Financial Performance - Total revenue for Q4 2024 was $125,859, an increase from $57,788 in Q4 2023, primarily driven by contract animal health manufacturing revenue [3] - Gross loss for Q4 2024 was $(87,204), compared to a gross profit of $34,300 in Q4 2023, with $209,775 in inventory write-downs related to the DermaKB product line [3] - Total operating expenses for Q4 2024 were $933,479, down from $1,292,635 in Q4 2023, mainly due to adjustments in short-term incentive expenses [3] - Net income for Q4 2024 was $227,321, a significant improvement from a net loss of $(1,522,425) in Q4 2023, aided by a deferred tax recovery of $1,310,256 [3] - For the full year 2024, total revenue reached $2,080,879, up from $148,980 in 2023, attributed to higher product revenue [3] - Gross profit for the year was $872,096, compared to $109,470 in 2023, with similar inventory write-downs as in Q4 [3] - Total operating expenses for 2024 were $4,795,093, an increase from $3,466,856 in 2023, driven by higher employee compensation and consulting expenses [3] - Net loss for the year was $(3,161,097), an improvement from $(4,562,345) in 2023, with the same deferred tax recovery impacting both years [3] Corporate Strategy - The company is focusing on four verticals of its coactiv+ biofilm dispersion technology-based wound care product portfolio, particularly the revyve product line in the U.S. market [2] - New activities will be undertaken with clinicians in the U.S. to enhance distribution strategies for the revyve product line [2] - Cost reduction initiatives have been implemented to lower monthly operating costs, including a reduction in overhead [6] - The company has decided to delay the clinical study of its DispersinB Acne Cleanser to 2026 [6] - The binding term sheet with FB Dermatology S.R.L. has been terminated, and the acquisition will not proceed [7] Leadership Changes - Marc Edwards is no longer with the company as President and CEO, with Dr. Robert Huizinga appointed as interim CEO [5] - Dr. Huizinga has a background in clinical development and will resign from his position as Executive Chair at the upcoming annual meeting in June 2025 [5] Funding and Investment - Two insiders have agreed to subscribe for 12 million common shares at $0.10 per share, raising net proceeds of $1.2 million through a private placement [8] - An insider has also agreed to provide an unsecured loan of $1,000,000, repayable on demand, to support the company's operations [8] - These transactions are classified as related party transactions under Multilateral Instrument 61-101, with exemptions from formal valuation and minority approval requirements [10]