§ 89% increase in Q3/2022 quarterly revenues as compared with Q3/2021
§ Earnings and business update call to be held at
“We achieved key milestones in the third quarter of 2022 to diversify our PCR lab testing revenue and expand the target audience for our dietary supplement business,” said
Conference Call Details
Time:
Link: https://audience.mysequire.com/webinar-view?webinar_id=c823522b-146b-4b30-8243-3e16afc4ac24
Optional Dial-In: +1-346-248-7799
Meeting ID: 93308656732
Passcode: 151033
Q3/2022 Corporate Highlights
1. Urinary Tract Infection (UTI)
2.
3.
4.
5.
6. MonkeyPox (MP)
The testing service, which includes sample pick-up, shipping to the lab, running the PCR test, pharmacist assessment of best likely therapies based on pathogen positivity, and reporting test result with the pharmacist recommendation, successfully delivered key information to the treating physicians within 24 hours from sample pickup. Being able to deliver actionable information within 24 hours was a major milestone for
A. 24h test result logistics are possible at
B. The data generated from PCR testing yields better treatment outcomes as compared with traditional cell culture due to pathogen identification (PCR) as compared with overrepresentation of pathogens based on culture growth rates (cell culture)
C. The fast 24h turnaround for PCR results, as compared with 72-120h turnaround for traditional cell culture results, allows for faster treatment intervention and better patient outcomes
D. Follow-up testing to objectively confirm treatment success becomes a more feasible option for treating physicians.
Launch of
As part of the Company’s efforts to better understand the effects the Company’s majority-owned subsidiary 3CL Pharma’s immune support Tollovid™ is having on the immune system of Long COVID patients, the Company launched the
1. Activation status of T Cells, B Cells, NK Cells and Dendritic Cells (total counts, naïve vs. memory, maturation/activation)
2. Inflammasome marker Caspase-1 expression
3. SARS-CoV-2 neutralizing antibodies by cPass surrogate viral neutralization test (sVNT)
Extension of Period to Close NLC Asset Acquisition into 3CL Pharma Subsidiary
The Company and partner NLC Pharma agreed to extend the period of time needed to complete the raising of funds for majority-owned joint venture 3CL Pharma to
In the second quarter of 2022, 3CL Pharma announced positive biomarker data stemming from a positive clinical Phase 2 clinical study initially reported in
Publication of Data from IRB-Waived Market Research Study on use of Tollovid
In the second quarter of 2022, the Company received an IRB waiver to conduct a market research study on customer experience using Tollovid. In the third quarter of 2022, initial results from the first 104 customers showed that the majority of customers buying Tollovid used it primarily to support their immune systems following a Long COVID diagnosis. The results of the study led the Company to apply for grant funding to support a clinical study on the use of Tollovid among patients with Long COVID, who rely almost exclusively on supplements to support their immune systems.
Establishment of Todos Botanicals subsidiary to manufacture Tollovid, CBD and immune support supplements, and Nerd Hemp Distribution Agreement
Following the initial market research study evaluating Tollovid target customer use and what other supplements those customers use alongside Tollovid, the Company established Todos Botanicals to manufacture high quality botanical extract, immune support dietary supplements. The Company viewed the pandemic as driving a market shift towards individuals looking to increase immune supplement use on a worldwide basis, with estimates indicating the market would grow from
Thereafter, the Company entered into a contract to supply Nerd Hemp with Tollovid™ and CBD products for their contracted automated retail locations. The Company is currently manufacturing product for the pilot phase of Nerd Hemp’s launch expected to launch in the 4th quarter of 2022. The Company is also looking at other opportunities in automated retail space, which is expected to reach
Financial Highlights for Q3 2022
Revenues: Total revenue in the third quarter of 2022 was $1.914 million, as compared to revenue of
Loss from Operations: The Company recorded an operating loss of $(1,802,000) in the third quarter of 2022 compared to an operating loss of $(2,497,000) in the third quarter of 2021. The decrease in net loss was primarily a result of an increase in revenues.
Net Income: The Company recorded net loss of (
"We achieved significant business milestones in the third quarter, the most notable was the expansion beyond COVID only PCR testing. This strategic move allowed us to diversify our testing revenue going forward, while also gaining significant data on the target customer that could potentially use our Tollovid products in the future," said Daniel Hirsch, CFO of
To learn more about the 3CL protease in SARS-CoV-2 replication, please visit www.3clpro.com.
To purchase Tollovid please visit Amazon or www.MyTollovid.com.
About
Founded in
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.
Todos formed the Israeli-based majority-owned joint venture 3CL
To purchase Tollovid please visit Amazon or www.MyTollovid.com. For more information, please visit https://www.todosmedical.com/.
Forward-looking Statements
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from the competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law,
Todos Corporate Contact:
Daniel Hirsch CFO
917-983-4229 x 104
Dan.h@todosmedical.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
( | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Nine months period ended | Three months period ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Unaudited | Unaudited | |||||||||||||||
Revenues | $ | 6,292 | $ | 7,773 | $ | 1,914 | $ | 1,010 | ||||||||
Cost of revenues | (3,615 | ) | (5,191 | ) | (1,274 | ) | (1,043 | ) | ||||||||
Gross profit | 2,677 | 2,582 | 640 | (33 | ) | |||||||||||
Research and development expenses | (600 | ) | (685 | ) | (145 | ) | (166 | ) | ||||||||
Sales and marketing expenses | (2,368 | ) | (2,387 | ) | (540 | ) | (429 | ) | ||||||||
General and administrative expenses | (7,639 | ) | (5,198 | ) | (1,757 | ) | (1,869 | ) | ||||||||
Operating loss | (7,930 | ) | (5,688 | ) | (1,802 | ) | (2,497 | ) | ||||||||
Financing expenses, net | (11,735 | ) | (17,360 | ) | (3,859 | ) | (6,875 | ) | ||||||||
Other losses | (396 | ) | - | - | - | |||||||||||
Share in losses of affiliated companies, net | - | (1,499 | ) | - | (1,007 | ) | ||||||||||
Net loss | $ | (20,061 | ) | $ | (24,547 | ) | $ | (5,661 | ) | $ | (10,379 | ) | ||||
Less: net loss attributable to non-controlling interests | 60 | - | 31 | - | ||||||||||||
Net loss attributable to the Company | $ | (20,001 | ) | $ | (24,547 | ) | $ | (5,630 | ) | $ | (10,379 | ) | ||||
Basic and diluted net loss per share attributable to Company’s stockholders’ | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.00 | ) | $ | (0.01 | ) | ||||
Weighted average number of ordinary shares outstanding used in computation of basic and diluted net loss per share | 1,167,267,564 | 637,916,356 | 1,279,535,548 | 736,939,641 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
( | ||||||||
As of | As of | |||||||
2022 | 2021 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 57 | $ | 189 | ||||
Trade receivables | 670 | 2,520 | ||||||
Inventories | 1,320 | 1,603 | ||||||
Other current assets | 540 | 404 | ||||||
Total current assets | 2,587 | 4,716 | ||||||
Non-current assets: | ||||||||
Investment in affiliated companies, net | 40 | 40 | ||||||
Investment in other company | 455 | 455 | ||||||
Property and equipment, net | 1,598 | 2,045 | ||||||
Right of use asset arising from operating lease | 98 | 143 | ||||||
6,216 | 6,216 | |||||||
Intangible assets | 1,500 | 1,500 | ||||||
Other long term assets (Note 1A) | 1,733 | - | ||||||
Total non-current assets | 11,640 | 10,399 | ||||||
Total assets | $ | 14,227 | $ | 15,115 | ||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Revolving line of credit | $ | 2,527 | $ | - | ||||
Loans, net | 3,330 | 2,023 | ||||||
Accounts payable | 4,119 | 2,276 | ||||||
Other current liabilities | 3,761 | 4,284 | ||||||
Liability for minimum royalties | 474 | 377 | ||||||
Total current liabilities | 14,211 | 8,960 | ||||||
Non-current liabilities: | ||||||||
Convertible bridge loans, net | 29,797 | 25,406 | ||||||
Fair value of bifurcated convertible feature of convertible bridge loans | 136 | 4,182 | ||||||
Operating lease liability | 82 | 141 | ||||||
Deferred taxes | 315 | 315 | ||||||
Liability for minimum royalties | 216 | 183 | ||||||
Other non-current liabilities | 105 | 140 | ||||||
Total non-current liabilities | 30,651 | 30,367 | ||||||
Shareholders’ deficit: | ||||||||
Ordinary Shares of | ||||||||
Authorized: 10,000,000,000 and 5,000,000,000 shares at | 4,045 | 2,913 | ||||||
Additional paid-in capital | 75,341 | 63,470 | ||||||
Accumulated deficit | (110,596 | ) | (90,595 | ) | ||||
Total shareholders’ deficit | (31,210 | ) | (24,212 | ) | ||||
Non-controlling interests | 575 | - | ||||||
Total deficit | (30,635 | ) | (24,212 | ) | ||||
Total liabilities and deficit | $ | 14,227 | $ | 15,115 | ||||
Source:
2022 GlobeNewswire, Inc., source