Victory Square Technologies Inc. reports portfolio and capital-allocation developments for a venture builder focused on healthcare infrastructure, digital health, artificial intelligence and emerging technology platforms. Recurring updates cover operating and financial results, platform scaling, normal course issuer bid activity and the progress of portfolio companies.
Company news frequently centers on Hydreight and VSDHOne, including compliant patient access, prescribing, pharmacy fulfillment and healthcare delivery across categories such as GLP-1 therapies, peptides, hormone optimization, diagnostics and wellness programs. Other portfolio themes include Insu Therapeutics' peptide delivery work and Pawsible Ventures' activity in pet wellness, AI and health technology.
Hydreight Technologies (HYDTF) announced that investment partner Insu Therapeutics received a U.S. patent allowance covering its buccal peptide-delivery technology.
The Notice of Allowance supports technology behind InsuTab, an investigational insulin formulation, and BuccaGLP, an investigational semaglutide formulation. Both are being developed to deliver medicines through the mouth's lining. Hydreight previously completed a C$300,000 investment in Insu and obtained U.S. distribution rights for peptide medicines incorporating the technology. Insu holds an exclusive worldwide technology licence from the University of British Columbia. Final issued claims will determine patent protection. Hydreight's distribution opportunity depends on successful development and regulatory approvals; any introduction would also require product-specific prescribing, pharmacy and operational arrangements.
Victory Square Technologies (VSQTF) announced that portfolio company Insu Therapeutics received a U.S. patent allowance for its peptide-delivery technology. The application covers delivery through the mouth’s lining, supporting InsuTab, an investigational insulin formulation, and BuccaGLP, an investigational semaglutide formulation. It has cleared substantive examination; issuance still requires an issue-fee payment and remaining formalities. Protection will depend on the final issued claims.
Insu holds an exclusive worldwide UBC licence to develop, commercialize and sublicense the technology. Hydreight previously invested C$300,000 in Insu and disclosed exclusive U.S. distribution rights, subject to successful development and regulatory approvals. Insu has completed laboratory, cell-culture and rat proof-of-concept studies for buccal insulin. Neither candidate is approved for commercial sale; patent allowance is not regulatory approval.
Victory Square Technologies (VSQTF) ranked No. 58 overall on The Globe and Mail's 2026 Canada's Top Growing Companies list. Revenue grew 497% from 2022 to 2025. The company placed second among 24 publicly traded companies, based on its review of the published ranking.
Beyond the ranking period, first-half 2026 consolidated revenue reached C$53.0 million, up approximately 434% from C$9.9 million a year earlier. Gross profit rose to C$10.5 million from C$3.4 million. Cash was C$20.2 million and working capital was C$34.5 million at June 30, 2026. Hydreight, its largest operating subsidiary, primarily drove revenue growth.
Insu Therapeutics is developing peptide drug delivery and requires clinical validation and applicable regulatory approvals before commercialization. Pet-health platform Pawsible announced an inaugural eight-company cohort in April 2026. A portfolio update webinar is scheduled for October 8, 2026.
Victory Square Technologies (OTCQX: VSQTF) reported Q2 2026 revenue of $28.0 million, up about 421% year-over-year, with net income of $2.5 million. For the first half of 2026, revenue reached $53.0 million (up ~434%) and net income was $6.5 million, versus a small loss in 2025.
As of June 30, 2026, the company reported $20.2 million in cash and $34.5 million in working capital. Growth was primarily driven by subsidiary Hydreight Technologies, which generated the same Q2 and first-half revenue and net income figures, expanded its U.S. healthcare infrastructure network, and ended Q2 with $20.0 million in cash and $35.1 million in working capital.
Hydreight’s pharmacy-led revenue mix lowered its Q2 gross margin to 19.4% from 35.9%. Victory Square also highlighted progress at Insu Therapeutics, which completed Phase I preclinical studies and obtained ethics approval for Phase II, and at Pawsible Ventures, which launched a $10 million pet-health venture fund and incubator.
Hydreight Technologies (OTCQB: HYDTF, CSE: NURS) reported record Q2 2026 GAAP revenue of $28.0 million, up 421% from $5.4 million in Q2 2025, with Adjusted Revenue of $30.2 million. Gross profit was $5.4 million (up 182%), net income $2.5 million and Adjusted EBITDA $3.2 million.
Sequentially, revenue grew about 12.5% and gross profit about 7% versus Q1 2026. For the first half of 2026, revenue reached $53.0 million (up 434% year-over-year), net income $5.1 million and Adjusted EBITDA about $6.5 million. Virtual healthcare/direct-to-consumer revenue was approximately $22.8 million in Q2 and $42.7 million year‑to‑date, while pharmacy product sales were about $26.2 million in Q2.
Hydreight ended Q2 with $20.0 million in cash and $35.0 million in working capital and reaffirmed its 2026 revenue guidance of approximately $150 million.
Hydreight Technologies (OTCQB: HYDTF, TSXV: NURS) will release its Q2 2026 financial results after market close on Monday, August 31, 2026. Management will host an investor webcast and conference call on Tuesday, September 1, 2026 at 6:00 a.m. PT / 9:00 a.m. ET, featuring prepared remarks and live Q&A with research analysts.
CEO Shane Madden will lead discussion on business operations, VSDHOne platform growth, onboarding momentum, operating leverage, expansion into new healthcare verticals, pharmacy financing initiatives, and the company’s broader 2026 growth strategy. A replay of the webcast will be available after the event.
Victory Square (OTCQX: VSQTF) updated shareholders on its healthcare portfolio following Hydreight Technologies’ July 29, 2026 disclosure about FDA Pharmacy Compounding Advisory Committee recommendations on certain peptide-related bulk drug substances. The committee advised adding six peptides, including BPC-157 and TB-500, to the Section 503A Bulks List, but not Emideltide (DSIP); these recommendations are non-binding and are not FDA approvals.
Victory Square holds about 44.5% of Hydreight, whose U.S. digital healthcare platform spans all 50 states with more than 12,000 VSDHOne licenses sold, 300+ physicians, 3,000+ nurses and over 45 physician-supervised treatments, including peptide-based and GLP-1 therapies. The company also highlighted Insu Therapeutics’ buccal peptide/biologic delivery platform under development and its Pawsible companion animal health initiative, and reminded investors of an Insu-focused shareholder webinar on August 5, 2026.
Hydreight Technologies (OTCQB: HYDTF) provided a business update on its peptide healthcare platform following the July 23–24, 2026 meeting of the FDA’s Pharmacy Compounding Advisory Committee (PCAC). The committee recommended six peptide-related bulk drug substances (BPC-157, KPV, TB-500, MOTS-c, Semax, Epitalon) for potential inclusion on the Section 503A Bulks List, a step that is advisory only and does not constitute FDA approval.
According to Hydreight, peptide-based therapies are already a significant part of its physician-supervised, nationwide platform, which supports GLP-1 therapies, Sermorelin, Ipamorelin and other personalized treatments. The company reports more than 12,000 VSDHOne licenses sold (vs. approximately 3,000 at the end of 2025), a network of 300+ licensed physicians, over 3,000 licensed nurses, a pharmacy network covering all 50 U.S. states and more than 45 physician-supervised treatment offerings. Hydreight also highlights prior investments in clinical protocols, pharmacy relationships, proprietary technology and a strategic investment in Insu Therapeutics, stating these were driven by its long-term personalized medicine strategy rather than the recent PCAC recommendations.
Victory Square (OTCQX:VSQTF) reported strong Q1 2026 results, with revenue up to $24.9 million from $4.5 million in Q1 2025 and net income of $3.9 million. Cash and marketable securities reached about $31 million, enhancing liquidity.
Results were mainly driven by Hydreight Technologies, which grew its VSDHOne platform to over 12,000 licenses, completed a $15 million financing, and launched an NCIB. Insu completed Phase I preclinical studies for buccal semaglutide and secured approval to start Phase II. Pawsible Ventures launched a pet-health platform, $10 million fund, and its inaugural cohort.
Hydreight (VSQTF) reported record Q1 2026 revenue of $24.9M, up 449% year-over-year, and non-GAAP Adjusted Revenue of $27.6M. Adjusted EBITDA reached about $3.3M with a 13.1% margin, and net income was $2.6M.
Hydreight ended the quarter with $24.2M in cash, $32.0M in working capital, and $36.4M in shareholders' equity. The platform now spans all 50 U.S. states with over 12,000 VSDHOne licenses sold and expanding pharmacy and strategic healthcare partnerships.