VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. (TSX-V: RKV) (FSE: 7JO) ("Rakovina" or the "Company"), a biopharmaceutical company advancing novel DNA-damage response (DDR) cancer therapies powered by artificial intelligence (AI), announced its financial results for the first quarter ended March 31, 2025 ("Q1 2025"), and provided an update on recent corporate developments.
Q1 2025 Financial Highlights
- Reported a net loss of $2,179,823, in line with Company expectations.
- Research and development (R&D) expenses totaled $855,594, reflecting continued advancement of AI-powered drug candidates.
- General and administrative expenses were $1,224,752, including investor relations and exchange-related fees.
- Net cash used in operating activities was $1,236,924 for the three-month period ended March 31, 2025.
Recent Corporate Highlights
- On May 28, 2025, the Company announced that certain debenture holders elected to receive common shares in lieu of cash for a portion of the May 29, 2025 interest payment, preserving cash resources while fulfilling obligations under its convertible debenture terms.
- On May 15, 2025, we announced a strategic private placement, convertible debt financing and share consolidation of approximately $4 million. The Offering consists of (i) units for aggregate gross proceeds of approximately $1.1 million and equity units of approximately $2.9 million. The offering is anchored by a $3 million lead order from a strategic investor. In addition to the Offering, we also announced that we will seek TSX Venture Exchange approval for a 10-for-1 share consolidation. Following the offering and expected to have approximately 20 million shares outstanding.
- On May 5, 2025, we announced the appointment of Dr. David Kideckel as Chief Financial Officer, subject to receiving approval from the TSX Venture Exchange. The Company also announced that David Hyman would be stepping down from his role as Chief Financial Officer to pursue new opportunities but would remain in a consulting/advising capacity to Rakovina.
- On April 28 and 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 April 29, 2025, the Company 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 March 12, 2025, the Company announced that it has received the first synthesized batch of AI-generated ATR inhibitor compounds developed in collaboration with Variational AI.
- On January 30, 2025, the Company announced the listing of its common shares the Frankfurt Stock Exchange (FSE) under the ticker symbol "7J0".
| Selected Financial Results for Q1 2025 | $ | ||||||
| Cash and cash equivalents | 75,819 | ||||||
| Working Capital | (1,453,515 | ) | |||||
| Intangible assets | 3,845,282 | ||||||
| Total assets | 4,778,146 | ||||||
| Total liabilities | 2,386,379 | ||||||
| Deficit | (17,177,752 | ) | |||||
| Q1 2025 | Q1 2024 | ||||||
| Selected information from Statements of Comprehensive Loss and Cashflows | $ | $ | |||||
| Research & Development | 885,594 | 438,983 | |||||
| General & Administrative | 1,224,752 | 251,090 | |||||
| Net loss and comprehensive loss | (2,179,823 | ) | (752,383 | ) | |||
| Change in cash and cash equivalents | (1,236,924 | ) | (259,125 | ) | |||
| Based & diluted income (loss) per share | (0.02 | ) | (0.01 | ) | |||
| Weighted average shares outstanding (in number of shares) | 140,772,575 | 70,084,925 | |||||
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
778-773-543
