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Edesa Biotech Reports Fiscal 2nd Quarter 2025 Results
EDSAEdesa Biotech(EDSA) GlobeNewswire·2025-05-14 20:15

Core Viewpoint - Edesa Biotech, Inc. is advancing its clinical-stage biopharmaceutical development, particularly focusing on its vitiligo drug candidate EB06, while reporting financial results that reflect a strategic pivot in operational activities towards this program [1][4]. Financial Overview - For the three months ended March 31, 2025, total operating expenses decreased by 0.6millionto0.6 million to 1.6 million compared to 2.2millionforthesameperiodin2024[7]−Thecompanyreportedanetlossof2.2 million for the same period in 2024 [7] - The company reported a net loss of 1.6 million, or 0.30percommonshare,forthequarter,animprovementfromanetlossof0.30 per common share, for the quarter, an improvement from a net loss of 1.9 million, or 0.58percommonshare,forthesamequarterlastyear[8]−ForthesixmonthsendedMarch31,2025,totaloperatingexpensesdecreasedby0.58 per common share, for the same quarter last year [8] - For the six months ended March 31, 2025, total operating expenses decreased by 0.6 million to 3.5millioncomparedto3.5 million compared to 4.1 million for the same period in 2024 [9] - The net loss for the six months was 3.2million,or3.2 million, or 0.74 per common share, compared to a net loss of 3.5million,or3.5 million, or 1.12 per common share, for the same period last year [11] Business Development - The company completed a 15millionequityfinancingtosupportthedevelopmentofEB06,ananti−CXCL10monoclonalantibodyforvitiligo[2]−EdesahasinitiatedoutreachtopotentialinvestigatorsandmanufacturingactivitiestosupportU.S.regulatoryapprovalforaPhase2studyinmoderate−to−severenonsegmentalvitiligopatients[2][6]−TheplannedPhase2studyforEB06isalreadyapprovedinCanada,withdrugmanufacturingdataexpectedtobesubmittedtotheFDAinthesecondhalfof2025[6]ResearchandDevelopment−Researchanddevelopmentexpensesdecreasedby15 million equity financing to support the development of EB06, an anti-CXCL10 monoclonal antibody for vitiligo [2] - Edesa has initiated outreach to potential investigators and manufacturing activities to support U.S. regulatory approval for a Phase 2 study in moderate-to-severe nonsegmental vitiligo patients [2][6] - The planned Phase 2 study for EB06 is already approved in Canada, with drug manufacturing data expected to be submitted to the FDA in the second half of 2025 [6] Research and Development - Research and development expenses decreased by 0.7 million to 0.5millionforthethreemonthsendedMarch31,2025,primarilyduetodecreasedexternalresearchexpensesrelatedtotheinvestigationaldrugparidiprubart[9][16]−Generalandadministrativeexpensesincreasedby0.5 million for the three months ended March 31, 2025, primarily due to decreased external research expenses related to the investigational drug paridiprubart [9][16] - General and administrative expenses increased by 0.2 million to 1.2millionforthethreemonthsendedMarch31,2025,mainlyduetoincreasedsalariesandrelatedcosts[9]CashPosition−AsofMarch31,2025,Edesahadcashandcashequivalentsof1.2 million for the three months ended March 31, 2025, mainly due to increased salaries and related costs [9] Cash Position - As of March 31, 2025, Edesa had cash and cash equivalents of 13.9 million and working capital of $13.5 million [12]