VANCOUVER, British Columbia, Aug. 28, 2025 (GLOBE NEWSWIRE) -- Rakovina Therapeutics Inc. ("Rakovina" or the "Company") (TSX-V: RKV) (FSE: 7JO0), a biopharmaceutical company advancing cancer therapies through AI-powered drug discovery, today announced its financial results for the three months ended June 30, 2025 ("Q2 2025"), and provided an update on recent corporate developments.
Q2 2025 Financial Highlights
- Reported a net loss of $2,916,944.
- Research and development (R&D) expenses were $1,611,985, reflecting continued advancement of AI-powered drug candidates.
- General and administrative (G&A) expenses were $1,213,489 including investor & public relations and exchange-related fees.
- Operating expense cash burn (non-IFRS measure) was approximately $2.65 million.
- Cash and cash equivalents as at June 30, 2025 were $1.88 million.
Recent Corporate Highlights
- Private Placement Financing: On June 6, 2025, the Company closed a non-brokered private placement of 7,110,300 equity units (71,103,000 pre-consolidation) for gross proceeds of approximately $3.56 million and a concurrent $1.35 million unsecured convertible debenture financing. Each unit consisted of one common share and one warrant exercisable at $1.00 post-consolidation ($0.10 pre-consolidation) for 24 months from the date of issuance.
- Reverse Share Consolidation: Effective June 24, 2025, the Company implemented a 1-for-10 share consolidation. Following the consolidation, there were 21,148,039 common shares issued and outstanding as at June 30, 2025.
- Convertible Debentures: During Q2, the Company recorded accretion expense of $38,817 and issued shares for accrued interest in accordance with the debenture terms.
Subsequent Events
- On June 30, 2025, the Company announced its intention to amend certain outstanding warrants and unsecured convertible debentures with an aggregate principal amount of $1.45 million. Amendments remain subject to TSXV approval.
- On July 24, 2025, the Company announced a warrant exercise incentive program to encourage early exercise of certain outstanding warrants.
- On July 29, 2025, the Company granted 540,000 stock options post-consolidation to consultants, employees, officers, and directors, exercisable at $0.70 per share with a vesting period of six months over three years.
Selected Financial Results for Q2 2025:
| June 30, 2025 $ | Dec 31, 2024 $ | ||||
| Cash and Cash Equivalents | 1,882,886 | 1,312,743 | |||
| Working Capital | 622,851 | 321,442 | |||
| Intangible Assets | 3,711,622 | 3,977,473 | |||
| Total Assets | 6,554,120 | 6,240,920 | |||
| Total Liabilities | 3,338,110 | 1,942,005 | |||
| Deficit | (20,076,327 | ) | (14,997,929 | ) | |
Statement of Loss and Comprehensive Loss - Q2 Three months ended June 30
| June 30, 2025 $ | June 30, 2024 $ | |||
| Research & Development | 1,611,985 | 479,785 | ||
| General and Administrative | 1,213,489 | 276,183 | ||
| Net loss and comprehensive loss | (2,916,944 | ) | (820,720 | ) |
| Basic and diluted loss per share | (0.18 | ) | (0.12 | ) |
| Operating expense cash burn* | 2,653,997 | 584,535 | ||
| Weighted average shares outstanding | 15,909,657 (post) | 7,070,929 (post) | ||
"Operating expense cash burn" = R&D + G&A less non-cash items. This is a non-IFRS measure without a standardized meaning under IFRS.
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
