SEDAR Interim Financial Statements

[
  {
    "companyName": "Medexus Pharmaceuticals Inc.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cashAndCashEquivalents": 14975,
      "accountsReceivableNet": 11832,
      "inventories": 31297,
      "prepaidsAndOtherCurrentAssets": 11862,
      "totalCurrentAssets": 69966,
      "propertyAndEquipmentNet": 457,
      "intangibleAssetsNet": 64777,
      "goodwill": 10221,
      "deferredTaxAssets": 9561,
      "totalAssets": 154982,
      "accountsPayableAndAccruedLiabilities": 43382,
      "milestonesPayable": 7500,
      "incomeTaxPayable": 2339,
      "currentPortionOfLongTermDebt": 7197,
      "currentPortionOfBalancePayableForBusinessCombinations": 1981,
      "otherCurrentLiabilities": 0,
      "totalCurrentLiabilities": 62399,
      "longTermDebt": 18153,
      "balancePayableForBusinessCombinations": 22219,
      "totalLiabilities": 102771,
      "shareCapital": 96221,
      "contributedSurplus": 11552,
      "cumulativeTranslationAdjustment": 6152,
      "deficit": -61714,
      "totalEquity": 52211,
      "totalLiabilitiesAndEquity": 154982,
      "cashPerShare": 0.4633,
      "workingCapitalPerShare": 0.2375
    },
    "incomeStatement": {
      "revenueNetRevenue": 74680,
      "costOfSalesOfProducts": 26476,
      "amortizationOfProductLicences": 7066,
      "grossProfit": 41138,
      "sellingGeneralAndAdministrativeExpenses": 35298,
      "researchAndDevelopmentExpenses": 1450,
      "terminationBenefits": 276,
      "depreciation": 212,
      "impairmentOfIntangibleAssets": 0,
      "operatingIncome": 3902,
      "financingCosts": 4174,
      "otherIncomeLoss": -1006,
      "incomeBeforeIncomeTaxes": 734,
      "incomeTaxExpenseRecoveryCurrent": 1035,
      "incomeTaxExpenseRecoveryDeferred": -582,
      "netIncome": 281,
      "foreignCurrencyIncomeLossOnTranslationOfSubsidiaryCompanies": 123,
      "comprehensiveIncome": 404,
      "netIncomePerShareBasic": 0.01,
      "netIncomePerShareDiluted": 0.01,
      "weightedAverageNumberOfCommonSharesOutstanding": 32325320
    },
    "cashFlowStatement": {
      "netIncome": 281,
      "depreciation": 212,
      "amortizationOfProductLicences": 7066,
      "impairmentOfIntangibleAssets": 0,
      "shareBasedCompensationExpenseNet": 39,
      "financingCosts": 4174,
      "gainOnDisposalOfAsset": -408,
      "businessCombinationsPayableUnrealizedGainOnChangeInFairValue": -182,
      "unrealizedForeignExchangeGainLoss": -621,
      "incomeTaxExpenseRecovery": 453,
      "changesInNonCashOperatingWorkingCapitalItems": 4137,
      "incomeTaxesPaid": -64,
      "cashProvidedByOperatingActivities": 15087,
      "proceedsFromDisposalOfAssets": 653,
      "purchasesOfPropertyAndEquipmentExcludingRightOfUseAsset": -151,
      "purchasesOfIntangibleAssets": -2543,
      "milestonePayments": -7500,
      "businessCombinationsDeferredPayment": -2424,
      "cashUsedByInvestingActivities": -9422,
      "interestPaid": -1697,
      "repurchaseOfCommonShares": -375,
      "netProceedsFromCreditFacility": 25576,
      "repaymentOfLongAndShortTermDebt": -38091,
      "repaymentOfLeaseLiabilities": -161,
      "cashProvidedUsedByFinancingActivities": -14748,
      "netChangeInCashAndCashEquivalentsDuringThePeriod": -9083,
      "impactOfForeignExchangeOnCashAndCashEquivalents": 85,
      "cashAndCashEquivalentsBeginningOfPeriod": 23973,
      "cashAndCashEquivalentsEndOfPeriod": 14975
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Intangible Asset",
        "description": "Licences (including U.S. Treosulfan Agreement)",
        "ownershipPercentage": null,
        "value": 64777,
        "notes": "Net book value as at December 31, 2025. Includes exclusive rights to commercialize treosulfan (GRAFAPEX™) in the United States for 10 years from FDA approval in January 2025."
      },
      {
        "type": "Goodwill",
        "description": "Goodwill from acquisitions",
        "ownershipPercentage": null,
        "value": 10221,
        "notes": "Net book value as at December 31, 2025."
      },
      {
        "type": "Subsidiary",
        "description": "MI Acquisitions Inc.",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Wholly owned subsidiary, created for acquisition purposes."
      },
      {
        "type": "Subsidiary",
        "description": "Medexus Pharma Inc.",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Wholly owned subsidiary."
      },
      {
        "type": "Subsidiary",
        "description": "Aptevo Biotherapeutics LLC",
        "ownershipPercentage": 100,
        "value": null,
        "notes": "Wholly owned subsidiary."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 32310180,
      "classesOfShares": ["common shares"],
      "warrants": [],
      "options": [
        {
          "number": 563550,
          "exercisePrice": 3.77,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Restricted Share Units (RSUs), Performance Restricted Share Units (PSUs)"
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {
        "threeMonthsEndedDec312025": {
          "salariesAndBenefits": 1520,
          "shareBasedCompensation": 202,
          "total": 1722
        },
        "nineMonthsEndedDec312025": {
          "salariesAndBenefits": 4767,
          "shareBasedCompensation": 566,
          "total": 5333
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Company related to a named executive officer",
          "description": "Warehouse and other fees for storage, distribution, and related services in Canada",
          "amount": 149,
          "period": "Nine months ended December 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-01-01",
        "description": "Made the third and final installment of $7,500 for the U.S. Treosulfan Agreement regulatory milestone payment to medac GmbH.",
        "impactValue": -7500
      },
      {
        "eventDate": "2026-02-11",
        "description": "Financial statements were authorized for issuance by the Board of Directors.",
        "impactValue": null
      }
    ]
  }
]