On May 7, 2021 Trillium Therapeutics Inc. (NASDAQ/TSX: TRIL), a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, reported financial and operating results for the three months ended March 31, 2021 (Press release, Trillium Therapeutics, MAY 7, 2021, View Source [SID1234579472]). All financial amounts in this news release are in United States dollars, unless otherwise stated.
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"Coming off an R&D Day last week, we are very excited to have launched a new chapter in Trillium’s evolution," said Jan Skvarka, Trillium’s President and CEO. "Building on a robust foundation anchored in a demonstrated monotherapy proof of concept of TTI-622 and TTI-621 in multiple lymphoma indications, we have initiated an ambitious Phase 1b/2 program in nine patient settings across hematologic and solid tumor cancers. With a major transformation program that touched literally every aspect of our identity completed in 2020, and approximately $276 million in cash, we are very well positioned to execute the recently initiated Phase 1b/2 program, and generate a robust flow of new data over the next couple of years."
First Quarter 2021 Financial Results
Cash position: As of March 31, 2021, Trillium had cash and cash equivalents and marketable securities of $275.7 million, compared to $291.2 million at December 31, 2020. The decrease in cash and cash equivalents and marketable securities was due mainly to cash used in support of operating activities during the period.
Research and development expenses: Research and development expenses for the three months ended March 31, 2021 of $5.9 million were higher than the research and development expenses of $5.0 million for the three months ended March 31, 2020. The increase was due mainly to higher manufacturing costs to support our expanded clinical operations and higher clinical trial costs related to increased patient enrollment.
General and administrative expenses: General and administrative expenses for the three months ended March 31, 2021 of $5.4 million were lower than general and administrative expenses of $11.7 million for the three months ended March 31, 2020. The decrease is due mainly to a non-cash loss of $9.3 million on the revaluation of the deferred share unit liability in the prior period, partially offset by $2.1 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 three months ended March 31, 2021 of $10.9 million was lower than the loss of $16.3 million for the three months ended March 31, 2020. The net loss was lower due mainly to a non-cash loss of $9.3 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.