Tikcro Technologies Reports Fourth Quarter and Full Year 2018 Results

NESS-ZIONA, Israel, April 12, 2019 /PRNewswire/ --

High Level Pre-Clinical Results Showed in AACR 2019 Annual Conference

Tikcro Technologies Ltd. TIKRF, a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the fourth quarter and full year ended December 31, 2018.

Aviv Boim, CEO of Tikcro, commented, "We continue to progress on our cytotoxic T lymphocyte-associated antigen 4 (CTLA-4) antibody which shows strong comparative results in pre-clinical cancer inhibition assays. We presented at the AACR 2019 annual conference high-level pre-clinical results and had the opportunity to communicate with several entities in this field. Treatment with a CTLA-4 antibody continues to gain traction. Development efforts aim to increase its efficacy and reduce immune-related adverse effects. Based on pre-clinical results, our novel CTLA-4 antibody has the potential to address these needs and to offer higher efficacy and lower side effects."

Several pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to further broaden its clinical scope and to reduce immune related adverse effects.

Financial Results for the Fourth Quarter Ended December 31, 2018

Net loss for the fourth quarter of 2018 was $421,000, or $0.04 per diluted share, compared to a net loss of $277,000, or $0.03 per diluted share, for the same period last year.

Financial Results for the Full Year Ended December 31, 2018

Net loss for the full year 2018 was $1.4 million, or $0.14 per diluted share, compared to a net loss of $1.3 million, or $0.13 per diluted share, for the same period last year.

As of December 31, 2018, the company reported $5.3 million in cash, cash equivalents and short-term bank deposits.

About Tikcro Technologies

Tikcro Technologies Ltd. TIKRF supports early stage development in growth areas, with a focus on biotechnology projects originated in Israeli academic centers. Tikcro is engaged with development of certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, visit Tikcro's website at www.tikcro.com.

Safe Harbor Statement

Certain of the statements contained herein may be considered forward-looking statements that involve risks and uncertainties including, but not limited to, risks related to our ability to raise financing and the risks related to early stage biotechnology projects, including, but not limited to, obtaining required licenses at reasonable commercial terms, the development, testing, regulatory approval and commercialization of our proposed products, intellectual property rights, competition, exposure to lawsuits and dependence on key suppliers and personnel. Such risks and uncertainties are set forth in the Company's SEC reports, including the Company's Form 20-F. Actual results may materially differ. Results of operations in any past period should not be considered indicative of the results to be expected for future periods.  We undertake no duty to update any forward-looking information.

 

 

Tikcro Technologies Ltd.

 Condensed Balance Sheets

(US dollars in thousands)





















December 31, 

2018

Unaudited



December 31,

2017

Audited





Assets













Current assets













Cash and cash equivalents

$

280



$

6,562







Short-term bank deposits



5,015













Receivables and other financial asset

52



21







     Total current assets

5,347



6,583





















    Property and equipment, net

100



125





















     Total assets

$

5,447



$

6,708



















Liabilities and Shareholders' Equity

















Current liabilities













Other current liabilities

$

300



$

309





















Shareholders' equity

5,147



6,399





















Total liabilities and shareholders' equity

$

5,447



$

6,708



 

 



Tikcro Technologies Ltd.

Statements of Operations

(US dollars in thousands, except per share data)

 





































































Three Months Ended 

December 31, 



Year  Ended December

31,









2018



2017



2018



2017























Research and development

expenses

$

164

$

145

 

$

 

692

 

$

 

678























General and administrative expenses, net



283



171



 

766



 

618























Total operating expenses



447



316



1,458



1,296























Operating loss



(447)



(316)



(1,458)



(1,296)

























Financial income, net



26



39



53



45

























Net loss

$

(421)

$

(277)

$

(1,405)

$

(1,251)























Basic and diluted net loss per share

$

(0.04)

$

(0.03)

 

$

 

(0.14)

 

$

 

(0.13)









































Weighted average number of shares

used computing basic and diluted

loss per share





9,879



9,879



 

 

9,879



 

 

9,879























 

Cision View original content:http://www.prnewswire.com/news-releases/tikcro-technologies-reports-fourth-quarter-and-full-year-2018-results-300831237.html

SOURCE Tikcro Technologies Ltd.

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