Theralase Releases 1Q2024 Financial Statements

Theralase® Technologies Inc. (TSXV:TLT, OTCQB:TLTFF), based in Toronto, has published its unaudited interim consolidated financial statements for Q1 2024, ending March 31, 2024. The pharma company focuses on Photo Dynamic Compounds (PDCs) for treating cancers and pathogens. A conference call discussing the results will be held on June 6, 2024, at 11:00 am ET.

Highlights of the financial performance include a 15% revenue decline while cost of sales increased to 65% of revenue, reducing the gross margin to 35%. Selling expenses fell by 10%, and administrative expenses dipped by 2%. Stock-based compensation expenses were also down by 10%. Net R&D expenses in the Drug Division decreased by 20%, while those for the Device Division went up significantly. Overall net loss reduced by 10% to $1,266,711. Significant spending cuts in Study II contributed to this.

The company closed a non-brokered private placement of units on April 24, 2024, raising approximately $750,200. It's set to secure additional funding to complete Study II by year-end to seek FDA and Health Canada approvals by the end of 2026. Study II aims for the treatment and enrollment of 100 patients by December 2024.