Press Release: Edesa Biotech Reports Fiscal Year 2024 Results

                                        ---------------  ----------------- 
 
Expenses: 
   Research and development              $   2,881,967    $   4,794,549 
   General and administrative                4,132,777        4,428,209 
                                            ----------       ---------- 
 
Loss from operations                        (7,014,744)      (9,222,758) 
 
Other Income (Loss): 
   Reimbursement grant income                  698,277          581,039 
   Other income (loss)                         147,222          268,104 
 
Income tax expense                                 800              800 
                                            ----------       ---------- 
 
Net loss                                    (6,170,045)      (8,374,415) 
 
Exchange differences on translation            (27,965)          (1,046) 
                                            ----------       ---------- 
 
Net comprehensive loss                   $  (6,198,010)   $  (8,375,461) 
                                            ==========       ========== 
 
Weighted average number of common 
 shares                                      3,197,423        2,858,929 
 
Loss per common share - basic and 
 diluted                                 $       (1.93)   $       (2.93) 
                                            ----------       ---------- 
 
 
 
 
 
                        Consolidated Balance Sheets 
 
                                             September 30,    September 30, 
                                                  2024             2023 
                                            ---------------  --------------- 
 
Assets: 
   Cash and cash equivalents                 $    1,037,320   $    5,361,397 
   Other current assets                             638,302        1,075,455 
   Non-current assets                             2,138,360        2,453,585 
                                                -----------      ----------- 
 
   Total Assets                              $    3,813,982   $    8,890,437 
                                                ===========      =========== 
 
Liabilities and shareholders' equity: 
   Current liabilities                       $    1,832,827   $    1,821,864 
   Non-current liabilities                                -           19,773 
   Shareholders' equity                           1,981,155        7,048,800 
                                                -----------      ----------- 
 
   Total liabilities and shareholders' 
    equity                                   $    3,813,982   $    8,890,437 
                                                ===========      =========== 
 
 
 
 
 
                  Consolidated Statements of Cash Flows 
 
                                                   Years Ended 
                                        ---------------------------------- 
                                         September 30,     September 30, 
                                              2024              2023 
                                        ---------------  ----------------- 
 
Cash flows from operating activities: 
   Net loss                              $  (6,170,045)   $  (8,374,415) 
   Adjustments for non-cash items              708,775        1,429,928 
   Change in working capital items             571,065          308,004 
                                            ----------       ---------- 
 
Net cash used in operating activities       (4,890,205)      (6,636,483) 
 
Net cash provided by financing 
 activities                                    592,031        4,830,111 
 
Effect of exchange rate changes on 
 cash and cash equivalents                     (25,903)          76,850 
                                            ----------       ---------- 
 
Net change in cash and cash 
 equivalents                                (4,324,077)      (1,729,522) 
Cash and cash equivalents, beginning 
 of year                                     5,361,397        7,090,919 
                                            ----------       ---------- 
 
Cash and cash equivalents, end of year   $   1,037,320    $   5,361,397 
                                            ==========       ========== 
 
Contact: 
Gary Koppenjan 
Edesa Biotech, Inc. 
(289) 800-9600 
investors@edesabiotech.com 

(END) Dow Jones Newswires

December 13, 2024 16:30 ET (21:30 GMT)