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.