Mr. James Parsons reports
TRILLIUM THERAPEUTICS REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS
Trillium Therapeutics Inc. has provided its financial results for the six months ended June 30, 2019.
"We made excellent progress in the second quarter toward achieving two key near-term milestones," said Robert L. Kirkman, MD, executive chair of Trillium Therapeutics. "We have secured a meeting with the U.S. Food and Drug Administration later this quarter to discuss a proposed pivotal trial of intratumoral TTI-621 in patients with cutaneous T-cell lymphoma. We have enrolled patients under our amended TTI-621 intravenous protocol that will allow us to dose cutaneous T-cell lymphoma patients beyond 0.5 mg/kg."
Second quarter 2019 financial results
As of June 30, 2019, Trillium had a combined cash and cash equivalents and marketable securities balance of $42.8-million, compared with $45.4-million at Dec. 31, 2018. The June 30, 2019, working capital balance was $31.4-million, compared with $34.2-million at Dec. 31, 2018. The decrease in cash and cash equivalents and marketable securities, and the decrease in working capital, was due mainly to cash used in operations, partially offset by the cash received from the February, 2019, public offering.
Net loss for the six months ended June 30, 2019, of $17.2-million was lower than the loss of $20.9-million for the six months ended June 30, 2018. The net loss was lower due mainly to a net warrant liability revaluation gain of $6.1-million and lower clinical trial related expenses, which were partially offset by a net foreign currency loss of $1.1-million in the current year compared with a net foreign currency gain of $3.0-million in the prior year, and higher manufacturing costs.
Selected consolidated financial information
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Amounts in thousands of dollars except per share amounts
Six months ended June 30, 2019 Six months ended June 30, 2018
Revenue $34 $-
Research and development expenses 20,672 22,063
General and administrative expenses 1,924 2,276
Net finance (income) (5,403) (3,464)
Income tax expense 15 6
Net loss and comprehensive loss for the period 17,174 20,881
Basic and diluted loss per common share 0.77 1.57
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.
© 2020 Canjex Publishing Ltd. All rights reserved.