QUÉBEC CITY, June 26, 2025–(BUSINESS WIRE)–Devonian Health Group Inc. (“Devonian” or the “Company“) (TSXV: GSD; OTCQB: DVHGF), today announced financial results for its third quarter ended on April 30, 2025.
Management Comments
“The operating cash flows generated by Altius revenues continued to support the development progress of Thykamine™, our lead product candidate, While our distribution agreement for DEXLANSOPRAZOLE has now ended, our liquidity has enabled us to continue creating value by advancing our Thykamine™ development program,” said Dr André Boulet, Chief Executive Officer of the Company.
Business Highlights
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Completed preclinical studies designed to demonstrate new potential applications of Thykamine™ across even more inflammatory diseases, including MASH and fibrosis.
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Appointment of Dr Andre Boulet as Chief Executive Officer
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Appointment of Luc Gregoire as Executive Vice-President Strategy
Financial Highlights
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Distribution revenue for the third quarter was $7.36 million driven by DEXLANSOPRAZOLE revenues which launched in early 2024 but has now ended as of April 2025
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The Company recorded during the quarter a non-cash impairment loss of $4.84 million against goodwill and intangible assets associated with the expiration of the Dexlansoprazole agreement which represented 95% of revenue in the current fiscal year to date
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Net loss for the quarter was $4.8 million, or $0.032 per share, entirely attributable to the $4.84 million non-cash impairment loss mentioned above
To consult the Interim Consolidated Financial Statements for the three and nine month periods ended April 30, 2025 and 2024, please click on the following link: https://groupedevonian.com/investor-center/financial-reports/.
About Devonian
Devonian Health Group is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune inflammatory conditions with novel therapeutic approaches to targeting unmet medical needs. Devonian’s core strategy is to develop prescription drugs for the treatment of inflammatory autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a US FDA set of regulatory guidelines favoring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.
Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius Healthcare Inc., focused on selling prescription pharmaceutical products in Canada, under license from brand name pharmaceutical companies.
