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Kane Biotech Announces Fourth Quarter and Full Year 2024 Financial Results, Narrows Strategic Focus and Makes Leadership Change
WINNIPEG, Manitoba, April 28, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF)...
About this update from Kane Biotech Inc.
[{"type":"text","content":"Kane Biotech Announces Fourth Quarter and Full Year 2024 Financial Results, Narrows Strategic Focus and Makes Leadership Change\n\n\n\n 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.\n \n\n\n Fourth Quarter 2024 Financial Highlights\n \n (Comparatives Exclude Discontinued STEM Animal Health “STEM” Operations):\n \n\n\n 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.\n \n\n 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 DermaKB\n \n TM\n \n product line.\n \n\n 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.\n \n\n 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.\n \n\n\n\n Full Year 2024 Financial Highlights\n \n (Comparatives Exclude Discontinued STEM Animal Health “STEM” Operations):\n \n\n\n 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.\n \n\n 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 ...