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Talis Biomedical 2020 Revenues Rise Sharply

NEW YORK – Talis Biomedical reported in its Form 10-K that its full-year 2020 revenues more than doubled year over year.

In the document filed on Tuesday with the US Securities and Exchange Commission, the Menlo Park, California-based company said that 2020 revenues grew to $10.9 million from $4.0 million in 2019. 

Talis posted a net loss of $91.1 million, or $42.98 per share, in 2020 compared to a net loss of $27.5 million, or $12.77 per share, in 2019.

Its general and administrative costs were $13.1 million, up 90 percent from $6.9 million in the previous year. Its R&D costs more than tripled to $89.0 million from $23.8 million year over year. 

Talis Biomedical went public in February. 

The company had $138.5 million in cash as of Dec. 31, 2020.  

In its SEC document, Talis said it intends to submit its SARS-CoV-2 test for use at the point of care to the US Food and Drug Administration for Emergency Use Authorization in the second quarter of 2021. According to an analyst note from Piper Sandler's Steven Mah, the clinical trial design for the test took slightly longer than expected. 

In January, Talis submitted its Talis One system with a SARS-CoV-2 test for CLIA-moderate settings, but the FDA said the comparator assay used in its submission might not be sensitive enough to support the application. In March, the firm withdrew its application to focus on its point-of-care submission for the system and test, according to its 10-K. 

Talis is also developing influenza A/B tests for a respiratory panel that includes SARS-CoV-2, along with tests for chlamydia and gonorrhea.

In morning trading on the Nasdaq on Wednesday, Talis' shares were up almost 5 percent to $11.92.