Exhibit 99.2
Purple Biotech Ltd.
Condensed Consolidated
Unaudited Interim Financial Statements
As of June 30, 2026
| Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
Contents
1
| Purple Biotech Ltd. |
| Condensed Consolidated Unaudited Interim Statements of Financial Position |
| June 30, | December 31, | |||||||||
| 2026 | 2025 | |||||||||
| Note | USD thousand | USD thousand | ||||||||
| Assets | ||||||||||
| Cash and cash equivalents | 5,236 | 8,717 | ||||||||
| Short term deposits | 869 | 857 | ||||||||
| Other current assets | 485 | 292 | ||||||||
| Total current assets | 6,590 | 9,866 | ||||||||
| Non-current assets | ||||||||||
| Right of use assets | 101 | 222 | ||||||||
| Fixed assets, net | 115 | 124 | ||||||||
| Intangible assets | 7,360 | 7,360 | ||||||||
| Total non–current assets | 7,576 | 7,706 | ||||||||
| Total assets | 14,166 | 17,572 | ||||||||
| Liabilities | ||||||||||
| Lease liability | 134 | 244 | ||||||||
| Trade payable | 487 | 2,070 | ||||||||
| Warrants | 5 | 229 | 4,066 | |||||||
| Other payables | 933 | 1,373 | ||||||||
| Total current liabilities | 1,783 | 7,753 | ||||||||
| Non-current liabilities | ||||||||||
| Post-employment benefit liabilities | 170 | 160 | ||||||||
| Total non-current liabilities | 170 | 160 | ||||||||
| Equity | ||||||||||
| Share capital, no par value | - | - | ||||||||
| Share premium | 155,834 | 152,483 | ||||||||
| Receipts on account of warrants | 21,145 | 21,145 | ||||||||
| Capital reserve for share-based payments | 6 | 6,114 | 7,263 | |||||||
| Capital reserve from transactions with related parties | 761 | 761 | ||||||||
| Capital reserve from transactions with non-controlling interest | (859 | ) | (859 | ) | ||||||
| Accumulated loss | (170,724 | ) | (171,079 | ) | ||||||
| Equity attributable to owners of the Company | 12,271 | 9,714 | ||||||||
| Non-controlling interests | (58 | ) | (55 | ) | ||||||
| Total equity | 12,213 | 9,659 | ||||||||
| Total liabilities and equity | 14,166 | 17,572 | ||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
2
| Purple Biotech Ltd. |
| Condensed Consolidated Unaudited Interim Statements of Operations and Other Comprehensive Income |
| For the six months ended June 30, | For the three months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| USD thousand | USD thousand | USD thousand | USD thousand | |||||||||||||
| Research and development expenses | 1,932 | 1,312 | 702 | 553 | ||||||||||||
| General and administrative expenses | 1,619 | 1,329 | 597 | 683 | ||||||||||||
| Operating loss | 3,551 | 2,641 | 1,299 | 1,236 | ||||||||||||
| Change in fair value of warrants | (3,844 | ) | (1,005 | ) | (1,670 | ) | (74 | ) | ||||||||
| Finance expense | 24 | 15 | 9 | - | ||||||||||||
| Finance income | (83 | ) | (106 | ) | (79 | ) | (73 | ) | ||||||||
| Finance income, net | (3,903 | ) | (1,096 | ) | (1,740 | ) | (147 | ) | ||||||||
| Loss (profit) for the period | (352 | ) | 1,545 | (441 | ) | 1,089 | ||||||||||
| Total loss (profit) for the period | (352 | ) | 1,545 | (441 | ) | 1,089 | ||||||||||
| Loss (profit) attributable to: | ||||||||||||||||
| Owners of the Company | (355 | ) | 1,538 | (441 | ) | 1,085 | ||||||||||
| Non-controlling interests | 3 | 7 | - | 4 | ||||||||||||
| (352 | ) | 1,545 | (441 | ) | 1,089 | |||||||||||
| Loss (profit) per share information | ||||||||||||||||
| Basic and diluted loss (profit) per Share – USD | (0.00018 | ) | 0.003 | (0.00020 | ) | 0.002 | ||||||||||
| Number of Shares used in calculation | 2,017,629,342 | 536,905,219 | 2,172,187,127 | 547,243,964 | ||||||||||||
| Loss (profit) per ADS information (where 1 ADS represents 2000 shares) | ||||||||||||||||
| Basic and diluted loss per ADS – USD | (0.35 | ) | *5.7 | (0.41 | ) | *4 | ||||||||||
| Number of ADSs used in calculation | 1,008,815 | *268,453 | 1,086,094 | *273,622 | ||||||||||||
| * | Restated to reflect the change in the ADS ratio from 1:200 to 1:2,000, effective March 2026. |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
3
| Purple Biotech Ltd. |
| Condensed Consolidated Unaudited Interim Statements of Changes in Equity |
| Share Capital | Share premium | Receipts on account of warrants | Capital reserve for share- based payments | Capital reserve from transactions with related parties | Capital reserve from transactions with Non- controlling interest | Accumulated loss | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Balance as of January 1, 2026 | - | 152,483 | 21,145 | 7,263 | 761 | (859 | ) | (171,079 | ) | 9,714 | (55 | ) | 9,659 | |||||||||||||||||||||||||||
| Transactions with owners of the Company: | ||||||||||||||||||||||||||||||||||||||||
| Issuance of American Depository Shares (ADSs) on the NASDAQ, net of issuance costs | - | 2,042 | - | - | - | - | 2,042 | - | 2,042 | |||||||||||||||||||||||||||||||
| Share-based payments | - | 1,309 | - | (1,149 | ) | - | - | - | 160 | - | 160 | |||||||||||||||||||||||||||||
| Loss (Profit) for the period | - | - | - | - | - | 355 | 355 | (3 | ) | 352 | ||||||||||||||||||||||||||||||
| Balance as of June 30, 2026 | - | 155,834 | 21,145 | 6,114 | 761 | (859 | ) | (170,724 | ) | 12,271 | (58 | ) | 12,213 | |||||||||||||||||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
4
| Purple Biotech Ltd. |
| Condensed Consolidated Unaudited Interim Statements of Changes in Equity |
| Share Capital | Share premium | Receipts on account of warrants | Capital reserve for share- based payments | Capital reserve from transactions with related parties | Capital reserve from transactions with Non- controlling interest | Accumulated loss | Total | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
| Balance as of January 1, 2025 | - | 147,631 | 21,145 | 8,875 | 761 | (859 | ) | (144,693 | ) | 32,860 | 51 | 32,911 | ||||||||||||||||||||||||||||
| Transactions with owners of the Company: | ||||||||||||||||||||||||||||||||||||||||
| Issuance of American Depository Shares (ADSs) on the NASDAQ, net of issuance costs | - | 531 | - | - | - | - | 531 | - | 531 | |||||||||||||||||||||||||||||||
| Share-based payments | - | 1,661 | - | (1,509 | ) | - | - | - | 152 | - | 152 | |||||||||||||||||||||||||||||
| Loss for the period | - | - | - | - | - | (1,538 | ) | (1,538 | ) | (7 | ) | (1,545 | ) | |||||||||||||||||||||||||||
| Balance as of June 30, 2025 | - | 149,823 | 21,145 | 7,366 | 761 | (859 | ) | (146,231 | ) | 32,005 | 44 | 32,049 | ||||||||||||||||||||||||||||
The accompanying notes are integral part of these condensed consolidated interim financial statements.
5
| Purple Biotech Ltd. |
| Condensed Consolidated Unaudited Interim Statements of Cash Flows |
| For the six months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| USD thousand | USD thousand | |||||||
| Cash flows from operating activities: | ||||||||
| Gain (loss) for the period | 352 | (1,545 | ) | |||||
| Adjustments: | ||||||||
| Depreciation | 135 | 92 | ||||||
| Finance income, net | (3,903 | ) | (1,096 | ) | ||||
| Share-based payments | 160 | 152 | ||||||
| (3,256 | ) | (2,397 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Changes in other investments and other current assets | (215 | ) | (206 | ) | ||||
| Changes in accounts payables | (1,749 | ) | (821 | ) | ||||
| Changes in other payables | (404 | ) | (98 | ) | ||||
| (2,368 | ) | (1,125 | ) | |||||
| Net cash used in operating activities | (5,624 | ) | (3,522 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceed from other investments | - | 290 | ||||||
| Interest received | 61 | 85 | ||||||
| Increase in short-term deposits | (12 | ) | (9 | ) | ||||
| Acquisition of fixed assets | (3 | ) | (2 | ) | ||||
| Net cash provided by investing activities | 46 | 364 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance ADSs | 2,300 | 664 | ||||||
| ADS issuance expenses paid | (112 | ) | (80 | ) | ||||
| Repayment of lease liability | (125 | ) | (92 | ) | ||||
| Interest paid | (9 | ) | (23 | ) | ||||
| Net cash provided by financing activities | 2,054 | 469 | ||||||
| Net decrease in cash and cash equivalents | (3,524 | ) | (2,689 | ) | ||||
| Cash and cash equivalents at the beginning of the period | 8,717 | 7,401 | ||||||
| Effect of translation adjustments on cash and cash equivalents | 43 | 24 | ||||||
| Cash and cash equivalents at the end of the period | 5,236 | 4,736 | ||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
6
| Purple Biotech Ltd. |
| Notes to Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
Note 1 - General
Reporting entity
| A. | Purple Biotech Ltd. (hereinafter: the “Company” or “Purple”) is focused on advancing its lead program, CAPTN-3 – a platform of conditionally activated tri-specific antibodies that simultaneously engage both T cells and NK cells. Proprietary capping technology confines immune activation to the tumor microenvironment, significantly expanding the therapeutic window compared to conventional T-cell engagers. The platform’s lead product candidate, IM1240, is the Company’s most advanced development program and is advancing toward clinical development. IM1305 is the platform’s second product candidate and is in preclinical development.
The Company was incorporated in Israel as a private company in August 1968 and has been listed for trading on the Tel Aviv Stock Exchange since September 1978. In October 2012, the Company disposed of all of its previous operations, and in July 2013, the Company acquired shares of Kitov Pharma Ltd. from its shareholders in exchange for the Company’s shares. In December 2020, the Company changed its name from Kitov Pharma Ltd. to Purple Biotech Ltd. |
| B. | The Company’s securities (American Depositary Shares (“ADSs”)) have been listed for trading on the NASDAQ since November 2015. Effective March 2, 2026, the ADS ratio was changed to one ADS representing 2,000 ordinary shares.
The Company’s address is 4 Oppenheimer St., Science Park Rehovot 7670104 Israel. |
| C. | In January 2017, the Company acquired the majority of shares of TyrNovo Ltd. (hereinafter: “TyrNovo”). During 2018, the Company acquired additional shares of TyrNovo from various minority shareholders.
In January 2020, the Company acquired 100% of FameWave Ltd. (hereinafter “FameWave”).
In October 2021, the Company established a fully owned subsidiary Purple Biotech GmbH (hereinafter “Purple GmbH”) which is currently in dissolving process following the termination of its activities in Switzerland.
In February 2023, the Company acquired 100% of Immunorizon Ltd. (hereinafter “Immunorizon”).
In June 2026, the Company established a fully owned subsidiary Immunorizon Poland s z o which is currently not active.
The Company, together with TyrNovo, FameWave, Immunorizon, Immunorizon Poland and Purple GmbH, are referred to in these consolidated financial statements as “the Group”. |
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| Purple Biotech Ltd. |
| Notes to Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
| D. | Since incorporation through June 30, 2026, the Group has incurred losses and negative cash flows from operations mainly attributed to its development efforts and has an accumulated loss of USD 171 million. The Group has financed its operations mainly through private and public financing rounds. Through June 30, 2026, the Company raised a total of USD 115.8 million net of issuance expenses. Based on the projected cash flows and current cash balances, management currently is of the opinion that its existing cash will be sufficient to fund operations for at least the next 12 months from the reporting date. Management’s plans include, but not limited, to pursuing out licensing, alternative financing arrangements, or reducing expenditures as necessary to meet the Company’s future cash requirements. However, there is no assurance that, if required, the Company will be able to raise additional capital when needed, on favorable terms, or at all or reduce discretionary spending to provide the required liquidity. |
| E. | The “Iron Swords” war began on October 7, 2023, following an attack by Hamas against Israel, and affected the country’s security and economic situation. In October 2025, a ceasefire was reached between the parties. On February 28, 2026, Israel, together with the United States, launched a military operation in Iran, following which Iran launched missiles and unmanned aerial vehicles toward Israel and other countries in the region. The hostilities subsequently expanded to Lebanon following attacks against Israel by Hezbollah. During April and June 2026, diplomatic efforts led to temporary pauses in hostilities and preliminary understandings. However, as of the date of approval of these financial statements, no permanent settlement had been reached, and the situation in the region remained uncertain.
The majority of the Company’s operations are conducted outside Israel. As of June 30, 2026, and through the date of approval of these financial statements, the Company’s operations continued as usual, and no material adverse effect on its operations or financial condition had been identified. The Company continues to monitor developments and their potential implications. |
8
| Purple Biotech Ltd. |
| Notes to Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
Note 2 - Basis of Preparation
| A. | Statement of compliance with International Financial Reporting Standards |
These consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. They should be read in conjunction with the financial statements as at and for the year ended December 31, 2025 (hereinafter - “the Annual Financial Statements”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last Annual Financial Statements. These condensed consolidated interim financial statements were approved for issue by the Group’s Board of Directors on August 8, 2026.
| B. | Use of judgments and estimates |
The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those that applied to the Annual Financial Statements.
Note 3 - Material Accounting Policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its Annual Financial Statements.
IFRS 18 Presentation and Disclosure in Financial Statements
This standard replaces IAS 1, Presentation of Financial Statements. The standard provides guidance for improving the structure and content of the financial statements, particularly the income statement. The standard includes new disclosure and presentation requirements as well as requirements that were taken from IAS 1, Presentation of Financial Statements. As part of the new disclosure requirements, it is required to present two subtotals in the income statement: operating profit and profit before financing and taxes. Furthermore, the results in the income statement will be classified into three new categories: an operating category, an investing category and a financing category. In addition to the changes in the structure of the income statements, the standard also includes a requirement to provide separate disclosure in the financial statements regarding the use of management-defined performance measures (MPM). Furthermore, the standard adds specific guidance for aggregation and disaggregation of items in the financial statements and in the notes.
Effective date and transitional provisions
The standard’s initial date of application is for annual reporting periods beginning on or after January 1, 2027 with earlier application being permitted. The Group is examining the effects of the standard on its financial statements with no plans for early adoption.
9
| Purple Biotech Ltd. |
| Notes to Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
Note 4 - Capital and reserves
During the reported periods, the following ADS were issued:
| For the six months ended | ||||||||
| June 30, 2026 | June 30, 2025 | |||||||
| Number of ADS in thousands | ||||||||
| Opening balance | 930 | 259 | ||||||
| Issuance of ADSs (1) | 692 | 25 | ||||||
| Vesting of RSUs | 6 | - | ||||||
| 1,628 | 284 | |||||||
| (1) | During the period of January until June 2026, the Company issued under the ATM program 692 thousand ADSs. |
During the six months period ended June 30, 2026, the total gross proceeds from ADS issuance were 2,300 thousand USD (664 thousand USD for the six months period ended June 30, 2025). The issuance costs for the period were 258 thousand USD (2025 - 27 thousand USD).
Note 5 - Financial Instruments
Fair value hierarchy of financial instruments measured at fair value:
| June 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| USD thousands | ||||||||||||||||
| Financial asset and liabilities | ||||||||||||||||
| Financial liability of warrants | - | - | 229 | 229 | ||||||||||||
| June 30, 2026 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| USD thousands | ||||||||||||||||
| Financial asset and liabilities | ||||||||||||||||
| Securities | 326 | 326 | ||||||||||||||
| Financial liability of warrants | - | - | 267 | 267 | ||||||||||||
| December 31, 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| USD thousands | ||||||||||||||||
| Financial asset and liabilities | ||||||||||||||||
| Financial liability of warrants | - | - | 4,066 | 4,066 | ||||||||||||
10
| Purple Biotech Ltd. |
| Notes to Condensed Consolidated Unaudited Interim Financial Statements as of June 30, 2026 |
| Financial liability- warrant | ||||
| Balance as of January 1, 2026 | 4,066 | |||
| Revaluation | (3,837 | ) | ||
| Balance as of June 30, 2026 | 229 | |||
| Financial liability- warrant | ||||
| Balance as of January 1, 2025 | 1,149 | |||
| Revaluation | (882 | ) | ||
| Balance as of June 30, 2025 | 267 | |||
| Financial liability- warrant | ||||
| Balance as of January 1, 2025 | 1,149 | |||
| Exercise | (88 | ) | ||
| Issuance | 4,240 | |||
| Revaluation | (1,235 | ) | ||
| Balance as of December 31, 2025 | 4,066 | |||
| Financial instrument | Valuation method determining fair value | Significant unobservable inputs | ||||
| For the period ended June 30, 2026 | ||||||
| Warrant | Black - Scholes | expected term | 2-3.1 years | |||
| expected volatility | 96.11% -119.85% | |||||
| annual risk free interest | 3.63%- 4.19% | |||||
| dividend yield | 0 | |||||
| For the period ended June 30, 2025 | ||||||
| Warrant | Black - Scholes | expected term | 1.01–4.01years | |||
| expected volatility | 99.15%–154.03% | |||||
| annual risk free interest | 3.84%–3.96% | |||||
| dividend yield | 0 |
Note 6 - Share-based payments
During the six and three-month period ended on June 30, 2026 the Company recorded gross expenses of USD 160 thousand and USD 67 thousand, respectively.
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