Talis Biomedical Reports Third Quarter 2022 Financial Results
03 Noviembre 2022 - 2:05PM
Talis Biomedical Corporation (Nasdaq: TLIS), a diagnostic 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 third quarter ended September 30, 2022.
“During the third quarter, we made further progress in
manufacturing the Talis One™ platform and returned to our original
focus on Women’s and Sexual Health, where there remains a large
unmet need for infectious disease testing at the point of care. To
address these significant opportunities, we are immediately
directing our efforts on the pursuit of 510(k) clearances for our
highly differentiated platform and the development of multiple
assay panels,” said Rob Kelley, chief executive officer at Talis.
“With demonstrated manufacturing capabilities to support the
development and commercialization of Talis One, plans for an
expanded test menu, and a strong cash position we are confident in
our pathway to deliver growth and value.”
As previously announced in August, Talis discontinued investment
in commercialization in the United States of its stand-alone
COVID-19 assay under Emergency Use Authorization based on evolving
market dynamics with COVID testing and the current financial
environment. This decision allows the company to refocus its
resources on large and long-term market opportunities in Women’s
and Sexual Health markets in an effort to deliver the greatest
competitive advantages, revenue growth and profit margins.
To align resources with this new focus, Talis implemented a 35
percent reduction in force and additional cost-saving measures in
the third quarter. The company expects to start realizing the
benefit of its restructuring plan in the fourth quarter of 2022.
These actions, along with reduced spending in manufacturing,
inventory, consulting and infrastructure are expected to lower cash
burn and fund the company’s operations into 2025.
Talis plans to provide progress updates as they are achieved or
available and will not be hosting a conference call to discuss
third quarter results. For further detail and discussion of the
company’s financial performance, please refer to the company’s
upcoming Quarterly Report on Form 10-Q for the third quarter ended
September 30, 2022.
Third Quarter 2022 Financial Results
Revenue was $0.8 million for the third quarter of 2022, compared
to $0.2 million for the same period in 2021. This includes $0.7
million of product revenue for the third quarter of 2022 driven by
antigen testing sales and $0.1 million of grant revenue.
Operating expenses were $26.3 million in the third quarter of
2022, compared to $38.6 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 $26.0 million for the third quarter of 2022,
compared to $38.4 million for the same period in 2021.
Unrestricted cash and cash equivalents on September 30, 2022,
were $143.8 million.
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 Talis One assays in the women’s and sexual
health markets; the size and potential of our opportunity in the
women’s and sexual health markets; our ability to capitalize on any
competitive advantages; the potential to realize the benefit of our
restructuring plan in the fourth quarter of 2022; our ability to
position Talis to provide durable value to our shareholders; our
future revenue growth and profit margins; 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: risks and uncertainties associated with development and
regulatory approval, the impact to our business from global
economic conditions, including the ongoing COVID-19 pandemic, and
inflationary pressures and any related 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.com415-595-9407
Talis Biomedical
Corporation Balance
Sheets (in thousands)
|
September 30, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
143,783 |
|
|
$ |
232,545 |
|
Accounts receivable, net |
|
433 |
|
|
|
183 |
|
Inventory |
|
2,027 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
4,134 |
|
|
|
3,387 |
|
Total current assets |
|
150,377 |
|
|
|
236,115 |
|
Property and equipment, net |
|
6,869 |
|
|
|
10,528 |
|
Operating lease
right-of-use-assets |
|
35,072 |
|
|
|
12,907 |
|
Other long-term assets |
|
1,776 |
|
|
|
6,278 |
|
Total assets |
$ |
194,094 |
|
|
$ |
265,828 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
4,111 |
|
|
$ |
5,122 |
|
Accrued compensation |
|
3,483 |
|
|
|
6,369 |
|
Accrued liabilities |
|
789 |
|
|
|
6,383 |
|
Operating lease liabilities, current portion |
|
2,995 |
|
|
|
1,232 |
|
Total current liabilities |
|
11,378 |
|
|
|
19,106 |
|
Operating lease liabilities,
long-term portion |
|
30,330 |
|
|
|
12,745 |
|
Total liabilities |
$ |
41,708 |
|
|
$ |
31,851 |
|
Stockholders’ equity: |
|
|
|
|
|
Series 1 convertible preferred stock |
|
3 |
|
|
|
3 |
|
Common stock |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
603,405 |
|
|
|
598,913 |
|
Accumulated deficit |
|
(451,025 |
) |
|
|
(364,942 |
) |
Total stockholders’ equity |
|
152,386 |
|
|
|
233,977 |
|
Total liabilities and stockholders’ equity |
$ |
194,094 |
|
|
$ |
265,828 |
|
Talis Biomedical
Corporation Statements of Operations and
Comprehensive Loss(in thousands,
unaudited)
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Grant revenue |
$ |
66 |
|
|
$ |
218 |
|
|
$ |
1,010 |
|
|
$ |
7,335 |
|
Product revenue, net |
|
730 |
|
|
|
— |
|
|
|
3,545 |
|
|
|
— |
|
Total revenue, net |
|
796 |
|
|
|
218 |
|
|
|
4,555 |
|
|
|
7,335 |
|
Cost of product sold |
|
1,236 |
|
|
|
— |
|
|
|
6,059 |
|
|
|
— |
|
Gross profit (loss) |
|
(440 |
) |
|
|
218 |
|
|
|
(1,504 |
) |
|
|
7,335 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
17,521 |
|
|
|
25,841 |
|
|
|
55,589 |
|
|
|
140,529 |
|
Selling, general and administrative |
|
8,825 |
|
|
|
12,792 |
|
|
|
29,933 |
|
|
|
30,102 |
|
Total operating expenses |
|
26,346 |
|
|
|
38,633 |
|
|
|
85,522 |
|
|
|
170,631 |
|
Loss from operations |
|
(26,786 |
) |
|
|
(38,415 |
) |
|
|
(87,026 |
) |
|
|
(163,296 |
) |
Other income (expense), net |
|
765 |
|
|
|
(3 |
) |
|
|
943 |
|
|
|
(86 |
) |
Net loss and comprehensive
loss |
$ |
(26,021 |
) |
|
$ |
(38,418 |
) |
|
$ |
(86,083 |
) |
|
$ |
(163,382 |
) |
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