(TheNewswire)
TORONTO, ON – TheNewswire - October 1, 2024 - StageZero Life Sciences (“StageZero” or the “Company”) (TSX:SZLS), an integrated healthcare company with the first and only mRNA multi-cancer diagnostic for screening for multiple, key cancers from a single sample of blood - Aristotle, and an oncologist-led adjunctive treatment protocol with early data - METRICS study - showing an improvement in outcome in cancer patients, announced its second quarter financial results for the three and six months ended June 30, 2024, and will provide an update on its business operations.
“This first half of 2024 has been a very different period for us and one in which we have used it to the best advantage we can - focussing on operational and strategic changes to bring the Company into a more efficient mode. Changes such as the ones the Company has recently made invariably disrupt operations but we are pleased that we have already started seeing the results of these changes, particularly with where we want to go with Aristotle.” said James Howard-Tripp, Chairman and CEO of StageZero Life Sciences. “Key now, is to launch into our strategic partnerships to fuel the uptake of our Aristotle test and increase revenues” he further added.
Operational Update
The Company has been under a failure to file cease trade order (“FFCTO”) since April 9, 2024. During that time operations have been ongoing, disclosure has continued, and the Company undertook a significant strategic review of operations. This resulted in several changes which will improve its competitiveness and strategically prepare for the next 6 to 12 months.
The Company’s laboratory has been relocated in Richmond, VA to a more suitable space. The relocation has resulted in a very significant reduction in overhead, as well as an increase in efficiency. During the relocation, Aristotle testing was paused and is resuming now.
New partnerships have been brought on, which will increase the access to the Company’s Aristotle test. The launch of these partnerships will be announced by the Company in the coming days. Additional partnerships and the growth of the uptake of the Aristotle test will be a strong focus over the coming months. The Company anticipates additional partnerships and will announce them as they launch.
Operationally, CareOncology has a new expanded operations team servicing the US/Canada and has introduced new programs. Adjusting to patient demand is critical to the Company’s success. The AVRT program will be introduced to key lab partnerships by the end of 2024.
Revenues for Q3 are showing an increase over Q1 and Q2. The first half of 2024 saw a decrease in revenues due to operational changes; Q3 revenues, to date, are recovering and, with the scale up in Aristotle testing, are expected to ramp through Q4.
The Company’s UK operations are ongoing and are being repositioned for expansion. Europe represents a potential market of 780 million people. CareOncology UK is introducing new, expanded programs to better cater to the diverse patient needs. A new multi-language team is being onboarded and new outreach efforts are being initiated. The Company is integrating with European patient organizations, expanding joint educational programs and offering nutritional and holistic care. Partnership opportunities for AVRT are being explored.
The Company is diligently continuing its efforts to have sufficient funds to fully pay the auditors. It anticipates having them paid by October 30th, and will request revocation of the FFCTO immediately after filing of the 2023 financials.
The Company anticipates filing the Q3 financials on time, by November 14, 2024.
Q2 2024 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
The Company generated $0.912 million in cancer testing and treatment revenue for the six months ended June 30, 2024 as compared to revenue of $1.555 million for the six months ended June 30, 2023 and realized a net loss of $1.036 million, or $0.01 basic and diluted loss per common share as compared to a $2.214 million net loss for the six months ended June 30, 2023, or $0.02 basic and diluted loss per common share.
The Company generated $0.390 million in revenue for the three months ended June 30, 2024 as compared to revenue of $0.793 (will be restated as $0.693 million) for the three months ended June 30, 2023 and realized a net loss of $0.650 million, or $0.00 basic and diluted loss per common share as compared to $0.401 million net loss for the three months ended June 30, 2023, or $0.00 basic and diluted loss per common share. The Company's financial statements and management's discussion and analysis are available on www.sedar.com.
About StageZero Life Sciences, Ltd.
StageZero Life Sciences, Ltd. is a company innovating on the forefront of screening for the early detection of cancer. StageZero combines its proprietary liquid biopsy multi-cancer detection test, Aristotle®, with Physician led clinical programs; offering patients a unique treatment combination not found anywhere else.
Aristotle®, is the first ever mRNA multi-cancer panel for simultaneously screening for multiple cancers from a single sample of blood with high sensitivity and specificity for each cancer. Aristotle® uses mRNA technology to identify the molecular signatures of multiple cancer types.
Care Oncology Clinic offers a supervised treatment regimen (the COC Protocol) for people diagnosed with cancer of any type or stage. It is an individualized therapeutic approach which seeks to simultaneously target multiple metabolic cancer pathways and is intended for adjunctive administration alongside standard-of-care cancer therapy. The aim is to restrict cancer cell energy supply and use.
The COC Protocol program is managed by a multi-disciplinary team that is overseen by an Oncologist and includes Nurse Practitioners and Metabolic Specialists.
CareOncology Clinics also offers AVRT a Physician-Led, telehealth program for identifying and managing the early warning signs of cancer and chronic disease.
Aristotle® is processed at the Company's clinical laboratory, StageZero Life Sciences, Inc., a CAP accredited and CLIA certified high-complexity reference laboratory in Richmond, Virginia.
StageZero Life Sciences trades on the Toronto Stock exchange under the symbol SZLS and on the OTCQB under the symbol SZLSF.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as “expects”, “will” and similar expressions, which reflect the Company’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company’s actual events to differ materially from those projected herein. Investors should consult the Company’s ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
For further information please contact:
Investor Relations
Rebecca Greco
1-855-420-7140 ext. 1838
rgreco@stagezerols.com
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