Theralase(R) Releases 3Q2025 Financial Statements

Executive Summary

• Theralase® Technologies released its unaudited condensed consolidated interim financial statements for the nine‑month period ended September 30, 2025, showing a net loss of $3.44 M and mixed revenue/expense trends.
• The company provided an update on Study II clinical progress, reporting 88 of 90 patients treated, with 64.3% achieving a complete response and enrollment expected to be completed in Q4 2025.
• Recent financing activities include a July 28, 2025 private placement raising $672,627 at $0.20 per unit and an extension of warrants expiring September 30, 2028.

Key Details

• Financial Highlights (9M 2025 vs. 9M 2024)
• Total revenue: $590,573 (‑5%)
• Cost of sales: $299,743 (‑10%); gross margin $290,830 (≈49% of revenue) – essentially flat YoY.
• Selling expenses: $212,421 (‑18%).
• Administrative expenses: $1,444,687 (+12%), driven by higher G&A, professional fees, and stock‑based compensation.
• R&D expenses: $2,116,540 (+1%).

• Net loss: $3,435,145 (+3%); includes $708,521 non‑cash charges (amortization & stock‑based comp).

• Private Placement (July 28, 2025)

• Issued 3,363,134 units at $0.20 per unit.
• Gross proceeds: $672,627.

• Each unit = one common share + one non‑transferable warrant exercisable at $0.30 for five years.

• Warrant Extension (August 29, 2025)

• Extended expiry of 1,840,000 warrants (originally issued Sep 7, 2023).
• Exercise price: $0.35 per share.

• New expiry date: September 30, 2028.

• Short‑Term Loans (as of Nov 7, 2025)

• Total outstanding: $280,000; includes $100,000 to related parties.

• Interest rate: 15% per annum; repayable within one year.

• Study II Clinical Update (as of Nov 7, 2025)

• Patients treated: 88/90 (97.8%).
• Completed study: 72 patients; 16 pending.
• Efficacy outcomes:
  • Complete Response (CR): 64.3% (54/84).
  • Total Response (CR + Indeterminate Response): 72.6% (61/84).
  • At 450‑day assessment, CR maintained in 40% (18/45) and total response maintained in 42.2% (19/45).

• Enrollment expected to close in Q4 2025; data lock & regulatory submissions targeted for Q1 2027.

• Conference Call

• Date: Wednesday, November 19, 2025 at 11:00 am ET.
• Platform: Zoom (link provided) and dial‑in numbers.

Notable Quotes

(No direct quotes were included in the release.)