Aequus Reports Third Quarter 2022 Financial Highlights

VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) — Aequus Pharmaceuticals Inc. (TSX-V: AQS, OTCQB: AQSZF) (“Aequus” or the “Company”), a specialty pharmaceutical company with a focus on developing, advancing, and promoting differentiated products, today reported financial results for the quarter ended September 30, 2022 (“Third Quarter 2022”) and associated Company developments. Unless otherwise noted, all figures are in Canadian currency.

Financial Report Highlights

Aequus reported $268,970 in promotional services and product sales revenue during Third Quarter 2022 compared to revenue of $669,000 generated during the three months ended September 30, 2021 (“Third Quarter 2021”). During the nine months ended September 30, 2022 (“YTD 2022”) Aequus achieved $826,944 in revenues compared to $1,783,363 generated during the nine months ended September 30, 2021 (“YTD 2021”). “The lower revenues in Q3 are the result of Sandoz paying a lower profit share rate on Tacrolimus sales since January 2022,” said Doug Janzen. “As we look to next year, we now expect to launch SCOPE products and Zimed^® PF mid-2023 to work toward meaningful revenue growth.”

Net losses increased by 31% in Third Quarter 2022 compared to the same period last year, with the Third Quarter 2022 net loss of $500,471 versus a $381,536 loss in Third Quarter 2021. The loss for YTD 2022 was $2,189,466 which is 48% higher than the $1,482,235 loss YTD 2021…