Trillium Therapeutics Reports First Quarter 2021 Operating and Financial Results
May 07 2021 - 7:00AM
Trillium Therapeutics Inc. (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 three months ended March 31, 2021. All
financial amounts in this news release are in United States
dollars, unless otherwise stated.
“Coming off an R&D Day last week, we are
very excited to have launched a new chapter in Trillium’s
evolution,” said Jan Skvarka, Trillium’s President and CEO.
“Building on a robust foundation anchored in a demonstrated
monotherapy proof of concept of TTI-622 and TTI-621 in multiple
lymphoma indications, we have initiated an ambitious Phase 1b/2
program in nine patient settings across hematologic and solid tumor
cancers. With a major transformation program that touched literally
every aspect of our identity completed in 2020, and approximately
$276 million in cash, we are very well positioned to execute the
recently initiated Phase 1b/2 program, and generate a robust flow
of new data over the next couple of years.”
First Quarter 2021 Financial
Results
- Cash position: As
of March 31, 2021, Trillium had cash and cash equivalents and
marketable securities of $275.7 million, compared to $291.2 million
at December 31, 2020. The decrease in cash and cash equivalents and
marketable securities was due mainly to cash used in support of
operating activities during the period.
- Research and development
expenses: Research and development expenses for the
three months ended March 31, 2021 of $5.9 million were higher than
the research and development expenses of $5.0 million for the three
months ended March 31, 2020. The increase was due mainly to higher
manufacturing costs to support our expanded clinical operations and
higher clinical trial costs related to increased patient
enrollment.
- General and administrative
expenses: General and administrative expenses for the
three months ended March 31, 2021 of $5.4 million were lower than
general and administrative expenses of $11.7 million for the three
months ended March 31, 2020. The decrease is due mainly to a
non-cash loss of $9.3 million on the revaluation of the deferred
share unit liability in the prior period, partially offset by $2.1
million of increased stock-based compensation expense in the
current period mainly relating to higher weighted average fair
values of stock options outstanding and the fair valuation of stock
options liabilities.
- Net loss: Net loss
for the three months ended March 31, 2021 of $10.9 million was
lower than the loss of $16.3 million for the three months ended
March 31, 2020. The net loss was lower due mainly to a non-cash
loss of $9.3 million on the revaluation of the deferred share unit
liability in the prior period. This was partially offset by higher
stock-based compensation, manufacturing, and clinical trial
expenses.
About Trillium Therapeutics
Trillium is an immuno-oncology company
developing innovative therapies for the treatment of cancer. The
company’s two clinical programs, TTI-622 and TTI-621, 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 the Private Securities Litigation
Reform Act of 1995 and applicable United States federal
securities laws and forward-looking information within the meaning
of Canadian securities laws (collectively, “forward-looking
statements”). The use of words such as “may,” “will,” “could,”
“should,” “expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “projects,” “seeks,” “endeavor,”
“potential,” “continue” or the negative of such words or other
similar expressions can be used to identify forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, express or implied statements
regarding the therapeutic potential and monotherapy activity of our
programs, our clinical development plans and our expectations with
respect to initiating Phase 1b/2 studies in hematological and solid
tumor malignancies, and the expected timing of the release of
further data on Trillium’s TTI-622 and TTI-621 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 Report on Form 10-K for the year ended December
31, 2020, 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.
Trillium Therapeutics Inc.Condensed
Consolidated Statements of Operations and Comprehensive
Loss (unaudited)(amounts in thousands, except share and
per share data) |
|
Three months endedMarch 31,
2021 |
|
|
Three months endedMarch 31,
2020 |
|
Operating
expenses |
|
|
|
Research and development expenses |
$ |
5,924 |
|
|
$ |
4,988 |
|
General and administrative expenses |
|
5,390 |
|
|
|
11,675 |
|
Total operating expenses |
|
11,314 |
|
|
|
16,663 |
|
Operating loss |
|
(11,314 |
) |
|
|
(16,663 |
) |
Other income
(expense) |
|
|
|
Interest income, net |
|
529 |
|
|
|
412 |
|
Net foreign currency loss |
|
(35 |
) |
|
|
(24 |
) |
Total other income, net |
|
494 |
|
|
|
388 |
|
Net loss before income
taxes |
|
(10,820 |
) |
|
|
(16,275 |
) |
Income tax expense |
|
42 |
|
|
|
23 |
|
Net loss and
comprehensive loss |
|
(10,862 |
) |
|
|
(16,298 |
) |
Net loss per share, basic
and diluted |
|
(0.11 |
) |
|
|
(0.25 |
) |
Weighted average number
of common shares used in computing net loss per share, basic and
diluted |
|
103,004,158 |
|
|
|
65,522,274 |
|
Trillium Therapeutics Inc.Selected
Condensed Consolidated Balance Sheet
Data(unaudited)(amounts in thousands) |
|
March 31, 2021 |
|
December 31, 2020 |
Cash and cash equivalents, and marketable securities |
$ |
275,652 |
|
$ |
291,165 |
Total assets |
|
288,288 |
|
|
300,822 |
Total liabilities |
|
15,303 |
|
|
21,975 |
Total stockholders’ equity |
|
272,985 |
|
|
278,847 |
Company Contact:Rosemary
HarrisonSVP, Corporate Development and StrategyTrillium
Therapeutics Inc. 416-595-0627
x225investors@trilliumtherapeutics.com www.trilliumtherapeutics.com
Media Relations:Mike BeyerSam
Brown Inc.312-961-2502mikebeyer@sambrown.com
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