Aequus Provides General Update and Director Changes

(TheNewswire)

VANCOUVER, BC – TheNewswire- April 24, 2025 – Aequus Pharmaceuticals Inc.(TSX-V: AQS) (“Aequus” or the “Company”), a specialtypharmaceutical company focused on bringing healthcare solutions toCanadians through licensing and partnerships, today reports financialresults for the year ended December 31, 2024 (“Fiscal 2024”) andassociated Company developments. Unless otherwise noted, all figuresare in Canadian currency.

Financial Highlights

The Company reported an operating loss before otherincome and expenses of $2,380,567 for Fiscal 2024, a decrease of 20%from the loss before other income of $2,965,468 in the year endedDecember 31, 2023 (“Fiscal 2023”). The decrease in net loss was mainlydue to an increase of $329,341 in gross incomeand 13% reduction in general costs.

Aequus launched ZIMED® PF in August 2023 andrecognized $584,237 (2023- $254,896) of revenue from its sales in2024.  Overall revenue increases $329,341, or 129%, in 2024 comparedto 2023, which was expected as the product starts to penetrate themarket over its first 18 months of sales.

Sales and marketing costs in Fiscal 2024 were$1,734,573 when compared to $1,628,790 in Fiscal 2023, a change of 6%or $105,783. The majority of the increase was related to an increase in advertising and consulting expensesassociated to ZIMED sales and a reduction insales staff.

There were no product development related costs in theyear ended December 31, 2024 (2023- $301,280) as ZIMED launched in2023.

General and administration expenses in Fiscal 2024 were$978,297 compared to $1,179,060 in Fiscal 2023, a decrease of 17% or$200,763.  The changes in G&A expenses were mainly driven bygeneral cost-cutting measures offset for higher loan-relatedexpenses.

Director’s changes

Anne Stevens and Chris Clark resigned as directorseffective April 25, 2025. The Company wishes to thank Ms. Stevens andMr. Clark for their support over the years and wishes them luck infuture endeavors.

ABOUT AEQUUS PHARMACEUTICALS INC.

Aequus Pharmaceuticals Inc. (TSX-V: AQS ) is a specialty pharmaceutical company, with a focus oncommercializing value-added products in specialty therapeutic areas inthe Canadian market.

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: the penetrationand growth of ZIMED® PF following itslaunch . Such statementsreflect our current views with respect to future events and aresubject to risks and uncertainties and are necessarily based upon anumber of estimates and assumptions that, while considered reasonableby Aequus, are inherently subject to significant business, economic,competitive, political and social uncertainties and contingencies.Many factors could cause our actual results, performance orachievements to be materially different from any future results,performance, or achievements that may be expressed or implied by suchforward-looking statements. In making the forward looking statementsincluded in this release, the Company has made various materialassumptions, including, but not limited to: obtaining regulatoryapprovals; general business and economic conditions; the Company’sability to successfully out license or sell its current product andin-license or develop new products; the assumption that theCompany’s current good relationships with third parties will bemaintained; the availability of financing on reasonable terms; theCompany’s ability to attract and retain skilled staff; marketcompetition; the products and technology offered by the Company’scompetitors; the impact of global events on the Company’soperations; and the Company’s ability to protect patents andproprietary rights. In evaluating forward looking statements, currentand prospective shareholders should specifically consider variousfactors set out herein and under the heading “Risk Factors” in theManagement Discussion and Analysis, a copy of which is available onAequus’ profile on SEDAR+ at www.sedarplus.ca 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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