Theralase Technologies (TLT) Q4 2025 earnings summary

Executive summary

• Total revenue for 2025 was $816,468, a 21% decrease year-over-year, with a net loss of $4,120,817, slightly improved from the prior year.

• Gross margin improved to 62% of revenue, up from 54% in 2024, despite lower sales.

• Research and development expenses decreased by 9%, reflecting reduced costs in clinical study enrollment and treatment.

• A collaborative clinical development agreement was signed with Ferring Pharmaceuticals to expand the Phase II NMIBC clinical program.

• Study II interim results show a 65.2% complete response rate in BCG-unresponsive NMIBC CIS patients.

Financial highlights

• Revenue declined to $816,468 from $1,033,431 year-over-year, a 21% drop.

• Cost of sales decreased to $309,337 (38% of revenue), improving gross margin to 62%.

• Selling expenses fell 19% to $287,012, mainly due to lower salaries and commissions.

• Administrative expenses rose 12% to $1,943,014, driven by higher general and professional fees.

• Net loss narrowed to $4,120,817 from $4,256,114, with the Drug Division accounting for 83% of the loss.

Outlook and guidance

• Plans to submit a New Drug Submission to Health Canada and a New Drug Application to the FDA in 3Q2026, with regulatory decisions expected in 1H2027.

• Actively pursuing commercialization and strategic partnerships for Ruvidar® globally.