Kane Biotech Announces Second Quarter 2025 Financial Results

Financial Performance - Total revenue for Q2 2025 was $27,997, a significant decrease from $620,437 in Q2 2024, primarily due to the sale of the animal health business [9] - Gross loss for Q2 2025 was $(45,526), compared to a gross profit of $360,490 in Q2 2024 [9] - Total operating expenses for Q2 2025 were $229,930, down from $1,463,397 in Q2 2024, attributed to staff reductions and other cost-saving measures [9] - Net loss for Q2 2025 was $(348,541), an improvement from a net loss of $(1,215,996) in Q2 2024 [9] Corporate Governance - Three new directors were elected at the Annual and Special Meeting of Shareholders on June 25, 2025, alongside the reelection of three existing directors [2] - Mr. Shameze Rampertab was appointed as Chair of the Audit and Compensation Committee, and Ms. Anne Greven as Chair of the Governance & Nomination Committee [3] Product Development and Clinical Engagement - Kane Biotech presented novel preclinical data and clinical observations at two major North American wound care conferences in 2025 [4] - The company is engaging with key wound care specialists in the U.S. and is completing a clinical case series program to generate additional clinical data [5] Distribution and Financial Obligations - The company terminated its exclusive distribution agreement with ProgenaCare due to material breaches and is in discussions with potential new distributors [6] - Kane Biotech received a notice of default from Prairies Economic Development Canada regarding approximately $1.4 million outstanding from a $2.5 million Contribution Agreement [8] Strategic Outlook - The company aims to enhance its distributor networks in the U.S. and is focused on generating compelling clinical evidence to support the commercialization of its revyve portfolio [10] - The addition of three qualified directors is expected to strengthen the company's strategic capabilities during a pivotal growth stage [10]