On March 25, 2021 VBL Therapeutics (Nasdaq: VBLT) (the Company) reported financial results for the fourth quarter and fiscal year ended December 31, 2020 and provided a corporate update (Press release, VBL Therapeutics, MAR 25, 2021, View Source [SID1234577150]).

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"2020 was year of significant progress for VBL as we reached several milestones across multiple assets in different stages of development, including a successful interim analysis and two subsequent successful DSMC reviews for the OVAL Phase 3 registration enabling study of VB-111 for the treatment of platinum-resistant ovarian cancer. We look forward to continuing this momentum in 2021," said Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics.

Fourth Quarter and Recent Corporate Highlights

VB-111

In December 2020, the Company announced that the first patient has been enrolled in Europe in the OVAL Phase 3 registration enabling study of VB-111 for the treatment of platinum-resistant ovarian cancer.
In February 2021, a successful pre-planned DSMC review of the OVAL study found no safety issues with the trial and recommended its continuation as planned.
In March 2021, the Company announced the initiation of randomized, controlled and blinded Phase 2 investigator-sponsored trial of VB-111 in patients with recurrent glioblastoma.
VB-201

In January 2021, the Company announced the dosing of the first patient in a randomized controlled Phase 2 study of the Company’s proprietary investigational oral immune-modulator molecule, VB-201, for the treatment of COVID-19.
Corporate

In October 2020, the Company appointed Marc Kozin Vice Chairman of its Board of Directors.
In January 2021, the Company entered into an ordinary share purchase agreement of up to $20 million with Aspire Capital Fund LLC.
Financial Results for the Fourth Quarter and Full Year

As of December 31, 2020, the Company had cash, cash equivalents, short-term bank deposits and restricted bank deposit totaling $30.8 million and working capital of $24.5 million. The Company expects that its cash and cash equivalents and short-term bank deposits will be sufficient to fund operating expenses and capital expenditure requirements into the fourth quarter of 2022.

Revenues were $922 thousand for fiscal year 2020, as compared to $562 thousand for fiscal year 2019.

R&D expense was $19.7 million for fiscal year 2020, as compared to $14.7 million for fiscal year 2019. The increase in R&D expense was mainly due to the development of the VB-601 towards Investigational New Drug enabling studies.

G&A expenses were $5.3 million for fiscal year 2020, compared to $5.7 million for fiscal year 2019.

VBL reported a net loss of $24.2 million, or ($0.55) per share, for fiscal year 2020, compared to a net loss of $19.4 million, or ($0.54) per share, for fiscal year 2019.

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