Talis Biomedical Announces First Quarter 2022 Financial Results
MENLO PARK, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Talis Biomedical Corporation (Nasdaq: TLIS), a company dedicated to advancing health equity and outcomes through the delivery of accurate infectious disease testing in the moment of need, at the point of care, today reported financial results for the first quarter ended March 31, 2022.
“Following our assessment with independent experts, we remain confident there is a path to manufacturing at scale after addressing process modifications identified through this evaluation. Importantly, we do not believe there is an immediate need for substantial design or supply changes that would require extended timelines to validate,” said Rob Kelley, chief executive officer of Talis Biomedical. “I am encouraged by the progress our team has made over the last 60 days toward validation of manufacturing scale-up for our Talis One COVID-19 Test System. With our continued focus on execution and cash preservation, we believe we are on the right path to deliver on our 2022 business objectives.”
First Quarter 2022 Financial Results
Revenue was $3.2 million for the first quarter of 2022, compared to $7.0 million for the same period in 2021. This includes $2.3 million of product revenue for the first quarter of 2022 driven by antigen testing sales and $0.9 million of grant revenue.
Operating expenses were $32.6 million in the first quarter of 2022, compared to $67.5 million for the same period in 2021. The decrease in operating expenses was primarily driven by declines in research and development expenses as we near completion of investment in manufacturing scale-up.
Net loss was $33.1 million for the first quarter of 2022, compared to $60.5 million for the same period in 2021.
Unrestricted cash and cash equivalents on March 31, 2022, were $187.6 million.
Conference Call and Webcast Details
To participate in the call, please dial (833) 715-1329 (domestic) or (430) 775-1933 (international) and provide conference ID 8872347. The live webcast will be available on the News & Events page of the investors section of Talis Biomedical’s website at talisbio.com.
About Talis Biomedical
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