In This Story
Edesa Biotech Inc. (EDSA-7.81%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing research and development expenses increased to $1,019,818 from $704,458 in the same quarter the previous year. This increase is attributed to higher external research expenses related to manufacturing paridiprubart.
General and administrative expenses decreased to $878,871 from $1,152,971, primarily due to a reduction in salaries, share-based compensation, and professional service fees.
Net loss for the quarter was $1,617,253, compared to $1,678,451 in the previous year. Loss per common share was $0.48, compared to $0.54 in the previous year.
Cash used in operating activities was $1,517,203, while cash provided by financing activities was $2,071,545, primarily from the issuance of Series A-1 preferred shares and common shares.
Edesa had cash and cash equivalents of $1,563,502 as of December 31, 2024. The company acknowledges the need for additional funding to continue operations and develop drug candidates.
The filing details a private placement agreement for Series A-1 Preferred Shares with an entity controlled by the company's CEO, resulting in proceeds of $1,540,819.
Subsequent to the quarter, Edesa entered into a Securities Purchase Agreement for Series B-1 Preferred Shares and common shares, yielding gross proceeds of approximately $15.0 million.
The company is focused on developing treatments for inflammatory and immune-related diseases, with a pipeline that includes drug candidates for vitiligo and acute respiratory distress syndrome.
Edesa continues to rely on government grants, equity offerings, and strategic transactions to fund its operations and meet financial obligations.
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. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.