Talis Biomedical Stops Work On COVID-19 Assay, Cuts Workforce
- Talis Biomedical Corporation (NASDAQ: TLIS) discontinued investment in the commercialization of its stand-alone COVID-19 assay under Emergency Use Authorization.
- The company cited evolving market dynamics with COVID testing and the current financial environment.
- Related: Manufacturing Bottlenecks Hit Launch Of Talis' FDA-Approved COVID-19 Test.
- After the decision, the company will refocus its resources on large and long-term market opportunities in Women's and Sexual health markets, beginning with a multiplex panel for Chlamydia Trachomatis and Neisseria Gonorrhoeae, which is currently under development.
- Talis is implementing a 35% reduction in force and additional cost-saving measures. The company expects to realize the benefit of its restructuring plan in Q4 of 2022 and will extend the cash runway into 2025.
- Q2 sales reached $0.6 million compared to $0.1 million a year ago.
- Net loss was $(27) million compared to $(64.5) million in Q2 FY21.
- Cash and cash equivalents were $165.4 million.
- During the quarter, Talis continued to progress on its ability to manufacture the Talis One system at scale. It implemented modifications to manufacturing processes, quality controls, and supply conformance resulting in improved quality and yield of cartridges and instruments.
- Price Action: TLIS shares closed 7.72% lower at $0.71 during after-hours trading on Tuesday.
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