Telik Announces Third Quarter 2012 Financial Results
PALO ALTO, Calif., Nov. 9, 2012
PALO ALTO, Calif., Nov. 9, 2012 /PRNewswire/ --Telik, Inc. (Nasdaq: TELK)
today reported a net loss of $1.9 million, or $0.78 per share, for the third
quarter ended September 30, 2012, compared with a net loss of $2.8 million, or
$1.58 per share (adjusted for the 1-for-30 reverse split of the company's
common stock effected on March 30, 2012), for the comparable period in 2011.
For the quarter ended September 30, 2012, total operating costs and expenses
were $1.9million, compared with $2.9 million in the third quarter of 2011.
Operating expenses in the 2012 third quarter included stock-based compensation
expense of approximately $0.1 million. Operating expenses were approximately
34% lower in the third quarter of 2012 compared with the same period in 2011,
primarily due to lower headcount, corporate and stock-based compensation
For the nine months ended September 30, 2012, Telik reported a net loss of
$6.2 million, or $3.07 per share, compared with a net loss of $9.5 million, or
$5.30 per share, for the same period in 2011. Total operating expenses for
the first nine months of 2012 were $6.2 million, compared with $9.6 million
for the same period in 2011. Operating expenses in the first nine months of
2012 included approximately $0.6 million in stock-based compensation expense.
The reduction in operating expenses of approximately 35% in the first nine
months of 2012 compared with the same period in 2011 was primarily due to
lower headcount, reduced clinical trial expenses, and lower corporate and
stock-based compensation expenses.
At September 30, 2012, Telik had $6.6 million in cash, cash equivalents and
investments including restricted investments, compared to $11.7 million at
December 31, 2011.In order to meet its current cash requirements beyond the
first quarter of 2013, the company will have to raise additional funds through
corporate partnering or equity financings. Although the company has been able
to raise funds through its At Market Issuance Sales Agreement, there is no
assurance Telik will be successful in obtaining additional funding in the near
Telik, Inc. of Palo Alto, CA, is a clinical stage drug development company
focused on discovering and developing small molecule drugs to treat cancer.
The company's most advanced drug candidate is Telintra®, a modified
glutathione analog intended for the treatment of hematologic disorders
including myelodysplastic syndrome; followed by Telcyta®, a cancer activated
prodrug for the treatment of a variety of cancers. Telik's product candidates
were discovered using its proprietary drug discovery technology, TRAP®, which
enables the rapid and efficient discovery of small molecule drug
candidates.Additional information is available at www.telik.com.
TELIK, the Telik logo, TELINTRA, TELCYTA and TRAP are trademarks or registered
trademarks of Telik, Inc.
Statements of Operations
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Operating costs and expenses:
Research and development $ $ $ $
867 1,305 2,788 4,464
General and administrative 1,011 1,550 3,423 5,090
Total operating costs and 1,878 2,855 6,211 9,554
Loss from operations (1,878) (2,855) (6,211) (9,554)
Interest and other income 2 7 6 31
Net loss $ $ $ $
(1,876) (2,848) (6,205) (9,523)
Basic and diluted net loss per $ $ $ $
share* (0.78) (1.58) (3.07) (5.30)
Weighted average shares used to
and diluted net loss per 2,395 1,799 2,021 1,796
* Adjusted for the 1-for-30 reverse stock split
Selected Balance Sheet Data
Cash, cash equivalents, $ $
investments and restricted 6,642 11,700
Total assets 7,445 12,412
Stockholders' equity 4,627 8,299
SOURCE Telik, Inc.
Contact: Denise San Bartolome, Corporate Communications, Telik, Inc., +1-650
845 7712, firstname.lastname@example.org
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