Theralase Releases 3Q2024 Financial Overview

Theralase Technologies Inc., a company focused on cancer treatment through light-activated technology, has published its financial statements for the nine-month period ending September 30, 2024. Notably, total revenue dropped by 12%, but gross margin saw a slight boost due to improved third-quarter sales. While selling expenses rose by 33% owing to increased investment in salaries and advertising, administrative costs fell by 11% through cuts in general expenses and stock-based compensation.

Additionally, research and development costs in the Drug Division decreased by 13%, while those in the Device Division spiked 297% due to a new software initiative. The overall net loss reduced to $3.34 million, compared to $3.58 million the previous year.

Theralase also completed multiple private placements totaling over $3.935 million, bolstering their financial position for future endeavors. Study II, focused on a bladder cancer treatment, showed a 61.9% complete response rate among participants, highlighting significant clinical progress.