BREAKING NEWS
Lexaria Bioscience (NASDAQ: LEXX) Unveils Q3 2024 Financial Results and GLP-1 Study Program Roadmap
Victoria, BC, Canada – November 22, 2024 – Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in delivery technologies, today released its Q3 2024 financial results, reporting significant advancements in its flagship clinical program for treating type-2 diabetes.
Financial Highlights
- Revenue of $1.35 million, a 25% increase over Q2 2024 and 175% year-over-year growth
- Operating expenses of $2.15 million, driven by increased investment in the Company’s pipeline and clinical development programs
- Cash and cash equivalents of $10.2 million at quarter-end, providing a solid foundation for continued growth and expansion
"We’re pleased to report another strong quarter for Lexaria, marked by continued execution on our strategic priorities," said Chris Bunka, Chief Executive Officer. "Our financial performance underscores the growing momentum behind our company, as we advance our pipeline of potential treatments for significant unmet medical needs."
GLP-1 Study Program Roadmap
As a key highlight, the Company disclosed its roadmap for the GLP-1 study program, which includes a pivotal Phase 3 clinical trial assessing the efficacy and safety of LXG15603, a novel oral cannabinoid-based treatment, for the management of type-2 diabetes. Key milestones include:
- Phase 1 clinical trial completion (June 2024)
- Initiation of a Phase 2 clinical trial in mid-2024
- Target initiation of a Phase 3 clinical trial in early 2025
- Planned Phase 3 clinical trial completion (H2 2025)
This cutting-edge program leverages Lexaria’s proprietary DehydraTECH technology to potentially unlock the therapeutic potential of cannabinoids, which have shown promise in addressing certain diabetes-related symptoms.
"Moving forward, we’re well-positioned to deliver on the GLP-1 study program roadmap, which we believe has the potential to drive meaningful value creation for our shareholders and transform the treatment landscape for type-2 diabetes patients," added Bunka.
Investor Call Details
A conference call for investors, analysts, and media will take place on November 22, 2024 at 4:30 PM ET. A webcast link and call details can be found on the Company’s website: www.lexariabioscience.com.
Forward-Looking Statements
The foregoing may contain forward-looking statements, including the Company’s expectations, assumptions, estimates, and projections. Words like "anticipate," "believe," "could," "expect," "estimate," "intend," "may," "plan," "will," and similar expressions, and statements regarding the Company’s focus and goals, are intended to identify forward-looking statements. The statements reflect the Company’s current views, which are based on its experience, expectations, estimates, and assumptions. The forward-looking statements are subject to numerous factors, risks, and uncertainties that may cause the Company’s actual results to be significantly different from those expressed or implied by the statements. The Company undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements are provided to give you a glimpse of management’s vision, but should not be used as the sole basis for investing or other purposes.
About Lexaria Bioscience
Lexaria Bioscience Corp. is a global innovator in delivery technologies, with a patented drug delivery platform that increases bioavailability and reduces side effects, enabling more effective, yet safer, oral administration of medicines, particularly cannabinoids. The Company has commercialized its technology for human oral consumption, with a focus on pharmaceutical and nutraceutical applications. Additional information is available at www.lexariabioscience.com.
Media Contact
Christina Frew
Manager, Investor Relations
Email: christina.frew@lexariabioscience.com
Phone: +1-250-480-1137
Investor Contact
Kevin Good
Investor Relations
Email: kevin.good@lexariabioscience.com
Phone: +1-250-480-1137
Lexaria Bioscience aims to address worldwide diabetes and obesity, targeting a significant market advantage.
This news matters as it showcases Lexaria's financial growth and its commitment to addressing significant health issues like diabetes and obesity, potentially impacting the lives of millions.
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