Edesa Biotech, Inc. EDSA
We are a biopharmaceutical company developing innovative ways to treat inflammatory and immune-related diseases. Our approach is to acquire, develop and commercialize drug candidates based on mechanisms of action that have demonstrated proof-of-concept in human subjects. We prioritize our efforts on disease indications where there is compelling scientific rationale, no approved therapies or where there are unmet medical needs, and where there are large addressable market opportunities, among other factors. Our clinical pipeline is focused on two therapeutic areas: Medical Dermatology and Respiratory.
In Medical Dermatology we are developing EB06, an anti-CXCL10 monoclonal antibody candidate, as a therapy for vitiligo, a common autoimmune disorder that causes skin to lose its color in patches. CXCL10 has been shown to play a key role in the disease, and neutralization of CXCL10 has been demonstrated to both prevent and reverse depigmentation in animal models. To date, EB06 has demonstrated a favorable safety and tolerability profile. We have received regulatory approval from Health Canada to conduct a Phase 2 proof of concept study of EB06 in patients with moderate-to-severe nonsegmental vitiligo and we are in discussions with the U.S. Food and Drug Administration ("FDA") for the same study. Subject to regulatory approval, we anticipate initiating enrollment by midyear 2026. Our Medical Dermatology assets also include EB01 (1.0% daniluromer cream), a Phase 3-ready asset developed for use as a potential therapy for moderate-to-severe chronic Allergic Contact Dermatitis ("ACD"), a common occupational skin condition. This asset is at the partnering stage.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $328.8K | — | $0 | $50.0K | $1.3M |
| Cost of revenue | — | — | — | — | $0 | $17.6K | — | $0 | $250.0K | $818.6K |
| Gross profit | — | — | — | — | $0 | $311.2K | — | $0 | -$200.0K | $453.1K |
| R&D | $3.7M | $2.9M | $4.8M | $13.3M | $17.9M | $3.3M | — | $1.1M | $2.0M | $1.7M |
| SG&A | $4.2M | $4.1M | $4.4M | $5.0M | $5.7M | $3.4M | — | $543.2K | $2.9M | $3.3M |
| Total operating expenses | — | — | — | — | — | $6.7M | — | $1.6M | $5.5M | $6.2M |
| Operating income | -$7.9M | -$7.0M | -$9.2M | -$18.4M | -$23.7M | -$6.4M | — | -$1.6M | -$5.2M | -$4.9M |
| Pre-tax income | -$7.2M | -$6.2M | -$8.4M | -$17.5M | -$13.3M | -$6.4M | — | -$5.0M | -$5.0M | -$5.0M |
| Income tax | $800 | $800 | $800 | $800 | $800 | $800 | — | $0 | $800 | $7.2K |
| Net income | -$7.2M | -$6.2M | -$8.4M | -$17.5M | -$13.3M | -$6.4M | — | -$1.5M | -$5.0M | -$5.0M |
| EPS, basic | -1.27 | -1.93 | -2.93 | — | — | — | — | — | — | -0.57 |
| EPS, diluted | — | — | — | — | -1.10 | -0.74 | — | -0.47 | -3.44 | -0.57 |
| Shares, diluted (wtd. avg.) | 5.7M | 3.2M | 2.9M | — | — | — | — | — | — | 8.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.8M | $1.0M | $5.4M | $7.1M | $7.8M | $7.2M | $5.0M | $3.4M | $5.0M | $7.4M |
| Short-term investments | — | — | — | — | — | — | — | $6.1M | $2.0M | $4.0M |
| Receivables | — | — | — | — | $3.3M | $87.4K | $217.1K | $7.3K | $1.3K | $85.8K |
| Inventory | — | — | — | — | — | — | — | $224.3K | $68.1K | $249.4K |
| Total current assets | $11.5M | $1.7M | $6.4M | $9.1M | $12.1M | $8.1M | $5.6M | $3.4M | $6.8M | $12.1M |
| Property, plant and equipment | — | $0 | $8.7K | $12.7K | $15.0K | $14.8K | $73.1K | $7.4K | $879.5K | $756.1K |
| Other intangibles | $2.0M | $2.1M | $2.2M | $2.3M | $2.4M | $2.5M | $0 | — | — | — |
| Total assets | $13.5M | $3.8M | $8.9M | $11.6M | $14.6M | $10.8M | $5.7M | $3.4M | $7.7M | $12.9M |
| Accounts payable | $1.1M | $1.8M | $1.7M | $2.1M | $1.4M | $1.5M | $461.6K | $183.8K | $320.9K | $623.6K |
| Total current liabilities | $1.1M | $1.8M | $1.8M | $2.1M | $1.5M | $1.5M | $461.6K | $183.8K | $320.9K | $623.6K |
| Total liabilities | — | $1.8M | $1.8M | $2.2M | $1.5M | $1.7M | $461.6K | — | — | — |
| Retained earnings | -$65.9M | -$58.6M | -$52.4M | -$44.0M | -$26.5M | -$13.1M | -$6.7M | -$3.8M | -$45.4M | -$40.4M |
| Total equity | $12.5M | $2.0M | $7.0M | $9.4M | $13.1M | $6.6M | $5.3M | $3.2M | $5.0M | $12.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.3M | -$4.9M | -$6.6M | -$12.3M | -$13.7M | -$5.0M | — | -$1.3M | -$4.7M | -$4.5M |
| Depreciation and amortisation | $119.3K | $186.0K | $183.5K | $6.99B | $8.32B | $9.60B | — | $1.7K | $179.3K | $149.6K |
| Stock-based compensation | $729.6K | $537.5K | $1.2M | $2.3M | $3.2M | $598.4K | — | $81.3K | $115.5K | $259.4K |
| Capital expenditure | — | — | $0 | $5.7K | $6.1K | $4.9K | — | $6.9K | $302.7K | $402.3K |
| Investing cash flow | — | — | $0 | -$5.7K | -$6.1K | $19.1K | — | -$6.9K | $1.7M | $557.4K |
| Financing cash flow | $17.0M | $592.0K | $4.8M | $11.6M | $14.2M | $7.1M | — | $8.8M | $0 | $7.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-25-007914.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $50.0K | $0 | — | $328.8K | $0 | — | — | — | — |
| Gross profit | $453.1K | -$200.0K | $0 | — | $311.2K | $0 | — | — | — | — |
| Net income | -$5.0M | -$5.0M | -$1.5M | — | -$6.4M | -$13.3M | -$17.5M | -$8.4M | -$6.2M | -$7.2M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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