Full Year 2025 Financial Highlights:
Total revenue for the year ended December 31, 2025 was $427,869 compared to $2,080,879 for the year ended December 31, 2024. Revenue in both periods is mainly animal health related. The Company is now focused on expanding its distribution and sales agent network for the revyve® product line in both Canada and the United States.
Gross profit (loss) for the year ended December 31, 2025 was $(640) compared to gross profit of $872,096 for the year ended December 31, 2024. Gross profit in the current year was impacted by one-time sales and cost of sales adjustments related to the Company's discontinued animal health contract manufacturing operations.
Total operating expenses for the year ended December 31, 2025 were $2,653,208, compared to $4,795,093 for the year ended December 31, 2024. The decrease is primarily attributable to lower employee salaries, reduced long-term incentive expenses, decreased consulting costs, lower patent write-downs, and reduced product development expenses related to the Company's revyve product line in the current period, partially offset by an adjustment to short-term incentive expense recorded in the prior period.
Net loss from continuing operations for the year ended December 31, 2025 was $(2,721,239), compared to a net loss from continuing operations for the year ended December 31, 2024 of $(3,161,097). In 2024, a deferred tax recovery of $1,310,256 was recorded in continuing operations offset by income tax expense of $1,310,256 recorded in discontinued operations.
Fourth Quarter 2025 Financial Highlights:
Total revenue (revenue reversal) for the three months ended December 31, 2025 was $(21,140) compared to $125,859 in three months ended December 31, 2024. The revenue reversal in the current period reflects an adjustment to animal health revenue recognized in prior periods. Revenue in the comparative period was primarily derived from animal health operations. The Company is now focused on expanding the commercialization of the revyve product line in both Canada and the United States.
Gross profit for the fourth quarter of 2025 was $7,567 compared to a gross loss of $(87,204) for the fourth quarter of 2024.
Total operating expenses for the three months ended December 31, 2025 were $681,467 compared to $933,479 for the three months ended December 31, 2024. The decrease is primarily attributable to lower employee salaries, reduced long-term incentive expenses, decreased consulting costs, lower patent write-downs, and reduced product development expenses related to the Company's revyve product line in the current period, partially offset by an adjustment to short-term incentive expense recorded in the prior period.
Net loss for the fourth quarter of 2025 was $(546,856) compared to a net loss of ($1,082,935) for the quarter ended December 31, 2024. In the current quarter, a deferred tax recovery of $1,310,256 was recorded in continuing operations offset by income tax expense of $1,310,256 recorded in discontinued operations.
Cash at December 31, 2025 was $901,698.
Kane Biotech's December 31, 2025 Financial Statements and the Management Discussion and Analysis with regards thereto are now available on SEDAR+ and the Company's website.
Corporate Update:
Full-Year 2025 Highlights
During 2025, the Company undertook a significant restructuring initiative to streamline operations, reduce its cost base, and sharpen its strategic focus on revyve-related commercial opportunities. This included workforce reductions, tighter prioritization of research and development activities and a reallocation of resources toward revenue-generating initiatives. These actions ...
