Q2 2024 Theralase Technologies Inc Earnings Call Transcript
Key Points
- Theralase Technologies Inc (TLTFF) reported a 6% year-over-year reduction in net loss, primarily due to decreased spending on research and development expenses.
- The company successfully completed multiple financings, raising a total of approximately $2.725 million in the first half of 2024.
- The Phase two bladder cancer clinical study showed promising results, with 63% of patients demonstrating a complete response at any point in time.
- The company has made significant progress in patient enrollment for the Phase two bladder cancer clinical study, with 72 patients enrolled to date.
- Theralase Technologies Inc (TLTFF) has demonstrated the ability to activate its lead drug formulation with metformin, potentially allowing for more flexible and less invasive treatment options.
- Total revenue decreased by 30.5% year-over-year, indicating a significant decline in sales performance.
- Gross margin decreased from 47% to 33% year-over-year, primarily due to increased material costs.
- Net research and development expenses for the device division increased by 225%, reflecting higher costs associated with new software development.
- The company faces significant financial challenges, needing to raise approximately $10 million to become shelf-eligible for a $100 million base shelf prospectus.
- Theralase Technologies Inc (TLTFF) reported 14 serious adverse events (SAEs) in its clinical studies, although none were directly related to the study drug or device.
Good morning, everyone. My name is Matthew Perraton, and I will be hosting the Theralase Technologies Inc., quarterly investor conference call today. Today's call will focus on a presentation and discussion of the Company's second quarter 2024 interim financial statements and our Phase two bladder cancer clinical study results, followed by a question and answer period for each.
The agenda for the call today will be first a presentation by Kristina Hachey, Chief Financial Officer of Theralase on the second quarter interim financial statements, followed by a question-and-answer period regarding the results. Second, once the review of the financial statements has been completed. RRoger Dumoulin-White, President and Chief Executive Officer of Theralase, will provide us an update on the Phase two bladder cancer clinical study also followed by a question-and-answer period regarding the results.
Before we begin, I would like to remind everyone that today's presentation may contain forward-looking statements
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