Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent events

On August 1, 2022, the Company announced a reduction in force in connection with our refocus on the women's health and STI markets and will be implementing further spending reductions to preserve cash given the uncertainty in timing of gross profit contributions or future financings. The Company expects to recognize $1.5 million of expense related to these reductions during the three months ended September 30, 2022.

On July 27, 2022, the Company received a notice (the “Notice”) from the Nasdaq Stock Market (“Nasdaq”) that the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1), as the minimum bid price of the Company’s common stock had been below $1.00 per share for thirty-one (31) consecutive business days as of the date of the Notice. The Notice has no immediate effect on the listing of the Company’s common stock, which will continue to trade at this time on the Nasdaq Global Market under the symbol “TLIS.”