Talis Biomedical Corp

CIK:0001584751|SEC Filings

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue, net	$ 0	$ 581	$ 73	$ 1,799
Operating expenses:
Cost of products sold	0	7	6	27
Research and development	1,601	10,555	4,134	24,351
Selling, general and administrative	7,977	6,410	19,628	12,809
Total operating expenses	9,578	16,972	23,768	37,187
Loss from operations	(9,578)	(16,391)	(23,695)	(35,388)
Other income, net	729	1,357	1,811	2,523
Net loss and comprehensive loss	$ (8,849)	$ (15,034)	$ (21,884)	$ (32,865)
Net loss per share - basic	$ (4.86)	$ (8.27)	$ (12.01)	$ (18.11)
Net loss per share - diluted	$ (4.86)	$ (8.27)	$ (12.01)	$ (18.11)
Weighted average shares used in the calculation of net loss per share, basic	1,822,422	1,817,288	1,822,236	1,814,994
Weighted average shares used in the calculation of net loss per share, diluted	1,822,422	1,817,288	1,822,236	1,814,994
Grant
Revenue	$ 0	$ 533	$ 0	$ 1,614
Product revenue, net
Revenue	$ 0	$ 48	$ 73	$ 185

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (21,884)	$ (32,865)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,392	2,259
Depreciation and amortization	346	342
Non-cash lease expense	650	3,460
Impairment of long-lived assets	6,006	0
Changes in operating assets and liabilities:
Accounts receivable	50	(224)
Prepaid expenses and other current assets	(2,832)	560
Accounts payable	2,451	(1,307)
Accrued expenses and other liabilities	(3,936)	(2,964)
Net cash used in operating activities	(17,757)	(30,739)
Investing activities
Proceeds from disposal of property and equipment	114	0
Purchase of property and equipment	0	(509)
Net cash provided by/(used in) investing activities	114	(509)
Financing activities
Proceeds from stock option exercises	2	0
Proceeds from issuance of common stock under employee stock plans	0	33
Net cash provided by financing activities	2	33
Net decrease in cash, cash equivalents and restricted cash	(17,641)	(31,215)
Cash, cash equivalents and restricted cash at beginning of period	78,274	131,967
Cash, cash equivalents and restricted cash at end of period	60,633	100,752
Supplemental disclosure of noncash investing and financing activities
Right-of-use asset obtained in exchange for lease liability	0	7,265
Remeasurement of operating lease right-of-use asset for lease modification	$ 0	$ (18,696)

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 59,867	$ 76,732
Accounts receivable, net	0	50
Prepaid expenses and other current assets	3,734	901
Total current assets	63,601	77,683
Property and equipment, net	425	3,030
Operating lease right-of-use-assets	7,907	12,419
Other long-term assets	766	1,542
Total assets	72,699	94,674
Current liabilities:
Accounts payable	3,790	1,339
Accrued compensation	849	3,836
Accrued liabilities	634	715
Operating lease liabilities, current portion	2,923	2,882
Total current liabilities	8,196	8,772
Operating lease liabilities, long-term portion	15,877	16,786
Total liabilities	24,073	25,558
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 1,822,153 and 1,821,986 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	610,468	609,074
Accumulated deficit	(561,845)	(539,961)
Total stockholders' equity	48,626	69,116
Total liabilities and stockholders' equity	72,699	94,674
Series 1 Convertible Preferred Stock
Stockholders' equity:
Series 1 convertible preferred stock, $0.0001 par value - 60,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 29,863,674 shares issued and outstanding as of June 30, 2024 and December 31, 2023; aggregate liquidation preference of $3 as of June 30, 2024 and December 31, 2023	$ 3	$ 3