.jpg)
4 hours ago
1
Article content
WINNIPEG, Manitoba, April 28, 2025 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) (“Kane Biotech”, “Kane” or the “Company”) today announced its fourth quarter and full year 2024 financial results.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
Fourth Quarter 2024 Financial Highlights (Comparatives Exclude Discontinued STEM Animal Health “STEM” Operations):
Article content
- Total revenue for the three months ended December 31,2024 was $125,859 compared to $57,788 in the three months ended December 31, 2023. Fourth quarter revenue consists primarily of contract animal health manufacturing revenue for Dechra Veterinary Products, Inc.
- Gross loss for the fourth quarter of 2024 was $(87,204), compared to a gross profit of $34,300 for the fourth quarter of 2023. During the quarter, the Company recorded $209,775 in inventory write-downs primarily associated with its DermaKBTM product line.
- Total operating expenses for the three months ended December 31,2024 were $933,479 compared to $1,292,635 for the three months ended December 31, 2023. The decrease is primarily due to an adjustment to short-term incentive expense partially offset by higher employee compensation and consulting expenses and $205,282 in patent asset write-downs taken in the current period.
- Net income for the fourth quarter of 2024 was $227,321 compared to a net loss of ($1,522,425) for the quarter ended December 31, 2023. In the current quarter, a deferred tax recovery of $1,310,256 was recorded in continuing operations offset by income tax expense of $1,310,256 recorded in discontinued operations.
Article content
Article content
Full Year 2024 Financial Highlights (Comparatives Exclude Discontinued STEM Animal Health “STEM” Operations):
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
- Total revenue for the year ended December 31, 2024 was $2,080,879 compared to $148,980 for the year ended December 31, 2023. The increase is primarily attributable to higher product revenue.
- Gross profit for the year ended December 31,2024 was $872,096, compared to gross profit of $109,470 for the year ended December 31, 2023. During the year, the Company recorded $209,775 in inventory write-downs primarily associated with its DermaKBTM product line.
- Total operating expenses for the year ended December 31,2024 were $4,795,093 compared to $3,466,856 for the year ended December 31, 2023. The increase is primarily due to higher employee compensation and consulting expenses, higher business development costs, higher research costs related to the Company’s revyveTM Antimicrobial Wound Gel and $205,282 in patent asset write-downs partially offset by an adjustment to short-term incentive expense recorded in the current period.
- Net loss for the year ended December 31,2024 was $(3,161,097), compared to a net loss of ($4,562,345) for the year ended December 31, 2023. In 2024, a deferred tax recovery of $1,310,256 was recorded in continuing operations offset by income tax expense of $1,310,256 recorded in discontinued operations.
Article content
Article content
Kane Biotech’s December 31, 2024 Financial Statements and the Management Discussion and Analysis with regards thereto are now available on SEDAR+ and the Company’s website.
Article content
Recent Corporate Developments:
Article content
Following completion of a recent review by the board of directors, the Company has decided to focus on the four verticals of its coactiv+TM biofilm dispersion technology-based wound care product portfolio, namely:
Article content
- revyveTM Antimicrobial Wound Gel (U.S Food and Drug Administration (“FDA”) and Health Canada approved)
- revyveTM Antimicrobial Wound Gel Spray (FDA approved and Health Canada approval pending)
- coactiv+TM Antimicrobial Surgical Hydrogel (regulatory approval forecasted in 2026)
- revyveTM Antimicrobial Wound Rinse (regulatory approval forecasted in 2026)
Article content
Management believes that the revyveTM product line, particularly in the U.S market, represents substantial opportunities for Kane. Accordingly, we intend to undertake new activities there with clinicians and reorganize our approach to distribution.
English (US)