(via TheNewswire)
On
Subsequent to
Financial Report Highlights
Aequus reported
Net losses increased by 61% in Third Quarter 2023 compared to the same period last year, with the Third Quarter 2023 net loss of
Highlights from the quarter are as follows:
Sales and marketing costs for Third Quarter 2023 were
$458,101 compared to$506,230 in Third Quarter 2022, a decrease of$48,129 or 10%. This reduction was mainly driven by a decrease in sales forces activities and lower products that require marketing initiatives. Sales and marketing expenses are expected to increase with activities transitioning from “Awareness” building of new product ZIMED to “share and revenue” acquisition.The Company incurred research and development (“R”) expenses of
$74,095 in Third Quarter 2023 compared to$6,041 in Third Quarter 2022. The Company incurred RD expenses of$301,280 in YTD 2023 compared to$260,093 in YTD 2022. The$41,187 increase in YTD 2023 was mainly to higher expenses related tothe launch process forpreservative-free bimatoprost 0.03% eye drops termed “ZIMED® PF”.General and administration (“G”) expenses were
$278,412 in Third Quarter 2023 compared to$353,571 in Third Quarter 2022, a decrease of$75,159 . GA expenses were$877,238 in YTD 2023 compared to$1,286,576 in YTD 2022, a decrease of$409,338 . The decrease was mainly driven by general cost-cutting measures and lower loan-related expenses.
ABOUT
FORWARD-LOOKING STATEMENT DISCLAIMER
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the implementation of our business model and strategic plans; revenue growth trends into the future; expected timing for product launches; the Company’s expected revenues; the regulatory approval of its products; the Company’s ability to attract international partners; and ongoing discussions with and the Company’s ability to secure potential partners to further grow our product portfolio. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully out license or sell its current products and in-license and develop new products; the assumption that the Company’s current good relationships with third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; the impact of the coronavirus (COVID-19) on the Company’s operations; and the Company’s ability to protect patents and proprietary rights. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Company’s Annual Information Form dated
On behalf of the Board of Directors,
“Douglas Janzen”
Director & CEO
CONTACT INFORMATION
Aequus Investor Relations
Email: investors@aequuspharma.ca
Phone: 604-336-7906
Neither the
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