Kane Biotech Announces Second Quarter 2025 Financial Results

WINNIPEG, Manitoba, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Kane Biotech Inc. (TSXV:KNE) ("Kane Biotech", "Kane" or the "Company") today announced its second quarter 2025 financial results.

Second Quarter 2025 Financial Highlights (Comparatives exclude discontinued STEM Animal Health "STEM" Operations):

Total revenue for the three months ended June 30, 2025 was $27,997 compared to $620,437 in the three months ended June 30, 2024. Almost all revenue recorded in the comparative quarter was related to the Company's animal health business that was sold in the second quarter of 2024.

Gross profit (loss) for the second quarter of 2025 was $(45,526), compared to a gross profit of $360,490 for the second quarter of 2024.

Total operating expenses for the three months ended June 30, 2025 were $229,930 compared to $1,463,397 for the three months ended June 30, 2024. The reduction in operating expenses is due primarily to a reduction in staff, a reversal of accrued bonuses, expense recovery associated with previously awarded restricted share units and a one-time adjustment to legal expenses in the current period as well as contract research expenditures related to the Company's revyve® Antimicrobial Wound Gel product development that were incurred in the comparative period.

Net loss for the second quarter of 2025 was $(348,541) compared to a net loss of $(1,215,996) for the quarter ended June 30, 2024.

Kane Biotech's June 30, 2025 Financial Statements and the Management Discussion and Analysis with regards thereto are now available on SEDAR+ and the Company's website.

Corporate Update:

At its Annual and Special Meeting of Shareholders held on June 25, 2025, three new directors, Ms. Anne Greven, Mr. Shameze Rampertab and Dr. David Kideckel, were elected along with the reelection of three existing directors, Mr. Philip Renaud, Dr. John Coleman and Dr. Robert Huizinga, to the board of directors. Biographies of all directors are available on Kane's website.

On August 27, 2025, the Board of Directors appointed Mr. Rampertab as Chair of the Audit and Compensation Committee and ...