Tikcro Technologies Reports Second Quarter 2019 Results
NESS-ZIONA, Israel, Oct. 7, 2019 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the second quarter ended June 30, 2019.
"We continue to pursue the development of a new cytotoxic T lymphocyte-associated antigen 4 (CTLA-4) antibody, which has shown strong comparative results in pre-clinical cancer treatment assays," said Aviv Boim, CEO of Tikcro. "The need to have a more effective CTLA-4 antibody is supported by results from early phase clinical trials in additional cancer indications. Results show objective response rates of the combination treatment of a PD-1 antibody with a mid-dose of a CTLA-4 antibody. Our development efforts aim to increase the efficacy of a CTLA-4 treatment and to broaden its approved indications. However, as CTLA-4 antibody treatment continues to gain attention, there is also increased competition involved. Based on pre-clinical results, our new CTLA-4 antibody has the potential to offer improved efficacy."
Several established and emerging pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to further broaden its clinical scope.
Financial Results for the Second Quarter Ended June 30, 2019
Net loss for the second quarter of 2019 was $248,000, or $0.03 per diluted share, compared to a net loss of $341,000, or $0.03 per diluted share, for the same period last year.
As of June 30, 2019, the company reported $4.68 million in cash, cash equivalents and short-term bank deposits.
About Tikcro Technologies
Tikcro Technologies Ltd. (OTCQB: 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) | ||||||||||
June 30, Unaudited | December 31, Audited | |||||||||
Assets | ||||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 4,679 | $ | 280 | ||||||
Short-term bank deposits | - | 5,015 | ||||||||
Receivables and other financial asset | 93 | 52 | ||||||||
Total current assets | 4,772 | 5,347 | ||||||||
Property and equipment, net | 83 | 100 | ||||||||
Operating lease right-of-use asset | 191 | - | ||||||||
Total assets | $ | 5,046 | $ | 5,447 | ||||||
Liabilities and Shareholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Other current liabilities | $ | 209 | $ | 300 | ||||||
Operating lease – short term liability | 138 | - | ||||||||
347 | 300 | |||||||||
Operating lease – long term liability | 67 | - | ||||||||
Shareholders' equity | 4,632 | 5,147 | ||||||||
Total liabilities and shareholders' equity | $ | 5,046 | $ | 5,447 | ||||||
Tikcro Technologies Ltd. | |||||||||
Three Months Ended | Three Months Ended | ||||||||
2019 | 2018 | 2019 | 2018 | ||||||
Research and development expenses | $ | 128 | $ | 188 | $ | 265 | $ | 411 | |
General and administrative expenses, net | 141 | 159 | 287 | 308 | |||||
Total operating expenses | 269 | 347 | 552 | 719 | |||||
Operating loss | (269) | (347) | (552) | (719) | |||||
Financial income, net | 21 | 6 | 33 | 1 | |||||
Net loss | $ | (248) | $ | (341) | $ | (519) | $ | (718) | |
Basic and diluted net loss per share | $ | (0.03) | $ | (0.03) | $ | (0.05) | $ | (0.07) | |
Weighted average number of shares used computing basic and diluted loss per share | 9,879 | 9,879 | 9,879 | 9,879 | |||||
SOURCE Tikcro Technologies Ltd.
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