Intellectual Property and Technology - The company has more than 50 patent applications pending worldwide and has been granted 18 patents to date[80] - The company is pursuing strategic partnerships for its patented DehydraTECH technology in exchange for licensing fees and royalty payments[78] - The company is actively seeking additional patent protection for unique processes related to oral delivery of cannabinoids, nicotine, NSAIDs, and vitamins[82] - The DehydraTECH technology significantly improved delivery of antiviral drugs in study animals, with a 54% improvement for the Protease Inhibitor Darunavir[86] - The company is investigating opportunities related to COVID-19 and the applicability of DehydraTECH technology for antiviral drug delivery[91] Financial Performance - The Company reported revenue of $295,656 for the three months ended November 30, 2020, a significant increase of $285,324 compared to $10,332 in the same period of 2019[110] - Product revenues of $164,990 accounted for more than half of total revenues, primarily from intermediate product sales to business customers[111] - The Company incurred $192,261 in research and development expenditures during the quarter, up from $107,463 in 2019[99] - The net loss for the period was $710,121, an improvement of $214,642 compared to a net loss of $924,763 in the prior year[110] - The Company maintained a positive working capital of $1,065,239 as of November 30, 2020, despite a decrease from $1,700,044 at the end of August 2020[121] - Cash flows used in operating activities increased to $818,300 for the period, compared to $555,078 in the same period in 2019[124] - The Company had $525,341 in cash and cash equivalents as of November 30, 2020, and believes this is sufficient to continue operations for at least the next twelve months[129] Business Operations and Strategy - The company entered into an asset sale agreement for non-core THC-related business assets for gross proceeds of C$3.85 million[84] - The Company closed the sale of its non-pharmaceutical THC-related assets for C$350,000 in cash and a promissory note of C$2,000,000[96] - The Company closed an underwritten public offering for $11,039,994, issuing 2,102,856 units at $5.25 each[98] - The company has implemented cost containment initiatives, including employee dismissals and contract terminations, due to COVID-19[89] - The company is focusing on reducing less healthy administration methods, such as smoking, through the development of safe oral nicotine dosage forms[80] Future Plans - The company plans to conduct additional human clinical investigations in early 2021 related to enhanced DehydraTECH formulations[78] - The company has not experienced significant impacts on material supply chains but noted increased timelines from third-party research facilities[90]
Lexaria Bioscience(LEXX) - 2021 Q1 - Quarterly Report