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Edesa Biotech Inc. (EDSA) has submitted its annual report on Form 10-K for the fiscal year ended September 30, 2024. filing
The company reported a net loss of $6.2 million for the year, compared to a net loss of $8.4 million in the previous year. The decrease in net loss is attributed to reduced research and development expenses.
Research and development expenses decreased to $2.9 million from $4.8 million in the prior year, primarily due to lower external research expenses and reduced labor costs.
General and administrative expenses were $4.1 million, down from $4.4 million in the previous year, mainly due to a decrease in noncash share-based compensation.
Edesa Biotech ended the fiscal year with $1.0 million in cash and cash equivalents, compared to $5.4 million at the end of the previous fiscal year.
The company raised $0.6 million through the sale of common shares during the year and received $0.7 million in grant income under the Canadian government's Strategic Innovation Fund.
Edesa Biotech's ability to continue as a going concern is dependent on obtaining additional funding through financings, grants, or other strategic activities to fund the development of its drug candidates.
The company is focused on developing treatments for inflammatory and immune-related diseases, with its clinical pipeline including candidates for medical dermatology and respiratory conditions.
Edesa Biotech's most advanced drug candidate, EB05, is being evaluated in a U.S. government-funded study for acute respiratory distress syndrome (ARDS).
The company is also preparing to conduct a Phase 2 study for its EB06 candidate in patients with vitiligo, pending regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Edesa Biotech Inc. annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.