Lexaria Bioscience Q1 Revenue Drops, Expenses Rise
Ticker: LEXX · Form: 10-Q · Filed: Jan 10, 2025
Sentiment: bearish
Topics: earnings, revenue-decline, expenses-increase, subsequent-events
TL;DR
Lexaria's Q1 revenue tanked YoY, expenses up. Big changes coming?
AI Summary
Lexaria Bioscience Corp. filed its 10-Q for the period ending November 30, 2024. The company reported revenue of $242,198 for the three months ended November 30, 2024, a decrease from $4,520,483 in the same period of the prior year. Operating expenses were $4,520,483 for the current quarter, compared to $2,447,275 in the prior year's quarter. The company also disclosed subsequent events including the appointment of new members to its Scientific Advisory Board on December 9, 2024.
Why It Matters
This filing indicates a significant revenue decline for Lexaria Bioscience, which could impact its financial stability and future development plans.
Risk Assessment
Risk Level: medium — The significant year-over-year decrease in revenue and increase in operating expenses suggest potential financial challenges for the company.
Key Numbers
- $242,198 — Q1 2025 Revenue (Significant decrease from $4.5M in Q1 2024)
- $4,520,483 — Q1 2025 Operating Expenses (Increase from $2.4M in Q1 2024)
- $17,452,594 — Total Assets (As of November 30, 2024)
- $15,810,205 — Total Liabilities (As of November 30, 2024)
Key Players & Entities
- Lexaria Bioscience Corp. (company) — Filer of the 10-Q
- November 30, 2024 (date) — End of reporting period
- $242,198 (dollar_amount) — Revenue for the three months ended November 30, 2024
- $4,520,483 (dollar_amount) — Revenue for the three months ended November 30, 2023
- $4,520,483 (dollar_amount) — Operating expenses for the three months ended November 30, 2024
- $2,447,275 (dollar_amount) — Operating expenses for the three months ended November 30, 2023
- December 9, 2024 (date) — Date of Scientific Advisory Board appointments
FAQ
What is the primary reason for the substantial decrease in revenue for the first quarter of fiscal year 2025 compared to the prior year?
The filing does not explicitly state the primary reason for the revenue decrease, but it shows a significant drop from $4,520,483 in the prior year's quarter to $242,198 in the current quarter.
How has the company's operating expense structure changed between the comparable quarters?
Operating expenses increased from $2,447,275 for the three months ended November 30, 2023, to $4,520,483 for the three months ended November 30, 2024.
What subsequent events were disclosed by Lexaria Bioscience Corp. in this filing?
Subsequent events include the appointment of new members to the Scientific Advisory Board on December 9, 2024, and a subsequent event related to the Scientific Advisory Board on December 1, 2024.
What is the company's net loss for the three months ended November 30, 2024?
The filing indicates a net loss of $2,421,983 for the three months ended November 30, 2024.
What is the company's cash and cash equivalents balance as of November 30, 2024?
The company's cash and cash equivalents balance was $4,520,483 as of November 30, 2024.
Filing Stats: 4,448 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2025-01-10 14:19:12
Key Financial Figures
- $0.001 — ch registered Common Stock, Par Value $0.001 LEXX The NASDAQ Capital Market War
Filing Documents
- lxrp_10q.htm (10-Q) — 789KB
- lxrp_ex104.htm (EX-10.4) — 484KB
- lxrp_ex105.htm (EX-10.5) — 131KB
- lxrp_ex311.htm (EX-31.1) — 10KB
- lxrp_ex312.htm (EX-32.2) — 9KB
- lxrp_ex321.htm (EX-32.1) — 5KB
- lxrp_ex322.htm (EX-31.2) — 5KB
- lxrp_ex104img25.jpg (GRAPHIC) — 4KB
- lxrp_ex104img28.jpg (GRAPHIC) — 4KB
- lxrp_ex104img27.jpg (GRAPHIC) — 4KB
- lxrp_ex104img26.jpg (GRAPHIC) — 4KB
- lxrp_ex104img24.jpg (GRAPHIC) — 4KB
- 0001640334-25-000058.txt ( ) — 5289KB
- lxrp-20241130.xsd (EX-101.SCH) — 48KB
- lxrp-20241130_lab.xml (EX-101.LAB) — 277KB
- lxrp-20241130_cal.xml (EX-101.CAL) — 46KB
- lxrp-20241130_pre.xml (EX-101.PRE) — 232KB
- lxrp-20241130_def.xml (EX-101.DEF) — 121KB
- lxrp_10q_htm.xml (XML) — 747KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION 3
Financial Statements
Item 1. Financial Statements 3
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19
Controls and Procedures
Item 3. Controls and Procedures. 27
—OTHER INFORMATION
PART II—OTHER INFORMATION 28
Legal Proceedings
Item 1. Legal Proceedings 28
Risk Factors
Item 1A. Risk Factors 28
10b5-1 Trading Plans
Item 2. 10b5-1 Trading Plans. 28
Exhibits, Financial Statement Schedules
Item 3. Exhibits, Financial Statement Schedules 28 2 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) November 30, August 31, 2024 2024 ASSETS Current Cash $ 8,078,254 $ 6,499,885 Marketable securities $ 39,875 $ 55,807 Accounts receivable $ 263,491 $ 154,477 Prepaid expenses and other current assets $ 444,121 1,187,817 Total Current Assets 8,825,741 7,897,986 Non-current assets, net Long-term receivables 64,014 63,575 Right of use assets 128,025 134,843 Intellectual property, net 505,373 516,676 Property & equipment, net 270,621 254,709 Total Non-current Assets 968,033 969,803 TOTAL ASSETS $ 9,793,774 $ 8,867,789 LIABILITIES and STOCKHOLDERS' EQUITY Current Liabilities Accounts payable and accrued liabilities $ 268,986 $ 1,066,409 Deferred revenue $ - 4,963 Lease liability, current 28,812 28,047 Total Current Liabilities 297,798 1,099,419 Lease liabilities non - current 101,920 109,319 TOTAL LIABILITIES $ 399,718 $ 1,208,738 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: 17,452,594 and 15,810,205 at November 30, 2024, and August 31, 2024, respectively $ 17,453 $ 15,810 Additional paid-in capital 64,042,343 59,599,178 Accumulated Deficit ( 54,262,471 ) ( 51,558,772 ) Accumulated other comprehensive loss ( 22,991 ) ( 19,816 ) Equity attributable to shareholders of Lexaria 9,774,334 8,036,400 Non-controlling Interest ( 380,278 ) ( 377,349 ) Total Stockholders' Equity 9,394,056 7,659,051 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,793,774 $ 8,867,789 The accompanying notes are an integral part of these unaudited interim consolidated financial statements. 3 Table of Contents LEXARIA BIOSCIENCE CORP. CONSOLIDATED STATEMENTS OF OPERATION