Theralase Release's 3Q2023 Interim Financial Statements - Seite 2
The net loss for the nine month period ended September 30th, 2023, was $3,579,855, which included $714,020 of net non-cash expenses (i.e.: amortization, stock-based compensation expense and foreign exchange gain/loss). This compared to a net loss for the same period in 2022 of $4,352,101, which included $391,321 of net non-cash expenses. The Drug Division represented $3,123,435 of this loss (87%) for the nine month period ended September 30th, 2023. The decrease in net loss is primarily attributed to decreased spending on research and development expenses in Study II.
Operational Highlights:
Non-Brokered Private Placement
On September 7, 2023, the Company completed a financing by way of a non-brokered private placement, where 1,840,000 units were issued at a price of $CAN 0.25 per unit for gross proceeds of $CAN 460,000. Each unit consisted of 1 common share and 1 non-transferable common share purchase warrant. Each whole warrant entitles the holder thereof to acquire 1 common share at a price of $CAN 0.35, expiring on September 7, 2025. An aggregate of 424,000 Units, representing gross proceeds of $CAN 106,000, were issued to certain insiders of the Corporation.
On November 29, 2023, the Company closed a non-brokered private placement of units. On closing, the Company issued an aggregate of 5,318,183 units at a price of $0.22 per Unit for aggregate gross proceeds of approximately $CAN 1,170,000 of which 461,282 units were purchased by certain insiders of the Corporation. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant. Each Warrant entitles the holder to acquire an additional Common Share at a price of $0.28 for a period of 5 years following the date of issuance.
Break Through Designation Update
The Company has submitted a pre-BTD submission to the FDA and based on the FDA's feedback, the Company is currently working with the Clinical Study Sites ("CSSs"), a biostatistics organization and a regulatory organization to update the pre-BTD with clinical data clarifications identified by the FDA. The Company plans to resubmit the pre-BTD submission to the FDA in early 1Q2024 for FDA review of these clarifications. Once the pre-BTD submission has been accepted by the FDA, the Company plans to compile a BTD submission for review by the FDA in support of the grant of a BTD approval in 1Q2024.