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Name | Symbol | Market | Type |
---|---|---|---|
Taiwan Liposome Company Ltd | NASDAQ:TLC | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 6.66 | 7.10 | 0 | 01:00:00 |
“The first quarter of 2021 is marked by continual progress in our lead programs, TLC599 and TLC590, as well as the global commercialization of Ampholipad, for which we look forward to announcing the details when they are finalized,” commented George Yeh, President of TLC. “We are happy to announce that we have once again made the top 5% ranking in Taiwan’s corporate governance evaluation. Being the only biotech company to have achieved this honor seven years in a row, we think this is an incredible feat and a representation of the company’s dedication to the principles of transparency, accountability, and security.”
Clinical Pipeline Update and Upcoming Milestones
Corporate Highlights
First Quarter 2021 Financial Results
Operating revenue for the first quarter 2021 was NT$37.6 million (US$1.3 million), a 214.2% increase compared to NT$12.0 million (US$0.4 million) in the first quarter 2020. Operating expenses for the first quarter 2021 was NT$253.8 million (US$8.9 million), an 13.0% increase compared to NT$224.7 million (US$7.4 million) in the first quarter 2020. Net loss for the first quarter 2021 was NT$218.2 million (US$7.7 million), compared to a loss of NT$214.6 million (US$7.1 million) in the first quarter 2020, or a net loss of NT$2.39 (US$0.08) per share for the first quarter 2021, compared to a net loss of NT$2.90 (US$0.10) per share for the first quarter 2020.
The Company’s cash and cash equivalents were NT$1,080.0 million (US$37.9 million) as of March 31, 2021, compared to NT$1,342.7 million (US$47.8 million) as of December 31, 2020.
Financial Summary
Selected Consolidated Balance Sheet Data
December 31, 2020 | March 31, 2021 | |||||||||||||||
NT$000 | US$000 | NT$000 | US$000 | |||||||||||||
Cash and cash equivalents | $ | 1,342,667 | $ | 47,816 | $ | 1,080,009 | $ | 37,922 | ||||||||
Total current assets | 1,431,977 | 50,997 | 1,173,607 | 41,208 | ||||||||||||
Total assets | 1,749,461 | 62,303 | 1,509,396 | 52,998 | ||||||||||||
Total current liabilities | 348,127 | 12,398 | 378,463 | 13,289 | ||||||||||||
Long-term borrowings | 469,076 | 16,705 | 421,589 | 14,803 | ||||||||||||
Total liabilities | 886,134 | 31,557 | 868,762 | 30,504 | ||||||||||||
Total equity | 863,327 | 30,746 | 640,634 | 22,494 | ||||||||||||
Selected Consolidated Statements of Operations Data
Three-month periods ended March 31, | ||||||||||||||||
2020 | 2021 | |||||||||||||||
NT$000 | US$000 | NT$000 | US$000 | |||||||||||||
Operating revenue | $ | 11,974 | $ | 396 | $ | 37,618 | $ | 1,321 | ||||||||
Operating expenses | ||||||||||||||||
General and administrative expenses | (32,880 | ) | (1,087 | ) | (31,047 | ) | (1,090 | ) | ||||||||
Research and development expenses | (191,778 | ) | (6,340 | ) | (222,774 | ) | (7,822 | ) | ||||||||
Total operating expenses | (224,658 | ) | (7,427 | ) | (253,821 | ) | (8,912 | ) | ||||||||
Loss before income tax | (214,164 | ) | (7,080 | ) | (217,998 | ) | (7,655 | ) | ||||||||
Income tax expense | (421 | ) | (14 | ) | (239 | ) | (8 | ) | ||||||||
Net loss | $ | (214,585 | ) | $ | (7,094 | ) | $ | (218,237 | ) | $ | (7,663 | ) | ||||
Total other comprehensive loss | $ | (3,506 | ) | $ | (116 | ) | $ | (8,195 | ) | $ | (288 | ) | ||||
Total comprehensive loss | $ | (218,091 | ) | $ | (7,210 | ) | $ | (226,432 | ) | $ | (7,951 | ) | ||||
Loss per share of common stock | ||||||||||||||||
Basic and diluted loss per share (in dollars) | $ | (2.90 | ) | $ | (0.10 | ) | $ | (2.39 | ) | $ | (0.08 | ) |
About TLC
TLC (NASDAQ: TLC, TWO: 4152) is a clinical-stage, specialty pharmaceutical company dedicated to the research and development of novel nanomedicines that maximize the potential of its proprietary lipid-assembled drug delivery platform (LipAD™), including BioSeizer® sustained release technology and NanoX™ active drug loading technology, which are versatile in the choice of active pharmaceutical ingredients and scalable in manufacturing. TLC has a diverse, wholly owned portfolio of therapeutics targeting areas of unmet medical need in pain management, ophthalmology, oncology and infectious diseases. TLC is consistently ranked in the top 5% among all listed companies in Taiwan’s Corporate Governance Evaluations.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include, without limitation, statements regarding TLC’s expectations regarding the clinical development of TLC’s product and product candidates, including Ampholipad, TLC599, TLC590 and TLC19, the clinical benefits of TLC’s products and product candidates, the timing, scope, progress and outcome of TLC’s clinical trials and regulatory communications, the timing, scope, progress and outcome of TLC’s collaborations and partnerships, the commercialization of Ampholipad, how sufficient cash and equivalents will be to fund operations, the anticipated timelines for the release of clinical data and progress of TLC’s manufacturing capabilities. Words such as "may," "believe," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and involve a number of risks, assumptions, uncertainties and factors, including risks that the outcome of any clinical trial is inherently uncertain and product candidates may prove to be unsafe or ineffective, or may not achieve commercial approval, and delays or disruptions on our business or clinical trials due to the COVID-19 pandemic. Other risks are described in the Risk Factors section of TLC's annual report on Form 20-F for the year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) as well as subsequent filings with the SEC. All forward-looking statements are based on TLC's expectations and assumptions as of the date of this press release. Actual results may differ materially from these forward-looking statements. Except as required by law, TLC expressly disclaims any responsibility to update any forward-looking statement contained herein, whether as a result of new information, future events or otherwise.
TLC Contact Dawn Chi Corporate Communications dawn@tlcbio.com
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