Aequus Provides General Update and Fiscal 2022 Financial Results - Seite 2

Aequus experienced an increase in revenue related to Evolve sales of $138,860, but a decrease in overall revenue of $1,334,926, or 49%, in revenue in 2022 compared to 2021, which was driven by changes in contractual terms with Sandoz Canada Inc., which is now completed.

Sales and marketing costs in Fiscal 2022 were $2,226,181 when compared to $2,173,592 in Fiscal 2021, a change of 2% or $52,589. The majority of the increase related to an increase in travel and staffing expenses within the sales team.

Research and development included product development expenses in Fiscal 2022 of $168,714 compared to $296,848 in Fiscal 2021, a decrease of 43% or $128,134. The majority of the decrease was attributable to an expected recovery of $150,000 from Medicom Healthcare Ltd. for costs associated with the successful drug submission application to Health Canada for preservative-free bimatoprost 0.03% eye drops termed “ZIMED PF” in December 2022.

General and administration expenses in Fiscal 2022 were $,1,593,362 compared to $2,023,773 in Fiscal 2021, a decrease of 21% or $430,411. During the year ended December 31, 2022, the Company’s debt related costs were reduced with more favorable loan terms being achieved.

	Fiscal 2022 $		Fiscal 2021 $
Total revenue	1,379,772		2,714,698
Net loss for the fiscal year	(3,210,044	)	(1,809,592	)
Loss per share, basic and fully diluted	(0.02	)	(0.01	)
Total assets	1,691,466		4,348,115
Total current liabilities	(2,377,726	)	(2,457,068	)
Total non-current liabilities	(693,778	)	(101,982	)

ABOUT AEQUUS PHARMACEUTICALS INC.

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is a growing specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products. Aequus has grown its sales and marketing efforts to include several commercial products in ophthalmology and transplant. Aequus plans to build on its Canadian commercial platform through the launch of additional products that are either created internally or brought in through an acquisition or license; remaining focused on highly specialized therapeutic areas. For further information, please visit www.aequuspharma.ca.