Business
Theralase(R) Release's 2Q2024 Financial Statements
TORONTO, ON / ACCESSWIRE / August 12, 2024 / Theralase® Technologies Inc. (" Theralase®...
About this update from Theralase Technologies Inc.
[{"type":"text","content":"Theralase(R) Release’s 2Q2024 Financial StatementsTORONTO, ON / ACCESSWIRE / August 12, 2024 / 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 small molecules for the safe and effective destruction of various cancers, bacteria and viruses has released the Company's unaudited condensed consolidated interim financial statements for the six-month period ended June 30, 2024. (\"Financial Statements\").Theralase® will be hosting a conference call on Wednesday August 21st, 2024 at 11:00 am ET, which will include a presentation of the financial and operational results for the six-month period ended June 30, 2024. Questions are welcome. To ensure Theralase® has time to review and properly address them during the call, please send them in advance to [email protected] Meeting Link: https://us02web.zoom.us/j/89622152696Conference Call in: 1-647-558-0588 (Canada) / 1-646-558-8656 (US) - not required for those attending by Zoom.An archived version will be available on the website following the conference call.Financial Summary:For the six-month period ended June 30th: 1 Other represents foreign exchange, interest accretion on lease liabilities and / or interest incomeFinancial HighlightsFor the six-month period ended June 30, 2024;Total revenue decreased 35%, year over year.Cost of sales was $186,324 (67% of revenue) resulting in a gross margin of $90,077 (33% of revenue). In comparison, the cost of sales for the same period in 2023 was $224,947 (53% of revenue) resulting in a gross margin of $201,140 (47% of revenue). The gross margin decrease, as a percentage of sales year over year, is attributed to an increase in material costs.Selling expenses decreased to $145,915, from $147,304 for the same period in 2023, a 1% decrease.Administrative expenses decreased to $907,378 from $1,010,144 for the same period in 2023, a 10% decrease. The decrease is a result of reduced spending on general and administrative expenses (59%) and stock-based compensation (28%) (due to the cumulative effect of accounting for the vesting of stock options granted in the current and previous years).Net research and development expenses for the Drug Division decreased to $1,...