Elevai Labs Inc. Reports Financial Results for the Second Fiscal Quarter of 2024 and Provides Business Update
Elevai Labs reported Q2 2024 financial results, highlighting a 74.7% gross margin and successful $8M public offering. Revenue decreased 4.9% to $527,478 in Q3 2024 compared to Q3 2023, while nine-month revenue increased 72.3% to $1.7M. The company reported a net loss of $1.5M for Q3 2024. Elevai Biosciences advanced EL-22 and EL-32 development for obesity treatment, focusing on muscle preservation during weight loss. The company expanded its patent portfolio and conducted clinical trials for Elevai Enfinity™, showing improvements in skin firmness and wrinkle reduction.
Elevai Labs ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un margine lordo del 74,7% e un riuscito collocamento pubblico di 8 milioni di dollari. I ricavi sono diminuiti del 4,9%, scendendo a 527.478 dollari nel terzo trimestre 2024 rispetto al terzo trimestre 2023, mentre i ricavi dei nove mesi sono aumentati del 72,3% raggiungendo 1,7 milioni di dollari. L'azienda ha riportato una perdita netta di 1,5 milioni di dollari per il terzo trimestre 2024. Elevai Biosciences ha avanzato lo sviluppo di EL-22 e EL-32 per il trattamento dell'obesità, concentrandosi sulla preservazione muscolare durante la perdita di peso. L'azienda ha ampliato il suo portafoglio di brevetti e ha condotto studi clinici per Elevai Enfinity™, mostrando miglioramenti nella compattezza della pelle e nella riduzione delle rughe.
Elevai Labs informó sobre los resultados financieros del segundo trimestre de 2024, destacando un margen bruto del 74,7% y una exitosa oferta pública de 8 millones de dólares. Los ingresos disminuyeron un 4,9%, alcanzando los 527.478 dólares en el tercer trimestre de 2024 en comparación con el tercer trimestre de 2023, mientras que los ingresos acumulados de nueve meses aumentaron un 72,3% hasta 1,7 millones de dólares. La empresa reportó una pérdida neta de 1,5 millones de dólares para el tercer trimestre de 2024. Elevai Biosciences avanzó en el desarrollo de EL-22 y EL-32 para el tratamiento de la obesidad, enfocándose en la preservación muscular durante la pérdida de peso. La empresa amplió su cartera de patentes y llevó a cabo ensayos clínicos para Elevai Enfinity™, mostrando mejoras en la firmeza de la piel y en la reducción de arrugas.
Elevai Labs는 2024년 2분기 재무 결과를 보고하며 74.7%의 총 이익률과 성공적인 800만 달러의 공모를 강조했습니다. 2024년 3분기의 수익은 2023년 3분기와 비교해 4.9% 감소하여 527,478달러에 달했으며, 9개월 동안의 수익은 72.3% 증가하여 170만 달러에 도달했습니다. 이 회사는 2024년 3분기에 150만 달러의 순손실을 보고했습니다. Elevai Biosciences는 비만 치료를 위한 EL-22 및 EL-32 개발을 진행하며 체중 감소 중 근육 보존에 중점을 두었습니다. 이 회사는 특허 포트폴리오를 확장하고 Elevai Enfinity™에 대한 임상 시험을 수행하여 피부 탄력성과 주름 감소의 개선을 보여주었습니다.
Elevai Labs a annoncé ses résultats financiers pour le deuxième trimestre 2024, mettant en avant une marge brute de 74,7% et une offre publique réussie de 8 millions de dollars. Les revenus ont diminué de 4,9%, atteignant 527 478 dollars au troisième trimestre 2024 par rapport au troisième trimestre 2023, tandis que les revenus sur neuf mois ont augmenté de 72,3% pour atteindre 1,7 million de dollars. L'entreprise a déclaré une perte nette de 1,5 million de dollars pour le troisième trimestre 2024. Elevai Biosciences a avancé dans le développement d'EL-22 et d'EL-32 pour le traitement de l'obésité, en se concentrant sur la préservation musculaire lors de la perte de poids. L'entreprise a élargi son portefeuille de brevets et a réalisé des essais cliniques pour Elevai Enfinity™, montrant des améliorations de la fermeté de la peau et de la réduction des rides.
Elevai Labs berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024 und hob eine Bruttomarge von 74,7% sowie ein erfolgreiches öffentliche Angebot von 8 Millionen Dollar hervor. Im dritten Quartal 2024 sanken die Einnahmen im Vergleich zum dritten Quartal 2023 um 4,9% auf 527.478 Dollar, während die Einnahmen in den ersten neun Monaten um 72,3% auf 1,7 Millionen Dollar stiegen. Das Unternehmen meldete einen Nettoverlust von 1,5 Millionen Dollar für das dritte Quartal 2024. Elevai Biosciences hat die Entwicklung von EL-22 und EL-32 zur Behandlung von Fettleibigkeit vorangetrieben und konzentriert sich auf den Muskelschutz während des Gewichtsverlustes. Das Unternehmen erweiterte sein Patentportfolio und führte klinische Studien für Elevai Enfinity™ durch, die Verbesserungen der Hautfestigkeit und der Faltenreduktion zeigten.
- Gross margin improved to 74.7% in Q3 2024 from 66% in Q3 2023
- Nine-month revenue increased 72.3% to $1.7M
- Successfully raised $8M through public offering
- Expanded patent portfolio with EL-22 for obesity treatment
- Q3 2024 revenue decreased 4.9% to $527,478
- Net loss of $1.5M in Q3 2024
- Operating expenses increased to $1.3M in Q3 2024 from $1.15M in Q3 2023
Insights
The Q2 2024 results present a mixed financial picture. While the
The increased operating expenses of
The advancement of EL-22 and EL-32 for obesity treatment represents a strategic entry into the lucrative GLP-1 market. These compounds' focus on muscle preservation during weight loss addresses a critical gap in current obesity treatments. The collaboration with KCRN Research adds credibility to the regulatory pathway.
The clinical results from Elevai Enfinity™ and the hair restoration research demonstrate promising efficacy in the aesthetics sector. The identification of 800+ proteins in their exosome technology, particularly those related to wound healing and skin regeneration, provides strong scientific validation for their skincare products.
- Achieves Robust Financial Performance with
74% Gross Margin and Strategic Public Offering, Bolstering Resources for Continued Growth and Innovation. - Elevai Enfinity™ Clinical Trials Showcase Breakthroughs in Skin Firmness, Tone, and Wrinkle Reduction, Reinforcing Leadership in Aesthetic Innovation.
- Elevai Biosciences Expands Patent Portfolio with EL-22, a Myostatin-Targeting Treatment for Obesity, Addressing Muscle Preservation in Weight Management
NEWPORT BEACH, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneering force in medical aesthetics, today reported financial results for the second quarter ended September 30, 2024 and provided a business update.
Financial Results for the Three and Six Months Ended June 30, 2024
$8 Million Public Offering: Elevai raised$8 million in a successful public offering to capitalize the business and support its strategic growth initiatives.- Revenue decreased by
4.9% to$527,478 for the three months ended September 30, 2024 compared to revenue for the three months ended September 30, 2023. Revenue increased by72.3% to$1,747,570 for the nine months ended September 30, 2024 compared to revenue for the nine months ended September 30, 2023. - Gross margins of
74.7% for the three months ended September 30, 2024, and73.2% for the nine months ended September 30, 2024, compared to66.0% for the three months ended September 30, 2023 and66.4% for the nine months ended September 30, 2023. - Operating expenses of
$1,313,738 for the three months ended September 30, 2024, and$5,290,718 for the nine months ended September 30, 2024, compared to$1,151,696 for the three months ended September 30, 2023 and$3,358,152 for the nine months ended September 30, 2023. - Net loss of
$1,501,257 for the three months ended September 30, 2024 and$4,310,998 for the nine months ended September 30, 2024.
Elevai’s Chief Executive Officer and Chief Financial Officer, Graydon Bensler, stated: “Our third fiscal quarter was a period of meaningful and strategic progress for Elevai Labs and our subsidiaries, Elevai Skincare, Elevai Biosciences and Elevai Research. In this fiscal quarter we also strengthened our financial position with the successful completion of an
Operational Updates
Elevai Biosciences
- Preclinical Advancements for EL-22 in Obesity Treatment: Elevai Biosciences engaged KCRN Research, Inc., a renowned contract research organization, to support regulatory submissions for EL-22—a novel myostatin-targeting treatment for obesity. EL-22 aims to mitigate muscle loss, a common side effect of GLP-1 medications, by preserving muscle mass while reducing fat mass. This approach leverages EL-22’s novel myostatin pathway blockage, promising an innovative and complementary solution for the weight-loss market.
- Preclinical Data for EL-32: Additional studies validated EL-32, a myostatin/activin-A blocker, which has shown promise in improving grip strength, body composition, and motor function, further positioning Elevai to address muscle preservation needs in obesity. Based on the preclinical data from our licensing partner, Elevai believes that EL-32 has the potential to treat obesity in combination with GLP-1 by preserving muscle mass while decreasing fat mass. The Company intends to conduct additional animal studies to advance EL-32 towards an Investigational New Drug (IND) application. Full preclinical data is expected to be shared at a future scientific conference.
- Patent Filings for EL-22: Elevai Biosciences expanded its patent portfolio with filings for EL-22 as a myostatin-targeting treatment in obesity, reinforcing Elevai’s leadership in clinical innovation for muscle preservation in weight management.
Elevai Skincare
Product Innovation and Clinical Research
- Elevai Enfinity™ Clinical Study: A 12-week study of Elevai Enfinity™ showed improvements in skin firmness, tone, and wrinkle reduction, with full results to be published soon.
- Hair Restoration Research: Research led by Carly Klein confirmed Elevai’s exosome technology aids hair recovery by reducing inflammation and reversing miniaturization, supporting the launch of the new Elevai S-Series Root Renewal System™.
- Ongoing Clinical Study with Dr. Jennifer Pearlman: Elevai partnered with Dr. Pearlman to assess the combined effects of Elevai empower™ and Elevai enfinity™ exosome serums with an energy device, aiming to validate the benefits for skin rejuvenation over 12 weeks.
- Collaboration with Yuva Biosciences: Elevai’s partnership with Yuva Biosciences yielded the Elevai S-Series Root Renewal System™, integrating YuvaBio® Y100™ mitochondrial technology for hair and scalp vitality. BosleyMD® has lauded the Y100 technology as “one of the biggest innovations in hair loss we’ve seen in twenty-five years,” marking its first successful application in their new product line. Elevai Labs’ integration of this technology into the Elevai S-Series Root Renewal System™ is expected to set a new standard in hair care, offering a scientifically validated, easy-to-use, and cost-effective solution for both men and women.
Elevai Research
- Advancement in Exosome Technology: Elevai Research Inc. announced preliminary positive research data highlighting the potential of its proprietary exosome technology for skin health applications. The study, in partnership with Dalhousie University, identified over 800 proteins in Elevai's exosomes associated with wound healing, immunomodulation, and extracellular matrix remodeling, suggesting their potential to counteract skin aging effects such as thinning, loss of elasticity, and wrinkle formation.
- Exosome Research Presentation: Michelle Combe from Dalhousie University presented research at the Precision Medicine EV Forum 2024 in Cambridge, UK, on exosome protein variability. The study, co-authored by Elevai’s Dr. Jordan Plews, explored how process conditions impact proteins linked to wound healing and immune function, advancing insights for skincare innovation.
About Elevai Labs, Inc.
Elevai Labs Inc. (NASDAQ: ELAB) specializes in medical aesthetics and biopharmaceutical drug development, focusing on innovations for skin aesthetics and treatments tied to obesity and metabolic health. The Company operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences Inc., and Elevai Research Inc. For more information please visit www.elevailabs.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in Elevai’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
IR Contact:
IR@ElevaiLabs.com
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