Fri, Jul 12, 5:28 PM (57 days ago)
Lexaria Bioscience Corp.'s quarterly report for the period ending May 31, 2024, reveals significant financial and operational developments. The company reported a net loss of $3.6 million, an improvement from the $5.5 million loss in the same period last year. Revenue increased to $380,278 from $195,467, driven mainly by higher intellectual property licensing fees. Operating expenses decreased substantially, particularly in research and development, which dropped by $1.8 million due to the completion of manufacturing and various R&D studies. The company raised $10.3 million through equity offerings and warrant exercises, improving its cash position to $8.5 million from $1.4 million. Current liabilities decreased to $156,048. Lexaria continues to focus on its DehydraTECH technology for drug delivery, with ongoing R&D in GLP-1 drugs for diabetes and weight loss, and CBD for hypertension. The company has also received FDA clearance to proceed with a Phase 1b clinical trial for its DehydraTECH-CBD product. Despite recurring losses, management believes the current funding is sufficient to meet financial obligations for the next 12 months.