Mr. James Parsons reports
TRILLIUM THERAPEUTICS REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS
Trillium Therapeutics Inc. has provided its financial results for the three months ended March 31, 2019.
"We are continuing to make progress toward achieving our 2019 milestones," said Robert L. Kirkman, MD, executive chairman of Trillium Therapeutics. "We have treated the first patient under our amended TTI-621 intravenous protocol that will allow us to dose cutaneous T-cell lymphoma patients beyond 0.5 milligram per kilogram, one quarter ahead of schedule. We remain focused on our plan to seek FDA guidance in mid-2019 on a proposed pivotal trial of intratumoral TTI-621 in patients with cutaneous T-cell lymphoma. We also took steps to reduce our expenses and extend our cash runway without impacting the expected timing of our clinical milestones."
First quarter 2019 financial results
As of March 31, 2019, Trillium had cash and cash equivalents and marketable securities, and working capital of $52.4-million and $42.3-million, respectively, compared with $45.4-million and $34.2-million, respectively at Dec. 31, 2018. The increase in cash and cash equivalents and marketable securities, and the increase in working capital was due mainly to an equity financing in February, 2019.
Net loss for the three months ended March 31, 2019, of $10.7-million was higher than the loss of $8.6-million for the three months ended March 31, 2018. The net loss was higher due mainly to a net foreign currency loss of $557 for the three months ended March 31, 2019, compared to a net foreign currency gain of $1,553 in the prior year comparable quarter, and higher manufacturing costs, partially offset by lower clinical trial expenses.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Amounts in thousands of dollars except per share amounts
Three months ended Three months ended
March 31, 2019 March 31, 2018
Research and development expenses $10,092 $9,341
General and administrative expenses 839 1,029
Net finance costs (income) (255) (1,807)
Income tax expense 3 2
Net loss and comprehensive loss for the period 10,679 8,565
Basic and diluted loss per common share 0.61 0.65
About Trillium Therapeutics Inc.
Trillium is an immuno-oncology company developing innovative therapies for the treatment of cancer. The company's two clinical programs, TTI-621 and TTI-622, target CD47, a do not eat signal that cancer cells frequently use to evade the immune system. Trillium also has a proprietary fluorine-based medicinal chemistry platform that is being used to develop novel compounds directed at undisclosed immuno-oncology targets.
We seek Safe Harbor.
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