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, 2020 2019 Unaudited Audited Assets Current assets Cash, cash equivalents and short-term $ 4,077 $ 4,273 bank deposits 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 equity
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 expenses, net 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 used computing basic and diluted loss per share 9,879 9,879 9,879 9,879 ===
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SOURCE Tikcro Technologies Ltd.