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 provided a business update and reported
financial results for the second quarter ended June 30, 2022.
In the second quarter, Talis continued to make progress on its
ability to manufacture the Talis One™ system at scale. Talis
successfully implemented modifications to manufacturing processes,
quality controls and supply conformance resulting in improved
quality and yield of cartridges and instruments.
Based on evolving market dynamics with COVID testing and the
current financial environment, Talis has discontinued investment in
commercialization of its stand-alone COVID-19 assay under Emergency
Use Authorization. As part of this decision, the company is
refocusing its resources on large and long-term market
opportunities in Women’s and Sexual health markets, beginning with
a multiplex panel for Chlamydia Trachomatis and Neisseria
Gonorrhoeae (CT/NG), which is currently under development.
“We have an innovative, high-performing platform with Talis One,
evidence that we can manufacture cartridges and instruments at
scale and $165 million in cash to execute on our strategy,” said
Rob Kelley, chief executive officer of Talis. “We plan to leverage
these assets in markets where we believe we can deliver high-value,
sustainable growth for a differentiated diagnostic platform at the
point of care.”
To align resources with this new focus, Talis is implementing a
35 percent reduction in force and additional cost saving measures.
Based on the timing of notifications under the Worker Adjustment
and Retraining Notification (WARN) Act, Talis expects to start
realizing the benefit of its restructuring plan in the fourth
quarter of 2022. These actions are expected to lower cash burn and
extend the company’s operations further into 2025.
Second Quarter 2022 Financial Results
Revenue was $0.6 million for the second quarter of 2022,
compared to $0.1 million for the same period in 2021. This includes
$0.5 million of product revenue for the second quarter of 2022
driven by antigen testing sales and $0.1 million of grant
revenue.
Operating expenses were $26.5 million in the second quarter of
2022, compared to $64.5 million for the same period in 2021. The
decrease in operating expenses was primarily driven by declines in
research and development expenses from manufacturing scale-up
investments that were largely completed.
Net loss was $27.0 million for the second quarter of 2022,
compared to $64.5 million for the same period in 2021.
Unrestricted cash and cash equivalents on June 30, 2022, were
$165.4 million.
Conference Call and Webcast DetailsThe company
will host a live conference call and webcast to discuss the
business update and financial results on Tuesday, August 2, 2022,
at 4:30 PM ET / 1:30 PM PT. The conference call can be accessed by
registering online for dial-in information or via live audio
webcast at: https://investors.talisbio.com/news-and-events/events.
Participants interested in dialing in to the conference call are
requested to register at a minimum 15 minutes before the start of
the call to obtain a unique pin for the call.
A replay of the call will be available via webcast for on-demand
listening shortly after the completion of the call, at the same web
link, and will remain available for approximately 90 days.
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. For more
information, visit talisbio.com.
Forward-Looking StatementsThis 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 plans to advance our pipeline, including
the plans to develop additional Talis One assays in the women’s and
sexual health markets; the potential to realize the benefit of our
restructuring plan in the fourth quarter of 2022; our ability to
position Talis to durable value to our shareholders; and our
ability to lower our cash burn, extend operations and extend our
cash runway. 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 develop our pipeline products, our ability to
achieve or sustain profitability, our ability to launch and gain
market acceptance for our pipeline 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.com 415-595-9407
Talis Biomedical
CorporationBalance Sheets(in
thousands)
|
|
June 30, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
165,373 |
|
|
$ |
232,545 |
|
Accounts receivable, net |
|
|
636 |
|
|
|
183 |
|
Inventory |
|
|
2,219 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
5,738 |
|
|
|
3,387 |
|
Total current assets |
|
|
173,966 |
|
|
|
236,115 |
|
Property and equipment, net |
|
|
10,157 |
|
|
|
10,528 |
|
Operating lease
right-of-use-assets |
|
|
35,791 |
|
|
|
12,907 |
|
Other long-term assets |
|
|
1,776 |
|
|
|
6,278 |
|
Total assets |
|
$ |
221,690 |
|
|
$ |
265,828 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,978 |
|
|
$ |
5,122 |
|
Accrued compensation |
|
|
5,052 |
|
|
|
6,369 |
|
Accrued liabilities |
|
|
2,539 |
|
|
|
6,383 |
|
Operating lease liabilities, current portion |
|
|
2,334 |
|
|
|
1,232 |
|
Total current liabilities |
|
|
13,903 |
|
|
|
19,106 |
|
Operating lease liabilities,
long-term portion |
|
|
30,768 |
|
|
|
12,745 |
|
Total liabilities |
|
$ |
44,671 |
|
|
$ |
31,851 |
|
Stockholders’ equity: |
|
|
|
|
Series 1 convertible preferred stock |
|
|
3 |
|
|
|
3 |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
602,017 |
|
|
|
598,913 |
|
Accumulated deficit |
|
|
(425,004 |
) |
|
|
(364,942 |
) |
Total stockholders’ equity |
|
|
177,019 |
|
|
|
233,977 |
|
Total liabilities and stockholders’ equity |
|
$ |
221,690 |
|
|
$ |
265,828 |
|
Talis Biomedical Corporation
Statements of Operations and
Comprehensive Loss (in thousands)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
Grant revenue |
|
$ |
70 |
|
|
$ |
117 |
|
|
$ |
944 |
|
|
$ |
7,117 |
|
Product revenue, net |
|
|
502 |
|
|
|
— |
|
|
|
2,815 |
|
|
|
— |
|
Total revenue, net |
|
|
572 |
|
|
|
117 |
|
|
|
3,759 |
|
|
|
7,117 |
|
Cost of product sold |
|
|
1,302 |
|
|
|
— |
|
|
|
4,823 |
|
|
|
— |
|
Gross profit (loss) |
|
|
(730 |
) |
|
|
117 |
|
|
|
(1,064 |
) |
|
|
7,117 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
17,365 |
|
|
|
54,495 |
|
|
|
38,068 |
|
|
|
114,688 |
|
Selling, general and administrative |
|
|
9,178 |
|
|
|
9,983 |
|
|
|
21,108 |
|
|
|
17,310 |
|
Total operating expenses |
|
|
26,543 |
|
|
|
64,478 |
|
|
|
59,176 |
|
|
|
131,998 |
|
Loss from operations |
|
|
(27,273 |
) |
|
|
(64,361 |
) |
|
|
(60,240 |
) |
|
|
(124,881 |
) |
Other income (expense), net |
|
|
262 |
|
|
|
(111 |
) |
|
|
178 |
|
|
|
(83 |
) |
Net loss and comprehensive
loss |
|
$ |
(27,011 |
) |
|
$ |
(64,472 |
) |
|
$ |
(60,062 |
) |
|
$ |
(124,964 |
) |
Talis Biomedical (NASDAQ:TLIS)
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