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Lexaria Bioscience Corp. (LEXX) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $183,923, an increase from $151,278 in the same quarter the previous year. The increase is attributed to higher license fees and B2B sales.
Research and development expenses rose significantly to $1,953,220 from $574,491 in the previous year, driven by manufacturing costs for investigational drug products and other startup activities.
The company reported a net loss of $2,706,628 for the quarter, compared to $1,185,038 in the previous year. The increase in net loss is primarily due to higher R&D expenses.
Lexaria raised $4.3 million in net proceeds from securities offerings during the quarter, which included a registered direct offering and an At the Market offering.
Cash at the end of the period was $8,078,254, up from $6,499,885 at the beginning of the quarter, reflecting the proceeds from the securities offerings.
Lexaria continues to advance its R&D activities, focusing on the DehydraTECH technology for enhancing drug delivery, particularly in the areas of diabetes and weight loss.
The company completed dosing in a human pilot study investigating DehydraTECH-enhanced tirzepatide and received ethics board approval for a Phase 1b study in Australia.
Lexaria's patent portfolio includes several granted patents related to its DehydraTECH technology, with ongoing efforts to expand its intellectual property holdings.
The company anticipates increased expenditures in connection with ongoing and planned R&D programs, expecting to incur significant operational expenses and net losses in the upcoming 12 months.
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. quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.