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ADHEREX TECHNOLOGIES INC

CIK:0001211583|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 17,874	$ 9,652	$ 32,982	$ 18,403
Operating expenses:
Cost of product sales	721	967	1,291	1,340
Research and development	118	107	167	201
Selling and marketing	10,659	4,784	22,081	8,011
General and administrative	4,639	6,526	7,825	12,391
Total operating expenses	(16,137)	(12,384)	(31,364)	(21,943)
Income/(loss) from operations	1,737	(2,732)	1,618	(3,540)
Other income/(expense)
Unrealized foreign exchange (loss)/gain	(6)	17	(18)	30
Amortization expense		(13)		(26)
Unrealized loss on securities		(1)		(2)
Interest income	287	171	626	407
Interest expense	(3)	(594)	(10)	(1,186)
Total other income/(expense)	278	(420)	598	(777)
Income/(loss) before provision for income taxes	2,015	(3,152)	2,216	(4,317)
Provision for income taxes	42		42	0
Net income/(loss)	$ 1,973	$ (3,152)	$ 2,174	$ (4,317)
Basic net income/(loss) per common share	$ 0.06	$ (0.11)	$ 0.06	$ (0.16)
Diluted net income/(loss) per common share	$ 0.05	$ (0.11)	$ 0.06	$ (0.16)
Weighted-average number of common shares outstanding basic	34,545	27,664	34,596	27,621
Weighted-average number of common shares outstanding diluted	36,430	27,664	37,410	27,621
PEDMARK product sales, net
Total revenue	$ 17,164	$ 9,652	$ 32,272	$ 18,403
Other revenue
Total revenue	$ 710		$ 710

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income/(loss)	$ 2,174	$ (4,317)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Allowance for credit losses	(340)	1,222
Amortization of Norgine asset	51	51
Amortization of debt discount		26
Unrealized loss on securities		2
Stock-based compensation	2,764	2,292
Changes in operating assets and liabilities:
Accounts receivable	295	(5,542)
Prepaid expenses	103	(1,659)
Inventory	(809)	(1,141)
Other current assets	(245)	(435)
Other non-current assets	204
Accounts payable	881	2,700
Accrued liabilities	(1,939)	(1,203)
Contract liability	(710)
Net cash provided by/(used in) operating activities	2,429	(8,004)
Financing activities:
Issuance of shares, options exercise	3,284	186
Cash paid for taxes on restricted share release	(1,252)	(111)
Net cash provided by financing activities	2,032	75
Increase/(decrease) in cash and cash equivalents	4,461	(7,929)
Cash and cash equivalents - Beginning of year	36,788	26,634
Cash and cash equivalents - End of year	$ 41,249	$ 18,705

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 41,249	$ 36,788
Accounts receivable, net	23,266	23,221
Prepaid expenses	3,635	3,738
Inventory	2,374	1,565
Other current assets	1,976	1,731
Total current assets	72,500	67,043
Non-current assets
Non-current accounts receivable, net	2,587	2,791
Other non-current assets, net of amortization	666	717
Total non-current assets	3,253	3,508
Total assets	75,753	70,551
Current liabilities:
Accounts payable	5,516	4,635
Accrued liabilities	3,696	5,635
Contract liability - current	3,182	248
Total current liabilities	12,394	10,518
Non-current liabilities
Contract liability - long-term	20,917	24,561
Total long-term liabilities	20,917	24,561
Total liabilities	33,311	35,079
Shareholders' equity/(deficit)
Common stock, no par value; unlimited shares authorized; 35,034 shares issued and outstanding (2025 34,163)	193,190	189,906
Additional paid-in capital	75,257	73,745
Accumulated deficit	(227,248)	(229,422)
Accumulated other comprehensive income	1,243	1,243
Total shareholders' equity/(deficit)	42,442	35,472
Total liabilities and shareholders' equity/(deficit)	$ 75,753	$ 70,551