Technology and Research - Lexaria's DehydraTECH technology enhances the delivery of Active Pharmaceutical Ingredients (APIs), improving bioavailability and potentially lowering overall dosing[98] - During the three months ended November 30, 2024, Lexaria completed a GLP-1 Diabetes Animal Study with 72 diabetic rats, showing that DehydraTECH-enhanced formulations outperformed Rybelsus® in lowering blood sugar and controlling body weight[99] - Lexaria's Phase 1b study in Australia will involve 80 overweight or obese patients to investigate the efficacy of DehydraTECH-CBD and DehydraTECH-enhanced semaglutide compared to Rybelsus®[103] - The company is advancing R&D activities in both preclinical and clinical programs, focusing on DehydraTECH-powered GLP-1/GIP drugs and CBD for diabetes and hypertension[115] - Lexaria completed dosing for a human pilot study involving nine healthy volunteers, investigating DehydraTECH-tirzepatide capsules with no serious adverse events reported[116] - The company has received Ethics Board Approval for its Australian clinical study on DehydraTECH Cannabidiol and GLP-1 agonists[107] - Lexaria's patent portfolio includes applications for the use of DehydraTECH with cannabinoids for treating heart disease, hypertension, epilepsy, and diabetes[110] - The company entered into a Project Agreement with Novotech for conducting its Australian clinical study on DehydraTECH Cannabidiol[107] - Lexaria's ongoing studies include a comprehensive analysis of liver and kidney function and blood chemistry related to its recent animal studies[100] - DehydraTECH-liraglutide and DehydraTECH-CBD formulations showed body weight loss of 11.53% and 10.65%, and blood sugar reduction of 11.13% and 3.35%, outperforming the Rybelsus® control group[118] - Lexaria plans a Phase 1b study in Australia with 80 overweight or diabetic patients to evaluate the efficacy of DehydraTECH formulations[119] Financial Performance - Net loss for the three months ended November 30, 2024, was $2,706,628, compared to $1,185,038 for the same period in 2023, reflecting an increase of $1,521,590[134] - Revenue for the three months ended November 30, 2024, was $183,923, an increase of $32,645 from $151,278 in the same period last year[134] - Research and development expenditures increased by $1,378,729 year-over-year, primarily due to the manufacturing of the Investigational Drug Product for the Phase 1b Clinical Trial[136] - The company raised $4.3 million in net proceeds from the sale of securities during the three months ended November 30, 2024[132] - Current assets as of November 30, 2024, were $8,825,741, with current liabilities of $297,798, resulting in net working capital of $8,527,943[140] - Cash flows used in operating activities were approximately $2.73 million for the three months ended November 30, 2024, compared to $1.18 million in the same period in 2023[141] - The company anticipates increased expenditures related to ongoing R&D programs and expects to incur operating losses and negative cash flows for the foreseeable future[129] - As of November 30, 2024, the company had an accumulated deficit of $54.26 million, raising substantial doubt about its ability to continue as a going concern[143] Share Issuance and Control - The company issued 1,633,987 shares at $3.06 per share, raising gross proceeds of $5.0 million and net proceeds of $4.5 million during the same period[105] - On October 16, 2024, the Company issued 1,633,987 shares of common stock at a price of $3.06 per share, resulting in gross proceeds of $5.0 million and net proceeds of $4.5 million[147] - The Company concurrently issued 4,551,019 share purchase warrants, allowing the holder to purchase shares at $3.06 per share for five years[147] - In October 2024, the Company sold 8,402 shares through an At the Market (ATM) offering, generating gross proceeds of $26,146[147] - As of November 30, 2024, the Company's disclosure controls and procedures were deemed effective at a reasonable assurance level[148] - There were no changes in internal controls over financial reporting during the quarter ended November 30, 2024, that materially affected the controls[150] - The Company is not involved in any material legal proceedings against itself or its subsidiaries[151]
Lexaria Bioscience(LEXX) - 2025 Q1 - Quarterly Report