Monday, June 02, 2025
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Net Loss of $1.4 Million Was Less Than We Expected. 1Q25 Nutriband reported a loss for 1Q26, ended April 30, 2025, of $1.4 million or $(0.12) per share. Product Sales were $0.67 million, slightly below the $0.7 million we had estimated. Importantly, the company made progress advancing its abuse-resistant AVERSA Fentanyl patch toward clinical testing. We expect future revenues to be driven by AVERSA Fentanyl and see the current product sales as a means to offset the cost of product development. Cash at the end of the quarter was $3.0 million.
Total Expenses Were Below Expectations. During the quarter, COGS were $0.4 million or 62% of sales, lower than the 70% we had expected and the 65% seen for FY2024. SG&A and R&D were both close to our estimates, with Total Expenses of $2.1 million lower than our estimate of $2.5 million. We had initially allowed for a stock offering during the quarter that would have increased the Weighted Average Shares Outstanding to 13.2 million, compared with the reported 11.1 million.
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