Theralase Technologies (TLT) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, decreased 5% year-over-year to $590,573, with cost of sales down 10% to $299,743, resulting in a stable gross margin of $290,830.

• Net loss increased 3% year-over-year to $3,435,145, including $708,521 in non-cash charges such as amortization and stock-based compensation.

• Operationally, 88 out of 90 targeted patients have been treated in Study II, with interim results showing a 64.3% complete response rate and 40% maintaining complete response at 450 days.

Financial highlights

• Total revenue declined 5% year-over-year to $590,573, with Canadian sales up 11% but U.S. and international sales down 64% and 89%, respectively.

• Cost of sales decreased 10% to $299,743, representing 51% of revenue.

• Gross margin remained nearly flat at $290,830, or 49% of revenue.

• Selling expenses fell 18% to $212,421, while administrative expenses rose 12% to $1,444,687.

• Research and development expenses increased 1% to $2,116,540, supporting Study II progress.

Outlook and guidance

• Enrollment for Study II is expected to complete in 4Q2025, with data lock and regulatory submissions targeted for 1Q2027.

• The company continues to seek additional equity and non-dilutive funding to support clinical and commercial milestones.