VANCOUVER, BC, April 2, 2025 /PRNewswire/ -- Zero Candida Technologies, Inc. (TSXV: ZCT) (OTCQB: ZCTFF) (FSE: 9L2) (the "Company" or "ZCT"), a FemTech medical device company revolutionizing women's health, reports financial results and key business achievements for the year ended December 31, 2024. These results are presented in accordance with the International Financial Reporting Standard (IFRS) as issued by the International Accounting Standards Board. This release should be read in conjunction with the Company's audited consolidated financial statements and associated Management Discussion and Analysis ("MD&A"), available on SEDAR www.sedarplus.ca. In addition, the company announced today that Ms. Orit Berger has resigned from its Board of Directors (the "Board") for personal reasons, effective immediately.
Zero Candida logo
"2024 was a transformative year for Zero Candida. We achieved key pre-clinical milestones, completed our public listing, and are now well-positioned to accelerate our development plans. Looking ahead, we are focused on advancing towards clinical trials and bringing our groundbreaking device for Candidiasis to market, addressing a critical unmet need in women's health," commented Eli Ben Haroosh, Zero Candida's CEO. "Our financial results align with our expectations as a development-stage company, and we believe the progress we made this year positions us for long-term success."
Business Highlights
The following summarizes key business developments from the twelve months ended December 31, 2024, to the date of this release:
In March 2024, the Company formalized its Business Combination Agreement with ZC. This agreement initiated the process to acquire 100% of ZC's issued and outstanding securities, in exchange for the Company issuing its own securities.
In May 2024, ZC received a report from Shamir Medical Centre indicating that the pre-clinical safety study of its ZC-01 device showed no abnormal findings or safety concerns.
The Company successfully completed its reverse merger acquisition of ZC on November 13, 2024, for approximately CAD 4 million. This involved a 131-share split and the issuance of 9.6165 Company Shares per ZC Share.
On November 25, 2024, the Company's shares commenced trading on the TSX Venture Exchange (TSXV) under the symbol "ZCT".
In December 2024, the Company strengthened its intellectual property portfolio by obtaining its final patent in South Africa for its ZC-01 device.
Expanding its market presence, the Company's shares commenced trading on the Frankfurt Stock Exchange (FSE) under the symbol "9L2" in January 2025.
In March 2025, the Company's shares commenced trading on the OTCQB Venture Market (OTCQB) under the symbol "ZCTFF".
Financial Results
For the year ended December 31, 2024, Zero Candida Technologies Inc. reported research and development expenses of CAD 1,276 thousand, compared to CAD 1,868 thousand in 2023, and general and administrative expenses of CAD 965 thousand, compared to CAD 649 thousand in 2023.
The Company's operating loss for 2024 was CAD 6,241 thousand, which included CAD 4,000 thousand in issuance costs related to the reverse acquisition, compared to an operating loss of CAD 2,517 thousand in 2023. The Company's net loss for 2024 was CAD 6,283 thousand, compared to CAD 2,513 thousand in 2023.
As of December 31, 2024, cash and cash equivalents and bank deposits totaled CAD 3,052 thousand, an increase from CAD 1,639 thousand as of December 31, 2023. Total assets were CAD 3,214 thousand, and shareholders' equity was CAD 2,341 thousand, compared to CAD 1,693 thousand, and CAD 1,301 thousand, respectively, as of December 31, 2023.
The Company's financial results for 2024 reflect its continued investment in the development of its Candidiasis treatment technology. Research and development expenses decreased compared to the prior year, while general and administrative expenses increased, including costs associated with the Company's reverse takeover transaction. The operating loss for 2024 was impacted by these transaction-related costs. The Company's cash position remains strong and increased during the year, which will support ongoing development activities.
About Zero Candida
Zero Candida (ZCT) is a publicly traded FemTech company pioneering innovative solutions to address unmet needs in women's health. The company is developing a tampon-like device that uses artificial intelligence and therapeutic blue light at a precise wavelength and intensity to effectively treat Candida fungus, with a proven 99.999% success rate in POC. Vulvo-Vaginal Candidiasis (VVC) affects approximately 75% of women worldwide, and recurrent cases (four or more episodes per year) are increasingly resistant to existing drug treatments, as the root cause remains poorly understood and inadequately addressed. ZCT is following a de novo regulatory pathway and is finalizing the device for human use in preparation for an upcoming clinical trial, after successfully completing a safety trial in large animals (sheep). The company has secured funding and partnerships with leading hospitals in Europe and Israel, while expanding its global patent portfolio with applications filed in the United States, Brazil, and Europe, and is fully patented in South Africa. With the VVC treatment market projected to exceed USD $2B in the next five years, ZCT is combining hybrid medicine and technology-based diagnostics to improve access to underserved populations and bring gynecology into the 21st century. To learn more, visit www.zero-candida.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not undertake to update any forward-looking statements, other than as required by law. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Zero Candida. Readers are cautioned not to place undue reliance on forward-looking statements.
