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Edesa Biotech Reports Fiscal Year 2024 Results
EDSAEdesa Biotech(EDSA) Newsfilter·2024-12-13 21:30

Core Viewpoint - Edesa Biotech, Inc. reported a strategic pivot in its drug development focus, particularly on its anti-TLR4 drug candidate, and demonstrated improved financial management with a significant reduction in operating expenses while advancing its clinical pipeline through government funding opportunities [2][3][4]. Financial Performance - Total operating expenses decreased by 2.2millionto2.2 million to 7.0 million for the fiscal year ended September 30, 2024, compared to 9.2millionfortheprioryear[4].−Researchanddevelopmentexpensesdecreasedby9.2 million for the prior year [4]. - Research and development expenses decreased by 1.9 million to 2.9million,primarilyduetoreducedexternalresearchexpensesandlaborcosts[4].−Generalandadministrativeexpensesdecreasedby2.9 million, primarily due to reduced external research expenses and labor costs [4]. - General and administrative expenses decreased by 0.3 million to 4.1million,mainlyduetoareductioninnoncashshare−basedcompensation[4].−Edesareportedanetlossof4.1 million, mainly due to a reduction in noncash share-based compensation [4]. - Edesa reported a net loss of 6.2 million, or 1.93percommonshare,comparedtoanetlossof1.93 per common share, compared to a net loss of 8.4 million, or 2.93percommonshare,forthepreviousfiscalyear[5][11].CashFlowandWorkingCapital−AsofSeptember30,2024,Edesahadcashandcashequivalentsof2.93 per common share, for the previous fiscal year [5][11]. Cash Flow and Working Capital - As of September 30, 2024, Edesa had cash and cash equivalents of 1.0 million and negative working capital of 0.2million[6].−Thecompanyreceived0.2 million [6]. - The company received 1.5 million in gross proceeds from a securities purchase agreement and $0.6 million in net proceeds from common shares sold under an at-the-market offering program after the fiscal year end [6]. Business Development and Pipeline - Edesa is focusing on the development of EB05 (paridiprubart) for Acute Respiratory Distress Syndrome (ARDS) and plans to submit an investigational new drug (IND) application for EB06, an anti-CXCL10 monoclonal antibody candidate [2][8]. - The company aims to maximize synergies between U.S. and Canadian government-funded projects related to its drug candidates [2][3]. Future Outlook - Edesa anticipates topline results for its Phase 2 study could be available within 12 to 18 months following regulatory clearance in the U.S. [2]. - The company plans to participate in one-on-one meetings during JP Morgan week in January 2025, indicating ongoing engagement with investors and stakeholders [7].