Talis Biomedical Announces First Quarter 2022 Financial Results
10 Mayo 2022 - 3:05PM
Talis Biomedical Corporation (Nasdaq: TLIS), a company dedicated to
advancing health equity and outcomes through the delivery of
accurate infectious disease testing in the moment of need, at the
point of care, today reported financial results for the first
quarter ended March 31, 2022.
Business update
- Completed assessment of manufacturing processes and product
design for manufacturing at scale and initiated necessary
refinements.
- Completed first release of Sia Dx™ cloud-based software on
Talis One™ System.
- Completed spending reduction plan to preserve cash.
“Following our assessment with independent experts, we remain
confident there is a path to manufacturing at scale after
addressing process modifications identified through this
evaluation. Importantly, we do not believe there is an immediate
need for substantial design or supply changes that would require
extended timelines to validate,” said Rob Kelley, chief executive
officer of Talis Biomedical. “I am encouraged by the progress our
team has made over the last 60 days toward validation of
manufacturing scale-up for our Talis One COVID-19 Test System. With
our continued focus on execution and cash preservation, we believe
we are on the right path to deliver on our 2022 business
objectives.”
First Quarter 2022 Financial Results
Revenue was $3.2 million for the first quarter of 2022, compared
to $7.0 million for the same period in 2021. This includes $2.3
million of product revenue for the first quarter of 2022 driven by
antigen testing sales and $0.9 million of grant revenue.
Operating expenses were $32.6 million in the first quarter of
2022, compared to $67.5 million for the same period in 2021. The
decrease in operating expenses was primarily driven by declines in
research and development expenses as we near completion of
investment in manufacturing scale-up.
Net loss was $33.1 million for the first quarter of 2022,
compared to $60.5 million for the same period in 2021.
Unrestricted cash and cash equivalents on March 31, 2022, were
$187.6 million.
Conference Call and Webcast DetailsThe company
will host a live conference call and webcast to discuss these
results and provide a corporate update on Tuesday, May 10, 2022, at
4:30 PM ET / 1:30 PM PT.
To participate in the call, please dial (833) 715-1329
(domestic) or (430) 775-1933 (international) and provide conference
ID 8872347. The live webcast will be available on the News &
Events page of the investors section of Talis Biomedical’s website
at talisbio.com.
About Talis BiomedicalTalis is dedicated to
advancing health equity and outcomes through the delivery of
accurate infectious disease testing in the moment of need, at the
point of care. The company plans to develop and commercialize
innovative products on its sample-to-answer Talis One™ system
to enable accurate, low cost, and rapid molecular testing. The U.S.
Food and Drug Administration (FDA) has granted Emergency Use
Authorization (EUA) for use of the Talis One COVID-19 Test System
in a variety of healthcare settings. For more information,
visit talisbio.com.
Forward-Looking Statements This press release
may contain forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Words such as
"may," "might," "will," "should," "believe," "expect,"
"anticipate," "estimate," "continue," "predict," "forecast,"
"project," "plan," "intend" or similar expressions, or other words
that convey uncertainty of future events or outcomes can be used to
identify these forward-looking statements. Forward-looking
statements include statements regarding our intentions, beliefs,
projections, outlook, analyses or current expectations concerning,
among other things: our assessment of our manufacturing processes
and product design; the ability of Sia Dx™ to be a
comprehensive solution to consolidate patient test information and
enhance organizational efficiency; our ability to validate
manufacturing scale-up; and our ability to deliver on our business
objectives, including cash preservation. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors that could cause actual results and
events to differ materially and adversely from those indicated by
such forward-looking statements including, among others: the impact
to our business of the ongoing COVID-19 pandemic, including any
impact on our ability to launch and market our products, our
ability to achieve or sustain profitability, our ability to launch
and gain market acceptance for our products and to accurately
forecast and meet customer demand, our ability to compete
successfully, our ability to enhance our product offerings,
development and manufacturing, capacity constraints or delays in
production of our products, product defects or failures. These and
other risks and uncertainties are described more fully in the "Risk
Factors" section and elsewhere in our filings with the Securities
and Exchange Commission and available at www.sec.gov, including in
our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Any forward-looking statements that we make in this announcement
speak only as of the date of this press release, and Talis assumes
no obligation to updates forward-looking statements whether as a
result of new information, future events or otherwise after the
date of this press release, except as required under applicable
law.
Contact Media & InvestorsEmily
Faucetteefaucette@talisbio.com415-595-9407
Talis Biomedical
CorporationCondensed balance
sheets(in thousands)
|
|
March 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
187,586 |
|
|
$ |
232,545 |
|
Accounts receivable, net |
|
|
2,599 |
|
|
|
183 |
|
Inventory |
|
|
3,499 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
7,138 |
|
|
|
3,387 |
|
Total current assets |
|
|
200,822 |
|
|
|
236,115 |
|
Property and equipment, net |
|
|
10,765 |
|
|
|
10,528 |
|
Operating lease
right-of-use-assets |
|
|
12,693 |
|
|
|
12,907 |
|
Other long-term assets |
|
|
6,307 |
|
|
|
6,278 |
|
Total assets |
|
$ |
230,587 |
|
|
$ |
265,828 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
5,263 |
|
|
$ |
5,122 |
|
Accrued compensation |
|
|
4,889 |
|
|
|
6,369 |
|
Accrued liabilities |
|
|
3,496 |
|
|
|
6,383 |
|
Operating lease liabilities, current portion |
|
|
1,628 |
|
|
|
1,232 |
|
Total current liabilities |
|
|
15,276 |
|
|
|
19,106 |
|
Operating lease liabilities,
long-term portion |
|
|
12,526 |
|
|
|
12,745 |
|
Total liabilities |
|
$ |
27,802 |
|
|
$ |
31,851 |
|
Stockholders’ equity: |
|
|
|
|
Series 1 convertible preferred stock |
|
|
3 |
|
|
|
3 |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
600,772 |
|
|
|
598,913 |
|
Accumulated deficit |
|
|
(397,993 |
) |
|
|
(364,942 |
) |
Total stockholders’ equity |
|
|
202,785 |
|
|
|
233,977 |
|
Total liabilities and stockholders’ equity |
|
$ |
230,587 |
|
|
$ |
265,828 |
|
|
|
|
|
|
|
|
|
|
Talis Biomedical
CorporationCondensed Statements of Operations and
Comprehensive Loss (Unaudited)(in
thousands)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
Grant revenue |
|
$ |
874 |
|
|
$ |
7,000 |
|
Product revenue, net |
|
|
2,313 |
|
|
|
— |
|
Total revenue, net |
|
|
3,187 |
|
|
|
7,000 |
|
Cost of product sold |
|
|
3,521 |
|
|
|
— |
|
Gross profit (loss) |
|
|
(334 |
) |
|
|
7,000 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
20,703 |
|
|
|
60,193 |
|
Selling, general and administrative |
|
|
11,930 |
|
|
|
7,327 |
|
Total operating expenses |
|
|
32,633 |
|
|
|
67,520 |
|
Loss from operations |
|
|
(32,967 |
) |
|
|
(60,520 |
) |
Other income (expense), net |
|
|
(84 |
) |
|
|
28 |
|
Net loss and comprehensive
loss |
|
$ |
(33,051 |
) |
|
$ |
(60,492 |
) |
|
|
|
|
|
|
|
|
|
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