The company remains pre-revenue with quarterly operating losses widening to $4.3 million in 2026Q2, driven by a surge in R&D expenditures to $2.8 million.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Apr'09 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 328.8K | 410.87K | 211.85K | 228.29K | 1.27M | 758.69K | 372.13K | 545.47K | 286.05K | 697.19K | 854.84K | 0 |
| Revenue Growth % | - | - | - | - | - | -100% | -19.97% | 93.94% | -7.2% | -82.05% | 67.62% | 103.88% | -31.78% | 90.69% | -58.97% | -18.44% | - | - |
| Cost of Goods Sold | 77.2K | 119.27K | 186.05K | 183.47K | 118.19K | 118.79K | 17.6K | 101.29K | 445.32K | 534.45K | 1.13M | 840.25K | 760.26K | 576.53K | 436.4K | 1.01M | 386.09K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 5.35% | 24.65% | 210.21% | 234.11% | 88.69% | 110.75% | 204.3% | 105.69% | 152.56% | 144.74% | 45.17% | - |
| Gross Profit | -77.2K | -119.27K | -186.05K | -183.47K | -118.19K | -118.79K | 311.2K | 309.58K | -233.47K | -306.17K | 143.86K | -81.56K | -388.13K | -31.06K | -150.35K | -311.9K | 468.75K | 0 |
| Gross Margin % | - | - | - | - | - | - | 94.65% | 75.35% | -110.21% | -134.11% | 11.31% | -10.75% | -104.3% | -5.69% | -52.56% | -44.74% | 54.83% | - |
| Gross Profit Growth % | - | 35.89% | -1.41% | -55.24% | 0.51% | -138.17% | 0.52% | 232.6% | 23.74% | -312.82% | 276.39% | 78.99% | -1149.64% | 79.34% | 51.8% | -166.54% | - | - |
| Operating Expenses | 10.94M | 7.79M | 7.01M | 9.22M | 18.37M | 23.68M | 6.71M | 3.14M | 4.84M | 4.92M | 5.05M | 4.26M | 5.33M | 3.65M | 6.37M | 6.83M | 1.53M | 78.5K |
| OpEx % of Revenue | - | - | - | - | - | - | 2041.37% | 764.65% | 2286.9% | 2154.47% | 397.28% | 561.1% | 1432.39% | 668.67% | 2227.67% | 979.54% | 179.47% | - |
| Selling, General & Admin | 4.96M | 4.24M | 4.13M | 4.43M | 5.04M | 5.73M | 3.38M | 2.05M | 2.76M | 2.94M | 3.32M | 3.23M | 2.87M | 2.24M | 4.43M | 5.84M | 1.15M | 78.5K |
| SG&A % of Revenue | - | - | - | - | - | - | 1028.77% | 497.8% | 1301.58% | 1290.03% | 261.29% | 425.41% | 771.62% | 411.31% | 1550.27% | 836.99% | 134.64% | - |
| Research & Development | 6.06M | 3.67M | 2.88M | 4.79M | 13.34M | 17.95M | 3.33M | 1.1M | 2.09M | 1.97M | 1.73M | 1.03M | 2.46M | 1.45M | 1.83M | 906.52K | 352.78K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 1012.6% | 266.85% | 985.33% | 864.44% | 136% | 135.69% | 660.77% | 265.02% | 638.2% | 130.03% | 41.27% | - |
| Other Operating Expenses | -77.2K | -119.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.63K | 0 | 0 | 0 | 112.14K | 87.33K | 30.37K | 0 |
| Operating Income | -11.01M | -7.91M | -7.01M | -9.22M | -18.37M | -23.68M | -6.4M | -2.83M | -5.08M | -5.22M | -4.91M | -4.34M | -5.72M | -3.68M | -6.52M | -7.1M | -1.07M | -78.56K |
| Operating Margin % | - | - | - | - | - | - | -1946.72% | -689.3% | -2397.11% | -2288.59% | -385.97% | -571.85% | -1536.69% | -674.37% | -2280.23% | -1018.37% | -124.63% | - |
| Operating Income Growth % | - | -12.78% | 23.94% | 49.8% | 22.43% | -269.97% | -126.01% | 44.23% | 2.8% | -6.44% | -13.13% | 24.13% | -55.46% | 43.61% | 8.13% | -566.42% | -1256.2% | - |
| EBITDA | -10.91M | -7.79M | -6.83M | -9.04M | -18.25M | -23.56M | -6.34M | -2.83M | -4.89M | -5.05M | -4.76M | -4.18M | -5.56M | -3.55M | -6.41M | -7.01M | -1.05M | -73.86K |
| EBITDA Margin % | - | - | - | - | - | - | -1929.22% | -687.75% | -2308.19% | -2210.04% | -374.21% | -550.83% | -1494.15% | -651.48% | -2241.02% | -1005.85% | -123.08% | - |
| EBITDA Growth % | -72.86% | -14.11% | 24.46% | 50.48% | 22.54% | -271.46% | -124.48% | 42.21% | 3.08% | -6.02% | -13.87% | 24.84% | -56.47% | 44.57% | 8.59% | -566.53% | -1324.49% | - |
| D&A (Non-Cash Add-back) | 102.99K | 119.27K | 186.05K | 183.47K | 118.19K | 118.79K | 57.56K | 6.37K | 188.37K | 179.32K | 149.56K | 159.52K | 158.31K | 124.83K | 112.14K | 87.33K | 13.27K | 4.7K |
| EBIT | -10.58M | -7.18M | -6.17M | -8.37M | -17.55M | -13.34M | -6.4M | -2.83M | -5.04M | -5.03M | -4.91M | -4.34M | -5.72M | -3.85M | -6.55M | -4.83M | -584.64K | -64.65K |
| Net Interest Income | 1.31K | 2.56K | 153.5K | 289.85K | 64 | 11.16K | 37.78K | 56.84K | 0 | 0 | 0 | 0 | 0 | 4.99K | 4.88K | 11.3K | -932 | 4.58K |
| Interest Income | 1.31K | 2.56K | 153.5K | 289.85K | 64 | 11.16K | 37.78K | 56.84K | 0 | 0 | 0 | 0 | 0 | 4.99K | 4.88K | 11.3K | 2.8K | 4.64K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.73K | 58 |
| Other Income/Expense | 569.35K | 726.84K | 845.5K | 849.14K | 822.67K | 10.34M | 37.41K | -309.44K | 40.1K | 194.7K | -110.52K | 1.53M | -2.78M | -11.21M | 1.37M | 3.5M | 477.02K | 4.64K |
| Pretax Income | -10.44M | -7.18M | -6.17M | -8.37M | -17.55M | -13.34M | -6.36M | -2.78M | -5.04M | -5.03M | -5.02M | -2.81M | -8.41M | -14.89M | -5.2M | -7.09M | -588.37K | -73.92K |
| Pretax Margin % | - | - | - | - | - | - | -1935.34% | -675.82% | -2378.18% | -2203.3% | -394.66% | -369.88% | -2260.57% | -2728.98% | -1816.4% | -1016.27% | -68.83% | - |
| Income Tax | 800 | 800 | 800 | 800 | 800 | 800 | 800 | -55.4K | 800 | 800 | 7.2K | 36.8K | 27.2K | 800 | 800 | 800 | 1.6K | 0 |
| Effective Tax Rate % | -0.01% | -0.01% | -0.01% | -0.01% | -0% | -0.01% | -0.01% | 2% | -0.02% | -0.02% | -0.14% | -1.31% | -0.32% | -0.01% | -0.02% | -0.01% | -0.27% | 0% |
| Net Income | -10.44M | -7.19M | -6.17M | -8.37M | -17.55M | -13.34M | -6.36M | -2.72M | -5.04M | -5.03M | -5.03M | -2.84M | -8.44M | -14.89M | -5.2M | -7.09M | -589.97K | -73.92K |
| Net Margin % | - | - | - | - | - | - | -1935.59% | -662.33% | -2378.56% | -2203.65% | -395.23% | -374.73% | -2267.88% | -2729.12% | -1816.68% | -1016.39% | -69.02% | - |
| Net Income Growth % | -78.9% | -16.46% | 26.32% | 52.28% | -31.52% | -109.66% | -133.86% | 45.99% | -0.17% | -0.09% | -76.79% | 66.31% | 43.31% | -186.46% | 26.66% | -1101.1% | -698.15% | - |
| Net Income (Continuing) | -10.44M | -7.19M | -6.17M | -8.37M | -17.55M | -13.34M | -6.36M | -3.14M | -5.04M | -5.03M | -5.03M | -2.84M | -8.44M | -14.89M | -5.2M | -3.6M | -589.97K | -73.92K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.27 | -1.27 | -1.93 | -2.93 | -8.37 | -7.73 | -5.18 | -4.15 | -10.54 | -211.28 | -23.92 | -15.01 | -46.75 | -121.14 | -49.86 | -78.14 | -15.88 | -7.67 |
| EPS Growth % | 15.63% | 34.2% | 34.13% | 64.99% | -8.28% | -49.23% | -24.82% | 60.63% | 95.01% | -783.28% | -59.36% | 67.89% | 61.41% | -142.96% | 36.19% | -392.07% | -107.04% | - |
| EPS (Basic) | - | -1.27 | -1.93 | -2.93 | -8.37 | -7.74 | -5.18 | -4.15 | -10.54 | -218.72 | -23.92 | -15.01 | -46.75 | -121.14 | -49.86 | -78.14 | -15.88 | -7.67 |
| Diluted Shares Outstanding | 8.25M | 5.68M | 3.2M | 2.86M | 2.1M | 1.73M | 1.23M | 655.32K | 478.23K | 23.81K | 210.15K | 189.45K | 180.54K | 122.89K | 104.23K | 90.68K | 37.14K | 9.63K |
| Basic Shares Outstanding | 8.25M | 5.68M | 3.2M | 2.86M | 2.1M | 1.73M | 1.23M | 655K | 478.23K | 23K | 210.15K | 189.45K | 180.54K | 122.89K | 104.23K | 90.68K | 37.14K | 9.63K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Gap
As reported in recent financial statements, Edesa Biotech's quarterly research and development expenses surged to $2.8 million in 2026Q2, reflecting a significant acceleration in clinical trial activity that continues to outpace the company's ability to generate any meaningful revenue or offset operational overhead costs.
The sharp increase in R&D spending suggests that the company is aggressively pushing its lead candidate, EB05, through late-stage clinical milestones. Investors should monitor whether this spending trajectory remains sustainable given the limited cash reserves, as the current cost structure is entirely dependent on external capital infusions.
Based on Edesa Biotech's reported figures, the company continues to operate with a negative operating margin, as quarterly operating losses widened to $4.3 million in 2026Q2, underscoring the lack of operational scale inherent in a pre-revenue, clinical-stage biotechnology business model currently lacking commercialized products.
The widening gap between R&D investment and operating income indicates that the company is not yet achieving any meaningful operating leverage. This trend appears likely to persist until the company successfully transitions from a development-focused entity to a commercial-stage organization, assuming regulatory approval is eventually secured.
According to recent SEC filings, Edesa Biotech's net income figures are frequently distorted by non-cash items, including warrant liability adjustments, which complicate the assessment of true operational performance and mask the underlying cash burn rate that remains the primary concern for long-term equity holders.
The reliance on non-operating adjustments suggests that GAAP net income is a poor proxy for the company's actual financial health. Analysts should prioritize cash burn metrics over reported earnings to better understand the runway available for ongoing clinical development programs.
As indicated by the company's $10.8 million cash position, Edesa Biotech faces a precarious financial outlook, where the necessity for frequent equity dilution may continue to pressure shareholder value if clinical trial timelines extend beyond the current funding window provided by recent capital raises.
The persistent reliance on equity markets to fund operations warrants further investigation into the company's ability to secure non-dilutive partnerships. Without a strategic pivot or a major clinical success, the current financial trajectory suggests a high probability of continued shareholder dilution to support ongoing research activities.
Quick answers to the most common questions about buying EDSA stock.
For fiscal year 2025, Edesa Biotech, Inc. (EDSA) reported total revenue of $0.0M.
Edesa Biotech, Inc. (EDSA) reported a net loss of $7.2M for the fiscal year ending 2025.