• |
Announced completion of patient enrollment in the Phase 3 STRIVE-ON safety trial.
|
• |
We anticipate a data readout from the STRIVE-ON trial in the first calendar quarter of 2025.
|
• |
NDA submission to the FDA is anticipated in the first half of calendar year 2025.
|
• |
Completion of the Company’s redomicile to the State of Delaware, which was approved by the Company’s shareholders at the Company’s Annual and Special Meeting of
Shareholders held on September 30, 2024.
|
• |
Change of the Company’s corporate name to Grace Therapeutics, Inc. The Company’s common stock commenced trading under the trading symbol “GRCE” on Nasdaq effective October
28, 2024.
|
September 30,
2024
|
March 31,
2024
|
|||||||
(Expressed in thousands except share data)
|
|
$ |
|
$ | ||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
15,155
|
23,005
|
||||||
Short-term investments
|
15
|
—
|
||||||
Receivables
|
415
|
722
|
||||||
Prepaid expenses
|
477
|
283
|
||||||
Total current assets
|
16,062
|
24,010
|
||||||
Equipment, net
|
21
|
24
|
||||||
Intangible assets
|
41,128
|
41,128
|
||||||
Goodwill
|
8,138
|
8,138
|
||||||
Total assets
|
65,349
|
73,300
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities:
|
||||||||
Trade and other payables
|
2,674
|
1,684
|
||||||
Total current liabilities
|
2,674
|
1,684
|
||||||
Derivative warrant liabilities
|
2,603
|
4,359
|
||||||
Deferred tax liability
|
3,938
|
5,514
|
||||||
Total liabilities
|
9,215
|
11,557
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity:
|
||||||||
Class A common shares, no par value per share; unlimited shares authorized; 10,139,861 and 9,399,404 shares
issued and outstanding as of September 30, 2024 and March 31, 2024, respectively
|
261,038
|
261,038
|
||||||
Class B, C, D and E common shares, no par value per share; unlimited shares authorized; none issued and outstanding
|
—
|
—
|
||||||
Additional paid-in capital
|
18,302
|
17,862
|
||||||
Accumulated other comprehensive loss
|
(6,038
|
)
|
(6,038
|
)
|
||||
Accumulated deficit
|
(217,168
|
)
|
(211,119
|
)
|
||||
Total shareholders’ equity
|
56,134
|
61,743
|
||||||
Total liabilities and shareholders’ equity
|
65,349
|
73,300
|
Three months ended
|
Six months ended
|
|||||||||||||||
September 30,
2024
|
September 30,
2023
|
September 30,
2024
|
September 30,
2023
|
|||||||||||||
(Expressed in thousands, except share and per share data)
|
$ |
|
$ | $ | $ | |||||||||||
Operating expenses
|
||||||||||||||||
Research and development expenses, net of government assistance
|
(2,976
|
)
|
(460
|
)
|
(5,684
|
)
|
(1,555
|
)
|
||||||||
General and administrative
|
(1,855
|
)
|
(1,632
|
)
|
(4,109
|
)
|
(3,506
|
)
|
||||||||
Restructuring cost
|
—
|
—
|
—
|
(1,485
|
)
|
|||||||||||
Loss from operating activities
|
(4,831
|
)
|
(2,092
|
)
|
(9,793
|
)
|
(6,546
|
)
|
||||||||
Foreign exchange gain (loss)
|
13
|
(13
|
)
|
5
|
(5
|
)
|
||||||||||
Change in fair value of derivative warrant liabilities
|
362
|
(1,826
|
)
|
1,756
|
(1,826
|
)
|
||||||||||
Interest and other income, net
|
172
|
212
|
407
|
346
|
||||||||||||
Total other income (expenses), net
|
547
|
(1,627
|
)
|
2,168
|
(1,485
|
)
|
||||||||||
Loss before income tax benefit
|
(4,284
|
)
|
(3,719
|
)
|
(7,625
|
)
|
(8,031
|
)
|
||||||||
Income tax benefit
|
852
|
446
|
1,576
|
735
|
||||||||||||
Net loss and total comprehensive loss
|
(3,432
|
)
|
(3,273
|
)
|
(6,049
|
)
|
(7,296
|
)
|
||||||||
Basic and diluted loss per share
|
(0.30
|
)
|
(0.43
|
)
|
(0.53
|
)
|
(0.97
|
)
|
||||||||
Weighted average number of shares outstanding
|
11,506,234
|
7,552,677
|
11,506,234
|
7,494,425
|