Resverlogix : Financial Statement Q1 2023

Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2023 and 2022

Notice of No Auditor Review of Unaudited Condensed Interim Consolidated Financial Statements

The accompanying unaudited condensed interim consolidated financial statements of Resverlogix Corp. (the "Company") as at March 31, 2023 and for the period then ended have been prepared by and are the responsibility of the Company's management. The Company's Audit Committee and Board of Directors have reviewed and approved these unaudited condensed interim consolidated financial statements. In accordance with National Instrument 51 - 102, the Company discloses that its auditors have not reviewed the accompanying unaudited condensed interim consolidated financial statements for the periods ended March 31, 2023 and 2022.

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Condensed Interim Consolidated Statements of Financial Position

As at: (unaudited)

						March 31,	December 31,
In thousands of US dollars		Notes	2023		2022
Assets
Current assets:
Cash			$	3	$	40
Prepaid expenses and deposits				205		146
Investment tax credit receivable				122		176
Other assets					31		8
Clinical supplies				2,371		2,371
Due from related parties				-		147
Total current assets				2,732		2,888
Non-current assets:
Property and equipment				47		66
Right-of-use assets				262		360
Intangible assets				2,296		2,205
Clinical supplies				2,596		2,596
Total non-current assets				5,201		5,227
Total assets			$	7,933	$	8,115
Liabilities
Current liabilities:
Trade and other payables		$	14,613	$	14,095
Accrued interest		5		1,184		1,021
Promissory notes				196		196
Due to related parties				612		-
Lease liabilities				333		437
Warrant liability		7 (e)	836		813
Debt			5		5,777		5,858
Derivative liability		5		812		314
Total current liabilities				24,363		22,734
Non-current liabilities:
Other long-term liability		8		997		962
Royalty preferred shares		6		46,500		43,700
Total liabilities				71,860		67,396
Shareholders' deficiency:
Share capital			7 (a)	332,386		331,422
Contributed surplus				54,528		54,983
Deficit			(450,841)		(445,686)
Total shareholders' deficiency				(63,927)		(59,281)
Total liabilities and shareholders' deficiency	$	7,933	$	8,115
Going concern (note 3)	Commitments and contingencies (note 9)
Signed on behalf of the Board:
Signed:		"Kenneth Zuerblis"	Director	Signed: "Kelly McNeill"	Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Condensed Interim Consolidated Statements of Comprehensive Loss

For the three months ended March 31 (unaudited)

In thousands of US dollars	Notes		2 0 2 3		2022
Ex penses:
Research and development, net of recoveries	8	$	735	$	1,527
Investment tax credits			(15)		(20)
Net research and development			720		1,507
Pre-commercialization, general and	8		872		4,441
administrative, net of recoveries
			1,592		5,948
Finance costs (income):
Gain on change in fair value of warrant liability	7 (e)		(30)		(581)
Loss (gain) on change in fair value of royalty preferred shares	6		2,800		(3,300)
Loss (gain) on change in fair value of derivative liability	5		498		(105)
Gain on payables extinguishment	7 (c)		(18)		-
Interest and accretion			302		317
Financing costs			5		14
Foreign exchange loss			2		35
Net finance costs (income)			3,559		(3,620)
Loss before income taxes			5,151		2,328
Income taxes			4		4
Net and total comprehensive loss		$	5,155	$	2,332

Net loss per share (note 7 (f))
Basic and diluted	$	0 .02	$	0.01

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)

For the three months ended March 31 (unaudited)

								Total
		Share	Con tribu ted			Shareholders'
In thousands of US dollars		Capital		Su rplu s		Deficit	Deficien cy
Balan ce, December 31, 2021	$	326,885	$	55,321	$	(442,076)	$	(59,870)
Common shares issued in connection		475		-		-		475
with private placement
Common shares issued in connection		511		(511)		-		-
with long term incentive plan
Common shares issued in connection		92		-		-		92
with exercise of warrants
Share issue cost		(5)		-		-		(5)
Share-based payment transactions		-		1,018		-		1,018
Net and total comprehensive loss		-		-		(2,332)		(2,332)
Balan ce, March 31, 2022	$	327,958	$	55,828	$	(444,408)	$	(60,622)
Balan ce, December 31, 2022	$	331,422	$	54,983	$	( 445,686)	$	( 59,281)
Common shares issued in connection		31		-		-		31
with private placement
Common shares issued in connection		936		( 890)		-		46
with long term incentive plan
Share issue cost		( 3)		-		-		( 3)
Share-based payment transactions		-		435		-		435
Net and total comprehensive loss		-		-		( 5,155)		( 5,155)
Balan ce, March 31, 2023	$	332,386	$	54,528	$	( 450,841)	$	( 63,927)

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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