Theralase Technologies (TLT) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2025, increased 12% year-over-year to $310,933, driven by higher Canadian sales, while US and international sales declined significantly.

• Net loss for the period was $2,423,234, slightly higher than the $2,400,461 loss in the prior year, with the Drug Division accounting for 79% of the loss.

• The company continues to invest heavily in R&D, particularly in its Drug Division, advancing late-stage clinical trials for Ruvidar® in bladder cancer and preclinical programs for other oncology indications.

• Material uncertainties exist regarding the company's ability to continue as a going concern, with ongoing reliance on external financing and negative working capital.

Financial highlights

• Gross margin improved to 42% of revenue (up from 33% in 2024), as cost of sales decreased to 58% of revenue.

• Operating expenses totaled $2,594,791, with R&D representing 57% of total operating costs.

• Cash and cash equivalents at June 30, 2025, were $46,325, down from $268,757 at year-end 2024.

• Shareholders’ equity declined to $1,276,397 from $2,067,448 at December 31, 2024.

• Net investment in leases was $1,359,590, with 88 active contracts and timely payments.

Outlook and guidance

• Management plans to complete full enrollment of 90 patients in the Phase II bladder cancer study by Q3 2025, with final data and regulatory submissions targeted for 2026.

• The company is actively seeking additional financing and exploring strategic partnerships for commercialization.

• Ongoing R&D will focus on expanding the oncology pipeline, including clinical translation of Rutherrin® for multiple cancer indications.