Kane Biotech Announces Second Quarter 2024 Financial Results
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) has announced its second quarter 2024 financial results, highlighting a significant $10.4 million gain from the sale of STEM. Key financial highlights include:
- License and royalty income increased by 74% to $299,992
- Product and services revenue rose by 5% to $510,360
- Total revenue grew by 23% to $810,352
- Gross profit increased by 41% to $464,453
- Net income of $9,201,830 compared to a net loss of ($967,905) in Q2 2023
The company also reported several recent developments, including new distribution agreements, MDSAP Quality Certification, FDA removal of usage limitations on revyve™ Antimicrobial Wound Gel, and new funding from NRC IRAP for product development.
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) ha annunciato i suoi risultati finanziari del secondo trimestre 2024, evidenziando un significativo guadagno di $10,4 milioni dalla vendita di STEM. I principali risultati finanziari includono:
- Le entrate da licenze e diritti sono aumentate del 74% a $299,992
- Le entrate da prodotti e servizi sono cresciute del 5% a $510,360
- Il fatturato totale è aumentato del 23% a $810,352
- Il profitto lordo è aumentato del 41% a $464,453
- L'utile netto di $9,201,830 rispetto a una perdita netta di ($967,905) nel secondo trimestre 2023
La società ha anche riportato diversi sviluppi recenti, tra cui nuovi accordi di distribuzione, certificazione di qualità MDSAP, rimozione da parte della FDA delle limitazioni d'uso sul gel antimicrobico revyve™ e nuovi fondi da NRC IRAP per lo sviluppo del prodotto.
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) ha anunciado sus resultados financieros del segundo trimestre de 2024, destacando una ganancia significativa de $10.4 millones por la venta de STEM. Los puntos destacados financieros incluyen:
- Los ingresos por licencias y regalías aumentaron un 74% a $299,992
- Los ingresos por productos y servicios crecieron un 5% a $510,360
- Los ingresos totales crecieron un 23% a $810,352
- El beneficio bruto aumentó un 41% a $464,453
- El ingreso neto fue de $9,201,830 en comparación con una pérdida neta de ($967,905) en el segundo trimestre de 2023
La empresa también informó varios desarrollos recientes, incluidos nuevos acuerdos de distribución, certificación de calidad MDSAP, eliminación por parte de la FDA de las limitaciones de uso del gel antimicrobiano revyve™ y nuevos fondos de NRC IRAP para el desarrollo de productos.
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF)은 2024년 2분기 재무 결과를 발표하며 STEM 판매로 인한 1,040만 달러의 이익을 강조했습니다. 주요 재무 요약은 다음과 같습니다:
- 라이센스 및 로열티 수익이 74% 증가하여 $299,992에 이릅니다.
- 제품 및 서비스 수익이 5% 증가하여 $510,360에 달했습니다.
- 총 수익이 23% 증가하여 $810,352에 이릅니다.
- 총 이익이 41% 증가하여 $464,453입니다.
- 순이익이 $9,201,830으로 2023년 2분기 순손실 ($967,905)에 비해 개선되었습니다.
회사는 또 새로운 유통 계약, MDSAP 품질 인증, revyve™ 항균상처젤에 대한 FDA 사용 제한 철회, 그리고 신제품 개발을 위한 NRC IRAP의 새로운 자금 지원 등의 여러 최근 개발 사항을 보고했습니다.
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) a annoncé ses résultats financiers du deuxième trimestre 2024, mettant en avant un bénéfice significatif de 10,4 millions de dollars résultant de la vente de STEM. Les principaux points financiers comprennent :
- Les revenus de licence et de redevances ont augmenté de 74 % pour atteindre 299,992 $
- Les revenus des produits et services ont augmenté de 5 % pour atteindre 510,360 $
- Les revenus totaux ont progressé de 23 % pour atteindre 810,352 $
- Le bénéfice brut a aumenté de 41 % pour atteindre 464,453 $
- Le résultat net s'élève à 9,201,830 $, contre une perte nette de (967,905 $) au deuxième trimestre 2023
La société a également signalé plusieurs développements récents, notamment de nouveaux accords de distribution, la certification de qualité MDSAP, la suppression par la FDA des limitations d'utilisation du gel antimicrobien revyve™, et de nouveaux financements de NRC IRAP pour le développement de produits.
Kane Biotech Inc. (TSX-V:KNE; OTCQB:KNBIF) hat seine Finanzberichte für das zweite Quartal 2024 veröffentlicht und dabei einen erheblichen Gewinn von 10,4 Millionen USD aus dem Verkauf von STEM hervorgehoben. Die wichtigsten finanziellen Höhepunkte sind:
- Lizenz- und Lizenzgebühreneinnahmen stiegen um 74 % auf 299,992 USD
- Umsätze aus Produkten und Dienstleistungen erhöhten sich um 5 % auf 510,360 USD
- Gesamtumsatz wuchs um 23 % auf 810,352 USD
- Bruttogewinn erhöhte sich um 41 % auf 464,453 USD
- Nettoeinkommen von 9,201,830 USD im Vergleich zu einem Nettoverlust von (967,905 USD) im Q2 2023
Das Unternehmen berichtete auch über mehrere aktuelle Entwicklungen, einschließlich neuer Vertriebsvereinbarungen, MDSAP-Qualitätszertifizierung, FDA-Aufhebung der Nutzungsbeschränkungen für revyve™ Antimikrobielles Wundgel und neue Mittel von NRC IRAP zur Produktentwicklung.
- Significant gain of $10.4 million from the sale of STEM
- 74% increase in license and royalty income to $299,992
- 23% growth in total revenue to $810,352
- 41% increase in gross profit to $464,453
- Net income of $9,201,830 compared to a net loss in Q2 2023
- Signing of new distribution agreements for revyve™ Antimicrobial Wound Gel
- Removal of FDA usage limitation on revyve™ Antimicrobial Wound Gel
- Receipt of MDSAP Quality Certification
- New funding of up to $200,000 from NRC IRAP for product development
- 76% increase in total operating expenses to $1,520,344
- One-time, mostly non-cash expenses related to manufacturing scale-up of revyve™ Antimicrobial Wound Gel
Company Realizes
WINNIPEG, Manitoba, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSX- V:KNE; OTCQB:KNBIF) (“Kane Biotech”, “Kane” or the “Company”) today announces its second quarter 2024 financial results.
The second quarter 2024 financial results reflect the closing of the sale of STEM which took place on April 12, 2024. The Company recorded a gain of
Second Quarter 2024 Financial Highlights (Including Discontinued STEM Operations):
- License and royalty income for the three months ended June 30, 2024 was
$299,992 , an increase of74% compared to$172,877 in the three months ended June 30, 2023. The increase is due mainly to the Company recognizing as license revenue the outstanding balance in contract liabilities related to the exclusive license and distribution agreement with Dechra Veterinary Products LLC (“Dechra”). There are no further obligations to Dechra under this agreement upon the sale of STEM. - Product and services revenue for the three months ended June 30, 2024 was
$510,360 , an increase of5% compared to$484,433 in the three months ended June 30, 2023. The increase is due mainly to incremental contract manufacturing revenue from Dechra subsequent to the sale of STEM offset by the discontinuance of animal health product sales upon the sale of STEM. - Total revenue for the three months ended June 30, 2024 was
$810,352 , an increase of23% compared to$657,310 in the three months ended June 30, 2023. - Gross profit for the second quarter of 2024 was
$464,453 , an increase of41% compared to$330,505 for the second quarter of 2023. - Total operating expenses for the three months ended June 30, 2024 were
$1,520,344 , an increase of76% compared to$866,229 for the three months ended June 30, 2023. The increase, which is one-time and mostly non-cash, is primarily due to the combined effect totaling approximately$700,000 of an adjustment to accrued salaries and short-term compensation expense in the comparative period and expenditures related to the manufacturing scale up of the Company’s revyve™ Antimicrobial Wound Gel in the current period. - Net income for the second quarter of 2024 was
$9,201,830 compared to a net loss of ($967,905) for the quarter ended June 30, 2023. Net income in the current quarter reflects the gain on the sale of STEM.
Detailed financial information about Kane Biotech can be found in its June 30, 2024 Financial Statements and Management Discussion and Analysis on SEDAR and the Company’s website.
“In the second quarter we completed the sale of STEM and paid off all of our interest-bearing debt which has significantly strengthened our balance sheet,” said Marc Edwards, President & CEO. “We also signed two new distribution agreements, received our MDSAP Quality Certification, were advised from the USD FDA that its usage limitation on our revyve™ Antimicrobial Wound Gel product has been removed and received new funding from NRC IRAP for three of Kane’s other products in development. All in all, it was a very productive quarter.”
Recent Corporate Developments:
- On August 28, 2024, the Company announced that it had signed a three-year distribution agreement with Qatar Datamation Systems for its revyve™ Antimicrobial Wound Gel in the Qatar wound care market.
- On August 22, 2024, Kane Biotech announced that it had signed a three-year distribution agreement with Razan Medical & Surgical Equipment Trading LLC for its revyve™ Antimicrobial Wound Gel in the United Arab Emirates (UAE) wound care market.
- On August 13, 2024, Kane Biotech announced that it is receiving advisory services and up to
$200,000 in research and development funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). The funding will be received over a period of 20 months and will support the development of three additional products to build on Kane Biotech’s revyve™ Antimicrobial Wound Gel technology. The Company expects to be able to leverage its newly expanded FDA 510(k) clearance for its revyve™ Antimicrobial Wound Gel. - On July 23, 2024, Kane Biotech announced that the US FDA had eliminated its usage limitation on the Company’s 510(k) cleared revyve™ Antimicrobial Wound Gel. Prior to the removal of this restriction, there was a 90 grams/month limit to the amount of revyve™ product that could be administered to patients. This now clears the way for the introduction and extended use of Kane’s revyve™ Antimicrobial Wound Gel Spray which is expected to be filled in spray cans in a higher quantity making it ideal for application on large wounds.
- On July 17, 2024, Kane Biotech announced that it has received ISO 13485:2016 Medical Device Single Audit Program (“MDSAP”) Quality Certification as a designer, developer and manufacturer of medical devices. These standards require the existence of a comprehensive quality management system with a focus on areas directly impacting patient safety, product performance and reliability. Obtaining the ISO 13485:2016 MDSAP certification allows Kane to apply for regulatory approval of its revyve™ Antimicrobial Wound Gel in Canada, Australia, New Zealand and Brazil. MDSAP is an enhancement of Kane’s previous quality certification which enabled Kane to receive US Food and Drug Administration 510(k) clearance for revyve™.
- On July 11, 2024, Kane Biotech announced that it has signed a worldwide license agreement with Arizona-based Omni Bioceutical Innovations Inc. for its coactiv+™ line of scalp care products. The five-year non-exclusive agreement will see Omni commercialize Kane’s scalp detoxifier product under the Omni Bioceuticals brand in the medical aesthetics market
- On June 27, 2024, Kane announced that it had made its first commercial-scale sale of revyve™ Antimicrobial Wound Gel product to ProgenaCare and that it had now completely fulfilled its obligation related to the
$500,000 USD initial manufacturing scale up fee received upon signing an exclusive distribution agreement for the US wound care market in May 2023, after receiving US FDA 510(k) clearance for revyve™ Antimicrobial Wound Gel. - On June 25, 2024, the Company announced that it had entered into a worldwide license agreement with I-MED Pharma Inc. for the DispersinB® technology. The DispersinB® enzyme will be used to enhance I-MED’s line of eye care products. The license agreement covers a period of five years and includes minimum annual royalties, which will start in 2025.
- On May 15, 2024, Kane Biotech announced its intent to commercialize the patented assay which is to be named the Schultz Biofilm Wound Map in honour of the late Dr. Greg Schultz, former Professor Emeritus at the University of Florida and Chief Science Officer of Kane. The Schultz Biofilm Wound Map is the first and only in vitro detection kit for biofilms in the wound bed, which shows their relative location taken from an imprint of the wound bed. Dr Schultz was the first inventor of a patented biofilm wound map for assessing and mapping microbes and microbial biofilms in wounds.
- On April 15, 2024, Kane Biotech announced that it had completed the sale of its interest in STEM to Dechra. The Transaction was completed by way of a share purchase agreement between Kane, STEM, Ecuphar NV and Dechra dated April 12, 2024. In accordance with the policies of the TSX Venture Exchange, the Transaction required the consent of shareholders of Kane holding over
50% of the common shares of Kane due to the fact that the Transaction constituted a sale of more than50% of Kane’s assets, business or undertaking. In connection with the completion of the Transaction, Kane obtained the written consent of shareholders of Kane holding more than50% of the common shares of Kane.
Conference Call
- Kane Biotech is pleased to invite all interested parties to participate in a conference call on Thursday, August 29, 2024 at 4:30pm ET to review the financial results and discuss business developments in the period.
- Participants can access the live webcast link as follows: Conference call with Q&A or conference call listen only mode. A webcast of the call will be available on the Company's website at kanebiotech.com under "News/Events" in the Investors section of the Kane Biotech website at ir.kanebiotech.com.
About Kane Biotech
Kane Biotech is a biotechnology company engaged in the research, development and commercialization of technologies and products that prevent and remove microbial biofilms. The Company has a portfolio of biotechnologies, intellectual property (68 patents and patents pending, trade secrets and trademarks) and products developed by the Company's own biofilm research expertise and acquired from leading research institutions. DispersinB®, Aledex™, coactiv+™, coactiv+®, DermaKB™, DermaKB Biofilm™, and revyve™ are trademarks of Kane Biotech Inc. The Company is listed on the TSX Venture Exchange under the symbol "KNE" and on the OTCQB Venture Market under the symbol “KNBIF”.
For more information:
| Marc Edwards | Ray Dupuis |
| Chief Executive Officer | Chief Financial Officer |
| Kane Biotech Inc | Kane Biotech Inc |
| medwards@kanebiotech.com | rdupuis@kanebiotech.com |
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.
Caution Regarding Forward-Looking Information
This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedar.com. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.
| KANE BIOTECH INC. | |||||||||||||||
| Selected Financial Results | |||||||||||||||
| Consolidated Statements of Comprehensive Income (Loss) | Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total revenue, continuing operations | $ | 620,437 | $ | 28,918 | $ | 672,323 | $ | 64,819 | |||||||
| Gross profit, continuing operations | 360,496 | 23,526 | 400,547 | 51,679 | |||||||||||
| Operating expenses, continuing operations | |||||||||||||||
| General and administration | 978,477 | 218,579 | 1,765,328 | 823,217 | |||||||||||
| Research | 484,920 | 55,917 | 926,222 | 356,202 | |||||||||||
| Total operating expenses, continuing operations | 1,463,397 | 274,496 | 2,691,550 | 1,179,419 | |||||||||||
| Loss prior to other expenses, continuing operations | (1,102,901 | ) | (250,970 | ) | (2,291,003 | ) | (1,127,740 | ) | |||||||
| Net other expenses, continuing operations | 113,095 | 430,887 | 418,779 | 668,081 | |||||||||||
| Loss and comprehensive loss for the period, continuing operations | $ | (1,215,996 | ) | $ | (681,857 | ) | $ | (2,709,782 | ) | $ | (1,795,821 | ) | |||
| Income (loss) and comprehensive income (loss) from discontinued operations | $ | 10,417,826 | $ | (286,048 | ) | $ | 10,564,787 | $ | (416,768 | ) | |||||
| Net income (loss) and comprehensive income (loss) | $ | 9,201,830 | $ | (967,905 | ) | $ | 7,855,005 | $ | (2,212,589 | ) | |||||
| Net income (loss) and comprehensive income (loss) attributable to shareholders | $ | 9,182,511 | $ | (872,537 | ) | $ | 7,786,690 | $ | (2,073,639 | ) | |||||
| Basic income (loss) per share for the period | $ | 0.07 | $ | (0.01 | ) | $ | 0.06 | $ | (0.02 | ) | |||||
| Weighted average shares outstanding - basic and diluted | 132,357,644 | 124,933,141 | 132,101,105 | 124,881,956 | |||||||||||
| Consolidated Statements of Financial Position | June 30, | December 31 | |||||||||||||
| 2024 | 2023 | ||||||||||||||
| Cash and cash equivalents | $ | 1,009,928 | $ | 749,248 | |||||||||||
| Other current assets | 1,333,029 | 502,164 | |||||||||||||
| Assets held-for-sale - current | - | 2,471,694 | |||||||||||||
| Non-current assets | 1,730,881 | 1,799,008 | |||||||||||||
| Assets held-for-sale - non-current | - | 158,805 | |||||||||||||
| Total assets | $ | 4,073,838 | $ | 5,680,919 | |||||||||||
| Current liabilities | $ | 2,844,398 | $ | 10,273,267 | |||||||||||
| Liabilities held-for-sale - current | - | 621,133 | |||||||||||||
| Non-current liabilities | 1,951,139 | 2,366,593 | |||||||||||||
| Liabilities held-for-sale - non-current | - | 829,318 | |||||||||||||
| Shareholders' deficit | (721,699 | ) | (8,409,392 | ) | |||||||||||
| Total liabilities and shareholders' equity | $ | 4,073,838 | $ | 5,680,919 | |||||||||||
FAQ
What was Kane Biotech's (KNBIF) net income for Q2 2024?
How much did Kane Biotech's (KNBIF) total revenue increase in Q2 2024?
What was the gain from the sale of STEM for Kane Biotech (KNBIF) in Q2 2024?
What recent regulatory approval did Kane Biotech (KNBIF) receive for its revyve™ Antimicrobial Wound Gel?
