Core Viewpoint - XORTX Therapeutics Inc. has appointed Dr. Michael Bumby as the new Chief Financial Officer, replacing James Fairbairn, which is expected to enhance the company's financial leadership and strategic direction in developing therapies for progressive kidney disease [1][3]. Company Overview - XORTX Therapeutics Inc. is a late-stage clinical pharmaceutical company focused on innovative therapies for progressive kidney disease [1]. - The company has two clinically advanced products: XRx008 for Autosomal Dominant Polycystic Kidney Disease (ADPKD) and XRx-101 for acute kidney injury associated with COVID-19 [4]. - XORTX is also developing a pre-clinical program, XRx-225, targeting Type 2 Diabetic Nephropathy [4]. Leadership Background - Dr. Bumby has over 20 years of experience in finance and leadership within the biotech/pharma industry, including a 14-year tenure at Eli Lilly [2]. - He has served as CFO for MediPharm Labs and Merus Labs, where he co-led a $340 million acquisition [2]. - Dr. Bumby holds a Doctor of Veterinary Medicine degree and an MBA, along with a lean six-sigma blackbelt [3]. Strategic Implications - The appointment of Dr. Bumby is anticipated to support XORTX in achieving its near and long-term objectives, leveraging his dual science-finance background [3]. - The company has granted Dr. Bumby 13,000 stock options at an exercise price of $1.75, aligning his interests with the company's performance [3].

Financial Performance - The company reported a net loss of $3,435,881 for the nine months ended September 30, 2024, compared to a loss of $4,857,289 for the same period in 2023, representing a 29.2% improvement[6] - Basic and diluted loss per common share improved to $(1.25) for the nine months ended September 30, 2024, compared to $(2.46) for the same period in 2023[6] - For the nine months ended September 30, 2024, XORTX reported a net loss of $3,435,881, a decrease of 29.2% compared to a net loss of $4,857,289 for the same period in 2023[10] - Cash provided by operating activities for the nine months ended September 30, 2024, was $(2,792,240), an improvement from $(5,285,098) in 2023, indicating a 47.1% reduction in cash outflow[10] - Management compensation for the nine months ended September 30, 2024, totaled $612,749, a decrease from $753,401 in the same period of 2023[78] Assets and Liabilities - Total current assets decreased to $2,410,394 as of September 30, 2024, down 40.8% from $4,068,783 on December 31, 2023[3] - Shareholders' equity decreased to $2,133,580 as of September 30, 2024, down 54.1% from $4,642,026 on December 31, 2023[3] - The company’s cash balance was $2,300,747 as of September 30, 2024, a decrease of 33.3% from $3,447,665 on December 31, 2023[3] - Total liabilities increased to $1,716,751 as of September 30, 2024, up 107.5% from $825,938 on December 31, 2023[3] - The total accounts payable and accrued liabilities increased to $326,283 as of September 30, 2024, compared to $283,428 at December 31, 2023[42] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $176,067, a decrease of 92.3% from $2,284,583 in the same period of 2023[6] - The company has not capitalized any development costs as of September 30, 2024, indicating a focus on maintaining liquidity while pursuing R&D[27] - XORTX is focused on developing therapies for progressive kidney disease, with ongoing clinical studies and potential future product launches[13] - The company plans to raise additional capital to finance its research and development activities and clinical studies, emphasizing the need for future funding[14] Capital and Financing - The company issued 899,717 shares pursuant to a private placement, raising $1,032,549[8] - The company raised $2,000,549 from the issuance of equity instruments during the nine months ended September 30, 2024, compared to no such proceeds in the same period of 2023[10] - The company closed a registered direct offering on October 18, 2024, raising aggregate gross proceeds of $1,500,000 through the sale of 320,000 common share units at $1.85 each and 490,810 pre-funded warrant units at $1.8499 each[87] - The company intends to use the net proceeds from the recent offering for working capital and general corporate purposes[87] Stock and Equity - The weighted average number of common shares outstanding increased to 2,903,565 as of September 30, 2024, compared to 2,746,043 for the same period in 2023[6] - The company issued 2,903,565 common shares as of September 30, 2024, an increase from 1,998,848 shares at December 31, 2023[45] - The company has a total of 2,019,927 outstanding warrants as of September 30, 2024, with a weighted average exercise price of $4.26[54][56] - The company recorded share-based payments of $15,857 for the three months and $113,022 for the nine months ended September 30, 2024, compared to $21,850 and $92,169 in the same periods of 2023, respectively[62] Obligations and Commitments - The company has a total lease obligation of $61,468 as of September 30, 2024, which includes a $96,998 addition due to an office lease extension[43][44] - The company has committed payments totaling $173,000 for clinical trials and other business activities, down from $446,000 as of December 31, 2023[85] - The company has milestone payments of $500,000 upon FDA approval and $100,000 for each additional jurisdiction's regulatory approval for licensed products[38] Financial Instruments and Valuation - The fair values of the company's financial instruments approximate their carrying values due to their short-term nature as of September 30, 2024[80] - The balance of derivative warrant liabilities as of September 30, 2024, is $1,329,000, reflecting a fair value adjustment of $(164,756) during the period[70] - The carrying value of right-of-use assets increased to $47,018 as of September 30, 2024, from $10,913 at December 31, 2023[40] Risk Management - The company has not made any changes to its risk management policies since December 31, 2023, and continues to monitor various financial risks[80] - The company has no external capital requirements imposed by regulatory agencies[82] - The company has not reported any changes in its capital management strategy during the nine months ended September 30, 2024[82]

Group 1 - XORTX Therapeutics Inc. has completed a registered direct offering and concurrent private placement, selling 810,810 common shares at a price of US$1.85 per share, along with common warrants to purchase an equal number of shares [1][2] - The gross proceeds from the offering are approximately US$1.5 million, which will be used for working capital and general corporate purposes [2] - A.G.P./Alliance Global Partners acted as the sole placement agent for the offering [2] Group 2 - The common shares were issued under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [3] - The private placement of common warrants was made under an exemption from registration, meaning these securities cannot be sold in the U.S. without an effective registration statement or applicable exemption [4] - XORTX is focused on developing therapies for progressive kidney disease, with two advanced products: XRx008 for ADPKD and XRx-101 for acute kidney injury related to COVID-19 [5]

Core Viewpoint - XORTX Therapeutics Inc. held its annual and special meeting of shareholders, where all proposed matters were approved, including the election of board members and the appointment of auditors, indicating strong governance and support from shareholders [2][3]. Company Overview - XORTX is a late-stage clinical pharmaceutical company focused on developing therapies for progressive kidney disease, with two advanced products: XRx008 for autosomal dominant polycystic kidney disease (ADPKD) and XRx-101 for acute kidney injury related to COVID-19 [5]. Shareholder Meeting Results - A total of 889,288 common shares were represented at the meeting, accounting for approximately 31% of the total shares outstanding [2]. - All seven management nominees were elected to the board, including Anthony Giovinazzo as Chair and Allen Davidoff as CEO [2][3]. Board Composition - The board now includes two recently appointed directors, Abigail Jenkins and Patrick Treanor, enhancing the company's governance with experienced individuals in biotech and clinical trials [3]. Research and Development - The company has made advancements in its intellectual property portfolio and is conducting pioneering research in ADPKD, which supports its treatment approach and enhances understanding of the disease [4]. - Recent peer-reviewed research has linked genetic factors to kidney disease, potentially broadening therapeutic approaches [4].

Core Viewpoint - XORTX Therapeutics Inc. has refilled its management's discussion and analysis (MD&A) for the financial year ended December 31, 2023, and the interim period ended June 30, 2024, following a review by the Alberta Securities Commission [1][2]. Group 1: Financial Reporting - The originally filed MD&A for the financial year ended December 31, 2023, included an abbreviated definition of Disclosure Controls and Procedures, which has now been amended to include the full definition as per NI 52-109 [2]. - The amended MD&A for the interim period ended June 30, 2024, provides additional information, including a breakdown of the use of funds for the Company's product candidates and estimated costs in the Outlook section [2]. Group 2: Approval and Review - The amended MD&A documents have been reviewed by the Company's Audit Committee and approved by the Board of Directors as of September 12, 2024 [4]. Group 3: Company Overview - XORTX is a pharmaceutical company focused on developing therapies for progressive kidney disease, with two clinically advanced products: XRx008 for ADPKD and XRx-101 for acute kidney injury related to COVID-19 [5]. - The Company also has a pre-clinical program, XRx-225, targeting Type 2 Diabetic Nephropathy, and aims to improve patient quality of life through innovative treatments [5].

CALGARY, Alberta, Sept. 06, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the "Company") (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, reminds shareholders of the upcoming deadline to vote at the Company's Annual General and Special Meeting (the "Meeting"), which is scheduled to be held on September 12, 2024. The Board of Directors of XORTX recommends that Shareholders ...

Core Points - XORTX Therapeutics Inc. is a late-stage clinical pharmaceutical company focused on developing therapies for progressive kidney disease [1] - Institutional Shareholder Services Inc. (ISS) has recommended that shareholders vote "FOR" all proposed resolutions at the upcoming Annual and Special Meeting on September 12, 2024 [1][2] - The Board of Directors of XORTX also recommends shareholders vote "FOR" all proposed items [2] Meeting Details - The Annual and Special Meeting of Shareholders will take place on September 12, 2024, at 10:00 am (Calgary Time) at the company's offices [2] - The proxy voting deadline is set for 10:00 am (Calgary time) on September 10, 2024 [2] Company Overview - XORTX has two clinically advanced products: XRx008 for Autosomal Dominant Polycystic Kidney Disease (ADPKD) and XRx-101 for acute kidney injury related to COVID-19 [4] - The company is also developing XRx-225, a pre-clinical program for Type 2 Diabetic Nephropathy [4] - XORTX aims to improve patient quality of life by targeting purine metabolism and inhibiting uric acid production [4]

CALGARY, Alberta, Aug. 23, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the "Company") (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce the management information circular (the "Circular") for the annual and special meeting (the "Meeting") of shareholders is now available on the Company's website at https://www.xortx.com/investors/news-events/ircale ...

CALGARY, Alberta, Aug. 20, 2024 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the "Company") (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANUA), a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce the acceptance of an abstract submitted to the American Society of Nephrology (the "ASN"). The abstract entitled "Xanthine oxidase in rats, mice and humans with polycystic kidney disease" was reviewed by the ASN re ...

Exhibit 99.1 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS As at and for the three and six months ended June 30, 2024 and 2023 (Unaudited - expressed in U.S. Dollars) XORTX THERAPEUTICS INC. Condensed Interim Consolidated Statements of Financial Position (Unaudited - expressed in U.S. Dollars) Total Assets 4,799,378 5,467,964 | --- | --- | --- | --- | |-------------------------------------|-------|-----------------|---------------------| | | Note | June 30, 2024 | December 31, 2023 | | | | $ | $ | | A ...