Q2 2024 Kane Biotech Inc Earnings Call Transcript
Key Points
- Kane Biotech Inc (KNBIF) recorded a gain of $10.4 million from the sale of its 67% interest in STEM Animal Health.
- License and royalty income increased by 74% to $300,000 compared to the same period last year.
- Total revenue for the second quarter of 2024 increased by 23% to $810,000 compared to the same period in 2023.
- Gross profit for the second quarter of 2024 increased by 41% to $464,000 compared to the same period in 2023.
- The company obtained ISO 1345 medical device Single Audit Program certification, allowing for regulatory approval filings in Canada.
- Total operating expenses for the second quarter of 2024 increased by 76% to $1,520,000 compared to the same period in 2023.
- The increase in operating expenses was primarily due to noncash adjustments and expenditures related to manufacturing scale-up.
- Product and services revenue saw only a modest increase of 5% compared to the same period last year.
- The company is still awaiting regulatory approval for its revyve Antimicrobial Wound Gel in Canada.
- There is uncertainty regarding the timeline for the start of the acne proof-of-concept trial at the University of Miami.
Good afternoon, and thank you for standing by. Welcome to Kane Biotech second-quarter 2024 earnings conference call. (Operator Instructions) This conference is being recorded today, August 29, 2024. I would now like to turn the conference over to Ray Dupuis, Kane Biotech's, Chief Financial Officer. Please go ahead.
Thank you, operator. Good afternoon, and welcome, everyone to Kane Biotech's second-quarter 2024 earnings conference call. We were delighted to have you join us today. This call will cover Kane's financial and operating results, along with a discussion of some of our recent highlights and goals for the remainder of 2024 and beyond. Following our prepared remarks, we will open the conference call to question and answer session. Our call today will be led by Kane's Chief Executive Officer, Marc Edwards.
Before we begin our formal remarks, I would like to remind everyone that some of the statements on this conference call contain certain forward looking information and statements within
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