Rakovina Therapeutics Announces 2025 Q1 Financial Results and Provides Corporate Update

Core Viewpoint - Rakovina Therapeutics Inc. reported its Q1 2025 financial results and provided updates on corporate developments, highlighting advancements in AI-powered cancer therapies and strategic financial maneuvers to preserve cash resources [1][5]. Financial Highlights - Cash and cash equivalents stood at $75.8 million, while working capital was negative at $(1.45) million [4]. - The company reported a net loss of $2.18 million, aligning with expectations, with R&D expenses totaling $855,594, reflecting ongoing development of AI-driven drug candidates [5][6]. - General and administrative expenses were $1.22 million, which included costs related to investor relations and exchange fees [5]. - Net cash used in operating activities for the quarter was $1.24 million [5]. Recent Corporate Developments - On May 28, 2025, certain debenture holders opted for common shares instead of cash for interest payments, aiding in cash preservation [5]. - A strategic private placement and convertible debt financing of approximately $4 million was announced on May 15, 2025, with a lead order of $3 million from a strategic investor [5]. - The company plans a 10-for-1 share consolidation, expecting to have around 20 million shares outstanding post-offering [5]. - Dr. David Kideckel was appointed as Chief Financial Officer, pending TSX Venture Exchange approval [5]. - Pre-clinical data for the kt-2000 and kt-5000 programs were presented at the AACR annual meeting, indicating potential alignment with target product profiles [5]. - The company received its first batch of AI-generated ATR inhibitor compounds in collaboration with Variational AI on March 12, 2025 [5]. Share Performance and Market Presence - The company’s common shares were listed on the Frankfurt Stock Exchange under the ticker symbol "7J0" on January 30, 2025 [5]. - The weighted average shares outstanding increased to 140,772,575 from 70,084,925 year-over-year [6].