Tikcro Technologies Reports Second Quarter 2020 Results

October 30, 2020 |

2 min read

Tikcro Technologies Ltd. (OTCQB: TIKRF) today reported its financial results for the second quarter ended June 30, 2020.

HADERA, Israel, Oct. 30, 2020 /PRNewswire/ -- Tikcro Technologies Ltd. (OTCQB: TIKRF) today reported its financial results for the second quarter ended June 30, 2020.

“We reduced our operating expenses and continue to consider businesses for a reverse merger and other corporate alternatives, said Aviv Boim, CEO of Tikcro.

Financial Results for the Second Quarter Ended June 30, 2020

Net loss for the second quarter of 2020 was $96,000, or $0.01 per diluted share, compared to a net loss of $248,000, or $0.03 per diluted share, for the same period last year.

As of June 30, 2020, the company reported $4.2 million in cash, cash equivalents and short-term bank deposits.

Net loss for the six months ended June 30, 2020 was $192,000, or $0.02 per diluted share, compared to a net loss of $519,000, or $0.05 per diluted share, for the six months ended June 30, 2019.

About Tikcro Technologies

Tikcro Technologies Ltd. (OTCQB: TIKRF) has developed certain antibodies selected and verified in pre-clinical trials with a focus on antibodies targeting immune modulator pathways for cancer treatment. For more information, visit Tikcro’s website at www.tikcro.com.

Safe Harbor Statement

Certain of the statements contained herein may be considered forward-looking statements that involve risks and uncertainties including, but not limited to, risks related to our ability to sell or license the rights to our CTLA-4 antibody on reasonable terms or at all, our ability to identify an attractive business for a reverse merger and, if we do, our ability to consummate the merger on reasonable terms. Such risks and uncertainties are set forth in the Company’s SEC reports, including the Company’s Form 20-F. Actual results may materially differ. Results of operations in any past period should not be considered indicative of the results to be expected for future periods. We undertake no duty to update any forward-looking information.

Tikcro Technologies Ltd. Condensed Balance Sheets (US dollars in thousands)

			June 30, 2020 Unaudited			December 31, 2019 Audited
	Assets
		Current assets
		Cash, cash equivalents and short-term bank deposits	$		4,077	$	4,273
		Restricted cash			83		83
		Receivables and other financial asset	28			40
		Total current assets	4,188			4,396

		Property and equipment, net	-			26

		Total assets	$		4,188	$		4,422

	Liabilities and Shareholders’ Equity

		Current liabilities:
		Other current liabilities	$	157		$		200

			157			200

		Shareholders’ equity	4,031			4,222

		Total liabilities and shareholders’ equity	$	4,188		$		4,422

Tikcro Technologies Ltd.

Statements of Operations

(US dollars in thousands, except per share data)


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2020		2019		2020		2019

Research and development	$	-	$	128
expenses					$	-	$	265

General and administrative expenses, net		110		141				287
						221

Total operating expenses		110		269		221		552

Operating loss		-110		-269		-221		-552

Financial income, net		14		21		29		33

Net loss	$	-96	$	-248	$	-192	$	-519

Basic and diluted net loss per share	$	-0.01	$	-0.03
					$	-0.02	$	-0.05

Weighted average number of shares used computing basic and diluted loss per share
		9,879		9,879		9,879		9,879

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SOURCE Tikcro Technologies Ltd.

Company Codes: OTC-PINK:TIKRF, OTC-QB:TIKRF

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