NESS-ZIONA, Israel, Nov. 21, 2019 /PRNewswire/ -- Tikcro Technologies Ltd. TIKRF, a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the third quarter ended September 30, 2019.
"We have concluded the pre-clinical development stage of our anti-CTLA-4 antibody, which shows strong comparative results in cancer treatment assays," said Aviv Boim, CEO of Tikcro. "At this stage, we plan to reduce operating expenses. We expect to close our lab facilities and cease pre-clinical development efforts, which incurred $546,000 of R&D expenses in the previous twelve-month period. Due to the significant costs associated with production and clinical trials as well as the evolution of the immune therapy antibody market, we will continue to explore strategic opportunities for this antibody program and other alternatives."
Financial Results for the Third Quarter Ended September 30, 2019
Net loss for the third quarter of 2019 was $237,000, or $0.02 per diluted share, compared to a net loss of $266,000, or $0.03 per diluted share, for the same period last year.
As of September 30, 2019, the company reported $4.45 million in cash, cash equivalents and short-term bank deposits.
About Tikcro Technologies
Tikcro Technologies Ltd. TIKRF has developed 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 or enter into strategic partnerships 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) | ||||||||||
September 30, Unaudited | December 31, Audited | |||||||||
Assets | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 4,451 | $ | 280 | ||||||
Short-term bank deposits | - | 5,015 | ||||||||
Receivables and other financial asset | 107 | 52 | ||||||||
Total current assets | 4,558 | 5,347 | ||||||||
Property and equipment, net | 75 | 100 | ||||||||
Operating lease right-of-use asset | 26 | - | ||||||||
Total assets | $ | 4,659 | $ | 5,447 | ||||||
Liabilities and Shareholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Other current liabilities | $ | 228 | $ | 300 | ||||||
Operating lease – short term liability | 36 | - | ||||||||
264 | 300 | |||||||||
Shareholders' equity | 4,395 | 5,147 | ||||||||
Total liabilities and shareholders' equity | $ | 4,659 | $ | 5,447 | ||||||
Tikcro Technologies Ltd. | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
2019 | 2018 | 2019 | 2018 | |||||||
Research and development | $ | 117 | $ | 117 | $ | 382 | $ | 528 | ||
General and administrative | 146 | 175 | 433 | 483 | ||||||
Total operating expenses | 263 | 292 | 815 | 1,011 | ||||||
Operating loss | (263) | (292) | (815) | (1,011) | ||||||
Financial income, net | 26 | 26 | 59 | 27 | ||||||
Net loss | $ | (237) | $ | (266) | $ | (756) | $ | (984) | ||
Basic and diluted net loss per share | $ | (0.02) | $ | (0.03) | $ | (0.08) | $ | (0.10) | ||
Weighted average number of shares | 9,879 | 9,879 | 9,879 | 9,879 | ||||||
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SOURCE Tikcro Technologies Ltd.
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