VANCOUVER, BC – TheNewswire - April 24, 2025 – Aequus Pharmaceuticals Inc. (TSX-V: AQS) (“Aequus” or the “Company”), a specialty pharmaceutical company focused on bringing healthcare solutions to Canadians through licensing and partnerships, today reports financial results for the year ended December 31, 2024 (“Fiscal 2024”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

Financial Highlights

The Company reported an operating loss before other income and expenses of $2,380,567 for Fiscal 2024, a decrease of 20% from the loss before other income of $2,965,468 in the year ended December 31, 2023 (“Fiscal 2023”).  The decrease in net loss was mainly due to an increase of $329,341 in gross income and 13% reduction in general costs.

Aequus launched ZIMED® PF in August 2023 and recognized $584,237 (2023- $254,896) of revenue from its sales in 2024.  Overall revenue increases $329,341, or 129%, in 2024 compared to 2023, which was expected as the product starts to penetrate the market over its first 18 months of sales.

Sales and marketing costs in Fiscal 2024 were $1,734,573 when compared to $1,628,790 in Fiscal 2023, a change of 6% or $105,783. The majority of the increase was related to an increase in advertising and consulting expenses associated to ZIMED sales and a reduction in sales staff.

There were no product development related costs in the year ended December 31, 2024 (2023- $301,280) as ZIMED launched in 2023.

General and administration expenses in Fiscal 2024 were $978,297 compared to $1,179,060 in Fiscal 2023, a decrease of 17% or $200,763.  The changes in G&A expenses were mainly driven by general cost-cutting measures offset for higher loan-related expenses.

	Fiscal 2024 $	Fiscal 2023 $
Total revenue	584,237	254,896
Net loss before other income	(2,380,567)	(2,965,468)
Net loss and comprehensive loss	(2,177,662)	(2,964,722)
Total assets	800,282	1,086,223
Total current liabilities	(6,796,394)	(4,796,481)
Total non-current liabilities	(458,880)	(583,586)

 

Director’s changes

Anne Stevens and Chris Clark resigned as directors effective April 25, 2025. The Company wishes to thank Ms. Stevens and Mr. Clark for their support over the years and wishes them luck in future endeavors.

 ABOUT AEQUUS PHARMACEUTICALS INC.

Aequus Pharmaceuticals Inc. (TSX-V: AQS) is a specialty pharmaceutical company, with a focus on commercializing value-added products in specialty therapeutic areas in the Canadian market.

FORWARD-LOOKING STATEMENT DISCLAIMER

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward- looking statements are necessarily based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as the factors we believe are appropriate. Forward-looking statements include but are not limited to statements relating to: the penetration and growth of ZIMED® PF following its launch. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Aequus, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals; general business and economic conditions; the Company’s ability to successfully out license or sell its current product and in-license or develop new products; the assumption that the Company’s current good relationships with third parties will be maintained; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by the Company’s competitors; the impact of global events on the Company’s operations; and the Company’s ability to protect patents and proprietary rights. In evaluating forward looking statements, current and prospective shareholders should specifically consider various factors set out herein and under the heading “Risk Factors” in the Management Discussion and Analysis, a copy of which is available on Aequus’ profile on SEDAR+ at www.sedarplus.ca and as otherwise disclosed from time to time on Aequus’ SEDAR profile. Should one or more of these risks or uncertainties, or a risk that is not currently known to us materialize, or should assumptions underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. Accordingly, investors are cautioned not to put undue reliance on forward looking statements.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

CONTACT INFORMATION

Aequus Investor Relations

Email: investors@aequuspharma.ca

Phone: 604-336-7906

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