- Company continues preclinical studies for Thykamine™ in MASH and Fibrosis, furthering the understanding of Thykamine™’s mechanism of action.
- Thykamine™: A New Player in the Field of Anti-Inflammatory Drugs published in the peer reviewed journal, Biomedicines.
- Design for Thykamine™ Phase 2/3 clinical study in pediatric Atopic Dermatitis is complete based on the positive results of the phase 2 in an adult population.
- Thykamine™ radiodermatitis pivotal clinical study in the process of being initiated.
- First quarter gross margin on distribution revenues of $0.5 million
- First quarter net loss of $1.6 million dollars, ($0.01) per share
- Private placements completed with gross proceeds of $2.7 million
- Cash as of October 31, 2025 of $6.6 million; Company remains debt free
QUÉBEC, Dec. 12, 2025 /CNW/ – Devonian Health Group Inc. (“Devonian” or the “Company“) (TSXV: GSD) (OTCQB: DVHGF), today announced operating and financial results for its first quarter ended on October 31, 2025.
Management Comments
”We are very pleased with the continued momentum across both our therapeutic and commercial activities this quarter. Thykamine™’s progress in preclinical MASH and fibrosis strengthens its profile as a promising first-in-class anti-inflammatory candidate, while the readiness of our Phase 2/3 pediatric atopic dermatitis study marks an important milestone toward addressing a significant unmet medical need. Our gross margin performance, combined with the successful completion of $2.7 million in private placements, reflects growing confidence in our strategy and in the long-term value of our pipeline” said Dr Andre Boulet, PhD, Chief Executive Officer of Devonian.
Business Highlights
- The Company finalized the protocol for a 12-week, multicenter, randomized, double-blind, vehicle-controlled, Phase 2/3 clinical study investigating the safety and efficacy of two strengths. (0.05% and 0.1%) of PUR 0110 (Thykamine™) Cream applied twice daily to pediatric patients (3 months to 17 years of age) with mild to moderate atopic dermatitis (the “Pediatric AD clinical study”). The study is ready to be initiated following approval by regulatory agencies.
- The Company is preparing its pivotal clinical study of Thykamine™ for radiodermatitis. It will be a double-blind, randomized, Glaxal-based, controlled multicenter study in patients with breast cancer.
- Preclinical studies are ongoing to highlight the potential of Thykamine™ to be used in the treatment of MASH.
- Further preclinical studies initiated to elucidate the potential use of Thykamine™ as an anti-fibrotic agent.
- On November 26, 2025, subsequent to the close of the quarter, the Company announced the appointment of Mr. Pierre Labbé as new board member following the resignation from the board of directors of Mr. Jean Forcione on September 30, 2025.
Financial Highlights
Financing
- During the quarter ended October 31, 2025, the Company successfully completed $2.7 million of financing with issuance of units (common shares and warrants) through private placements, strengthening its liquidity. Cash and cash equivalents of $6.6 million at the end of the period, modestly lower than the $7.0 million reported as of July 31, 2025. The Company is debt free.
Distribution revenues
- Distribution revenues for the three-month period ended October 31, 2025 were $1.05 million, an 83% decrease from $6.12 million in the comparable period, reflecting the expiry of the Dexlansoprazole distribution agreement in April 2025.
Net loss
- The Company reported a net loss during the quarter of $1.6 million as compared to a net loss of $0.6 million for the same period in 2024. The comparative period increases in net loss of nearly $1 million relates to the distribution revenues decline which reduced the gross margin by $1.5 million. This reduction was partially offset by a $0.5 million savings in selling and administrative as well as financial expenses.
Cash flows
- The Company used $2.3 million in operating activities cash flows, compared with generating $2.6 million in the same period last year. The $4.9 million decrease in operating cash flows is mainly due to the net change in non-cash working capital items for an amount of nearly $3.5 million related to the payments of accounts payable, as well as the $1.4 million higher comparative net loss net of items not affecting cash.
To consult the Interim Consolidated Financial Statements for the three-month periods ended October 31, 2025 and 2024, please click on the following link: https://groupedevonian.com/investor-center/financial-reports/ or see the Company profile on SEDAR+.
About Thykamine™
Thykamine™, the first pharmaceutical product issued from Devonian’s SUPREX™ platform, is a highly innovative product for the prevention and treatment of health conditions related to inflammation and oxidative stress including ulcerative colitis, atopic dermatitis, psoriasis, rheumatoid arthritis, and other autoimmune disorders. The anti-inflammatory, anti-oxidative and immunomodulatory properties of Thykamine™ have been demonstrated by a considerable number of in vitro and in vivo studies as well as in a Phase 2a clinical study in patients with mild-to-moderate distal ulcerative colitis and in a large Phase 2 study in adult patients with mild-to-moderate Atopic Dermatitis. Both Thykamine™ and SUPREX™ platform are covered by patents issued in several North American, European and Asian countries.
About Devonian
Devonian Health Group Inc. is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune inflammatory conditions with novel therapeutic approaches to targeting unmet medical needs. Devonian’s core strategy is to develop prescription drugs for the treatment of inflammatory autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a U.S. Food and Drug Administration set of regulatory guidelines favoring drug development pathway for prescription botanical drug products.
Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius, focused on selling prescription pharmaceutical products in Canada, under a license from brand name pharmaceutical companies.
Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Québec (Quebec) Canada where it owns a state-of-the art extraction facility. Devonian is traded publicly on the TSX Venture Exchange (the “Exchange“) (TSXV: GSD) and on OTCQB Venture Market (OTCQB: DVHGF).
For more information, visit www.groupedevonian.com.
Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating, the impact of proposed optimizations at the Corporations’ projects, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, changes in accounting policies, the impact of inflation, the PCT patents for ThykamineTM might not be granted, and, generally, the above “About Devonian” paragraphs, which essentially describes the Corporation’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Corporation refuses any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Devonian Health Group Inc.
Devonian Health Group Inc., Dr. Andre Boulet, Chairman and Chief Executive Officer, Telephone: 1 (450) 979-2916, E-mail: investors@groupedevonian.com
