Executive Summary

Q2 2023 focused on progressing the merger with Notable Labs; management reiterated expected close in late September or October 2023, contingent on S‑4 effectiveness and shareholder approvals .
Operating expenses fell sharply year over year to $0.9M, aided by a net R&D credit of ($1.5)M from an EIC grant and share‑based compensation reversals; net loss improved to ($0.9)M or ($0.01) per basic share vs ($0.12) a year ago .
Liquidity remained solid with $24.3M cash and equivalents at quarter‑end (vs $26.5M in Q1 and $21.1M at FY22 year‑end, plus $7.1M received in March from the facility sale) .
Corporate optionality increased via a non‑binding term sheet to monetize VB‑601 for up to $5.0M plus royalties, supporting the strategic pivot toward Notable’s oncology platform .

What Went Well and What Went Wrong

Merger execution: “We continue to make good progress towards the closing of our previously announced merger with Notable…expected to close in late September or October 2023” — CEO Prof. Dror Harats .
Opex discipline: Total operating expenses dropped to ~$0.9M, supported by a ($1.5)M net R&D credit and reduced G&A; net loss narrowed to ($0.9)M .
Asset monetization: Term sheet to monetize VB‑601 with $0.25M upfront, up to $4.75M milestones, and tiered royalties, signaling value extraction from legacy programs .

No quarterly revenue disclosure; the model remains pre‑commercial, limiting revenue/margin comparability and estimate benchmarking .
Impairment and asset sales: $0.3M impairment tied to merger preparation and $0.2M capital loss from asset sales reflect wind‑down costs of legacy operations .
S‑4 not yet effective at Q2 release, keeping timeline contingent on SEC and shareholder approvals and introducing execution risk .

Metric	Q2 2022	Q1 2023	Q2 2023
Revenue ($USD Millions)	Not disclosed	Not disclosed	Not disclosed
Net Loss ($USD Millions)	($9.4)	($2.6)	($0.9)
EPS (Basic, $USD)	($0.12)	($0.03)	($0.01)
Total Operating Expenses ($USD Millions)	$9.6	$2.7	$0.9
Cash & Equivalents ($USD Millions)	$21.1 (FY22 YE)	$26.5	$24.3

Segment breakdown: Not applicable; company reported consolidated figures only .

KPIs

KPI ($USD Millions unless noted)	Q2 2022	Q1 2023	Q2 2023
R&D Expense, net	$6.7	$0.06 (net)	($1.5) (net credit)
G&A Expense	$2.9	$3.2	$1.9
Impairment Loss	—	—	$0.3
Capital Loss on Asset Sale	—	$0.6 gain (sale proceeds context)	$0.2 loss

Metric	Period	Previous Guidance	Current Guidance	Change
Merger Close Timing	2023	Close expected in Q3 2023 (subject to SEC review and approvals)	Close expected late September or October 2023 (subject to S‑4 effectiveness and approvals)	Updated (timing refined)
Platform/Strategy	Ongoing	Focus on Notable’s PPMP and oncology pipeline post‑merger	Reiterated; combined company expected to list as Notable Labs, Ltd. (NTBL) post close	Maintained
VB‑601 Monetization	2023	Not previously specified	Non‑binding term sheet: $0.25M upfront, up to $4.75M milestones, tiered royalties	New disclosure

No explicit revenue, margin, OpEx, tax, or dividend guidance provided in Q2 documents .

(Company did not furnish a Q2 2023 earnings call transcript; themes reflect press releases.)

Topic	Previous Mentions (Q4 2022)	Previous Mentions (Q1 2023)	Current Period (Q2 2023)	Trend
Merger Execution	Definitive agreement with Notable; combined co. to operate as Notable Labs, Ltd. (NTBL)	S‑4 filed May 11; close targeted Q3 2023	Close expected late Sep/Oct; S‑4 not yet effective	Steady progress; timeline refined
Cash Runway	Expected runway into 2025 post‑merger	Cash $26.5M at 3/31/23	Cash $24.3M at 6/30/23	Adequate liquidity; slight sequential decrease
Asset Monetization	Facility sale closed for $7.1M	Proceeds retained for combined company	VB‑601 monetization term sheet announced	Ongoing legacy asset value realization
R&D/Pipeline	Notable’s AML assets; PPMP validation study timing	Focus shift to Notable pipeline post‑close	Legacy R&D wind‑down; net R&D credit from grant	Transition toward Notable oncology programs
Regulatory/Legal	Merger agreement details, listing/ticker plan	S‑4 filed; pending SEC review	S‑4 under review; shareholder vote pending	Key gating items outstanding

“We continue to make good progress towards the closing of our previously announced merger with Notable…We believe the proposed merger represents the best path forward for the shareholders of both companies and for patients.” — Prof. Dror Harats, M.D., CEO .
“During the first quarter, we made continued progress…focused on closing the announced merger with Notable Labs, as expeditiously as possible.” — Prof. Dror Harats, M.D., CEO .
Combined company positioning: expected Nasdaq listing under “NTBL” and leadership by Notable’s team, with PPMP‑driven precision oncology pipeline .

Company did not furnish a Q2 2023 earnings call transcript; no Q&A disclosures were available in filings or press releases .

Wall Street consensus (S&P Global) for NTBL Q2 2023 EPS and revenue was unavailable due to missing CIQ mapping for NTBL at the time of retrieval; the company provided no quarterly revenue figures in Q2 materials .
Implication: Relative to estimates cannot be assessed; sell‑side models likely focused on merger execution rather than near‑term P&L.

Execution focus: Merger closing windows refined to late September/October 2023, with S‑4 effectiveness and shareholder votes as key gates; timeline clarity is the primary near‑term catalyst .
Cost discipline: Opex down materially with a net R&D credit and lower G&A; net loss improved to ($0.9)M and EPS to ($0.01), supporting cash preservation while the transaction progresses .
Liquidity: $24.3M cash at quarter end alongside prior $7.1M proceeds from facility sale underpins the transition to the combined entity’s oncology strategy .
Legacy asset optionality: VB‑601 monetization (upfront, milestones, royalties) adds non‑dilutive potential and simplifies the pivot to Notable’s PPMP platform .
Risk factors: SEC review timing and shareholder approvals remain critical; impairment and asset sale costs reflect wind‑down dynamics and could recur near term .
Post‑close strategy: Combined company to operate as Notable Labs, Ltd. (NTBL), targeting precision oncology with PPMP and AML assets, providing the medium‑term thesis anchor .
Trading lens: Headlines on S‑4 effectiveness, meeting dates/outcomes, and any additional asset monetization updates likely drive near‑term stock reactions; absence of revenue limits traditional beat/miss dynamics .