Edesa Biotech, Inc. reported financial results for the fiscal year ended September 30, 2024, on December 13, 2024. The company achieved a decrease in total operating expenses by $2.2 million, bringing the total to $7.0 million compared to $9.2 million in the prior fiscal year.
The net loss for the year narrowed to $6.2 million, or $1.93 per common share, from $8.4 million, or $2.93 per common share, in fiscal year 2023. Total other income remained unchanged at $0.8 million. As of September 30, 2024, Edesa had $1.0 million in cash and cash equivalents and negative working capital of $0.2 million.
Operationally, Edesa pivoted the in-house development of its EB05 drug candidate to a U.S. government-funded study for Acute Respiratory Distress Syndrome (ARDS) and plans to amend its Canadian government-supported project for EB05 to maximize synergies. The company intends to manufacture EB06 and submit data to the U.S. Food and Drug Administration (FDA) for an investigational new drug (IND) application for vitiligo, with topline results for the Phase 2 study anticipated within 12 to 18 months following U.S. regulatory clearance. Subsequent to the fiscal year end, the company received $1.5 million in gross proceeds from an affiliated entity of its CEO and $0.6 million in net proceeds from an at-the-market offering program.
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