Rakovina Therapeutics Reports 2024 Q1 Financials and Corporate Update

VANCOUVER, British Columbia, May 30, 2024 – Rakovina Therapeutics (TSX.V: RKV), a biopharmaceutical company focused on developing novel cancer therapies through advanced DNA-damage response technologies, has released its financial results for the first quarter of 2024, ending March 31, along with a corporate activity update.

Significant Developments in 2024
"This year has marked substantial progress for Rakovina Therapeutics," stated Executive Chairman Jeffrey Bacha. "Our strategic inclusion of AI in drug development, expanded scientific team, and enhanced research collaborations are paving the way for achieving our mission of improving cancer patient outcomes."

Q1 2024 Financial Performance
For the first quarter of 2024, the company reported a net loss of $752,383, aligning with forecasts. Research and development expenses amounted to $438,983, while general administrative expenses were $251,090. The total cash operating expenses for these categories reached $522,705 for the quarter.

Corporate Highlights

AI Collaboration Agreement: On March 27, 2024, Rakovina Therapeutics announced a collaboration with Dr. Artem Cherkasov, granting exclusive access to the Deep Docking AI platform for DNA-damage response targets. This platform allows the analysis of billions of molecular structures to identify potential cancer drugs. The promising candidates will be validated using the company’s research infrastructure at the University of British Columbia, with plans to advance these drugs to human clinical trials in partnership with pharmaceutical firms.

Expansion of Research Contracts: On May 8, 2024, the company expanded its contracts with the University of British Columbia and Pharma Inventor Inc. to bolster its Deep Docking AI Drug Discovery Platform. This collaboration leverages UBC's wet lab infrastructure and medicinal chemistry expertise to synthesize and evaluate the AI-identified drug candidates rapidly.

Private Placement Announcement: On May 23, 2024, Rakovina Therapeutics announced a non-brokered Private Placement aiming to raise up to $1.5 million at $0.10 per Unit. This includes lead orders totaling approximately $1.25 million from two new investors. Each Unit comprises one common share and one share purchase warrant, exercisable at $0.20 for three years. If the common shares’ closing price on the TSX Venture Exchange remains at or above $0.25 for five consecutive trading days, the warrant expiry date will be accelerated to 30 days following this period. The proceeds will primarily support research activities linked to the AI collaboration.

Financial Summary for Q1 2024
- Cash & Cash Equivalents: $177,188
- Working Capital: $(87,183)
- Intangible Assets: $4,381,391
- Total Assets: $4,608,212
- Total Liabilities: $1,667,051
- Deficit: $(11,667,694)
- Total Equity: $2,941,161

Statements of Net Loss and Comprehensive Loss Data:
- Research & Development Expenses: $438,983 (Q1 2024), $433,344 (Q1 2023)
- General and Administrative Expenses: $251,090 (Q1 2024), $212,043 (Q1 2023)
- Net Loss: $(752,383) (Q1 2024), $(641,790) (Q1 2023)
- Basic and Diluted Loss Per Share: $(0.01) (Q1 2024), $(0.01) (Q1 2023)
- Operating Cash Burn: $522,705 (Q1 2024), $472,628 (Q1 2023)
- Weighted Average Shares Outstanding: 70,084,925 (Q1 2024), 69,829,500 (Q1 2023)

In alignment with the April 1, 2024, press release, Rakovina Therapeutics clarified that the capital market advisory services agreement with Insight Capital Partners Inc. includes a separate market-making services agreement with ICP Securities Inc. ICP Securities is compensated $7,500 monthly plus applicable taxes, with the agreement set for three months starting March 25, 2024, and potentially continuing monthly thereafter.

About Rakovina Therapeutics Inc.
Rakovina Therapeutics Inc. is dedicated to developing new cancer therapies based on innovative DNA-damage response technologies. The company aims to advance its drug candidates into human clinical trials and secure regulatory approvals from Health Canada, the U.S. FDA, and other international agencies.

How to obtain the latest research advancements in the field of biopharmaceuticals?

In the Synapse database, you can keep abreast of the latest research and development advances in drugs, targets, indications, organizations, etc., anywhere and anytime, on a daily or weekly basis. Click on the image below to embark on a brand new journey of drug discovery!