Talis Biomedical Corp (NASDAQ:TLIS) shares are trading higher by 30% to $7.03 Tuesday morning after the company announced it is exploring strategic options to boost shareholder value due to current market conditions.

What Happened?

Talis Biomedical formed a special committee to consider various alternatives like financing, mergers or asset divestiture. To cut costs, the company is reducing its workforce by 90% and consolidating operations in Chicago.

Despite this, revenue decreased significantly in third-quarter 2023 compared to the same period last year, but operating expenses and net losses have also decreased. They've disclosed cash reserves of $88.0 million as of September 30.

As they evaluate options, Talis Biomedical won't hold a conference call to discuss their third-quarter results. Further details can be found in their Quarterly Report on Form 10-Q for third-quarter, 2023.

See Also: Fisker Stock Is Tumbling Tuesday: What's Going On?

According to data from Benzinga Pro, TLIS has a 52-week high of $9.75 and a 52-week low of $4.35.