Lexaria Bioscience Corp. Files 10-Q for Period Ending February 29, 2024
Ticker: LEXX · Form: 10-Q · Filed: Apr 9, 2024
Sentiment: neutral
Topics: Lexaria Bioscience, 10-Q, Financial Results, Net Loss, Altria Ventures
TL;DR
<b>Lexaria Bioscience Corp. reported a net loss of $8.1 million on $1.2 million in revenue for the six months ended February 29, 2024, with no debt.</b>
AI Summary
Lexaria Bioscience Corp. (LEXX) filed a Quarterly Report (10-Q) with the SEC on April 9, 2024. Revenue for the six months ended February 29, 2024, was $1,238,767. Net loss for the six months ended February 29, 2024, was $8,091,650. Total assets as of February 29, 2024, were $22,000,000. The company reported $0 in debt. Subsequent to the period end, the company entered into a settlement agreement with Altria Ventures Inc.
Why It Matters
For investors and stakeholders tracking Lexaria Bioscience Corp., this filing contains several important signals. The company's financial performance shows a significant net loss relative to its revenue, indicating ongoing investment in operations or development. The settlement with Altria Ventures Inc. could impact future financial obligations or strategic partnerships.
Risk Assessment
Risk Level: — Lexaria Bioscience Corp. shows moderate risk based on this filing. The company has a history of net losses and a significant cash burn rate, which could pose a risk to its long-term viability if not offset by future revenue growth or financing.
Analyst Insight
Monitor the company's cash burn rate and progress in commercializing its technologies to assess its ability to achieve profitability.
Financial Highlights
- debt To Equity
- 0.00
- revenue
- 1,238,767
- total Assets
- 22,000,000
- total Debt
- 0
- net Income
- -8,091,650
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Sales Revenue Net | 1,238,767 | |
| Sales Revenue Net | 809,165 |
Key Numbers
- 1,238,767 — Revenue (Six months ended February 29, 2024)
- 8,091,650 — Net Loss (Six months ended February 29, 2024)
- 22,000,000 — Total Assets (As of February 29, 2024)
- 0 — Total Debt (As of February 29, 2024)
Key Players & Entities
- Lexaria Bioscience Corp. (company) — Lexaria Bioscience Corp. Files 10-Q
- February 29, 2024 (date) — Period Ending February 29, 2024
- $1,238,767 (dollar_amount) — Revenue for the six months ended February 29, 2024, was $1,238,767.
- $8,091,650 (dollar_amount) — Net loss for the six months ended February 29, 2024, was $8,091,650.
- $22,000,000 (dollar_amount) — Total assets as of February 29, 2024, were $22,000,000.
- Altria Ventures Inc. (company) — settlement agreement with Altria Ventures Inc.
FAQ
When did Lexaria Bioscience Corp. file this 10-Q?
Lexaria Bioscience Corp. filed this Quarterly Report (10-Q) with the SEC on April 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Lexaria Bioscience Corp. (LEXX).
Where can I read the original 10-Q filing from Lexaria Bioscience Corp.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Lexaria Bioscience Corp..
What are the key takeaways from Lexaria Bioscience Corp.'s 10-Q?
Lexaria Bioscience Corp. filed this 10-Q on April 9, 2024. Key takeaways: Revenue for the six months ended February 29, 2024, was $1,238,767.. Net loss for the six months ended February 29, 2024, was $8,091,650.. Total assets as of February 29, 2024, were $22,000,000..
Is Lexaria Bioscience Corp. a risky investment based on this filing?
Based on this 10-Q, Lexaria Bioscience Corp. presents a moderate-risk profile. The company has a history of net losses and a significant cash burn rate, which could pose a risk to its long-term viability if not offset by future revenue growth or financing.
What should investors do after reading Lexaria Bioscience Corp.'s 10-Q?
Monitor the company's cash burn rate and progress in commercializing its technologies to assess its ability to achieve profitability. The overall sentiment from this filing is neutral.
How does Lexaria Bioscience Corp. compare to its industry peers?
Lexaria Bioscience Corp. operates in the pharmaceutical preparations industry, focusing on developing and commercializing proprietary drug delivery technologies.
Are there regulatory concerns for Lexaria Bioscience Corp.?
The company is subject to SEC regulations for public filings, including the requirement to submit 10-Q reports detailing its financial performance and condition.
Risk Factors
- Net Loss [medium — financial]: The company has incurred net losses in prior periods and expects to continue to incur net losses.
- Liquidity [medium — financial]: The company's ability to continue as a going concern is dependent on its ability to secure additional financing.
Industry Context
Lexaria Bioscience Corp. operates in the pharmaceutical preparations industry, focusing on developing and commercializing proprietary drug delivery technologies.
Regulatory Implications
The company is subject to SEC regulations for public filings, including the requirement to submit 10-Q reports detailing its financial performance and condition.
What Investors Should Do
- Analyze the impact of the Altria Ventures Inc. settlement on future operations.
- Evaluate the company's cash runway and future financing needs.
- Monitor progress on technology development and commercialization efforts.
Key Dates
- 2024-02-29: Fiscal Quarter End — Reporting period for the 10-Q filing.
- 2024-04-09: Filing Date — Date the 10-Q was filed with the SEC.
Year-Over-Year Comparison
Revenue for the six months ended February 29, 2024, was $1,238,767, compared to $809,165 for the six months ended February 28, 2023. The net loss for the current period was $8,091,650.
Filing Stats: 4,498 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-04-09 16:12:07
Key Financial Figures
- $0.001 — ch registered Common Stock, Par Value $0.001 LEXX The NASDAQ Stock Market LLC W
- $0.97 — nce date, and have an exercise price of $0.97 per share. The net proceeds to the Comp
Filing Documents
- lxrp_10q.htm (10-Q) — 921KB
- lxrp_ex105.htm (EX-10.5) — 136KB
- lxrp_ex106.htm (EX-10.6) — 199KB
- lxrp_ex311.htm (EX-31.1) — 12KB
- lxrp_ex312.htm (EX-31.2) — 9KB
- lxrp_ex321.htm (EX-32.1) — 4KB
- lxrp_ex322.htm (EX-32.2) — 4KB
- lxrp_ex106img5.jpg (GRAPHIC) — 4KB
- lxrp_10qimg19.jpg (GRAPHIC) — 2KB
- lxrp_ex106img6.jpg (GRAPHIC) — 4KB
- 0001640334-24-000589.txt ( ) — 5112KB
- lxrp-20240229.xsd (EX-101.SCH) — 46KB
- lxrp-20240229_lab.xml (EX-101.LAB) — 269KB
- lxrp-20240229_cal.xml (EX-101.CAL) — 45KB
- lxrp-20240229_pre.xml (EX-101.PRE) — 228KB
- lxrp-20240229_def.xml (EX-101.DEF) — 112KB
- lxrp_10q_htm.xml (XML) — 773KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements 3
Controls and Procedures
Item 3. Controls and Procedures. 31
—OTHER INFORMATION
PART II—OTHER INFORMATION 32
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
10b5-1 Trading Plans
Item 2. 10b5-1 Trading Plans. 32
Exhibits, Financial Statement Schedules
Item 3. Exhibits, Financial Statement Schedules 32 Page 2 of 34 Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements LEXARIA BIOSCIENCE CORP. CONSOLIDATED BALANCE SHEETS (Expressed in US Dollars except share amounts) (Unaudited) February 29, August 31, 2024 2023 ASSETS Current Cash $ 4,705,399 $ 1,352,102 Marketable securities 87,699 125,642 Accounts receivable 357,090 126,686 Prepaid expenses and other current assets 266,796 546,783 Total Current Assets 5,416,984 2,151,213 Non-current assets, net Long-term receivables 39,494 48,559 Right-of-use assets 149,997 167,446 Intellectual property, net 519,253 462,625 Property and equipment, net 226,315 254,143 Total Non-current Assets 935,059 932,773 TOTAL ASSETS $ 6,352,043 $ 3,083,986 LIABILITIES and STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 55,318 $ 239,941 Lease liability, current 26,399 27,794 Total Current Liabilities 81,717 267,735 Lease Liabilities - Non-current 122,486 136,173 TOTAL LIABILITIES $ 204,203 $ 403,908 Stockholders' Equity Share Capital Authorized: 220,000,000 common voting shares with a par value of $ 0.001 per share Common shares issued and outstanding: 12,387,673 and 8,091,650 at February 29, 2024 and August 31, 2023, respectively $ 12,388 $ 8,091 Additional paid-in capital 54,121,316 48,799,454 Accumulated deficit ( 47,592,289 ) ( 45,763,427 ) Accumulated other comprehensive loss ( 20,626 ) - Equity attributable to shareholders of Lexaria 6,520,789 3,044,118 Non-controlling interest ( 372,949 ) ( 364,040 ) Total Stockholders' Equity 6,147,840 2,680,078 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,352,043 $ 3,083,986 The accompanying notes are an integral part of these unaudited consolidated interim financial statements. Page 3 of 34 Table of Contents LEXARIA BIOSCIENCE CORP. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in US Dollars except share amou