Theralase Technologies Inc. Reports Financial Results for Fiscal Year 2023

Theralase Technologies Inc., a leader in the development of Photo Dynamic Compounds for treating cancers, bacteria, and viruses, announced its financial performance for the fiscal year ending December 31, 2023. The company experienced a 6% decline in total revenue compared to the previous year, with the gross margin decreasing to 53% of revenue. This decline was attributed to higher material costs and a significant write-down of inventory. Despite reduced selling expenses, a marked 48% increase in administrative expenses was noted, primarily due to escalated general and administrative costs.

Net research and development expenses saw a decrease in both the Drug and Device Divisions by 29% and 74%, respectively. Overall, Theralase reported a net loss of $4,570,879, which was a 13% decrease from the year before, largely due to reduced R&D expenses. Additionally, the company highlighted the completion of two non-brokered private placements that raised approximate gross proceeds of $2.37 million.

Operationally, Theralase emphasized its progress in developing RuvidarTM for BCG-Unresponsive NMIBC CIS and its efforts to secure funding for further development and potential FDA and Health Canada approvals by the end of 2026. The company further updated on Study II, reporting on patient treatments and responses, along with its plans to update the FDA on its pre-Break Through Designation ("BTD") submission. Despite facing challenges, Theralase showed promise in its clinical data, with significant patient responses and no serious adverse events directly related to the study drug or device.