (decrease) in other receivables		162			(2,191	)		(17	)		(1,467	)		376			107
Increase (decrease) in trade payables		1,239			550			(2,045	)		767			(1,050	)		(300	)
Increase (decrease) in short- and long-term other payables		946			99			(1,700	)		493			(1,429	)		(408	)
		2,347			(1,542	)		(3,762	)		(207	)		(2,103	)		(601	)
Cash paid and received during the year for:
Interest paid		(33	)		24			(8	)		15			(14	)		(4	)
		(33	)		24			(8	)		15			(14	)		(4	)
Net cash flows used in operating activities		(24,484	)		(7,910	)		(10,406	)		(11,774	)		(14,801	)		(4,229	)

(*) Represents an amount lower than NIS\USD 1.

The accompanying notes are an integral part of the interim financial statements.

F-8

BIONDVAX PHARMACEUTICALS LTD.

STATEMENTS OF CASH FLOWS

In thousands, except share and per share data

																Convenience translation (Note 2)
	Year ended December 31,			Three months ended June 30,						Six months ended June 30,						Six months ended June 30,
	2021			2021			2022			2021			2022			2022
	Audited			Unaudited												Unaudited
	N I S															U.S. dollars
Cash Flows from Investing Activities:
Purchase of property and equipment		(430	)		(106	)		(44	)		(128	)		(1,700	)		(486	)
Proceeds from sale of property and equipment		40			-			-			-			-
Increase (decrease) in other long term assets		29			(1	)		(40	)		36			(40	)		(11	)
Net cash used in investing activities		(361	)		(107	)		(84	)		(92	)		(1,740	)		(497	)
Cash Flows from Financing Activities:
Repayment of operating lease liabilities		(1,220	)		(317	)		(320	)		(623	)		(633	)		(181	)
Deferred issuance expenses		-						(148	)					(148	)		(42	)
Proceeds from exercise of warrants to public		-			-			-			42,129			-			-
Proceeds from issuance of shares, net of issuance costs		69,003			-			-			-			-			-
Net cash provided by (used in) financing activities		67,783			(317	)		(468	)		41,506			(781	)		(223	)
Exchange differences on balances of cash and cash equivalents		1,677			(360	)		1,571			822			2,785			796
Increase (decrease) in cash and cash equivalents		44,615			(8,694	)		(9,347	)		30,462			(14,537	)		(4,142	)
Balance of cash and cash equivalents at the beginning of the period		9,421			48,577			48,886			9,421			54,036			15,439
Balance of cash and cash equivalents at the end of the period		54,036			39,883			39,499			39,883			39,499			11,297
Non cash financing activities
Right-of-use asset recognized with corresponding lease liability		249			-			107			-			107			31
Intangible asset					-			-			-			485			139

The accompanying notes are an integral part of the interim financial statements.

F-9

BIONDVAX PHARMACEUTICALS LTD.

NOTES TO INTERIM FINANCIAL STATEMENTS

In thousands, except share and per share data

NOTE 1: GENERAL

a. BiondVax Pharmaceuticals Ltd. ("the Company") is focused on developing and ultimately commercializing products for prevention and treatment of infectious diseases and related illnesses. The Company was incorporated on July 21, 2003 in Israel, and started its activity on March 31, 2005. The Company's principal executive offices and main laboratory are located at Jerusalem BioPark, 2nd floor, Hadassah Ein Kerem Campus, Jerusalem, Israel, next to Hadassah University Hospitals and Hebrew University’s Medical School.

b. On May 15, 2015, the Company completed a public offering of securities in the United States.

c. On March 28, 2017, the Company received an approval from the Investment Center of the Ministry of Economy and Industry of the State of Israel, for a grant (the “Grant") representing 20% of a NIS 20,000 budget to be utilized towards the construction of a factory for the production of Phase 3 and commercial batches of M-001, the Company's former influenza vaccine candidate. The receipt of the Grant was subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law, 1959. The terms and conditions included, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets would be financed by additional share capital; (b) the Company would maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years.

Following the failure of M-001 in Phase 3 clinical trials, BiondVax reapplied for disbursement of the Grant in light of its new agreements with Max Planck Institute for Multidisciplinary Sciences in Göttingen together with University Medical Center Göttingen. In July 2022, the Investment Center of the Ministry of Economy and Industry informed the Company that (i) the disbursement was not approved, due to the early stage of the Company’s NanoAb program and (ii) the Company may reapply for disbursement in March 2023, conditioned on the Company demonstrating meeting certain milestones related to the development of its NanoAb program. The Company intends to appeal the decision.

d. On October 23, 2020, the Company announced Phase 3 clinical trial results of its M-001 universal vaccine product. The results did not demonstrate a statistically significant difference between the vaccinated group and the placebo group in reduction of flu illness and severity. Therefore, the study failed to meet both the primary and secondary efficacy endpoints. However, the study’s primary safety endpoint was met.

e. On December 22, 2021, the Company signed definitive agreements with the Max Planck Society (“MPG”), the parent organization of the Max Planck Institute for Biophysical Chemistry, and the University Medical Center Göttingen (“UMG”), both in Germany, to enter into a strategic collaboration for the development and commercialization of innovative Covid-19 NanoAbs, effective from January 1, 2022. The agreements provide for an upfront payment, development and sales milestones and royalties based on sales and sharing of sublicense revenues.

In accordance with the agreements, the Company issued 150,000 ADSs at no cost to MPG as an upfront payment for the license. The ADS are restricted for a period of three years. The company evaluated the fair value of the license at $153. The fair value was calculated by an independent valuation, at a discount rate of 31% under the following principles:

Stock price	1.48
Variance	150	%
Risk free interest	1	%

F-10

BIONDVAX PHARMACEUTICALS LTD.

NOTES TO INTERIM FINANCIAL STATEMENTS

In thousands, except share and per share data

NOTE 1: GENERAL (Cont.)

On March 23, 2022, the Company executed an additional research collaboration agreement with MPG and UMG covering development and commercialization of NanoAbs for several other disease indications with large market sizes that leverage their unique binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration. These targets are the basis for validated and currently marketed monoclonal antibodies, including for conditions such as psoriasis, asthma, macular degeneration, and psoriatic arthritis.

f. On March 23, 2022, the Company granted 170,132 RSUs to officers and employees. The fair value of the grants was NIS 753,084 ($233,081) and the RSUs vest in three years.

g. On May 31, 2022, the Company granted 15,500 RSUs to employees. The fair value of the grants was NIS 69,330 ($20,770) and the RSUs vest in three years.

h. In the six months ended June 30, 2022, the Company incurred a loss of NIS 22,268 (6,362) and negative cash flows from operating activities of NIS 14,802 ($4,229), and it had an accumulated deficit of NIS 387,039 ($110,583) as of that date.

In the future, the Company may raise additional capital from external sources in order to continue the longer-term efforts contemplated under its business plan. The Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to pursue its product development initiatives, to penetrate markets for the sale of our Company product candidates and continue operations as presently maintained. The Company cannot provide any assurance that it will raise additional capital. Management believes that the Company has access to capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company has not secured any commitment for new financing at this time, nor can the Company provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company’s efforts to commercialize its products, which is critical to the realization of the Company’s business plan and its future operations.

The Company’s management and Board of Directors are of the opinion that its current financial resources will be sufficient to continue the development of the Company’s products for at least the next twelve months.

NOTE 2: CONVENIENCE TRANSLATION INTO U.S. DOLLARS

The financial statements as of June 30, 2022 and for the six months then ended have been translated into dollars using the representative exchange rate as of that date ($ 1 = NIS 3.5). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in dollars or convertible into dollars, unless otherwise indicated in these statements.

F-11

BIONDVAX PHARMACEUTICALS LTD.

NOTES TO INTERIM FINANCIAL STATEMENTS

In thousands, except share and per share data

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in a condensed format as of June 30, 2022, and for the three and six months then ended ("interim financial statements"). These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2021, and for the year then ended and accompanying notes ("annual financial statements").

Basis of preparation of the interim financial statements

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting", and in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970.

The significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements.

NOTE 4: SUBSEQUENT EVENTS

On August 10, 2022, the company received approval by the European Investment Bank for the new terms of its outstanding €24 million loan to the Company.

The new terms include:

● An extension of the maturity dates from 2023 (€20 million) and 2024 (€4 million) until December 2027.

● Interest on the Loan will begin to accrue starting January 1, 2022, at an annual rate of 7%. The interest payments will be deferred until the new maturity date and will be added to the principal balance at the end of each year during the loan period.

● $900 thousand (NIS 3,500 thousand) will be paid by BiondVax shortly after the execution of the relevant amendment letter with the EIB. This amount will be applied to reduce the outstanding Loan. Going forward 10% of any capital raises until maturity will be used to further repay the Loan principal including any outstanding accrued interest.

● When the company sales exceed €5 million, 3% of the topline revenues will be paid to the EIB as royalties until the EIB receives (from the Loan repayment, inter alia the interest and the royalties) the higher of (i) a total of 2.8 times the original €24 million principal (as provided in the original Loan agreement) and (ii) 20% IRR on the principal.

● In case the company decides to discharge all liabilities under the finance contract inter alia payments of the variable remuneration, the company would need to repay to the EIB an indemnity amount in addition to the Loan principle and the accrued interest. The indemnity will be calculated such that the EIB receives an additional payment equal to the greater of (i) the prepayment amount (i.e. twice the prepayment amount in the aggregate) and (ii) the amount required to realize 20% IRR on the prepayment amount at the time of prepayment.

- - - - - - - - - - -

F-12

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2022
Document Information Line Items
Entity Registrant Name	BIONDVAX PHARMACEUTICALS LTD.
Document Type	6-K/A
Current Fiscal Year End Date	--12-31
Amendment Flag	true
Amendment Description	This Amendment No. 1 to the Report on Form 6-K, originally filed with the Securities and Exchange Commission on August 25, 2022, is being filed solely for the purposes of furnishing unaudited interim condensed consolidated financial statements as of June 30, 2022 and incorporating certain exhibits into registration statements of the registrant.
Entity Central Index Key	0001611747
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

XML

Balance Sheets ₪ in Thousands, $ in Thousands		Jun. 30, 2022 ILS (₪)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 ILS (₪)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 ILS (₪)
CURRENT ASSETS:
Cash and cash equivalents		₪ 39,499	$ 11,285	₪ 54,036		₪ 39,883
Other receivables		626	179	1,012		2,641
Total current assets		40,125	11,464	55,048		42,524
LONG TERM ASSETS:
Property, plant and equipment		39,250	11,214	38,519		38,979
Right-of-use assets		5,227	1,494	5,588		6,109
Restricted cash		484	138	444		437
Other long-term assets		485	139
Total non-current assets		45,446	12,985	44,551		45,525
Total assets		85,571	24,449	99,599		88,049
CURRENT LIABILITIES:
Trade payables		2,057	588		$ 3,107	2,635
Operating lease liabilities		857	245		773	764
Loan from others		18,706	5,345			64,248
Other payables		1,898	542		3,327	1,739
Total current liabilities		23,518	6,720		7,207	69,386
LONG TERM LIABILITIES:
Operating lease liabilities		5,536	1,582		5,712	6,047
Loan from others		51,954	14,843		63,252
Other payables						1,135
Severance pay liability, net		95	27		95	95
Total long-term liabilities		57,585	16,452		69,059	7,277
SHAREHOLDERS’ EQUITY:
Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2022, (unaudited) June 30, 2021 (unaudited) and December 31, 2021; Issued and outstanding: 747,153,064 shares at June 30, 2022 (unaudited), 573,285,824 shares at June 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021	[1]
Share premium		391,507	111,859		388,104	356,358
Accumulated deficit		(387,039)	(110,582)		(364,771)	(344,972)
Total Equity		4,468	1,277	₪ 23,333	23,333	11,386
Total liabilities and shareholders’ equity		₪ 85,571	$ 24,449		$ 99,599	₪ 88,049

[1] Represents less than NIS\USD 1.

XML

Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Statement of financial position [abstract]
Ordinary shares, par value (in Dollars per share)
Ordinary shares, authorized	1,800,000,000	1,800,000,000
Ordinary shares, issued	573,285,824	739,048,544
Ordinary shares, outstanding	573,285,824	739,048,544

XML

Statements of Comprehensive Loss ₪ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2022 ILS (₪) ₪ / shares shares	Jun. 30, 2021 ILS (₪) ₪ / shares shares	Jun. 30, 2022 ILS (₪) ₪ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 ILS (₪) ₪ / shares shares	Dec. 31, 2021 ILS (₪) ₪ / shares shares
Operating expenses:
Research and development, net of participations	₪ 6,495	₪ 1,900	₪ 10,148	$ 2,900	₪ 4,653	₪ 10,341
Marketing, general and administrative	4,286	7,002	8,919	2,548	11,007	24,528
Other income						(40)
Total operating expenses	10,781	8,902	19,067	5,448	15,660	34,829
Operating loss	(10,781)	(8,902)	(19,067)	(5,448)	(15,660)	(34,829)
Financial income	1,571		2,783	796	822	5,716
Financial expense	(3,642)	(3,091)	(5,984)	(1,710)	(5,341)	(10,865)
Net loss and total comprehensive loss	₪ (12,852)	₪ (11,993)	₪ (22,268)	$ (6,362)	₪ (20,179)	₪ (39,978)
Basic and diluted net loss per share (in New Shekels per share and Dollars per share) | (per share)	₪ (0.02)	₪ (0.03)	₪ (0.03)	$ (0.01)	₪ (0.04)	₪ (0.07)
Weighted average number of shares outstanding used to compute basic and diluted loss per share (in Shares)	746,898,671	573,205,607	745,817,220	745,817,220	552,140,030	564,575,967

XML

Statements of Comprehensive Loss (Parentheticals)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2022 ₪ / shares shares	Jun. 30, 2021 ₪ / shares shares	Jun. 30, 2022 $ / shares shares	Jun. 30, 2022 ₪ / shares shares	Jun. 30, 2021 ₪ / shares shares	Dec. 31, 2021 ₪ / shares shares
Statements Of Comprehensive Loss Abstract
Diluted net loss per share (in New Shekels per share and Dollars per share) | (per share)	₪ (0.02)	₪ (0.03)	$ (0.01)	₪ (0.03)	₪ (0.04)	₪ (0.07)
Weighted average number of shares outstanding used to compute diluted loss per share	746,898,671	573,205,607	745,817,220	745,817,220	552,140,030	564,575,967

XML

Statements of Changes in Shareholders’ Equity (Deficiency) ₪ in Thousands, $ in Thousands	Share capital ILS (₪)		Share premium ILS (₪)	Accumulated deficit ILS (₪)	ILS (₪)	USD ($)
Balance at Dec. 31, 2020		[1]	₪ 310,197	₪ (324,793)	₪ (14,596)
Total comprehensive loss				(20,179)	(20,179)
Issuance of shares, net		[1]	42,129		42,129
Share-based compensation			4,032		4,032
Balance at Jun. 30, 2021		[1]	356,358	(344,972)	11,386
Balance at Jun. 30, 2021		[1]	101,816	(98,563)	3,253
Balance at Dec. 31, 2020		[1]	310,197	(324,793)	(14,596)
Total comprehensive loss				(39,978)	(39,978)
Issuance of Ordinary shares, net of issuance costs			69,003		69,003
Share-based compensation			8,904		8,904
Balance at Dec. 31, 2021		[1]	388,104	(364,771)	23,333	$ 23,333
Balance at Dec. 31, 2021		[1]	110,886	(104,220)	6,666
Balance at Mar. 31, 2021		[1]	353,783	(332,979)	20,804
Total comprehensive loss				(11,993)	(11,993)
Share-based compensation			2,575		2,575
Balance at Jun. 30, 2021		[1]	356,358	(344,972)	11,386
Balance at Jun. 30, 2021		[1]	101,816	(98,563)	3,253
Balance at Dec. 31, 2021		[1]	388,104	(364,771)	23,333	23,333
Total comprehensive loss				(22,268)	(22,268)
Issuance of shares, net		[1]	713		555
Deferred issuance expenses			(148)
Share-based compensation			2,848		2,848
Balance at Jun. 30, 2022		[1]	391,507	(387,039)	4,468	1,277
Balance at Jun. 30, 2022		[1]	111,859	(110,582)	1,277
Balance at Mar. 31, 2022		[1]	390,356	(374,187)	16,169
Total comprehensive loss				(12,852)	(12,852)
Deferred issuance expenses		[1]	(148)		(148)
Share-based compensation			1,299		1,299
Balance at Jun. 30, 2022		[1]	391,507	(387,039)	4,468	$ 1,277
Balance at Jun. 30, 2022		[1]	₪ 111,859	₪ (110,582)	₪ 1,277

[1] (*)Represents less than NIS\USD 1.

XML

Statements of Cash Flows ₪ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2022 ILS (₪)	Jun. 30, 2021 ILS (₪)	Jun. 30, 2022 ILS (₪)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 ILS (₪)	Dec. 31, 2021 ILS (₪)
Cash flows from operating activities:
Net loss	₪ (12,852)	₪ (11,993)	₪ (22,268)	$ (6,362)	₪ (20,179)	₪ (39,978)
Adjustments to profit and loss items:
Depreciation of property, plant and equipment and right-of-use assets	778	604	1,436	410	1,209	2,415
Net financial expenses (income)	(1,334)	520	(2,108)	(602)	(471)	(930)
Capital gain						(40)
Increase in liability with respect to loans from others	5,473	1,902	7,408	2,116	3,827	2,831
Share-based compensation	1,299	2,575	2,848	814	4,032	8,904
Adjustments to profit and loss items	6,216	5,601	9,584	2,738	8,597	13,180
Changes in asset and liability items:
Increase (decrease) in other receivables	(17)	(2,191)	376	107	(1,467)	162
Increase (decrease) in trade payables	(2,045)	550	(1,050)	(300)	767	1,239
Increase (decrease) in short- and long-term other payables	(1,700)	99	(1,429)	(408)	493	946
Total changes in asset and liability	(3,762)	(1,542)	(2,103)	(601)	(207)	2,347
Cash paid and received during the year for:
Interest paid	(8)	24	(14)	(4)	15	(33)
Total cash paid and received	(8)	24	(14)	(4)	15	(33)
Net cash flows used in operating activities	(10,406)	(7,910)	(14,801)	(4,229)	(11,774)	(24,484)
Cash Flows from Investing Activities:
Purchase of property and equipment	(44)	(106)	(1,700)	(486)	(128)	(430)
Proceeds from sale of property and equipment						40
Increase (decrease) in other long term assets	(40)	(1)	(40)	(11)	36	29
Net cash used in investing activities	(84)	(107)	(1,740)	(497)	(92)	(361)
Cash Flows from Financing Activities:
Repayment of operating lease liabilities	(320)	(317)	(633)	(181)	(623)	(1,220)
Deferred issuance expenses	(148)		(148)	(42)
Proceeds from exercise of warrants to public					42,129
Proceeds from issuance of shares, net of issuance costs						69,003
Net cash provided by (used in) financing activities	(468)	(317)	(781)	(223)	41,506	67,783
Exchange differences on balances of cash and cash equivalents	1,571	(360)	2,785	796	822	1,677
Increase (decrease) in cash and cash equivalents	(9,347)	(8,694)	(14,537)	(4,142)	30,462	44,615
Balance of cash and cash equivalents at the beginning of the period	48,886	48,577	54,036	15,439	9,421	9,421
Balance of cash and cash equivalents at the end of the period	39,499	39,883	39,499	11,297	39,883	54,036
Non cash financing activities
Right-of-use asset recognized with corresponding lease liability	107		107	31		₪ 249
Intangible asset			₪ 485	$ 139

XML

General

6 Months Ended

Jun. 30, 2022

General [Abstract]

GENERAL

NOTE 1: GENERAL

a. BiondVax Pharmaceuticals Ltd. ("the Company") is focused on developing and ultimately commercializing products for prevention and treatment of infectious diseases and related illnesses. The Company was incorporated on July 21, 2003 in Israel, and started its activity on March 31, 2005. The Company's principal executive offices and main laboratory are located at Jerusalem BioPark, 2nd floor, Hadassah Ein Kerem Campus, Jerusalem, Israel, next to Hadassah University Hospitals and Hebrew University’s Medical School.

b. On May 15, 2015, the Company completed a public offering of securities in the United States.

c. On March 28, 2017, the Company received an approval from the Investment Center of the Ministry of Economy and Industry of the State of Israel, for a grant (the “Grant") representing 20% of a NIS 20,000 budget to be utilized towards the construction of a factory for the production of Phase 3 and commercial batches of M-001, the Company's former influenza vaccine candidate. The receipt of the Grant was subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law, 1959. The terms and conditions included, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets would be financed by additional share capital; (b) the Company would maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years.

Following the failure of M-001 in Phase 3 clinical trials, BiondVax reapplied for disbursement of the Grant in light of its new agreements with Max Planck Institute for Multidisciplinary Sciences in Göttingen together with University Medical Center Göttingen. In July 2022, the Investment Center of the Ministry of Economy and Industry informed the Company that (i) the disbursement was not approved, due to the early stage of the Company’s NanoAb program and (ii) the Company may reapply for disbursement in March 2023, conditioned on the Company demonstrating meeting certain milestones related to the development of its NanoAb program. The Company intends to appeal the decision.

d. On October 23, 2020, the Company announced Phase 3 clinical trial results of its M-001 universal vaccine product. The results did not demonstrate a statistically significant difference between the vaccinated group and the placebo group in reduction of flu illness and severity. Therefore, the study failed to meet both the primary and secondary efficacy endpoints. However, the study’s primary safety endpoint was met.

e. On December 22, 2021, the Company signed definitive agreements with the Max Planck Society (“MPG”), the parent organization of the Max Planck Institute for Biophysical Chemistry, and the University Medical Center Göttingen (“UMG”), both in Germany, to enter into a strategic collaboration for the development and commercialization of innovative Covid-19 NanoAbs, effective from January 1, 2022. The agreements provide for an upfront payment, development and sales milestones and royalties based on sales and sharing of sublicense revenues.

In accordance with the agreements, the Company issued 150,000 ADSs at no cost to MPG as an upfront payment for the license. The ADS are restricted for a period of three years. The company evaluated the fair value of the license at $153. The fair value was calculated by an independent valuation, at a discount rate of 31% under the following principles:

Stock price	1.48
Variance	150	%
Risk free interest	1	%

On March 23, 2022, the Company executed an additional research collaboration agreement with MPG and UMG covering development and commercialization of NanoAbs for several other disease indications with large market sizes that leverage their unique binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration. These targets are the basis for validated and currently marketed monoclonal antibodies, including for conditions such as psoriasis, asthma, macular degeneration, and psoriatic arthritis.

f. On March 23, 2022, the Company granted 170,132 RSUs to officers and employees. The fair value of the grants was NIS 753,084 ($233,081) and the RSUs vest in three years.

g. On May 31, 2022, the Company granted 15,500 RSUs to employees. The fair value of the grants was NIS 69,330 ($20,770) and the RSUs vest in three years.

h. In the six months ended June 30, 2022, the Company incurred a loss of NIS 22,268 (6,362) and negative cash flows from operating activities of NIS 14,802 ($4,229), and it had an accumulated deficit of NIS 387,039 ($110,583) as of that date.

In the future, the Company may raise additional capital from external sources in order to continue the longer-term efforts contemplated under its business plan. The Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to pursue its product development initiatives, to penetrate markets for the sale of our Company product candidates and continue operations as presently maintained. The Company cannot provide any assurance that it will raise additional capital. Management believes that the Company has access to capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company has not secured any commitment for new financing at this time, nor can the Company provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company’s efforts to commercialize its products, which is critical to the realization of the Company’s business plan and its future operations.

The Company’s management and Board of Directors are of the opinion that its current financial resources will be sufficient to continue the development of the Company’s products for at least the next twelve months.

XML

Convenience Translation Into U.S. Dollars

6 Months Ended

Jun. 30, 2022

Convenience Translation Into U.S. Dollars [Abstract]

CONVENIENCE TRANSLATION INTO U.S. DOLLARS

NOTE 2: CONVENIENCE TRANSLATION INTO U.S. DOLLARS

The financial statements as of June 30, 2022 and for the six months then ended have been translated into dollars using the representative exchange rate as of that date ($ 1 = NIS 3.5). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in dollars or convertible into dollars, unless otherwise indicated in these statements.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Disclosure of significant accounting policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in a condensed format as of June 30, 2022, and for the three and six months then ended ("interim financial statements"). These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2021, and for the year then ended and accompanying notes ("annual financial statements").

Basis of preparation of the interim financial statements

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting", and in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970.

The significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements.

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Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 4: SUBSEQUENT EVENTS

On August 10, 2022, the company received approval by the European Investment Bank for the new terms of its outstanding €24 million loan to the Company.

The new terms include:

● An extension of the maturity dates from 2023 (€20 million) and 2024 (€4 million) until December 2027.

● Interest on the Loan will begin to accrue starting January 1, 2022, at an annual rate of 7%. The interest payments will be deferred until the new maturity date and will be added to the principal balance at the end of each year during the loan period.

● $900 thousand (NIS 3,500 thousand) will be paid by BiondVax shortly after the execution of the relevant amendment letter with the EIB. This amount will be applied to reduce the outstanding Loan. Going forward 10% of any capital raises until maturity will be used to further repay the Loan principal including any outstanding accrued interest.

● When the company sales exceed €5 million, 3% of the topline revenues will be paid to the EIB as royalties until the EIB receives (from the Loan repayment, inter alia the interest and the royalties) the higher of (i) a total of 2.8 times the original €24 million principal (as provided in the original Loan agreement) and (ii) 20% IRR on the principal.

● In case the company decides to discharge all liabilities under the finance contract inter alia payments of the variable remuneration, the company would need to repay to the EIB an indemnity amount in addition to the Loan principle and the accrued interest. The indemnity will be calculated such that the EIB receives an additional payment equal to the greater of (i) the prepayment amount (i.e. twice the prepayment amount in the aggregate) and (ii) the amount required to realize 20% IRR on the prepayment amount at the time of prepayment.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of preparation of the interim financial statements

Basis of preparation of the interim financial statements

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting", and in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970.

The significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements.

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General (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure of detailed information about business combination [abstract]

Schedule of discount rate

Stock price	1.48
Variance	150	%
Risk free interest	1	%

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General (Details) - ILS (₪) ₪ in Thousands	1 Months Ended	6 Months Ended
	Mar. 28, 2017	Jun. 30, 2022	Mar. 31, 2022	Mar. 23, 2022
Disclosure of detailed information about business combination [abstract]
Percentage of grant	20.00%
Budget utilized towards the construction of factory	₪ 20,000
Terms and conditions for receipt of the grant, description	The receipt of the Grant was subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law, 1959. The terms and conditions included, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets would be financed by additional share capital; (b) the Company would maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years.
Agreement description		The ADS are restricted for a period of three years. The company evaluated the fair value of the license at $153. The fair value was calculated by an independent valuation, at a discount rate of 31% under the following principles:
Fair value of grants description			On May 31, 2022, the Company granted 15,500 RSUs to employees. The fair value of the grants was NIS 69,330 ($20,770) and the RSUs vest in three years.	On March 23, 2022, the Company granted 170,132 RSUs to officers and employees. The fair value of the grants was NIS 753,084 ($233,081) and the RSUs vest in three years.
Description of financial information		In the six months ended June 30, 2022, the Company incurred a loss of NIS 22,268 (6,362) and negative cash flows from operating activities of NIS 14,802 ($4,229), and it had an accumulated deficit of NIS 387,039 ($110,583) as of that date.

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General (Details) - Schedule of discount rate	6 Months Ended
	Jun. 30, 2022
Schedule Of Discount Rate Abstract
Stock price	1.48%
Variance	150.00%
Risk free interest	1.00%

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Convenience Translation Into U.S. Dollars (Details)	6 Months Ended
	Jun. 30, 2022 ₪ / shares
Convenience Translation Into U.S. Dollars [Abstract]
Translation of exchange rate	₪ 3.5

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Subsequent Events (Details) ₪ in Thousands, $ in Thousands, € in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022 ILS (₪)	Jun. 30, 2021 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Aug. 10, 2022 EUR (€)	Oct. 19, 2021
Subsequent Events (Details) [Line Items]
EIB loan					€ 24
Reduction of principal	₪ 3,500	$ 900
Capital raises percentage		10.00%
Description of royalties	●When the company sales exceed €5 million, 3% of the topline revenues will be paid to the EIB as royalties until the EIB receives (from the Loan repayment, inter alia the interest and the royalties) the higher of (i) a total of 2.8 times the original €24 million principal (as provided in the original Loan agreement) and (ii) 20% IRR on the principal.
Non-adjusting events after reporting period [Member]
Subsequent Events (Details) [Line Items]
Loan maturity			€ 4	€ 20
Annual rate						7.00%