Tikcro Technologies Reports Second Quarter 2020 Results
HADERA, Israel, Oct. 30, 2020 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF) today reported its financial results for the second quarter ended June 30, 2020.
"We reduced our operating expenses and continue to consider businesses for a reverse merger and other corporate alternatives, said Aviv Boim, CEO of Tikcro.
Financial Results for the Second Quarter Ended June 30, 2020
Net loss for the second quarter of 2020 was $96,000, or $0.01 per diluted share, compared to a net loss of $248,000, or $0.03 per diluted share, for the same period last year.
As of June 30, 2020, the company reported $4.2 million in cash, cash equivalents and short-term bank deposits.
Net loss for the six months ended June 30, 2020 was $192,000, or $0.02 per diluted share, compared to a net loss of $519,000, or $0.05 per diluted share, for the six months ended June 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) |
||||||||||
June 30, |
December 31, Audited |
|||||||||
Assets |
||||||||||
Current assets |
||||||||||
Cash, cash equivalents and short-term |
$ |
4,077 |
$ |
4,273 |
||||||
Restricted cash |
83 |
83 |
||||||||
Receivables and other financial asset |
28 |
40 |
||||||||
Total current assets |
4,188 |
4,396 |
||||||||
Property and equipment, net |
- |
26 |
||||||||
Total assets |
$ |
4,188 |
$ |
4,422 |
||||||
Liabilities and Shareholders' Equity |
||||||||||
Current liabilities: |
||||||||||
Other current liabilities |
$ |
157 |
$ |
200 |
||||||
157 |
200 |
|||||||||
Shareholders' equity |
4,031 |
4,222 |
||||||||
Total liabilities and shareholders' |
$ |
4,188 |
$ |
4,422 |
||||||
Tikcro Technologies Ltd. |
||||||||||||||||||
Statements of Operations |
||||||||||||||||||
(US dollars in thousands, except per share data) |
Three Months Ended |
Six Months Ended |
||||||||||||||||||
June 30, |
June 30, |
||||||||||||||||||
2020 |
2019 |
2020 |
2019 |
||||||||||||||||
Research and development |
$ |
- |
$ |
128 |
|||||||||||||||
expenses |
$ |
- |
$ |
265 |
|||||||||||||||
General and administrative |
110 |
141 |
287 |
||||||||||||||||
221 |
|||||||||||||||||||
Total operating expenses |
110 |
269 |
221 |
552 |
|||||||||||||||
Operating loss |
-110 |
-269 |
-221 |
-552 |
|||||||||||||||
Financial income, net |
14 |
21 |
29 |
33 |
|||||||||||||||
Net loss |
$ |
-96 |
$ |
-248 |
$ |
-192 |
$ |
-519 |
|||||||||||
Basic and diluted net loss per share |
$ |
-0.01 |
$ |
-0.03 |
|||||||||||||||
$ |
-0.02 |
$ |
-0.05 |
||||||||||||||||
Weighted average number of shares |
|||||||||||||||||||
9,879 |
9,879 |
9,879 |
9,879 |
||||||||||||||||
SOURCE Tikcro Technologies Ltd.
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