Theralase Technologies loses $3.43-million in Q3

Ms. Kristina Hachey reports THERALASE(R) RELEASES 3Q2025 FINANCIAL STATEMENTS Theralase Technologies Inc. has released the company's unaudited condensed consolidated interim Q3 (third quarter) 2025 financial statements. Theralase will be hosting a conference call on Wednesday, Nov. 19, 2025, at 11 a.m. ET, which will include a presentation of the financial and operational results for the fiscal quarter ending Sept. 30, 2025. Questions are welcome. To ensure the company has time to review and properly address questions during the call, please send them in advance to [email protected]. Meeting:  available via Zoom or dial-i Webinar ID:  810 4484 1120 Conference dial-in:  1-647-558-0588 (Canada)/1-646-558-8656 (United States) -- not required for those attending by Zoom An archived version will be available on the website following the conference call. Financial highlights For the nine-month period ended Sept. 30, 2025, versus Sept. 30, 2024: Total revenue decreased 5 per cent to $590,573 from $622,984. Cost of sales decreased 10 per cent to $299,743 (51 per cent of revenue) from $332,136 (53 per cent of revenue). Gross margin decreased slightly to $290,830 (49 per cent of revenue) from $290,848 (47 per cent of revenue). Selling expenses decreased 18 per cent to $212,421 from $257,935. Administrative expenses increased 12 per cent to $1,444,687 from $1,294,969, driven primarily by increases in general and administrative expenses, professional fees, and stock-based compensation. Research and development expenses increased 1 per cent to $2,116,540 from $2,100,699, reflecting increased activity to support study II progress. Net loss for the period increased 3 per cent to $3,435,145 from $3,337,994. This included $708,521 in non-cash charges such as amortization and stock-based compensation. Operational highlight Private placements On July 28, 2025, the company completed a non-brokered private placement, issuing 3,363,134 units at 20 cents per unit for gross proceeds of $672,627. Each unit included one common share and one non-transferable common share purchase warrant, exercisable at 30 cents for five years. Warrant extension On Aug. 29, 2025, the company extended the expiry date of 1.84 million warrants, all of which are exercisable at 35 cents per share. The warrants were issued on Sept. 7, 2023, pursuant to a private placement involving the issuance of 1.84 million units of the company. The new expiry date of the warrants is Sept. 30, 2028. Short-term loans As of Nov. 7, 2025, the company had outstanding short-term loans totalling $280,000, including $100,000 due to related parties. These loans bear interest at 15 per cent per annum and are repayable within one year. The company continues to explore additional equity and non-dilutive funding opportunities to support its clinical and commercial milestones. Study II update As of Nov. 7, 2025: Eight-eight patients have been treated with the primary study procedure, representing 97.8 pepr cent of the total targeted enrolment of 90 patients. Seventy-two patients have completed the clinical study, being assessed at all assessment visits or have been prematurely removed from the clinical study by the principal investigator for lack of response. Sixteen additional patients are pending study completion. Interim clinical results indicate: Fifty-four out of 84 (64.3 per cent) patients achieved a complete response (CR) at any point in time. Sixty-one out of 84 (72.6 per cent) achieved a total response (CR plus indeterminate response (IR)) (IR equals negative cystoscopy with positive urine cytology, without a confirmatory bladder biopsy). At the 450-day assessment, 18 out of 45 (40 per cent) of patients maintained a CR, indicating strong durability of treatment effect, with 19 out of 45 (42.2 per cent) of patients maintaining a TR. Theralase remains on track to complete enrolment in Q4 (fourth quarter) 2025, with data lock and regulatory submissions expected in Q1 (first quarter) 2027. For additional information, please refer to the company's management's discussion and analysis (MD&A,) available on SEDAR+. About Ruvidar Ruvidar is a small molecule, able to be activated by light, radiation, sound and other drugs, intended for the safe and effective destruction of cancer, bacteria and viruses. About Theralase Technologies Inc. Theralase is a clinical-stage pharmaceutical company dedicated to the research and development of light, radiation, sound and drug-activated small molecule compounds and their associated formulations with a primary objective of efficacy, and a secondary objective of safety in the destruction of cancer, bacteria and viruses, with minimal impact on surrounding healthy tissue. We seek Safe Harbor.