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Edesa Biotech Reports Fiscal 1st Quarter 2025 Results
EDSAEdesa Biotech(EDSA) GlobeNewswire·2025-02-14 21:15

Core Viewpoint - Edesa Biotech, Inc. is advancing its lead asset, EB06, an anti-CXCL10 monoclonal antibody for vitiligo treatment, with plans for a Phase 2 clinical trial and has reported financial results for Q1 FY2025, indicating a stable financial position and ongoing development efforts [1][2][3]. Financial Performance - Total operating expenses remained unchanged at 1.9millionforthethreemonthsendedDecember31,2024,comparedtothesameperiodin2023[4].−Totalotherincomeincreasedby1.9 million for the three months ended December 31, 2024, compared to the same period in 2023 [4]. - Total other income increased by 102,000 to 281,000forthethreemonthsendedDecember31,2024,primarilyduetoincreasedreimbursementfundingfromtheCanadiangovernment′sStrategicInnovationFund[4].−Edesareportedanetlossof281,000 for the three months ended December 31, 2024, primarily due to increased reimbursement funding from the Canadian government's Strategic Innovation Fund [4]. - Edesa reported a net loss of 1.6 million, or 0.48percommonshare,forthequarterendedDecember31,2024,comparedtoanetlossof0.48 per common share, for the quarter ended December 31, 2024, compared to a net loss of 1.7 million, or 0.54percommonshare,forthesameperiodin2023[5].CashPositionandWorkingCapital−AsofDecember31,2024,Edesahadcashandcashequivalentsof0.54 per common share, for the same period in 2023 [5]. Cash Position and Working Capital - As of December 31, 2024, Edesa had cash and cash equivalents of 1.6 million and working capital of 0.2million[6].−Thecompanyreceived0.2 million [6]. - The company received 15.0 million in gross proceeds from a private placement of preferred and common shares after the quarter ended, strengthening its balance sheet [6]. Research and Development - Research and development expenses increased by 0.3millionto0.3 million to 1.0 million for the three months ended December 31, 2024, primarily due to increased external research expenses related to the manufacturing of EB05 [8]. - Edesa is preparing for a manufacturing campaign for EB06, with data expected to be submitted to the FDA in mid-2025, and anticipates topline results within 12 to 18 months post-regulatory clearance [2][3]. Upcoming Events - Edesa plans to participate in several upcoming conferences, including the American Academy of Dermatology Annual Meeting and BIO Europe Spring 2025, providing opportunities for engagement with investors and stakeholders [9]. Company Overview - Edesa Biotech, Inc. focuses on developing innovative treatments for immuno-inflammatory diseases, with a clinical pipeline that includes EB06 for vitiligo and EB05 for Acute Respiratory Distress Syndrome [10].