As part of this process, the Company’s Board of Directors has appointed a special committee of independent, disinterested directors to consider a wide range of strategic alternatives, including, but not limited to, equity or debt financing alternatives, an acquisition, merger, reverse merger, divestiture of assets, licensing or other strategic transactions. The Company has engaged TD Cowen to act as a financial advisor in its review of strategic alternatives.
In connection with the evaluation of strategic alternatives and to preserve cash,
There can be no assurance that the ongoing strategic review will result in
Third Quarter 2023 Financial Results
Revenue was
Operating expenses were
Net loss was
Cash and cash equivalents as of
Due to its exploration of strategic alternatives,
About the Talis One System
The Talis One system is a compact, sample-to-answer molecular testing platform designed to enable rapid, highly accurate point-of care infectious disease testing in non-laboratory settings. The Talis One test cartridge is a fully self-contained, closed device that includes all the necessary reagents to perform a Talis One test. When loaded into the Talis One instrument, each cartridge fully automates sample lysis, nucleic acid extraction and purification, isothermal amplification, and target detection. The Talis One test system is not authorized, cleared, or approved by the FDA and is not available for sale.
About
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: the possibility that no strategic alternatives will be available to us and that our stockholders will not realize any value in our shares; 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: the risk that exploration of strategic alternatives may not result in any definitive transaction or enhance stockholder value and may create a distraction or uncertainty that may adversely affect our operating results, business, or investor perceptions; expectations regarding future costs and expenses; the uncertainty about the paths of our programs and our ability to evaluate and identify a path forward for those programs, particularly given the constraints we have as a small company with limited financial, personnel and other operating resources (including with respect to the allocation of our limited capital and the sufficiency of our capital in the near term for any path we do select). These and other risks and uncertainties are described more fully in the “Risk Factors” section and elsewhere in our filings with the
Contact
Media & Investors
efaucette@talisbio.com
415-595-9407
Condensed Balance Sheets
(in thousands)
2023 | 2022 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 87,996 | $ | 130,191 | ||||
Accounts receivable, net | 5 | 308 | ||||||
Prepaid expenses and other current assets | 1,531 | 2,783 | ||||||
Total current assets | 89,532 | 133,282 | ||||||
Property and equipment, net | 3,332 | 3,312 | ||||||
Operating lease right-of-use-assets | 12,822 | 30,920 | ||||||
Other long-term assets | 1,542 | 1,776 | ||||||
Total assets | $ | 107,228 | $ | 169,290 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,697 | $ | 3,768 | ||||
Accrued compensation | 2,255 | 4,212 | ||||||
Accrued liabilities | 637 | 989 | ||||||
Operating lease liabilities, current portion | 2,861 | 3,703 | ||||||
Total current liabilities | 8,450 | 12,672 | ||||||
Operating lease liabilities, long-term portion | 17,222 | 29,879 | ||||||
Total liabilities | $ | 25,672 | $ | 42,551 | ||||
Stockholders’ equity: | ||||||||
Series 1 convertible preferred stock | 3 | 3 | ||||||
Common Stock | — | — | ||||||
Additional paid-in capital | 608,054 | 604,690 | ||||||
Accumulated deficit | (526,501 | ) | (477,954 | ) | ||||
Total stockholders’ equity | 81,556 | 126,739 | ||||||
Total liabilities and stockholders’ equity | $ | 107,228 | $ | 169,290 | ||||
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands)
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | ||||||||||||||||
Grant revenue | $ | 64 | $ | 66 | $ | 1,678 | $ | 1,010 | ||||||||
Product revenue, net | 76 | 730 | 261 | 3,545 | ||||||||||||
Total revenue, net | 140 | 796 | 1,939 | 4,555 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of products sold | 6 | 1,236 | 33 | 6,059 | ||||||||||||
Research and development | 8,302 | 17,521 | 32,653 | 55,589 | ||||||||||||
Selling, general and administrative | 8,803 | 8,825 | 21,612 | 29,933 | ||||||||||||
Total operating expenses | 17,111 | 27,582 | 54,298 | 91,581 | ||||||||||||
Loss from operations | (16,971 | ) | (26,786 | ) | (52,359 | ) | (87,026 | ) | ||||||||
Other income, net | 1,289 | 765 | 3,812 | 943 | ||||||||||||
Net loss and comprehensive loss | $ | (15,682 | ) | $ | (26,021 | ) | $ | (48,547 | ) | $ | (86,083 | ) |
Source:
2023 GlobeNewswire, Inc., source