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 fourth quarter and full year ended December 31, 2022.
In 2022, Talis renewed its focus on the women’s and sexual
health markets, where there is strong demand for infectious disease
testing at the point of care. During the past several months, the
Company continued to execute on aligning resources and reduced its
monthly cash burn to targeted levels, extending expected cash
runway into 2025.
“Physicians in women’s and sexual health are eager to test
patients at the point of care where treatment can be immediately
prescribed or ruled out. We are confident Talis One is
differentiated to lead in this untapped market and continue to
leverage the strategic investments we have made to advance
development of multiple test panels,” said Rob Kelley, chief
executive officer of Talis. “We look forward to laying out our
strategic plan with detail on 2023 milestones in the coming
months.”
Fourth Quarter 2022 Financial Results
Revenue was $0.3 million for the fourth quarter of 2022,
compared to $0.9 million for the same period in 2021. This includes
$0.1 million of product revenue for the fourth quarter of 2022 from
antigen testing sales and $0.2 million of grant revenue.
Operating expenses were $28.4 million in the fourth quarter of
2022, compared to $29.4 million for the same period in 2021. The
decrease in operating expenses was primarily driven by
implementation of cost reduction measures and the realization of
benefits from its restructuring plan.
Net loss was $26.9 million for the fourth quarter of 2022,
compared to $28.7 million for the same period in 2021.
Full Year 2022 Financial Results
Grant revenue was $1.2 million for the year ended December 31,
2022, as compared to $8.2 million for the year ended December 31,
2021. Grant revenue for both years was primarily from the RADx
contract with the NIH that is now completed.
Total operating expenses were $120.0 million for the full year
2022, as compared to $200.0 million for the corresponding prior
year period. The decrease of $80.0 million was primarily driven by
declines in research and development expenses from manufacturing
scale-up investments that were largely completed and
pre-commercialized inventory, materials and related expenses.
Net loss was $113.0 million for the full year 2022, as compared
to $192.0 million for the corresponding prior year period.
Cash and Liquidity
Cash used in operating activities for the fourth quarter was
$13.6 million, as compared to $41.1 million in the fourth quarter
of 2021. This decrease was primarily driven by declines in payments
for manufacturing scale-up largely completed in 2021 as well as the
company’s implementation of cost reduction measures and the
realization of benefits from its restructuring plan. Cash used in
operations for the twelve months ended December 31, 2022 was $100.1
million compared to $171.4 million in the prior year.
Unrestricted cash and cash equivalents on December 31, 2022,
were $130.2 million.
For further detail and discussion of the company’s financial
performance, please refer to the company’s Annual Report on Form
10-K for the year ended December 31, 2022.
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 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,” “would,” “should,” “believe,” “expect,”
“anticipate,” “could,” “estimate,” “continue,” “predict,”
“potential,” “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 benefits of our restructuring plans and cost
reduction measures implemented in 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. These statements are based
upon information available to us as of the date of this press
release, and while we believe such information forms a reasonable
basis for such statements, such information may be limited or
incomplete, and our statements should not be read to indicate that
we have conducted an exhaustive inquiry into, or review of, all
potentially available relevant information. These statements are
inherently uncertain and investors are cautioned not to unduly rely
upon these statements. 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)
|
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
130,191 |
|
|
$ |
232,545 |
|
Accounts receivable, net |
|
|
308 |
|
|
|
183 |
|
Prepaid expenses and other current assets |
|
|
2,783 |
|
|
|
3,387 |
|
Total current assets |
|
|
133,282 |
|
|
|
236,115 |
|
Property and equipment, net |
|
|
3,312 |
|
|
|
10,528 |
|
Operating lease
right-of-use-assets |
|
|
30,920 |
|
|
|
12,907 |
|
Other long-term assets |
|
|
1,776 |
|
|
|
6,278 |
|
Total assets |
|
$ |
169,290 |
|
|
$ |
265,828 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,768 |
|
|
$ |
5,122 |
|
Accrued compensation |
|
|
4,212 |
|
|
|
6,369 |
|
Accrued liabilities |
|
|
989 |
|
|
|
6,383 |
|
Operating lease liabilities, current portion |
|
|
3,703 |
|
|
|
1,232 |
|
Total current liabilities |
|
|
12,672 |
|
|
|
19,106 |
|
Operating lease liabilities,
long-term portion |
|
|
29,879 |
|
|
|
12,745 |
|
Total liabilities |
|
|
42,551 |
|
|
|
31,851 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Series 1 convertible preferred stock |
|
|
3 |
|
|
|
3 |
|
Common stock |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
604,687 |
|
|
|
598,913 |
|
Accumulated deficit |
|
|
(477,954 |
) |
|
|
(364,942 |
) |
Total stockholders’ equity |
|
|
126,739 |
|
|
|
233,977 |
|
Total liabilities and stockholders’ equity |
|
$ |
169,290 |
|
|
$ |
265,828 |
|
|
|
|
|
|
Talis Biomedical
Corporation Statements of Operations and
Comprehensive Loss(in
thousands)
|
|
Three months ended December 31, |
Year ended December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
|
Grant revenue |
|
$ |
150 |
|
|
$ |
858 |
|
|
$ |
1,160 |
|
|
$ |
8,193 |
|
Product revenue, net |
|
|
107 |
|
|
|
— |
|
|
|
3,652 |
|
|
|
— |
|
Total revenue, net |
|
$ |
257 |
|
|
$ |
858 |
|
|
$ |
4,812 |
|
|
$ |
8,193 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Cost of product sold |
|
|
2,332 |
|
|
|
— |
|
|
|
8,391 |
|
|
|
— |
|
Research and development |
|
|
15,242 |
|
|
|
17,062 |
|
|
|
70,831 |
|
|
|
157,591 |
|
Selling, general and administrative |
|
|
10,795 |
|
|
|
12,316 |
|
|
|
40,729 |
|
|
|
42,418 |
|
Total operating
expenses |
|
|
28,369 |
|
|
|
29,378 |
|
|
|
119,951 |
|
|
|
200,009 |
|
Loss from
operations |
|
|
(28,112 |
) |
|
|
(28,520 |
) |
|
|
(115,139 |
) |
|
|
(191,816 |
) |
Other income
(expense), net |
|
|
1,184 |
|
|
|
(134 |
) |
|
|
2,127 |
|
|
|
(220 |
) |
Net loss and
comprehensive loss |
|
$ |
(26,929 |
) |
|
$ |
(28,654 |
) |
|
$ |
(113,012 |
) |
|
$ |
(192,036 |
) |
|
|
|
|
|
|
|
|
|
Talis Biomedical (NASDAQ:TLIS)
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