(TheNewswire)
VANCOUVER – TheNewswire- April 29, 2024 – Aequus Pharmaceuticals Inc.(TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), aspecialty pharmaceutical company focused on bringing healthcaresolutions to Canadians through licensing and partnerships, todayreports financial results for the year ended December 31, 2023(“Fiscal 2023”) and associated Company developments. Unlessotherwise noted, all figures are in Canadian currency.
Mr. Janzen, CEO. “I continue to believe in thepotential of ZIMED ® PF and the value that itwill bring to Canadian Ophthalmologists and their patients . With the successful launch last year, we are pleased tosee the rapid formulary listings by private payors and strong uptakeso far this year. We will now focus on expanding distribution andmeeting the additional demand of ZIMED ®PF .”
Financial Highlights
The Company reported an operating loss before otherincome and expenses of $2,965,468 for Fiscal 2023, an increase of 9%from the loss before other income of $2,712,044 in the year endedDecember 31, 2022 (“Fiscal 2022”). The higher loss was primarilydue to lower revenue in Fiscal 2023 relative to Fiscal 2022. The lowerrevenue was offset by a reduction in expenses.
Aequus launched ZIMED® PF in August 2023 andrecognized $65,377 of revenue from its sales. The Companyexperienced a decrease in revenue related to Evolve sales of $53,213.Overall revenue decreased $1,124,876, or 82%, in 2023 compared to2022, which was driven by the ending of contractual terms with SandozCanada Inc. in December 2022.
Sales and marketing costs in Fiscal 2023 were$1,628,790 when compared to $2,226,181 in Fiscal 2022, a change of 27%or $597,391. The majority of the decrease was related to a decrease in travel and staffing expenses within thesales team .
Research and development included product developmentexpenses in Fiscal 2023 of $301,280 compared to $168,714 in Fiscal2022, an increase of 79% or $132,566. The majority of the expenses related to theHealth Canada approval of ZIMED ® PF.
General and administration expenses in Fiscal 2023 were$1,179,060 compared to $1,593,362 in Fiscal 2022, a decrease of 26% or$414,303. The change in expenses was mainly driven by generalcost-cutting measures and lower loan-related expenses.
Fiscal 2023 $ | Fiscal 2022 $ | |
Total revenue | 254,896 | 1,379,772 |
Net loss before other income | (2,965,468) | (2,712,044) |
Net loss and comprehensive loss | (2,964,722) | (3,210,044) |
Loss per share, basic and fully diluted | (0.02) | (0.02) |
Total assets | 1,086,223 | 1,691,466 |
Total current liabilities | (4,796,481) | (2,377,726) |
Total non-current liabilities | (583,856) | (693,778) |
ABOUT AEQUUS PHARMACEUTICALS INC.
Aequus Pharmaceuticals Inc. (TSX-V: AQS , OTCQB: AQSZF ) isspecialty pharmaceutical company focused on developing andcommercializing high quality, differentiated products inophthalmology. Aequus plans to build on its Canadian commercialplatform through the launch of additional products that are either created internally or brought in through anacquisition or license; remaining focused on highly specializedtherapeutic areas. For further information, please visit www.aequuspharma.ca .
FORWARD-LOOKINGSTATEMENT DISCLAIMER
This release may containforward-looking statements or forward-looking information underapplicable Canadian securities legislation that may not be based onhistorical fact, including, without limitation, statements containingthe words “believe”, “may”, “plan”, “will”,“estimate”, “continue”, “anticipate”, “intend”,“expect”, “potential” and similar expressions. Forward-looking statements are necessarily based on estimates and assumptionsmade by us in light of our experience and perception of historicaltrends, current conditions and expected future developments, as wellas the factors we believe are appropriate. Forward-looking statementsinclude but are not limited to statements relating to: our ability tocontinue to grow revenues and add new products; the current loansallowing us to bridge us to higher revenue ; the expectation that 2023and 2024 are transition periods as we look to add to our productofferings; the implementation of our business model and strategicplans; revenue growth trends into the future; expected timing forproduct launches; the Company’s expected revenues; and theregulatory approval of its products. Such statements reflect ourcurrent views with respect to future events and are subject to risksand uncertainties and are necessarily based upon a number of estimatesand assumptions that, while considered reasonable by Aequus, areinherently subject to significant business, economic, competitive,political and social uncertainties and contingencies. Many factorscould cause our actual results, performance or achievements to bematerially different from any future results, performance, orachievements that may be expressed or implied by such forward-lookingstatements. In making the forward looking statements included in thisrelease, the Company has made various material assumptions, including,but not limited to: obtaining regulatory approvals; general businessand economic conditions; the Company’s ability to successfully outlicense or sell its current products and in-license and develop newproducts; the assumption that the Company’s current goodrelationships with third parties will be maintained; the availabilityof financing on reasonable terms; the Company’s ability to attractand retain skilled staff; market competition; the products andtechnology offered by the Company’s competitors; and the Company’sability to protect patents and proprietary rights. In evaluatingforward looking statements, current and prospective shareholdersshould specifically consider various factors set out herein and underthe heading “Risk Factors” in the Company’s ManagementDiscussion and Analysis, a copy of which is available on Aequus’profile on the SEDAR website at www.sedarplus.com, and as otherwisedisclosed from time to time on Aequus’ SEDAR profile. Should one ormore of these risks or uncertainties, or a risk that is not currentlyknown to us materialize, or should assumptions underlying thoseforward-looking statements prove incorrect, actual results may varymaterially from those described herein. These forward-lookingstatements are made as of the date of this release and we do notintend, and do not assume any obligation, to update theseforward-looking statements, except as required by applicablesecurities laws. Investors are cautioned that forward-lookingstatements are not guarantees of future performance and are inherentlyuncertain. Accordingly, investors are cautioned not to put unduereliance on forward looking statements.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
CONTACT INFORMATION
Aequus Investor Relations
Email: investors@aequuspharma.ca
Phone: 604-336-7906
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