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Lexaria Bioscience Corp. (LEXX0.00%) has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing details Lexaria's focus on enhancing the bioavailability of pharmaceutical ingredients using its DehydraTECH drug delivery technology. The company is advancing research on GLP-1 and GIP drugs to improve absorption and reduce side effects.
Lexaria reported a net loss of $5,808,654 for the year, a decrease from the previous year's net loss of $6,712,525. The company attributed this to reduced research and development expenses, which totaled $2,360,565, down from $3,666,721 in the prior year.
Revenue for the year increased to $464,278 from $226,208 in the previous year, primarily due to licensing revenue from technology agreements.
General and administrative expenses rose to $3,852,021 from $3,062,009, driven by higher legal and professional fees, wages, and consulting expenses.
Lexaria's cash position improved significantly, with cash on hand of $6,499,885 as of August 31, 2024, up from $1,352,102 the previous year, primarily due to financing activities totaling approximately $10.3 million.
The company continues to focus on research and development, particularly in the areas of diabetes, weight loss, and hypertension, with ongoing studies and planned future clinical programs.
Lexaria's intellectual property portfolio expanded with ten new patents granted during the fiscal year, including its first patents for the treatment of epilepsy.
The company anticipates further revenue growth through technology licensing and is exploring strategic partnerships to support its research and development initiatives.
Lexaria's management remains focused on securing additional funding to advance its clinical development programs, with an emphasis on forming industry partnerships for later-stage clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lexaria Bioscience Corp. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.