Aequus Reports Second Quarter 2023 Financial Highlights and General Update

VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), a specialty pharmaceutical company with a focus on developing, advancing, and promoting differentiated products, today reports financial results for the quarter ended June 30, 2023 (“Second Quarter 2023”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

Doug Janzen shares that “we are very optimistic with the launch of our newest product ZIMED PF this month as we move into a new chapter for Aequus. The financial results from the first half of 2023 are during a transitional period that we anticipated to be lower, mainly driven by the conclusion of the Sandoz contract last year and a reduction in the prescription portion of our business. The anticipated launch of ZIMED PF will fill an unmet need with clinicians and their patients as well as generate a significant revenue stream for the company starting in Q4 2023.”

Subsequent to June 30, 2023, Aequus has paused sales in Canada for Evolve branded eyedrops. The Health Canada initiated pause was required due to the manufacturer, Medicom Healthcare (UK), changing their MDSAP provider. We believe that all related expenses to the “sales pause” are covered by the manufacturer. Sales are not expected to resume in 2023.

Financial Report Highlights

Aequus reported $98,409 in revenue during Second Quarter 2023 compared to revenue of $346,494 generated during the same period in 2022. During the six months ended June 30, 2023 (“YTD 2023”) Aequus achieved $190,660 in revenues compared to $648,774 generated during the six months ended June 30, 2022 (“YTD 2022”) – a decrease of $458,114, or 71%.

Net losses decreased by 9.22 % in Second Quarter 2023 compared to the same period last year, with the Second Quarter 2023 net loss of $700,875 versus a $772,100 loss in the three months ended June 30, 2022 (“Second Quarter 2022”). The loss for YTD 2023 was $1,445,198 which is 14.43% lower than the $1,688,995 loss YTD 2022 primarily due to a decrease of $789,365, or 34% in expenses offset by the reduction of $521,146 in gross income due to the end of the promotional services agreement with Sandoz at the end of 2022. General administration costs were 23% lower in Second Quarter 2023 and 36% lower in YTD 2023 when compared to the same periods last year.