Edesa Biotech, Inc. reported financial results for the three months ended December 31, 2024, on February 14, 2025. The company maintained total operating expenses at $1.9 million, consistent with the prior year quarter. The net loss for the quarter was $1.6 million, or $0.48 per common share, compared to $1.7 million, or $0.54 per common share, in the same period last year.
Total other income increased by $102,000 to $281,000, primarily due to increased reimbursement funding from the Canadian government's Strategic Innovation Fund. As of December 31, 2024, Edesa had $1.6 million in cash and cash equivalents and working capital of $0.2 million. Subsequent to the quarter end, the company received $15.0 million in gross proceeds from a private placement.
Operationally, Edesa is preparing for the manufacturing campaign of its EB06 anti-CXCL10 monoclonal antibody for vitiligo, with data anticipated to be submitted to the FDA in mid-2025 for an IND application for a Phase 2 study. The EB05 program for ARDS is fully funded by a U.S. government Phase 2 study, allowing Edesa to prioritize the development of EB06.
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