Tikcro Technologies Reports Fourth Quarter and Year End 2017 Results
NESS-ZIONA, Israel, March 5, 2018 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF), a pre-clinical stage developer of antibodies for cancer immune-therapy, today reported its financial results for the fourth quarter and full year ended December 31, 2017.
Aviv Boim, CEO of Tikcro, commented, "We continue to promote a full human cytotoxic T lymphocyte-associated antigen 4 ("CTLA-4") blocking antibody, currently in small animal efficacy models for cancer treatment. This antibody shows strong results in cancer inhibition animal models. Further, we plan to pursue additional pre-clinical work through 2018 to support regulatory applications for the commencement of clinical trials."
The CTLA-4 blocking antibody approved market is for the treatment of melanoma. The market size for CTLA-4 blocking antibodies exceeds $1 billion per annum. Several pharma companies, including Tikcro, are pursuing new CTLA-4 antibodies to broaden its clinical scope and to reduce its immune related adverse effects.
Financial Results for the Fourth Quarter Ended December 31, 2017
Net loss for the fourth quarter of 2017 was $277,000, or $0.03 per diluted share, compared to a net loss of $340,000, or $0.03 per diluted share, for the same period last year.
Financial Results for the Year Ended December 31, 2017
Net loss for the year ended December 31, 2017 was $1,251,000, or $0.13 per diluted share, compared to a net loss of $1,280,000, or $0.13 per diluted share, for the year ended December 31, 2016.
As of December 31, 2017, the Company had a cash and cash equivalents balance of $6.6 million.
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)
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December 31, December 31,
2017 2016
Unaudited Audited
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Assets
Current assets
Cash and cash equivalents $6,562 $7,507
Receivables and other financial asset 21 89
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Total current assets 6,583 7,596
Property and equipment, net 125 136
Total assets $6,708 $7,732
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Liabilities and Shareholders' Equity
Current liabilities
Other current liabilities $309 $237
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Shareholders' equity 6,399 7,495
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Total liabilities and shareholders' equity $6,708 $7,732
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Tikcro Technologies Ltd.
Statements of Operations
(US dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31 December 31
2017 2016 2017 2016
---- ---- ---- ----
Research and development $145 $163
expenses $678 $601
General and administrative 171 176
expenses, net
618 676
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Total operating expenses 316 339 1,296 1,277
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Operating loss (316) (339) (1,296) (1,277)
Financial income (expenses), net 39 (1) 45 (3)
--- --- --- ---
Net loss $(277) $(340) $(1,251) $(1,280)
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Basic and diluted net loss per share $(0.03) $(0.03) (0.13) (0.13)
$ $
Weighted average number of 9,879 9,879
shares used computing basic and
diluted loss per share
9,879 9,879
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SOURCE Tikcro Technologies Ltd.
