Tikcro Technologies Reports Third Quarter 2020 Results
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, Unaudited |
December 31, 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. |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
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 |
9,879 |
9,879 |
9,879 |
9,879 |
|||||||||||
SOURCE Tikcro Technologies Ltd.
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