- Kane Biotech press release (OTCQB:KNBIF): Q2 GAAP EPS of -$0.01.
- Revenue of $0.84M (+200.0% Y/Y).
- Cash at June 30, 2022 was $2.5 million.
- Gross profit for the second quarter of 2022 was $639,215, an increase of 665% compared to $83,584 for the quarter ended June 30, 2021.
- Total operating expenses for the three months ended June 30, 2022 were $1,361,306, an increase of 25% compared to $1,090,396 for the three months ended June 30, 2021. This increase is due mainly to lower government assistance and higher non-funded research expenditures related to the Company’s coactiv Antimicrobial Hydrogel and DispersinB Hydrogel programs in the current period.
- Loss for the second quarter of 2021 was ($794,595), a decrease of 26% compared to ($988,889) for the quarter ended June 30, 2021.
Recent Corporate Developments: On June 15, 2022, the Company announced that it has further amended its credit agreement with Pivot Financial Inc. maturing on August 31, 2022. The amendment dated June 13, 2022 extends the maturity to January 31, 2023 and increases the credit facility to $4 million with approximately $1.8 million of new capital provided in Q2 2022.