Business
Theralase Release's 3Q2023 Interim Financial Statements
TORONTO, ON / ACCESSWIRE / November 29 th , 2023 / Theralase® Technologies Inc. (" Theral...
About this update from Theralase Technologies Inc.
[{"type":"text","content":"Theralase Release’s 3Q2023 Interim Financial StatementsTORONTO, ON / ACCESSWIRE / November 29th, 2023 / Theralase® Technologies Inc. (\"Theralase®\" or the \"Company\") (TSXV:TLT)(OTCQB:TLTFF), a clinical stage pharmaceutical company dedicated to the research and development of light and/or radiation activated Photo Dynamic Compounds (\"PDCs\") for the safe and effective destruction of various cancers, bacteria and viruses has released the Company's 3Q2023 unaudited condensed interim consolidated Financial Statements (\"Financial Statements\").Financial Summary:For the nine-month period ended September 30th:1 Other represents foreign exchange, interest accretion on lease liabilities and / or interest incomeFinancial Highlights for the Nine-Month Period Ended September 30th, 2023:Total revenue decreased 13%, year over year.Cost of sales for the nine-month period ended September 30th, 2023 was $363,882 or 51% of revenue resulting in a gross margin of $342,813 or 49% of revenue. In comparison, the cost of sales for the same period in 2022 was $389,232 or 48% of revenue resulting in a gross margin of $423,766 or 52% of revenue. Cost of sales is represented by the following costs: raw materials, subcontracting, direct and indirect labour and the applicable share of manufacturing overhead.The gross margin decrease, as a percentage of sales, year over year, is primarily attributed to an increase in material costs.Selling expenses for the six-month period ended September 30th, 2023 decreased to $194,418 from $238,904 for the same period in 2022, a 19% decrease. The decrease in selling expenses is a result of reduced advertising (24%) and salaries (25%).Administrative expenses for the nine-month period ended September 30th, 2023, increased to $1,456,382 from $1,060,980 for the same period in 2022, a 36% increase. The increase in administrative expenses is primarily attributed to increased spending on general and administrative expenses (82%) and director and advisory fees (35%). Stock based compensation expense increased 319% from 2022 due to an increase in stock options granted.Net research and development expenses for the nine-month period ended September 30th, 2023, decreased to $2,250,546 from $3,330,705 for the same period in 2022 for the Drug Division, a 32% decrease and decreased to $34,844 from $133,959 for the s...