Talis Biomedical Corp (NASDAQ:TLIS) said that it had not started its phased launch of the Talis One COVID-19 Test System due to challenges with manufacturing.
- The company has engaged in a manufacturing review process to determine appropriate next steps and initiatives to align resources and preserve cash.
- Talis Biomedical will cut its workforce by approximately 25% and implement additional cost measures to align resources and extend the cash runway.
- The company expects the actions to result in annualized operating expense savings of $10 million in compensation expenses and $26 million in other expenses.
- Doug Liu will be stepping down as chief operating officer and is transitioning his manufacturing and R&D responsibilities over the next several weeks.
- Talis Biomedical reported a narrower Q4 FY21 net loss of $(28.65) million compared to $(44.19) million a year ago on lower R&D costs.
- The company held $232.5 million in cash and cash equivalents at the end of 2021.
- In November, the FDA granted Emergency Use Authorization (EUA) to Talis One COVID-19 Test System, a nucleic acid amplification test.
- Price Action: TLIS shares closed 4.32% higher at $1.69 on Tuesday.
