EQNX::TICKER_START (NasdaqGM:TLIS), EQNX::TICKER_END 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 reported financial results for the first quarter ended March 31, 2022.
-- Completed assessment of manufacturing processes and product design for manufacturing at scale and initiated necessary refinements.
-- Completed first release of Sia Dx(TM) cloud-based software on Talis One(TM) System.
-- Completed spending reduction plan to preserve cash.
"Following our assessment with independent experts, we remain confident there is a path to manufacturing at scale after addressing process modifications identified through this evaluation. Importantly, we do not believe there is an immediate need for substantial design or supply changes that would require extended timelines to validate," said Rob Kelley, chief executive officer of Talis Biomedical. "I am encouraged by the progress our team has made over the last 60 days toward validation of manufacturing scale-up for our Talis One COVID-19 Test System. With our continued focus on execution and cash preservation, we believe we are on the right path to deliver on our 2022 business objectives."
First Quarter 2022 Financial Results
Revenue was $3.2 million for the first quarter of 2022, compared to $7.0 million for the same period in 2021. This includes $2.3 million of product revenue for the first quarter of 2022 driven by antigen testing sales and $0.9 million of grant revenue.
Operating expenses were $32.6 million in the first quarter of 2022, compared to $67.5 million for the same period in 2021. The decrease in operating expenses was primarily driven by declines in research and development expenses as we near completion of investment in manufacturing scale-up.
Net loss was $33.1 million for the first quarter of 2022, compared to $60.5 million for the same period in 2021.
Unrestricted cash and cash equivalents on March 31, 2022, were $187.6 million.
Conference Call and Webcast Details
The company will host a live conference call and webcast to discuss these results and provide a corporate update on Tuesday, May 10, 2022, at 4:30 PM ET / 1:30 PM PT.
To participate in the call, please dial (833) 715-1329 (domestic) or (430) 775-1933 (international) and provide conference ID 8872347. The live webcast will be available on the News & Events page of the investors section of Talis Biomedical's website at talisbio.com.
About Talis Biomedical
Talis 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(TM) system to enable accurate, low cost, and rapid molecular testing. The U.S. Food and Drug Administration (FDA) has granted Emergency Use Authorization (EUA) for use of the Talis One COVID-19 Test System in a variety of healthcare settings. For more information, visit talisbio.com.
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," "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 assessment of our manufacturing processes and product design; the ability of Sia Dx(TM) to be a comprehensive solution to consolidate patient test information and enhance organizational efficiency; our ability to validate manufacturing scale-up; and our ability to deliver on our business objectives, including cash preservation. 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 launch and market our products, our ability to achieve or sustain profitability, our ability to launch and 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, 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.
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Talis Biomedical Corporation
Condensed balance sheets
March 31, December 31, 2022 2021 (unaudited) Assets Current assets: Cash and cash equivalents $ 187,586 $ 232,545 Accounts receivable, net 2,599 183 Inventory 3,499 -- Prepaid expenses and other current assets 7,138 3,387 Total current assets 200,822 236,115 Property and equipment, net 10,765 10,528 Operating lease right-of-use-assets 12,693 12,907 Other long-term assets 6,307 6,278 Total assets $ 230,587 $ 265,828 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,263 $ 5,122 Accrued compensation 4,889 6,369 Accrued liabilities 3,496 6,383 Operating lease liabilities, current portion 1,628 1,232 Total current liabilities 15,276 19,106 Operating lease liabilities, long-term portion 12,526 12,745 Total liabilities $ 27,802 $ 31,851 Stockholders' equity: Series 1 convertible preferred stock 3 3 Common stock 3 3 Additional paid-in capital 600,772 598,913 Accumulated deficit (397,993 ) (364,942 ) Total stockholders' equity 202,785 233,977 Total liabilities and stockholders' equity $ 230,587 $ 265,828
Talis Biomedical Corporation
Condensed Statements of Operations and Comprehensive Loss (Unaudited)
Three Months Ended March 31, 2022 2021 Revenue Grant revenue $ 874 $ 7,000 Product revenue, net 2,313 -- Total revenue, net 3,187 7,000 Cost of product sold 3,521 -- Gross profit (loss) (334 ) 7,000 Operating expenses: Research and development 20,703 60,193 Selling, general and administrative 11,930 7,327 Total operating expenses 32,633 67,520 Loss from operations (32,967 ) (60,520 ) Other income (expense), net (84 ) 28 Net loss and comprehensive loss $ (33,051 ) $ (60,492 )