Theralase(R) Releases 2Q2025 Financial Statements

Executive Summary

• Theralase Technologies Inc. released its unaudited condensed consolidated interim financial statements for the second quarter of 2025 (six-month period ended June 30, 2025), reporting a net loss of $2,423,235 and total revenue of $310,933.
• The company provided significant interim clinical results for Study II of its Ruvidar® (TLD-1433) therapy, showing a 61.4% Complete Response rate and 70% Total Response rate among assessed patients, with enrollment nearing completion at 96%.
• The release details three recent non-brokered private placements completed between April and July 2025, raising a combined gross proceeds of approximately $1.66 million, alongside an extension of warrant expiry dates.

Key Details

• Financial Performance (Six Months Ended June 30, 2025):
  • Total Revenue: $310,933 (up 12% from $276,401 in the prior year period).
  • Cost of Sales: $178,966 (down 4% from $186,324).
  • Gross Margin: $131,967 (up 47% from $90,077; margin increased from 33% to 42%).
  • Selling Expenses: $139,011 (down 5% from $145,915).
  • Administrative Expenses: $995,333 (up 10% from $907,378, driven by G&A, salaries, and stock-based compensation).
  • R&D Expenses: $1,460,447 (up 1% from $1,450,086).
  • Net Loss: $2,423,235 (up 1% from $2,400,461), including $471,174 in non-cash charges (amortization and stock-based compensation).
• Private Placements:
  • April 14, 2025: Issued 1,995,829 units at $0.21/unit for gross proceeds of $419,124. Each unit included one common share and one non-transferable warrant exercisable at $0.32 for five years.
  • June 17, 2025: Issued 2,855,000 units at $0.20/unit for gross proceeds of $571,000. Each unit included one common share and one non-transferable warrant exercisable at $0.30 for five years.
  • July 28, 2025: Issued 3,363,134 units at $0.20/unit for gross proceeds of $672,627. Each unit included one common share and one non-transferable warrant exercisable at $0.30 for five years.
• Warrant Extension:
  • On June 26, 2025, the company extended the expiry date of 4,800,000 warrants (issued June 30, 2023) from their original date to June 30, 2028. These warrants are exercisable at $0.35 per share.
• Study II Clinical Updates (As of August 26, 2025):
  • Enrollment: 86 patients treated, representing ~96% of the targeted enrollment of 90 patients.
  • Completion: 70 patients completed the study or were prematurely removed; 16 patients are pending completion.
  • Interim Results (among 70 assessed patients):
    • Complete Response (CR): 61.4% (43/70 patients).
    • Total Response (CR + Indeterminate Response): 70% (49/70 patients).
    • Durability: At the 450-day assessment, 39.5% (17/43) of patients who achieved CR maintained that response.
  • Timeline: Enrollment expected to complete in 3Q2025; data lock targeted for 4Q2026; regulatory submissions expected in 4Q2026.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.