XTL BIOPHARMACEUTICALS LTD.

Year Ended December 31,
2007 2006 2005 2004 2003
(In thousands, except share and per share amounts)
Statements of Operations Data:
Revenues
Reimbursed out-of-pocket expenses $ — $ — $ 2,743 $ 3,269 $ —
License 907 454 454 185 —
907 454 3,197 3,454 —
Cost of Revenues
Reimbursed out-of-pocket expenses — — 2,743 3,269 —
License (with respect to royalties) 110 54 54 32 —
110 54 2,797 3,301 —
Gross Margin 797 400 400 153 —
Research and development
Research and development costs 18,998 10,229 7,313 11,985 14,022
Less participations 56 — — — 3,229
18,942 10,229 7,313 11,985 10,793
In-process research and development — — 1,783 — —
General and administrative 5,582 5,576 5,457 4,134 3,105
Business development costs 2,008 641 227 810 664
Operating loss (25,735) (16,046) (14,380) (16,776) (14,562)
Other income (expense)
Financial and other income, net 590 1,141 443 352 352
Income taxes 206 (227) (78) (49) (78)
Loss for the period $ (24,939) $ (15,132) $ (14,015) $ (16,473) $ (14,288)
Loss per ordinary share
Basic and diluted $ (0.11) $ (0.08) $ (0.08) $ (0.12) $ (0.13)
Weighted average shares outstanding 228,492,818 201,737,295 170,123,003 134,731,766 111,712,916
As of December 31,
2007 2006 2005 2004 2003
(In thousands)
Balance Sheet Data:
Cash, cash equivalents, bank deposits and trading and
marketable securities
$ 12,977 $ 25,347 $ 13,360 $ 22,924 $ 22,262
Working capital 8,532 22,694 11,385 20,240 19,967
Total assets 14,127 26,900 15,151 25,624 24,853
Long-term obligations 194 738 1,493 2,489 1,244
Total shareholders’ equity 8,564 22,760 11,252 19,602 20,608
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