Trillium Therapeutics (TRIL) reported financial and operating results for the three and six months ended June 30, 2021.
“The second quarter 2021 was an important period for Trillium, during which time we communicated our go-forward strategy and began executing against it,” said Jan Skvarka, Trillium’s President and CEO.
“We announced seven priority indications and nine patient settings, with six studies expected to initiate in 2021. As of today, we have already initiated four studies, including in multiple myeloma, acute myeloid leukemia (p53 mutated and wild type), and leiomyosarcoma.
With our operating plan being on track, our focus is on strong execution, to ensure a robust flow of new data starting in 4Q 2021 and 2022. We continue to be very excited about Trillium’s position as a leading CD47 company.”
Second-quarter 2021 financial results
- Cash position:
As of June 30, 2021, Trillium had cash and cash equivalents and marketable securities of US$264.5 million, compared to US$291.2 million on December 31, 2020. The decrease in cash and cash equivalents and marketable securities was due mainly to cash used in support of operating activities of US$28.6 million during the 6 months ended June 30, 2021.
- Research and development expenses:
Research and development expenses for the six months ended June 30, 2021, of US$19.9 million were higher than the research and development expenses of US$12.2 million for the six months ended June 30, 2020. The increase was due mainly to higher manufacturing costs to support our expanded clinical operations, and higher clinical trial costs related to the initiation of new trials and increased patient enrollment in the TTI-622-01 trial.
- General and administrative expenses:
General and administrative expenses for the six months ended June 30, 2021, of US$10.1 million were lower than general and administrative expenses of US$28.4 million for the six months ended June 30, 2020. The decrease is due mainly to a non-cash loss of $22.4 million on the revaluation of the deferred share unit liability in the prior period, partially offset by US$2.4 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 six months ended June 30, 2021, of US$29.3 million was lower than the loss of US$39.5 million for the six months ended June 30, 2020. The net loss was lower due mainly to a non-cash loss of US$22.4 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.
Trillium Therapeutics is an immuno-oncology company developing innovative therapies for the treatment of cancer.
Trillium Therapeutics Inc. (TRIL) opened trading at C$7.62 per share.