Trillium Therapeutics Reports Second Quarter 2020 Financial and Operating Results
August 12 2020 - 7:00AM
Trillium Therapeutics Inc. (“Trillium” or the “Company”)
(NASDAQ/TSX: TRIL), a clinical stage immuno-oncology
company developing innovative therapies for the treatment of
cancer, today reported financial and operating results for the six
months ended June 30, 2020.
“We had a strong quarter, further advancing dose
escalation of our lead candidates TTI-621 and TTI-622. After an
initial slow-down in TTI-621 patient enrollment due to Covid-19, we
successfully completed safety assessment of the 1.4 mg/kg cohort at
the end of July, and moved up to 2.0 mg/kg dosing”, said Jan
Skvarka, Trillium’s President and Chief Executive Officer. “In May,
we provided a data update for TTI-622 at ASCO. We are very
encouraged by the molecule’s emerging clinical profile, which
combines strong safety with early evidence of monotherapy activity.
For both molecules the next updates are planned for the American
Society of Hematology Annual Meeting in December 2020.”
TTI-622 Study Update at ASCO20 Virtual
Scientific Program:
On May 29, 2020, Trillium presented updated
clinical data on 19 relapsed/refractory lymphoma patients in the
first 5 cohorts of the TTI-622 study at the ASCO20 Virtual
Scientific Program annual meeting. These data highlight strong
tolerability, with both drug exposure and target engagement showing
dose response relationships. Objective responses, including one
complete response, were observed in two heavily pretreated diffuse
large B-cell lymphoma patients.
Second Quarter 2020 Financial
Results:
As of June 30, 2020, Trillium had cash and cash
equivalents and marketable securities of $130.8 million, compared
to $22.7 million at December 31, 2019. The increase in cash and
cash equivalents and marketable securities was due mainly to
proceeds from an underwritten public offering completed in January
2020.
Net loss for the six months ended June 30, 2020
of $122.5 million was higher than the loss of $12.9 million for the
six months ended June 30, 2019. The net loss was higher due mainly
to a net warrant liability revaluation loss of $88.0 million, a
loss of $22.1 million on the revaluation of the deferred share unit
(DSU) liability (reclassified from a liability to equity effective
June 30, 2020 on adoption of the new omnibus incentive plan), and
higher manufacturing costs. This was partially offset by lower
clinical trial, intangible assets amortization, share-based
compensation, and salary expenses, as well as a net foreign
currency gain.
Trillium’s outstanding warrants are a non-cash
liability, and revaluation losses on the Company’s warrant
liability balance are of a non-cash nature. On June 30, 2020,
shareholders approved the 2020 Omnibus Equity Incentive Plan at the
Annual General and Special Meeting of Shareholders. As Trillium
intends to settle all outstanding DSUs issued for director
compensation in equity, accordingly all previously existing
cash-settled DSUs accounted for as a liability was reclassified to
equity as of June 30, 2020.
Selected Consolidated Financial
Information:
Consolidated statements of loss |
Amounts in thousands of US dollars except per share amounts |
Six months endedJune 30,
2020 |
Six months endedJune 30,
2019 |
Research and development expenses |
$ |
10,140 |
$ |
15,484 |
General and administrative
expenses |
|
25,245 |
|
1,441 |
Net finance costs (income) |
|
87,158 |
|
(4,033) |
Income tax expense |
|
51 |
|
11 |
Net loss for the period |
|
122,479 |
|
12,878 |
Basic and diluted loss per common
share |
|
1.64 |
|
0.58 |
Consolidated statements of financial position |
Amounts
in thousands of US dollars |
As atJune 30, 2020 |
As atDecember 31, 2019 |
Cash and marketable securities |
$ |
130,834 |
$ |
22,666 |
Total assets |
|
135,162 |
|
25,407 |
Total equity (deficiency) |
|
68,737 |
|
(168) |
About Trillium Therapeutics
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 “don’t eat me” signal that cancer cells frequently use to
evade the immune system.
For more information visit:
www.trilliumtherapeutics.com
Caution Regarding Forward-Looking
Information
This press release contains forward-looking
statements within the meaning of applicable United States
securities laws and forward-looking information within the meaning
of Canadian securities laws (collectively, "forward-looking
statements"). Forward-looking statements in this press release
include statements about, without limitation, the expected timing
of the release of further data on Trillium’s TTI-621 and TTI-622
studies. With respect to the forward-looking statements contained
in this press release, Trillium has made numerous assumptions
regarding, among other things: the impact of the Covid-19 pandemic
on its operations, the effectiveness and timeliness of preclinical
and clinical trials; and the completeness, accuracy and usefulness
of the data. While Trillium considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
scientific, business, economic, competitive, market and social
uncertainties and contingencies. Additionally, there are known and
unknown risk factors that could cause Trillium's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements contained in this press release. A
discussion of risks and uncertainties facing Trillium appears in
Trillium's Annual Information Form for the year ended December 31,
2019 filed with Canadian securities authorities and on Form 40-F
with the U.S. Securities Exchange Commission, each as updated by
Trillium's continuous disclosure filings, which are available at
www.sedar.com and at www.sec.gov. All forward-looking
statements herein are qualified in their entirety by this
cautionary statement, and Trillium disclaims any obligation to
revise or update any such forward-looking statements or to publicly
announce the result of any revisions to any of the forward-looking
statements contained herein to reflect future results, events or
developments, except as required by law.
Investor Relations:James
ParsonsChief Financial OfficerTrillium Therapeutics Inc.
416-595-0627 x232james@trilliumtherapeutics.com
www.trilliumtherapeutics.com
Media Relations:Mike Beyer Sam
Brown Inc. 312-961-2502mikebeyer@sambrown.com
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