VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV) (FSE: 7JO), a biopharmaceutical company advancing next-generation cancer therapies through artificial intelligence (AI)-powered drug discovery announced the financial results for its fourth quarter and fiscal year ending December 31, 2024 and provided a corporate update.
2024 Highlights and Recent Developments
- On April 29, 2025, we announced the intention to appoint Yevgeniy Meshcherekov and David Kideckel to the Company's board of directors, subject to receiving approval from the TSX Venture Exchange. The Company also announces that Michael Liggett has retired from the Board. Subject to TSXV approval, Mr. Meshcherekov will replace Mr. Liggett as the chair of the audit committee of the Board
- On April 28 & 29, 2025, we presented pre-clinical data related to the development of our kt-2000 and kt-5000 programs at the American Association of Cancer Research (AACR) annual meeting. These data demonstrate that select candidates derived from our AI collaborations may meet our target product profile for a PARP-1 selective lead candidate (kt-2000) and for an ATR-inhibitor (kt-5000).
- On March 12, 2025, we announced that we had received the first synthesized batch of AI-generated ATR inhibitor compounds developed in collaboration with Variational AI.
- On January 30, 2025, we announced the listing of common shares on the Frankfurt Stock Exchange (FSE) under the ticker symbol "7J0".
- On January 13, 2025, we announced the successful achievement of a shortlist of AI-generated molecules targeting ATR (Ataxia Telangiectasia and Rad3-related protein) with specific designs for central nervous system (CNS) penetration.
- On January 6, 2025, we announced the receipt of initial synthesized drug candidates: AI-generated PARP-inhibitor compounds for in vitro and in vivo validation in our laboratories.
- On December 13, 2024, we announced the closing of an oversubscribed $3.0 million private placement offering (the "Private Placement"). The Private Placement consists of 50,000,000 units (the "Units") at a price of $0.06 per Unit. Each Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to subscribe for and purchase one Common Share of the Company for a period of 24 months from the date of issue at a price of $0.10 per Common Share. Rakovina retains the right to accelerate the Warrant exercise period if, upon written notice to the holder, the 20-day volume-weighted average price of its Common Shares exceeds $0.30.
- On November 22, 2024, we delivered a poster presentation highlighting initial results of our Deep Docking and generative Artificial Intelligence (AI) PARP-inhibitor program at the Neuro-Oncology Annual Meeting in Houston, Texas.
- On October 25, 2024, we presented our research on kt-3283, our lead small-molecule bifunctional inhibitor of PARP and HDAC enzymes at the 36th EORTC-NCI-AARC Symposium in Barcelona, Spain.
- On October 23, 2024, we announced the receipt of initial results from the Company's Deep Docking AI partnership following the evaluation of billions of molecular structures. This process resulted in a short-list of drug candidates that have been optimized to a specific target-product profile.
- On September 17, 2024, we announced a research collaboration with Variational AI to employ the proprietary Enki AI platform to identify and develop novel small-molecule therapies against select DDR kinase targets for the treatment of cancer.
- On July 26, 2024, we announced the final closing of an over-subscribed non-brokered private placement financing of units priced at $0.10 per unit with each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.20 per warrant and a term of three years for gross proceeds to the Company of $2 million (the "2024 Private Placement"). Each Warrant entitles the holder thereof to subscribe for and purchase one Common Share at a purchase price of $0.20 for a period of three years from the date of issuance. If the closing price for the Common Shares on the TSX Venture Exchange is $0.25 or greater for five consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants, upon written notice to the holder, to the date that is 30 days following such notice.
- On May 8, 2024, we announced the expansion of our collaborations with the University of British Columbia ("UBC") and our medicinal chemistry partner, Pharma Inventor Inc. to support the Company's AI drug discovery initiatives.
- On March 27, 2024, we announced a collaboration agreement with Dr. Artem Cherkasov granting Rakovina exclusive access to the proprietary Deep Docking AI Platform for DNA-damage response targets. We are using the Deep Docking platform to quickly analyze billions of molecular structures to evaluate their potential as targeted cancer drugs.
Summary Financial Results for the fourth quarter and year ended December 31, 2024
At December 31, 2024, the Company had positive working capital of approximately $321,442.
For the three- and twelve-months ending December 31, 2024, the Company reported a net loss of $1,483,988 and $4,072,618, respectively. Research and development operating expenses were $744,533 and $2,341,600 for the three and twelve months ended December 31, 2024, respectively. General and administrative expenses were $650,268 and $1,446,451 for the three- and twelve-months ending December 31, 2024, respectively. Total cash operating expenses related to research and development and general and administrative expenses for the three and twelve months ended December 31, 2024, were $3,165,554 and $1,243,517 respectively.
| Selected Financial Information | As at December 31, 2024 $ | ||
| Cash & cash equivalents | 1,312,743 | ||
| Working capital | 321,442 | ||
| Intangible assets | 3,977,473 | ||
| Total Assets | 6,240,920 | ||
| Total liabilities | 1,942,005 | ||
| Deficit | (14,997,929 | ) | |
| Total equity | 4,298,915 |
| Statements of net loss and comprehensive loss data: | For the three months ended December 31, 2024 $ | For the year ended December 31, 2024 $ | ||
| Research & Development | 744,533 | 2,341,600 | ||
| General and administrative | 650,268 | 1,446,451 | ||
| Net loss and comprehensive loss | (1,483,988 | ) | (2,612,925 | ) |
| Basic and diluted income (loss) per share | (0.01 | ) | (0.05 | ) |
| Operating cash burn | 1,243,517 | 3,165,554 | ||
| Weighted average shares outstanding | 100,089,471 | 82,549,477 |
Rakovina Therapeutics' financial statements as filed with SEDAR can be accessed from the Company's website at: https://www.rakovinatherapeutics.com/corporate-profile/
About Rakovina Therapeutics Inc.
Rakovina Therapeutics is a biopharmaceutical research company focused on the development of innovative cancer treatments. Our work is based on unique technologies for targeting the DNA-damage response powered by Artificial Intelligence (AI) using the proprietary Deep-Docking and Enki platforms. By using AI, we can review and optimize drug candidates at a much greater pace than ever before.
The Company has established a pipeline of distinctive DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials in collaboration with pharmaceutical partners.
Further information may be found at www.rakovinatherapeutics.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Rakovina Therapeutics Forward-Looking Statements:
This release includes forward-looking statements regarding the company and its respective business, which may include, but is not limited to, statements with respect to the proposed business plan of the company and other statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "is expected," "expects," "scheduled," "intends," "contemplates," "anticipates," "believes," "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events, or results "may," "could," "would," "might," or "will" be taken, occur, or be achieved. Such statements are based on the current expectations of the management of the company. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company, including risks regarding the medical device industry, economic factors, regulatory factors, the equity markets generally, and risks associated with growth and competition.
Although the company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated, or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made, and the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The reader is referred to the company's most recent filings on SEDAR for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the company's profile page at www.sedar.com.
For Further Information Contact:
Michelle Seltenrich, BSc MBA
Director, Corporate Development
IR@rakovinatherapeutics.com
778-773-5432
