SEDAR Interim Financial Statements

[
  {
    "companyName": "Burcon NutraScience Corporation",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 1287324,
      "amountsReceivableAndOtherReceivables": 481542,
      "inventory": 817824,
      "prepaidExpensesAndDeposits": 111684,
      "totalCurrentAssets": 2698374,
      "derivativeFinancialAsset": 223767,
      "longTermDeposit": 862138,
      "propertyAndEquipment": 1741811,
      "rightOfUseAssets": 12554869,
      "deferredDevelopmentCosts": 4636521,
      "goodwill": 1254930,
      "totalAssets": 23972410,
      "accountsPayableAndAccruedLiabilities": 2192558,
      "currentPortionOfSecuredLoan": 8361548,
      "currentPortionOfLeaseLiabilities": 1836968,
      "deferredRevenueAndGovernmentAssistance": 0,
      "totalCurrentLiabilities": 12391074,
      "securedLoan": 0,
      "convertibleNotes": 682195,
      "leaseLiabilities": 13385445,
      "totalLiabilities": 26458714,
      "capitalStock": 131614299,
      "contributedSurplus": 20462211,
      "options": 4855788,
      "warrants": 710614,
      "equityComponentOfConvertibleNotes": 745187,
      "restrictedShareUnits": 9302,
      "foreignCurrencyTranslationReserve": 81291,
      "deficit": -160964996,
      "totalShareholdersEquity": -2486304,
      "totalLiabilitiesAndShareholdersEquity": 23972410,
      "cashPerShare": 0.1014,
      "workingCapitalPerShare": -0.7643
    },
    "incomeStatement": {
      "revenue": 1438482,
      "costOfSales": 6213860,
      "researchAndDevelopment": 1093965,
      "generalAndAdministrative": 2173625,
      "lossFromOperations": -8042968,
      "interestAndOtherIncome": 116738,
      "interestAndOtherExpenses": -2436466,
      "foreignExchangeLossGain": -291014,
      "netLoss": -10653710,
      "otherComprehensiveGain": 80211,
      "totalComprehensiveLoss": -10573499,
      "basicAndDilutedLossPerShare": -0.84,
      "weightedAverageSharesOutstanding": 12688855
    },
    "cashFlowStatement": {
      "netLoss": -10653710,
      "depreciationExpense": 1009179,
      "amortizationOfDeferredDevelopmentCosts": 316126,
      "unrealizedForeignExchangeLossGain": 255884,
      "interestExpenseOnSecuredLoanAndShortTermLoan": 503462,
      "interestExpenseOnLeaseLiabilities": 1902904,
      "interestIncomeEarnedOnLongTermDeposit": -48518,
      "writeDownOfInventoryToNetRealizableValue": 2413759,
      "stockBasedCompensationExpense": 398346,
      "changesInNonCashWorkingCapitalItems": -5747739,
      "interestIncome": -10397,
      "interestExpensePaid": -455848,
      "netCashUsedInOperatingActivities": -6213984,
      "interestIncomeReceived": 10397,
      "acquisitionOfPropertyAndEquipment": -798419,
      "netCashUsedInInvestingActivities": -788022,
      "convertibleNoteProceeds": 1250000,
      "shortTermLoanProceeds": 703150,
      "securedLoanProceeds": 0,
      "repaymentOfShortTermLoan": -685300,
      "shareAndWarrantIssueCosts": -83896,
      "optionsExercised": 0,
      "paymentsOfLeaseLiabilities": -21346,
      "netCashProvidedByFinancingActivities": 1162608,
      "foreignExchangeGainLossOnCash": -149250,
      "decreaseInCash": -5988648,
      "cashBeginningOfPeriod": 7275972,
      "cashEndOfPeriod": 1287324
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Long-term Deposit",
        "description": "Security deposit for Protein Production Facility lease",
        "ownershipPercentage": null,
        "value": 862138,
        "notes": "Non-interest bearing, recorded at amortized cost. Fair value $837,032."
      },
      {
        "type": "Derivative Financial Asset",
        "description": "Prepayment Option embedded in Convertible Notes",
        "ownershipPercentage": null,
        "value": 223767,
        "notes": "Classified at fair value through profit and loss (FVTPL). Level 3 fair value hierarchy."
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 12692276,
      "classesOfShares": ["Common Shares"],
      "warrants": [
        {
          "number": 644043,
          "exercisePrice": 3.5,
          "expiryDate": "2026-05-16"
        },
        {
          "number": 603094,
          "exercisePrice": 3.5,
          "expiryDate": "2026-03-12"
        },
        {
          "number": 297112,
          "exercisePrice": 3.5,
          "expiryDate": "2026-06-25"
        }
      ],
      "options": [
        {
          "number": 1020567,
          "exercisePrice": 3.03,
          "expiryDate": null
        },
        {
          "number": 78949,
          "exercisePrice": 31.49,
          "expiryDate": null
        },
        {
          "number": 30708,
          "exercisePrice": 56.75,
          "expiryDate": null
        },
        {
          "number": 29250,
          "exercisePrice": 81.85,
          "expiryDate": null
        }
      ],
      "rightsConvertibleInstruments": "Convertible Notes outstanding. Principal $1,250,000, convertible at $1.60/share."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "threeMonthsEndedDec312025": {
          "salariesAndBenefits": null,
          "shareBasedCompensation": 103974,
          "total": null
        },
        "nineMonthsEndedDec312025": {
          "salariesAndBenefits": null,
          "shareBasedCompensation": 398346,
          "total": null
        },
        "threeMonthsEndedDec312024": {
          "salariesAndBenefits": null,
          "shareBasedCompensation": 150287,
          "total": null
        },
        "nineMonthsEndedDec312024": {
          "salariesAndBenefits": null,
          "shareBasedCompensation": 562844,
          "total": null
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Large Scale Investments Limited (Firewood Elite Limited)",
          "description": "Secured Loan",
          "amount": 8361548,
          "period": "As at Dec 31, 2025"
        },
        {
          "counterparty": "RE ProMan LLC",
          "description": "Manufacturing Agreement - expense reimbursements payable",
          "amount": 110895,
          "period": "As at Dec 31, 2025"
        },
        {
          "counterparty": "RE ProMan LLC",
          "description": "Manufacturing Agreement - amount receivable",
          "amount": 98044,
          "period": "As at Dec 31, 2025"
        },
        {
          "counterparty": "Entity related to a director",
          "description": "2025 Short-term Loan (repaid Dec 31, 2025)",
          "amount": 700000,
          "period": "Nov 7, 2025 to Dec 31, 2025"
        },
        {
          "counterparty": "Entity controlled by Mr. John Vassallo",
          "description": "Convertible Notes - first tranche holder",
          "amount": 1250000,
          "period": "Issued Dec 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "2026-02-19",
        "description": "Proposal to extend expiry date of all classes of warrants to June 30, 2027. Board approved extension for non-insider warrants.",
        "impactValue": null
      },
      {
        "eventDate": "2026-02-20",
        "description": "Special meeting of shareholders to seek disinterested approval for warrant extension for insider-held warrants and final tranche of Convertible Notes private placement.",
        "impactValue": null
      },
      {
        "eventDate": null,
        "description": "Entered into 2026 Loan agreement with entity related to a director for up to CA$480,000 (US$350,000) for 30 days or until completion of Private Placement.",
        "impactValue": 480000
      }
    ]
  }
]