Rapid Dose Therapeutics FY23 Revenue Declines 59%, Here Are The Details

Rapid Dose Therapeutics Corp. RDTCF DOSE, released its financial results for the year ended February 28, 2023, revealing revenue of CA$718,298 ($542,000), a decrease of 59% compared to CA$1.75 million in FY 2022.

Fiscal Year 2023 Financial Highlights

• Gross profit was CA$372,404 compared to CA$1.34 million in FY 2022.

• Net comprehensive loss was CA$3.8 million compared to $8.5 million in FY 2022.

• Cash at the end of the year was, CA$27,587.

2023 Operational Highlights

• The company established B2B channel partner relationships during the year to sell their nutraceutical products in Canadian retail stores, leading to an expanded customer base;

• RDT entered into a pharmaceutical collaboration agreement with Skycare Compounding Labs to develop, manufacture and distribute QuickStrips containing active pharmaceutical ingredients. The initial product, Lidocaine for the dental applications, was tested during the third and fourth quarters of the fiscal year with a launch date of May 1, 2023;

• RDT was contracted to formulate and develop an oral thin film strip containing nicotine as the active ingredient. The pre-commercialization project continues throughout the current fiscal year ending February 28, 2024. The project generated $90,000 in consulting services revenue during the fourth quarter of the 2023 fiscal year;

• The company continued to experience regulatory approval hurdles and delays for product applications in Europe, USA, and Canada. Subsequent to the year end, approvals have been obtained for the distribution of nutraceutical and cannabis products in Canada;
  The company’s research & development program, in collaboration with strategic partners, have developed patentable intellectual properties for filing in the current fiscal year ending February 28, 2024.

Photo by Giorgio Trovato on Unsplash

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