Talis Biomedical Announces First Quarter 2021 Financial Results and Business Progress
May 11 2021 - 4:05PM
Talis Biomedical Corporation (Nasdaq: TLIS), a company dedicated to
developing innovative molecular diagnostic tests for infectious
diseases at the point-of-care, today reported financial results and
business progress for the first quarter ended March 31,
2021.
"The COVID-19 pandemic has dramatically increased demand for
testing to diagnose infectious diseases in widely distributed
locations. We believe that this is part of a broader
transformational shift of diagnostic testing towards the
point-of-care," said Brian Coe, Chief Executive Officer of Talis.
"Our solution to meet this demand is Talis One™, a diagnostic
testing platform enabling us to design and commercialize rapid,
high quality multiplex assays to detect a wide-range of pathogens,
beginning with COVID-19. Leveraging the recent completion of our
successful initial public offering, we are well-positioned
financially and operationally to help drive this transformation in
how care is delivered."
Recent Highlights
- Completed initial public offering raising approximately $232.5
million in net proceeds, after deducting underwriting discounts,
commissions and offering expenses.
- Recorded net revenue of $7.0 million in the first quarter of
2021 from achievement of NIH Rapid Acceleration of Diagnostics
(RADx) grant milestones, as compared to $0.4 million in the same
period last year.
- On-track to complete a clinical validation study for Talis One
COVID-19 assay in a point-of-care environment to support an
Emergency Use Authorization application submission to the FDA in
the second quarter of 2021.
- Strengthened the Board of Directors with the appointment of
industry veteran Jeryl Hilleman. Ms. Hilleman will serve as Chair
of the Audit Committee.
- Signed leases in Redwood City, CA and Chicago, IL to support
continued growth and expansion.
First Quarter 2021 Financial Results
Revenue was $7.0 million for the first quarter of 2021, as
compared to $0.4 million in the same period last year. The increase
in revenue was primarily driven by meeting milestones of the RADx
grant.
Operating expenses were $67.5 million in the first quarter of
2021, compared to $7.8 million in the same period in 2020. The
increase in operating expenses was primarily driven by investments
in manufacturing scale-up and commercial readiness to support the
Talis One launch.
Net loss was $60.5 million for the first quarter of 2021,
compared to $7.4 million for the same period in 2020.
Unrestricted cash on March 31, 2021 was $348.0 million, and
restricted cash was $34.7 million. On February 17, 2021, Talis
Biomedical completed its initial public offering raising
approximately $232.5 million in net proceeds, after deducting
underwriting discounts, commissions and offering expenses.
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 11, 2021, at
4:30 PM ET / 1:30 PM PT.
To participate in the call, please dial (833) 715-1329
(domestic) or (430) 755-1933 (international) and provide conference
ID 7657867. The live webcast will be available on the News &
Events page of the investors section of Talis Biomedical’s website
at www.talisbio.com.
About Talis BiomedicalTalis is dedicated to
transforming diagnostic testing by developing and commercializing
innovative products that are designed to enable accurate, low cost,
and rapid molecular testing for infectious diseases at the
point-of-care. The company is developing the Talis One, a compact,
sample-to-answer, cloud-enabled, molecular diagnostic platform. For
more information, visit www.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 expectations regarding timing to complete
the clinical validation study of the Talis One COVID-19 test kit
and submission of an EUA to the FDA; our plans to commercialize
Talis One; and our ability to grow and expand our business. 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 market our
products, demand for our products due to deferral of procedures
using our products or disruption in our supply chain, our ability
to achieve or sustain profitability, our ability to 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
problems, capacity constraints or delays in production of our
products, maintenance of coverage and adequate reimbursement for
procedures using 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.
Investor ContactMedia & InvestorsEmily
Faucetteefaucette@talisbio.com415-595-9407
|
Talis BiomedicalConsolidated Balance
Sheet(In thousands, except share and per share
amounts)(Unaudited) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash |
|
$ |
348,012 |
|
|
$ |
138,483 |
|
Restricted cash |
|
|
34,650 |
|
|
|
34,650 |
|
Grants receivable |
|
|
— |
|
|
|
238 |
|
Unbilled grants receivable |
|
|
— |
|
|
|
233 |
|
Prepaid research and development expenses |
|
|
5,212 |
|
|
|
12,014 |
|
Prepaid expenses and other current assets |
|
|
3,448 |
|
|
|
3,106 |
|
Total current assets |
|
|
391,322 |
|
|
|
188,724 |
|
Property and equipment, net |
|
|
9,712 |
|
|
|
9,114 |
|
Operating lease
right-of-use-assets |
|
|
400 |
|
|
|
567 |
|
Other long term assets |
|
|
1,748 |
|
|
|
— |
|
Total assets |
|
$ |
403,182 |
|
|
$ |
198,405 |
|
Liabilities and
Stockholders’ Equity (Deficit) |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
10,826 |
|
|
$ |
4,906 |
|
Accrued compensation |
|
|
4,835 |
|
|
|
2,738 |
|
Accrued expenses and other current liabilities |
|
|
30,697 |
|
|
|
7,694 |
|
Current operating lease liabilities |
|
|
491 |
|
|
|
693 |
|
Total current liabilities |
|
|
46,849 |
|
|
|
16,031 |
|
Commitments and contingencies
(Note 5) |
|
|
|
|
Convertible preferred stock,
$0.0001 par value—no shares authorized as of March 31, 2021 and
229,296,908 shares authorized as of December 31, 2020; no shares
issued and outstanding as of March 31, 2021 and 53,509,351 shares
issued and outstanding as of December 31, 2020; no aggregate
liquidation preference of as of March 31, 2021 and $475,617 as of
December 31, 2020 |
|
|
— |
|
|
|
290,945 |
|
Stockholders’ equity
(deficit): |
|
|
|
|
Series 1 convertible preferred
stock, $0.0001 par value—60,000,000 and 57,324,227 shares
authorized as of March 31, 2021 and December 31, 2020,
respectively; 29,863,674 and no Series 1 convertible preferred
stock issued and outstanding as of March 31, 2021 and December 31,
2020, respectively; aggregate liquidation preference of $3 as of
March 31, 2021 and none as of December 31, 2020 |
|
|
3 |
|
|
|
— |
|
Common stock, $0.0001 par value;
200,000,000 and 230,000,000 shares authorized at March 31, 2021 and
December 31, 2020, respectively; 25,637,581 and 2,126,254 shares
issued and outstanding at March 31, 2021 and December 31, 2020,
respectively |
|
|
2 |
|
|
|
— |
|
Additional paid-in capital |
|
|
589,726 |
|
|
|
64,335 |
|
Accumulated deficit |
|
|
(233,398 |
) |
|
|
(172,906 |
) |
Total stockholders’ equity (deficit) |
|
|
356,333 |
|
|
|
(108,571 |
) |
Total liabilities, convertible preferred stock and stockholders’
equity (deficit) |
|
$ |
403,182 |
|
|
$ |
198,405 |
|
|
|
|
|
|
|
|
|
|
|
Talis BiomedicalConsolidated Statements of
Operations(In thousands, except share and per
share amounts)(Unaudited) |
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2021 |
|
|
2020 |
|
Grant revenue |
|
$ |
7,000 |
|
|
$ |
399 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
60,193 |
|
|
|
5,714 |
|
Selling, general and administrative |
|
|
7,327 |
|
|
|
2,080 |
|
Total operating expenses |
|
|
67,520 |
|
|
|
7,794 |
|
Loss from operations |
|
|
(60,520 |
) |
|
|
(7,395 |
) |
Other income: |
|
|
|
|
|
|
|
|
Interest income, net |
|
|
28 |
|
|
|
21 |
|
Total other income, net: |
|
|
28 |
|
|
|
21 |
|
Net loss and comprehensive
loss |
|
$ |
(60,492 |
) |
|
$ |
(7,374 |
) |
Net loss per share, basic and
diluted |
|
$ |
(4.61 |
) |
|
$ |
(3.49 |
) |
Weighted average shares used in
the calculation of net loss per share, basic and diluted |
|
|
13,110,713 |
|
|
|
2,115,770 |
|
|
|
|
|
|
|
|
|
|
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