Tikcro Technologies Reports Third Quarter 2020 Results

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Tikcro Technologies Ltd.

Jan 14, 2021, 11:40 ET

HADERA, Israel, Jan. 14, 2021 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), today reported its financial results for the third quarter ended September 30, 2020.

"We continue to consider businesses for a reverse merger and other corporate alternatives," said Aviv Boim, CEO of Tikcro.

Financial Results for the Third Quarter Ended September 30, 2020

Net loss for the second quarter of 2020 was $132,000, or $0.01 per diluted share, compared to a net loss of $237,000, or $0.02 per diluted share, for the same period last year.

As of September 30, 2020, the company reported $4.0 million in cash, cash equivalents and short-term bank deposits.

Net loss for the nine months ended September 30, 2020 was $324,000, or $0.03 per diluted share, compared to a net loss of $756,000, or $0.08 per diluted share, for the nine months ended September 30, 2019.

About Tikcro Technologies

Tikcro Technologies Ltd. (OTCQB: 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 sell or license the rights to our CTLA-4 antibody on reasonable terms or at all, our ability to identify an attractive business for a reverse merger and, if we do, our ability to consummate the merger on reasonable terms. 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, 
2020

Unaudited

December 31,
2019

Audited

Assets





Current assets





Cash, cash equivalents and short-term bank deposits

$

3,920

$

4,273


Restricted cash

83

83


Receivables and other financial asset

65

40


     Total current assets

4,068

4,396









Property and equipment, net

-

26











     Total assets

$

4,068

$

4,422








Liabilities and Shareholders' Equity







Current liabilities:







Other current liabilities

$

169

$

200










169

200









Shareholders' equity

3,899

4,222









Total liabilities and shareholders' equity

$

4,068

$

4,422












Tikcro Technologies Ltd.
Statements of Operations
(US dollars in thousands, except per share data)


































Three Months Ended 
September 30, 


Nine Months Ended 
   September  30, 





2020

2019

2020

2019











Research and development

expenses

$

-

$

117

 

$

 

-

 

$

 

382











General and administrative expenses, net

130

146

 

351

 

433











Total operating expenses

130

263

351

815











Operating loss

(130)

(263)

(351)

(815)











Financial income (expenses), net

(2)

26

27

59











Net loss

$

(132)

$

(237)

$

(324)

$

(756)











Basic and diluted net loss per share

$

(0.01)

$

(0.02)

 

$

 

(0.03)

 

$

 

(0.08)











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.