U.S. Markets open in 7 hrs 55 mins

Khiron Life Sciences Announces Wider Year-Over-Year Net Loss, Says Cash Position Strong

Jose Rodrigo Safdiye

Khiron Life Sciences Corp (OTC: KHRNF) (CSE: KHRN) reported third-quarter revenue of CA$2.8 million ($2.1 million) on Tuesday and a CA$47.9 million cash balance.

The company announced a net loss for the quarter of CA$10.6 million, or CA$0.09 per share, versus a net loss of CA$5.2 million in the third quarter of 2018. 

Khiron reported an adjusted EBITDA loss of CA$5.5 million. This includes CA$1 million in investments as the company prepares to produce and sell its first extracts in January 2020. 

The CA$10 million construction of a facility in Juan Lacaze, Uruguay has been delayed pending further regulations, according to Khiron, which added that the licenses remain in good standing. 

View more earnings on KHRNF

"We continue our positive momentum in executing our strategic initiatives. Revenues are improving at ILANS [and] we are adding SKUs to our Kuida CBD line and expanding into new markets, including our recent launch in the U.S.," Alvaro Torres, Khiron CEO and director, said in a statement.

"We are in a strong cash position to continue this momentum and we will sensibly find the right balance in prioritizing our cash spending needs and executing our growth plans."

After the close of the quarter, Khiron achieved several firsts, Torres said: authorization for the commercialization of high-THC cannabis for domestic sale and export, the successful first sales of its Kuida CBD brand in the U.S. and becoming the exclusive Latin America provider to Project Twenty21, the largest medical cannabis research study in Europe.

"As we grow our dominant market position and revenue in Colombia, we prudently continue to increase new market presence as regulations open for us, backed with a strengthened board, experienced leadership and committed operational teams," Torres said. 

Over-the-counter Khiron shares were down 3.56% at 74 cents at the close Tuesday. 


See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.