
Financial Performance - Net loss for the period was $1,832,035 for Q1 2023, compared to a net loss of $2,703,693 in Q1 2022, indicating an improvement of about 32%[3] - Basic and diluted loss per common share improved to $(0.11) in Q1 2023 from $(0.21) in Q1 2022[3] - The net loss for the three months ended March 31, 2023, was $2,703,693, compared to a net loss of $3,423,262 for the same period in 2022, indicating a reduction of approximately 21%[22] - The Company incurred a loss before other items of $2,875,983 for the three months ended March 31, 2022, compared to a loss of $3,641,406 in the same period of 2023[22] Cash and Assets - Cash and cash equivalents decreased to $7,908,461 as of March 31, 2023, down from $10,434,196 at the end of 2022, representing a decline of approximately 24%[2] - Total assets decreased to $9,658,813 as of March 31, 2023, down from $12,374,026 at the end of 2022, reflecting a reduction of about 22%[2] - The Company reported total current assets of $10,895,568 and total assets of $12,374,026 as of December 31, 2022, reflecting a decrease from $14,750,412 and $16,752,929 respectively[21] Liabilities and Equity - Total liabilities decreased significantly to $599,788 as of March 31, 2023, compared to $5,377,215 at the end of 2022, a reduction of approximately 89%[2] - Shareholders' equity increased to $9,059,025 as of March 31, 2023, up from $6,996,811 at the end of 2022, representing an increase of about 30%[2] - The Company’s total liabilities were reported at $5,377,215 as of December 31, 2022, compared to $7,286,499 previously reported[21] Research and Development - Research and development expenses were $1,046,957 in Q1 2023, a decrease of approximately 46% from $1,927,681 in Q1 2022[3] - The Company has not capitalized any development costs as of March 31, 2023, despite ongoing product development efforts[30] - The company plans to continue raising necessary capital to support its research and development activities and clinical studies[10] - XORTX Therapeutics is focused on developing therapies for progressive kidney disease, with ongoing efforts to secure funding for future projects[9] Shareholder Information - The weighted average number of common shares outstanding increased to 17,365,009 in Q1 2023, up from 12,989,687 in Q1 2022, reflecting an increase of approximately 34%[3] - The Company issued 2,959,000 common shares for the exercise of Pre-Funded Warrants at $0.0001 per share, raising $296 during the three months ended March 31, 2023[46] - The Company has a total of 17,989,687 common shares issued as of March 31, 2023, an increase from 15,030,687 at December 31, 2022[45] Obligations and Payments - The Company has an obligation to pay UFRF an annual license fee of $1,000 and milestone payments of $500,000 upon FDA approval for marketing in the U.S.[41] - The Company is obligated to pay royalties of up to 1.5% of net sales of products covered by the license until the expiration of patent claims or 10 years from the first commercial sale[41] - The company has committed to payments totaling $1,514,514 for clinical trials and other business activities expected to occur over the next two years, down from $1,994,232 as of December 31, 2022[79] Other Financial Metrics - The Company recognized a share-based payment expense of $39,550 during the three months ended March 31, 2023, compared to $68,078 in the same period of 2022[61] - The Company incurred issuance costs of $1,067,153 in connection with a public offering that closed on October 7, 2022[49] - The Company has a total of 10,127,076 warrants outstanding as of March 31, 2023, with a weighted average exercise price of $2.47[51] - The total present value of minimum lease payments related to the office lease obligation was $61,536 as of March 31, 2023[44] Currency and Reporting Changes - The Company changed its functional and presentation currency from CAD to USD effective January 1, 2023, to better reflect its business activities in the U.S.[17] Related Party Transactions - The company incurred related party transactions totaling $125,229 for wages and benefits for key executives during the three months ended March 31, 2023, compared to $155,399 in the same period of 2022[69] - Research and development fees paid to related parties amounted to $52,979 for the three months ended March 31, 2023, compared to $56,250 in 2022[74] Management and Executive Compensation - The company’s management services for officers amounted to $472,800 as of March 31, 2023, compared to $441,754 as of December 31, 2022[77]