"2025 was a pivotal year for Eupraxia. We achieved significant clinical milestones in the development of our lead program, EP-104GI, and strengthened our balance sheet with two recent financings, positioning us well for our next phase of growth" said James Helliwell, CEO of Eupraxia. "As we look ahead to an exciting year, we anticipate multiple clinical readouts from the ongoing RESOLVE trial and the initiation of additional clinical programs in new indications to further expand and strengthen our pipeline"
Recent Operational and Financial Highlights
On November 13, 2025, the Company announced additional 52-week follow-up data from the RESOLVE trial in eosinophilic esophagitis ("EoE") demonstrating consistent results after dosing with EP-104GI.
On January 8, 2026, the Company announced positive tissue health data from its ongoing RESOLVE trial in EoE demonstrating near-complete improvement on biopsy.
On February 20, 2026, the Company announced the closing of a public offering of Common Shares (the "Offering"). The Company issued 7,607,145 Common Shares at a price of $7.00 per Common Share for gross proceeds of approximately $63.2 million which included the issuance of 1,178,571 Common Shares upon full exercise of the option to purchase additional shares granted to the underwriters, and 1,428,571 Pre-Funded Warrants at a price of $6.99999 per Pre-Funded Warrant.
Fourth Quarter 2025 Financial Review
The Company incurred a net loss of $16.7 million for the three months ended December 31st, 2025, versus a net loss of $7.5 million for the three months ended December 31st, 2024. The increase in net loss was primarily due to an increase in research and development costs associated with the EP-104GI program and increased general and administrative costs.
The Company had cash of $80.5 million as of December 31st, 2025, up from $33.1 million at the end of the fourth quarter of 2024.
The Company anticipates that existing cash reserves and proceeds from the Offering and anticipated future exercise of in-the-money warrants, will be sufficient to fund the Company into the second half of 2028.
As of December 31st 2025, the Company had 51,939,206 common shares and 8,355,638 preferred shares outstanding.
Potential Impact of Tariffs
Management continues to monitor the North American trade situation that began with the February 2025 announcement by the U.S. government of proposed 25% tariffs on selected imported Canadian goods, and the subsequent Canadian announcement of planned retaliatory tariffs on selected imported U.S. goods. At present, U.S. tariffs are in flux following the recent U.S. Supreme Court decision regarding the scope of executive tariff authority that struck down certain tariffs that had been in place.
Eupraxia manufactures its clinical supplies of EP-104IAR and EP-104GI in the U.S. by a third-party. The Company expects to continue to access manufactured products from the U.S.
The Company maintains U.S. dollar balances to pay U.S. dollar expenses and to minimize the impact of short-term fluctuations in exchange rates.
Management ...
