Edesa Biotech Reports Fiscal 2nd Quarter 2024 Results

TORONTO, ON / ACCESSWIRE / May 10, 2024 / Edesa Biotech, Inc. (Nasdaq:EDSA), a clinical-stage biopharmaceutical company, today shared its financial outcomes for the second fiscal quarter of 2024 and updates on its business operations. The company is focusing on expanding its study sites for Phase 3 trials of EB05, its ARDS drug candidate. New clinical studies are also being planned for EB05 in pulmonary fibrosis and for an anti-CXCL10 monoclonal antibody in vitiligo.

Edesa’s CEO highlighted the strategic alignment of its technology with governmental biodefense plans and the scientific support for its therapeutics in both ARDS and pulmonary fibrosis. The firm reported a decrease in overall operating expenses, with R&D expenditures down due to lower external research costs despite increased spending on the ongoing ARDS study. G&A expenses were slightly up owing to higher professional fees.

Total other income saw an increase, primarily from a boost in Canadian government reimbursements. The company posted a net loss for the quarter but saw a reduction compared to the same period last year. Looking ahead, Edesa is poised to advance its various clinical programs while leveraging governmental support to enhance its operational efficiency.