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Rakovina Therapeutics Announces 2025 Q1 Financial Results and Provides Corporate Update
VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V:...
About this update from Rakovina Therapeutics Inc
[{"type":"text","content":"Rakovina Therapeutics Announces 2025 Q1 Financial Results and Provides Corporate UpdateAll dollar amounts reflected in Canadian dollars unless otherwise stated\n\n\n\n VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV) (FSE: 7JO) (“Rakovina” or the “Company”), a biopharmaceutical company advancing novel DNA-damage response (DDR) cancer therapies powered by artificial intelligence (AI), announced its financial results for the first quarter ended March 31, 2025 (“Q1 2025”), and provided an update on recent corporate developments.\n \n\n\n Q1\n \n\n 2025\n \n\n Financial\n \n\n Highlights\n \n\n\n\n Reported a net loss of\n \n $2,179,823\n \n , in line with Company expectations.\n \n\n Research and development (R&D) expenses totaled\n \n $855,594\n \n , reflecting continued advancement of AI-powered drug candidates.\n \n\n General and administrative expenses were\n \n $1,224,752\n \n , including investor relations and exchange-related fees.\n \n\n Net cash used in operating activities was\n \n $1,236,924\n \n for the three-month period ended March 31, 2025.\n \n\n\n\n Recent\n \n\n Corporate\n \n\n Highlights\n \n\n\n\n\n On May 28, 2025\n \n , the Company announced that certain debenture holders elected to receive common shares in lieu of cash for a portion of the May 29, 2025 interest payment, preserving cash resources while fulfilling obligations under its convertible debenture terms.\n \n\n\n On May 15, 2025\n \n , we announced a strategic private placement, convertible debt financing and share consolidation of approximately $4 million. The Offering consists of (i) units for aggregate gross proceeds of approximately $1.1 million and equity units of approximately $2.9 million. The offering is anchored by a $3 million lead order from a strategic investor. In addition to the Offering, we also announced that we will seek TSX Venture Exchange approval for a 10-for-1 share consolidation. Following the offering and expected to have approximately 20 million shares outstanding.\n \n\n\n On May 5, 2025\n \n , we announced the appointment of Dr. David Kideckel as Chief Financial Officer, subject to receiving approval from the TSX Venture Exchange. The Company also announced that David Hyman would be stepping down from his role as Chief Financ...