SEDAR Interim Financial Statements
[ { "companyName": "Kane Biotech Inc.", "reportingPeriodEnd": "2025-12-31", "reportStatus": "Audited", "auditorName": "MNP LLP", "auditorKeyMatters": [ "Intangible assets impairment" ], "balanceSheet": { "2025-12-31": { "cashAndCashEquivalents": 901698, "tradeAndOtherReceivables": 36495, "inventory": 504562, "prepaidExpenses": 246498, "totalCurrentAssets": 1689253, "propertyAndEquipment": 476488, "intangibleAssets": 568300, "totalNonCurrentAssets": 1044788, "totalAssets": 2734041, "accountsPayableAndAccruedLiabilities": 1076177, "depositsPrivatePlacement": null, "otherLiability": 100101, "governmentLoanCurrent": 1246549, "leaseLiabilityCurrent": 79045, "totalCurrentLiabilities": 2501872, "governmentLoanNonCurrent": null, "convertibleLoan": 617159, "leaseLiabilityNonCurrent": 361555, "totalNonCurrentLiabilities": 978714, "totalLiabilities": 3480586, "shareCapital": 27965674, "contributedSurplus": 8409641, "warrants": 14505, "deficit": -37136365, "totalShareholdersDeficit": -746545, "cashPerShare": 0.0056, "workingCapitalPerShare": -0.0050 }, "2024-12-31": { "cashAndCashEquivalents": 358813, "tradeAndOtherReceivables": 88084, "inventory": 376034, "prepaidExpenses": 205928, "totalCurrentAssets": 1028859, "propertyAndEquipment": 929262, "intangibleAssets": 536055, "totalNonCurrentAssets": 1465317, "totalAssets": 2494176, "accountsPayableAndAccruedLiabilities": 1649449, "depositsPrivatePlacement": 120000, "otherLiability": 178790, "governmentLoanCurrent": 344224, "leaseLiabilityCurrent": 117502, "totalCurrentLiabilities": 2409965, "governmentLoanNonCurrent": 958238, "convertibleLoan": null, "leaseLiabilityNonCurrent": 755210, "totalNonCurrentLiabilities": 1713448, "totalLiabilities": 4123413, "shareCapital": 24402338, "contributedSurplus": 8317784, "warrants": 65767, "deficit": -34415126, "totalShareholdersDeficit": -1629237, "cashPerShare": 0.0027, "workingCapitalPerShare": -0.0103 } }, "incomeStatement": { "2025-01-01_2025-12-31": { "revenue": { "license": null, "royalty": 1699, "salesOfGoodsAndServices": 426170, "totalRevenue": 427869 }, "costOfSales": 428509, "grossProfitLoss": -640, "expenses": { "generalAndAdministration": 1982985, "research": 670223, "totalExpenses": 2653208 }, "lossFromContinuingOperations": -2653848, "otherIncomeExpenses": { "financeIncome": 18994, "financeExpenses": -242759, "foreignExchangeGainLoss": 3955, "gainOnLeaseTermination": 17406, "gainOnDisposalOfEquipment": 27008, "netOtherExpenses": -175396 }, "lossBeforeIncomeTax": -2829244, "deferredTaxRecovery": 108005, "netLossFromContinuingOperations": -2721239, "incomeFromDiscontinuedOperations": null, "netIncomeLoss": -2721239, "earningsPerShareBasic": -0.02, "earningsPerShareDiluted": -0.02 }, "2024-01-01_2024-12-31": { "revenue": { "license": 279641, "royalty": null, "salesOfGoodsAndServices": 1801238, "totalRevenue": 2080879 }, "costOfSales": 1208783, "grossProfitLoss": 872096, "expenses": { "generalAndAdministration": 3078109, "research": 1716984, "totalExpenses": 4795093 }, "lossFromContinuingOperations": -3922997, "otherIncomeExpenses": { "financeIncome": 4943, "financeExpenses": -545480, "foreignExchangeGainLoss": -7819, "gainOnLeaseTermination": null, "gainOnDisposalOfEquipment": null, "netOtherExpenses": -548356 }, "lossBeforeIncomeTax": -4471353, "deferredTaxRecovery": 1310256, "netLossFromContinuingOperations": -3161097, "incomeFromDiscontinuedOperations": 9327354, "netIncomeLoss": 6166257, "earningsPerShareBasicFromContinuingOps": -0.02, "earningsPerShareDilutedFromContinuingOps": -0.02, "earningsPerShareBasicFromDiscontinuedOps": 0.07, "earningsPerShareDilutedFromDiscontinuedOps": 0.06 } }, "cashFlowStatement": { "2025-01-01_2025-12-31": { "operatingActivities": { "netIncomeLoss": -2721239, "adjustments": { "incomeFromDiscontinuedOperations": null, "depreciationOfPropertyAndEquipment": 131142, "amortizationOfIntangibleAssets": 31596, "lossGainOnDisposalOfEquipment": -27008, "lossOnDerecognitionOfIntangibleAssets": 44397, "forgivenInterestPayableToRelatedParty": null, "gainOnLeaseTermination": -41827, "interestOnLoansAndFinanceLease": 239765, "warrantExpense": -1803, "shareBasedCompensationRecovery": -82966, "nonCashMarketingExpenses": 50000, "deferredTaxRecovery": -108005, "changesInWorkingCapital": { "tradeAndOtherReceivables": 51589, "inventory": -128528, "prepaidExpenses": -40570, "accountsPayableAndAccruedLiabilities": -573272, "otherLiability": -78689, "contractLiabilities": null } }, "cashUsedInOperatingActivitiesContinuing": -3255418, "cashUsedInOperatingActivitiesDiscontinued": null, "cashUsedInOperatingActivities": -3255418 }, "financingActivities": { "depositsReceivedFromPrivatePlacement": null, "issuanceOfCommonShares": 3226687, "warrantsExercised": null, "interestPaidOnFinanceLeaseAndLoan": -40989, "netProceedsFromConvertibleLoan": 972488, "repaymentOfLoanPayable": null, "repaymentOfLongTermGovernmentLoans": -210000, "repaymentOfLeaseLiabilityPrincipal": -96750, "cashProvidedByFinancingActivitiesContinuing": 3851436, "cashUsedInFinancingActivitiesDiscontinued": null, "cashProvidedByFinancingActivities": 3851436 }, "investingActivities": { "purchaseOfPropertyAndEquipment": -4895, "additionsToIntangibleAssets": -108238, "proceedsFromSaleOfOfficeEquipment": 60000, "proceedsFromSaleOfSubsidiary": null, "disposalCostsFromSaleOfSubsidiary": null, "cashProvidedByInvestingActivitiesContinuing": -53133, "cashUsedInInvestingActivitiesDiscontinued": null, "cashUsedInInvestingActivities": -53133 }, "increaseDecreaseInCash": 542885, "cashAndCashEquivalentsBeginningOfYear": 358813, "cashAndCashEquivalentsEndOfYear": 901698 }, "2024-01-01_2024-12-31": { "operatingActivities": { "netIncomeLoss": 6166257, "adjustments": { "incomeFromDiscontinuedOperations": -9327354, "depreciationOfPropertyAndEquipment": 161126, "amortizationOfIntangibleAssets": 57344, "lossGainOnDisposalOfEquipment": 77, "lossOnDerecognitionOfIntangibleAssets": 205282, "forgivenInterestPayableToRelatedParty": -8066, "gainOnLeaseTermination": null, "interestOnLoansAndFinanceLease": 540330, "warrantExpense": null, "shareBasedCompensationRecovery": 710831, "nonCashMarketingExpenses": null, "deferredTaxRecovery": -1310256, "changesInWorkingCapital": { "tradeAndOtherReceivables": 15018, "inventory": -125617, "prepaidExpenses": -57283, "accountsPayableAndAccruedLiabilities": 250649, "otherLiability": null, "contractLiabilities": -942802 } }, "cashUsedInOperatingActivitiesContinuing": -3664464, "cashUsedInOperatingActivitiesDiscontinued": -446882, "cashUsedInOperatingActivities": -4111346 }, "financingActivities": { "depositsReceivedFromPrivatePlacement": 120000, "issuanceOfCommonShares": null, "warrantsExercised": 499086, "interestPaidOnFinanceLeaseAndLoan": -961774, "netProceedsFromConvertibleLoan": null, "repaymentOfLoanPayable": -6000000, "repaymentOfLongTermGovernmentLoans": -544000, "repaymentOfLeaseLiabilityPrincipal": -110676, "cashProvidedByFinancingActivitiesContinuing": -6997364, "cashUsedInFinancingActivitiesDiscontinued": -689052, "cashUsedInFinancingActivities": -7686416 }, "investingActivities": { "purchaseOfPropertyAndEquipment": -24741, "additionsToIntangibleAssets": -65397, "proceedsFromSaleOfOfficeEquipment": null, "proceedsFromSaleOfSubsidiary": 10852174, "disposalCostsFromSaleOfSubsidiary": -490643, "cashProvidedByInvestingActivitiesContinuing": 10271393, "cashUsedInInvestingActivitiesDiscontinued": -3546, "cashUsedInInvestingActivities": 10267847 }, "increaseDecreaseInCash": -1529915, "cashAndCashEquivalentsBeginningOfYear": 1888728, "cashAndCashEquivalentsEndOfYear": 358813 } }, "investmentsAndOtherAssets": [], "shareStructure": { "authorizedShares": "Unlimited", "issuedShares": 181596565, "classesOfShares": ["Common voting shares"], "warrants": [ { "number": 321000, "exercisePrice": 0.15, "expiryDate": "2026-07-17" }, { "number": 245100, "exercisePrice": 0.15, "expiryDate": "2026-02-18" } ], "options": [ { "number": 500000, "exercisePrice": 0.10, "expiryDate": null } ], "rightsConvertibleInstruments": "Convertible redeemable unsecured debenture (convertible at $0.10 per share, maturity June 26, 2030)" }, "managementCompensation": { "currency": "CAD", "periods": { "2025": { "salariesFeesAndShortTermBenefits": 634363, "shareBasedPaymentsRecovery": -95050, "total": 539313 }, "2024": { "salariesFeesAndShortTermBenefits": 1162047, "shareBasedPayments": 507046, "total": 1669093 } }, "namedIndividuals": [], "otherRelatedPartyTransactions": [ { "counterparty": "Insider", "description": "Convertible loan (promissory note converted to debenture)", "amount": 1000000, "period": "2025" }, { "counterparty": "Insiders", "description": "Private placement of 12,000,000 shares at $0.10", "amount": 1200000, "period": "2025" }, { "counterparty": "Insider", "description": "Private placement of 14,000,000 shares at $0.05", "amount": 700000, "period": "2025" } ] }, "subsequentEvents": [ { "eventDate": "2026-01-31", "description": "Termination of laboratory facility lease with termination fee of $38,967, relocated premises, signed one-year lease at $570/month effective Jan 15, 2026.", "impactValue": -38967 }, { "eventDate": "2026-02-26", "description": "Exercise of 250,000 stock options at $0.10 per share, issuance of 250,000 common shares.", "impactValue": null }, { "eventDate": "2026-04-17", "description": "Received $1.0 million cash advance from an insider.", "impactValue": 1000000 } ] } ]