VANCOUVER, August 29, 2024 – TheNewswire - 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, 2024 (“Second Quarter 2024”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

Doug Janzen notes that “the increase in ZIMED® PF sales this quarter has been encouraging.  We continue to work to grow sales and seek new business opportunities.”

Financial Report Highlights

Aequus reported $161,413 in revenue during Second Quarter 2024 compared to revenue of $98,409 generated during the same period in 2023. During the six months ended June 30, 2024 (“YTD 2024”) Aequus achieved $213,968 in revenues compared to $190,660 generated during the six months ended June 30, 2023 (“YTD 2023”) – an increase of $23,308, or 12%.  

 

Net losses decreased by 2.55 % in Second Quarter 2024 compared to the same period last year, with the Second Quarter 2024 net loss of $683,033 versus a $700,875 loss in the three months ended June 30, 2023 (“Second Quarter 2023”). The loss for YTD 2024 was $1,345,121 which is 6.90% lower than the $1,445,198 loss YTD 2023 primarily due to a decrease of $54,478, or 4%, in expenses and $43,061 of cost recovery.

Highlights from the quarter are as follows:

 

• Sales and marketing costs for Second Quarter 2024 were $538,159 compared to $372,844 in Second Quarter 2023, an increase of $165,315 or 44%. This increase was mainly driven by an increase in sales forces activities that require marketing initiatives.  

 

• The Company incurred product development expenses of $nil during the three and six months ended June 30, 2024 compared to $25,824 and $227,185 respectively during the same period in 2023. During the six months ended June 30, 2023 the Company incurred expenses related to the approval process of ZIMED, where there were no similar costs this year.  

 

• General and administration and interest (“G”) expenses were $259,428 in second quarter of 2024 compared to $353,584 in second quarter of 2023, a decrease of $94,156.   GA expenses were $514,550 for the six months ended June 30, 2024 compared to $598,826 for the six months ended June 30, 2023, a decrease of $84,276. The changes in GA expenses were mainly driven by general cost-cutting measures offset for higher loan-related expenses. 

 

Subsequent to June 30, 2024, the Company entered into a demand loan agreement with the chairman and CEO of the Company for an additional unsecured demand loan of $171,884.

    

ABOUT AEQUUS PHARMACEUTICALS INC.

Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) is specialty pharmaceutical company focused on developing and commercializing high quality, differentiated products in ophthalmology. 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.

FORWARD-LOOKING STATEMENT DISCLAIMER

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the implementation of our business model and strategic plans; revenue growth trends into the future; expected timing for product launches; the Company’s expected revenues; the regulatory approval of its products; the Company’s ability to attract international partners; and ongoing discussions with and the Company’s ability to secure potential partners to further grow our product portfolio. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully out license or sell its current products and in-license and develop new products; the assumption that the Company’s current good relationships with third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; the impact of the coronavirus (COVID-19) on the Company’s operations; and the Company’s ability to protect patents and proprietary rights. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Management Discussion and Analysis, a copy of which is available on Aequus’ profile on the SEDAR website at www.sedar.com, and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.

 

On behalf of the Board of Directors,

 

“Douglas Janzen”

Director & CEO

 

CONTACT INFORMATION

Aequus Investor Relations

Email: investors@aequuspharma.ca

Phone: 604-336-7906

  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.