Edesa Biotech, Inc. (EDSA): Business Model Canvas [Dec-2025 Updated]

You're digging into Edesa Biotech, Inc. (EDSA), and let's be real: this isn't a company selling widgets; its entire value is locked in clinical milestones and government backing. As a seasoned analyst, I see a textbook clinical-stage play where the 25% relative risk reduction in death for ARDS patients from EB05 is the main asset, heavily supported by BARDA funding. The near-term risk is managing that cash position-only $12.4 million on hand as of June 30, 2025-while executing the next steps for EB06 and securing future deals. This canvas breaks down exactly how Edesa Biotech, Inc. (EDSA) plans to turn promising science into shareholder value, so keep reading to see the full picture. It's defintely a high-stakes game of data delivery.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Key Partnerships

You're looking at the structure of Edesa Biotech, Inc.'s external relationships, which are heavily weighted toward government support for its lead respiratory asset, EB05, and private capital for its dermatology pipeline, EB06. This mix of funding sources is key to how they manage cash flow, especially given their recent balance sheet position.

Governmental and Institutional Support

Edesa Biotech, Inc. has secured significant non-dilutive funding from government bodies to de-risk the development of its EB05 (paridiprubart) platform for Acute Respiratory Distress Syndrome (ARDS).

• The U.S. government, via the Biomedical Advanced Research and Development Authority (BARDA), is fully funding a Phase 2 platform study for EB05 in general ARDS patients.
• The Government of Canada provided a funding commitment of up to C$23 million under the Strategic Innovation Fund (SIF) to support the pivotal Phase 3 clinical trial for EB05, which is part of a larger $61 million project.
• Edesa Biotech previously received up to $14 million from the Government of Canada's Strategic Response Fund (SRF) in February 2021 to support EB05 development.
• Reimbursement funding from the Canadian government's Strategic Innovation Fund decreased total other income by $311,000 for the three months ended March 31, 2025, compared to the prior year period.

The company's cash position as of June 30, 2025, stood at $12.4 million in cash and cash equivalents, with working capital of $12.1 million.

The reliance on government funding for EB05 allows Edesa Biotech, Inc. to prioritize resources toward EB06, which was supported by a recent private financing round.

Clinical Execution and Manufacturing

Execution of clinical trials and drug production relies on external specialized organizations. Edesa Biotech, Inc. is actively engaging these partners for its EB06 program.

• Edesa Biotech, Inc. anticipates drug manufacturing data for EB06 to be submitted to the U.S. Food and Drug Administration (FDA) for its Investigational New Drug (IND) application by the end of calendar 2025.
• Manufacturing slots are dependent on the current availability of third party service providers.
• The company is advancing outreach to potential investigators to support the U.S. regulatory approval for the EB06 Phase 2 study.
• Health Canada previously granted approval to initiate the Phase 2 clinical study for EB06.

The EB05 Phase 3 trial, which was suspended for enrollment, involved approximately 100 people.

Commercialization and Licensing Potential

While specific commercial partners are not detailed, the business model anticipates future arrangements, which would be critical given the cash position at June 30, 2025, of $12.4 million.

• Edesa Biotech, Inc. may seek additional financing through potential future licensing, collaboration or similar arrangements with third parties.
• The capital raise in February 2025 is expected to fund the EB06 program through the end of fiscal 2026.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Key Activities

Conducting and analyzing Phase 3 clinical trials for EB05 (ARDS).

The Phase 3 trial for paridiprubart (EB05) in Acute Respiratory Distress Syndrome (ARDS) enrolled a total of 104 patients in the intent-to-treat population. The safety population included more than 275 subjects.

Preparing and submitting the EB06 IND application to the FDA by end of 2025.

Edesa Biotech, Inc. anticipates drug manufacturing data for EB06 to be submitted to the U.S. Food and Drug Administration (FDA) for its investigational new drug (IND) application by the end of calendar 2025. The company advanced manufacturing-related activities during the quarter ended June 30, 2025. The planned Phase 2 study for EB06 is anticipated to initiate in the first half of 2026.

Research and development of host-directed therapeutics (HDTs).

Research and development expenses reflect the pivot to the EB06 program, partially offsetting decreased expenses for EB05 due to the fully funded U.S. government study.

• Research and development expenses for the three months ended March 31, 2025: $0.5 million.
• Research and development expenses for the three months ended June 30, 2025: $0.9 million.
• Research and development expenses for the six months ended March 31, 2025: $1.5 million.

Manufacturing clinical trial material via third-party service providers.

The company is utilizing third party service providers for manufacturing activities. Decreased external research expenses related to manufacturing the investigational drug, paridiprubart (EB05), contributed to lower R&D costs in the first quarter of 2025.

Business development efforts for out-licensing pipeline assets (EB01, EB07).

Edesa Biotech, Inc. is advancing EB01, which is Phase 3-ready for chronic Allergic Contact Dermatitis (ACD). EB07 is being prepared for a future Phase 2 study in pulmonary fibrosis.

• EB01 completed a Phase 2b double-blind, dose-ranging vehicle-controlled adaptive design clinical trial.
• ACD costs in the United States are estimated to be approximately $2 billion annually.
• More than 13.2 million people in the United States are estimated to have contact dermatitis.
• Between 20% and 60% of all contact dermatitis cases are diagnosed as ACD.

The company completed a $15 million equity financing during the quarter ended March 31, 2025. Total operating expenses for the three months ended June 30, 2025 were $1.9 million.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Key Resources

You're looking at the core assets that Edesa Biotech, Inc. is relying on right now to drive value. For a clinical-stage biopharma, these resources are everything-they are the science, the cash to fund the science, and the people who execute the plan. Let's break down the hard numbers and the critical intellectual property.

The most immediate, tangible resource is the balance sheet strength, or lack thereof, which dictates the runway. As of June 30, 2025, Edesa Biotech, Inc. held $12.4 million in cash and cash equivalents. This is the fuel in the tank. Furthermore, the working capital position at that same date was $12.1 million. To put the operational burn in context, for the nine months ended June 30, 2025, the company reported a net loss of $5.0 million.

The clinical data for the lead asset, EB05 (paridiprubart), is arguably the most valuable non-cash resource. The Phase 3 trial for Acute Respiratory Distress Syndrome (ARDS) delivered statistically significant results:

• Relative risk reduction in death at 28 days: 25% (Mortality rate dropped from 52% in placebo to 39% in the EB05 arm).
• Durable relative risk reduction in death at 60 days: 22% (Mortality rate dropped from 59% in placebo to 46% in the EB05 arm).
• Clinical improvement (no longer requiring invasive mechanical ventilation) at 28 days: 41% higher relative rate for EB05-treated patients.

The Intellectual Property (IP) portfolio centers on novel mechanisms targeting inflammation pathways. Edesa Biotech, Inc. is developing first-in-class host-directed therapeutics (HDTs) that modulate the body's own immune response. The IP protection surrounds these specific molecular targets:

The clinical-stage pipeline itself represents future optionality. You need to track all four assets, as a success in one area can de-risk the others. The pipeline includes:

• EB05 (paridiprubart) for ARDS, which is also being evaluated in the U.S. Government's Just Breathe trial.
• EB06 (anti-CXCL10 mAb) for vitiligo, with an Investigational New Drug (IND) filing targeted for the second half of calendar 2025.
• EB01 (daniluromer) for moderate-to-severe chronic Allergic Contact Dermatitis (ACD), which is noted as a Phase 3-ready asset.
• EB07, another pipeline asset [Outline].

Finally, the human capital-the specialized R&D team-is crucial for advancing these complex biologics. While a total team size isn't immediately available, the expertise in manufacturing scale-up is a key resource. For instance, the Senior Vice President of Manufacturing, Rajan Puri, has prior experience helping grow a contract development and manufacturing organization (CDMO) from just 20 employees to over 250 during a ten-year tenure. This kind of operational scaling experience is vital for commercial readiness.

Finance: draft 13-week cash view by Friday.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Value Propositions

You're looking at the core value Edesa Biotech, Inc. is trying to deliver to its customers-the patients and the healthcare systems that treat them. This is all about what makes their pipeline assets uniquely valuable right now, late in 2025.

EB05: Significant Reduction in Mortality for Critically Ill ARDS Patients

For Acute Respiratory Distress Syndrome (ARDS), the data from the Phase 3 study on paridiprubart (EB05) is the headline. This is where Edesa Biotech, Inc. is showing a clear, statistically significant impact on the most critical outcome: survival. The value proposition here is a direct, measurable reduction in the risk of death for patients already on invasive mechanical ventilation (IMV) and standard of care (SOC).

Here's the quick math on the survival benefit seen in the intention-to-treat (ITT) population (n=104) from the Phase 3 trial:

Also, the drug candidate demonstrated a 41% higher relative rate of clinical improvement at Day 28, meaning patients recovered faster and no longer required IMV and/or organ support. For the subset evaluated on the WHO COVID-19 Severity Scale, 38% of EB05-treated patients achieved a two-point or greater improvement versus only 27% in the placebo group (p=0.032).

Addressing High Unmet Medical Needs in Life-Threatening Respiratory Failure (ARDS)

The scale of the problem Edesa Biotech, Inc. is targeting is massive. ARDS is a life-threatening form of respiratory failure that places an enormous burden on hospitals. Globally, ARDS accounts for about 10% of intensive care unit admissions, which translates to over 3 million patients annually. In the United States alone, it historically affected around 200,000 people each year, leading to nearly 75,000 deaths annually. To be fair, the cost burden is also huge; in the U.S., ARDS care averages over $100,000 per patient.

Favorable Safety Profile of EB05, Dosed in Over 460 Patients

A drug that works well is only half the story; it must also be safe. EB05 has a history supporting its tolerability. The drug has been dosed in over 460 patients and healthy volunteers throughout its development. The recent Phase 3 safety analysis included a database of 278 subjects, split between 138 receiving EB05 and 140 receiving placebo. The reported event profile was very similar between the two groups, with no treatment-related adverse events observed.

EB06: Potential First-in-Class Anti-CXCL10 Monoclonal Antibody for Vitiligo

For vitiligo, Edesa Biotech, Inc. is positioning EB06 as a potential first-in-class anti-CXCL10 monoclonal antibody. This addresses a life-altering autoimmune disease that affects approximately 1% of the world's population. The value here is in offering a novel mechanism for a condition with limited effective treatments. As of late 2025, the company is advancing manufacturing to support a U.S. Investigational New Drug (IND) application, with data submission planned for the end of 2025, aiming for a Phase 2 study start in 2026. Health Canada has already approved the Clinical Trial Application for this Phase 2 study.

EB01: Phase 3-Ready Topical Treatment for Chronic Allergic Contact Dermatitis

EB01, a topical daniluromer cream at 1.0% concentration, is positioned as a Phase 3-ready asset for chronic Allergic Contact Dermatitis (ACD). This is a common occupational health issue in the United States. The market need is significant: ACD is estimated to cost the U.S. approximately $2 billion annually. Furthermore, over 13.2 million people in the U.S. have contact dermatitis, and between 20% and 60% of those cases are diagnosed as ACD. Edesa Biotech, Inc. has already demonstrated statistically significant improvement of multiple symptoms in two clinical studies following a successful Phase 2b trial.

Finance: review the cash runway projection based on Q3 2025 cash balance of $12.4 million against the stated goal of funding the vitiligo program through the end of fiscal 2026.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage biotech, so your key relationships aren't about selling widgets; they're about navigating regulatory pathways and securing non-dilutive funding. The focus here is on high-stakes, high-touch engagement with bodies that control your product's future and sponsors who help pay for the journey.

High-touch engagement with regulatory agencies (FDA, Health Canada) for approvals

The relationship with regulatory bodies is all about precision timing and data submission quality. For your lead dermatology asset, EB06, you're deep in the preparation phase for the U.S. Food and Drug Administration (FDA). Edesa Biotech management anticipated submitting the drug manufacturing data for the Investigational New Drug (IND) application for EB06 in the second half of calendar 2025, specifically targeting submission by the end of calendar 2025. This follows the prior Health Canada action, where the agency had already granted approval to initiate the Phase 2 clinical study for EB06 in vitiligo. To date, Edesa Biotech has not received any FDA approvals for its therapy in the last two years, as of late October 2025. Still, the most recent FDA-related event reported on October 28, 2025, was the announcement of positive results from the Phase 3 study of paridiprubart (EB05) for Acute Respiratory Distress Syndrome (ARDS). That EB05 data showed significant clinical impact: the 28-day death rate was cut from 52% to 39%, representing a 25% relative risk reduction (p < 0.001), and 41% more patients achieved clinical improvement (no longer needing mechanical ventilation or organ support) by Day 28.

Close collaboration with government sponsors (BARDA) for clinical program management

The collaboration with the Biomedical Advanced Research and Development Authority (BARDA) is a cornerstone of the EB05 development plan, effectively de-risking that asset's clinical costs. Edesa Biotech's drug candidate, paridiprubart (EB05), was selected by BARDA for evaluation in a U.S. government-funded Phase 2 platform trial for general ARDS. This funding structure allows Edesa to prioritize resources toward its EB06 vitiligo program. This government support builds on prior success; a previous Phase 2 trial for EB05 demonstrated it reduced mortality by 84% among critically ill ARDS patients. Plus, the EB05 program has also been the recipient of two funding awards from the Government of Canada to support further development.

Direct communication with institutional investors via conferences and filings

Keeping the capital markets informed is a constant activity, especially when advancing clinical programs. You've seen management and business development staff actively engaging, with planned participation in key late-2025 events like BIO-Europe in Vienna, Austria (November 3-5, 2025), and the LSX Investival Showcase Europe in London, UK (November 17, 2025). Financially, this relationship was recently bolstered by a $15 million equity financing completed in the quarter ended March 31, 2025, sourced from healthcare-focused institutional investors, existing shareholders, and insiders. This followed the earlier commitment in late 2024 where the CEO and Founder committed up to $5.0 million, including an immediate investment of $1.5 million. The company reported its third quarter 2025 results on August 8, 2025, and the next earnings report was estimated for December 12, 2025.

Strategic business development to secure future commercialization partners

Business development efforts are dual-focused: securing non-dilutive funding streams and setting up future commercial reach. The BARDA selection for the threat-agnostic trial is a key business development win, as it supports the goal to label paridiprubart as a standard-of-care drug therapy for all-cause ARDS. Furthermore, Edesa Biotech is actively pursuing additional uses for paridiprubart in chronic respiratory diseases, broadening the potential market beyond the initial ARDS indication. On the partnership front, the company maintains existing collaboration agreements with entities like NovImmune SA and Yissum Research Development Company for developing and applying their monoclonal antibody technology.

The CEO and Founder demonstrated commitment with an immediate capital injection of $1.5 million in October 2024 as part of a larger $5.0 million commitment. Cash on hand as of June 30, 2025, was $12.4 million, with working capital at $12.1 million.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Channels

The Channels component of the Edesa Biotech, Inc. business model centers on clinical execution, regulatory navigation, and strategic business development meetings to secure future commercialization pathways.

Clinical Trial Site Execution

Clinical trial execution relies on established relationships with investigative sites. For the most advanced program, EB05 (paridiprubart) for Acute Respiratory Distress Syndrome (ARDS), the Phase 3 study involved a randomized trial of 104 ventilated adults. The company's focus has shifted, with outreach to potential investigators initiated for the EB06 program in vitiligo to support a planned U.S. Phase 2 study. Furthermore, the EB07 program for pulmonary fibrosis is listed as Phase 2 Ready.

The current clinical engagement channels can be summarized:

• Phase 3 ARDS trial utilized a randomized design with 104 participants.
• EB06 Phase 2 study preparation underway for the U.S. market.
• EB06 Phase 2 study is approved in Canada.
• EB07 program is listed as Phase 2 Ready.

Regulatory Pathways to Market Access

Market access is channeled directly through regulatory submissions to agencies like the U.S. Food and Drug Administration (FDA). The most recent key regulatory event for EB05 was the announcement of Positive Results from its Phase 3 study on October 28, 2025. As of that date, Edesa Biotech had not received any FDA approvals for its therapy in the last two years. The pathway for EB06 involves an Investigational New Drug (IND) application, with manufacturing data anticipated to be submitted to the FDA in the second half of calendar 2025. For EB07, the company is actively preparing an IND in the United States for a future Phase 2 study.

Key regulatory milestones and timelines as of late 2025:

Future Distribution Network via Commercial Partnering

While specific details on an established commercial licensing partner or a defined future distribution network are not publicly detailed, the channel for securing this is through active engagement at industry conferences to generate deal flow. The company's business development staff actively attends these events to facilitate potential partnerships that would ultimately define the commercial distribution strategy.

Biopharma Partnering Conferences for Deal Flow

Edesa management and business development staff utilized major European conferences in late 2025 as a primary channel for securing potential commercial partnerships. This included attendance at:

• BIO-Europe in Vienna, Austria: November 3-5, 2025.
• LSX Investival Showcase Europe in London, UK: November 17, 2025.
• A presentation was specifically scheduled at LSX Investival on November 17, 2025, at 3:45 pm GMT.
• The company also participated in the BIO International Convention in June 2025.

You can request meetings with company representatives via conference organizers or by emailing investors@edesabiotech.com.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Customer Segments

You're looking at the specific groups Edesa Biotech, Inc. (EDSA) is trying to serve with its clinical-stage assets, which is key to understanding their near-term value drivers. Honestly, their customer base isn't traditional; it's segmented by disease indication and potential strategic partners.

The primary patient populations are defined by two distinct, high-unmet-need areas:

• Critically ill patients with Acute Respiratory Distress Syndrome (ARDS).
• Patients with moderate-to-severe nonsegmental vitiligo.

For ARDS, the scale is significant. Historically, ARDS has affected about 200,000 patients annually in the United States, leading to nearly 75,000 deaths each year. Globally, this condition accounts for over 10% of intensive care unit admissions, touching more than 3 million patients yearly. Edesa Biotech, Inc.'s asset, EB05 (paridiprubart), is being evaluated in a U.S. government-funded platform study for this indication.

For vitiligo, the target is a chronic autoimmune condition affecting approximately 1% of the world's population. Edesa Biotech, Inc. is focusing on the moderate-to-severe nonsegmental vitiligo segment, which held 65.51% of the market share in 2024. The global vitiligo treatment market size was valued at USD 1.60 billion in 2025. Their drug candidate, EB06, is being advanced toward a Phase 2 study in the U.S. for this group.

The other two segments are B2B focused, revolving around partnerships and government support, which directly funds development and de-risks the pipeline. You saw this play out when they raised $15.0 million in gross proceeds in a February 2025 private placement to support the EB06 program.

Here's a breakdown of these customer segments and the associated financial/statistical anchors as of late 2025:

The government segment is critical because it offsets operating expenses; for instance, decreased expenses for EB05 helped offset increased EB06 expenditures in the nine months ended June 30, 2025. Still, you see the reliance on external financing, like the February 2025 placement where 834 preferred shares were sold at $10,000 each.

For the vitiligo segment, Edesa Biotech, Inc. anticipates submitting manufacturing data to the FDA later in 2025 for its IND application. If you look at the financing structure, officers and directors purchased approximately $1.1 million of the securities in that February 2025 offering.

The company's financial health reflects this focus; for the nine months ended June 30, 2025, Edesa Biotech, Inc. reported a net loss of $5.0 million. At June 30, 2025, cash and cash equivalents stood at $12.4 million.

Finance: draft 13-week cash view by Friday.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Cost Structure

The cost structure for Edesa Biotech, Inc. (EDSA) is heavily weighted toward activities necessary to advance its clinical pipeline, primarily the EB06 vitiligo program. Total operating expenses for the nine months ended June 30, 2025, totaled $5.4 million. This figure reflects a decrease from the $6.0 million reported for the same nine-month period in the prior year.

Here's a quick look at the major components of operating expenses for the nine months ended June 30, 2025, compared to the prior year:

Research and Development (R&D) expenses, while decreasing year-over-year for the nine-month period, remain a primary cost driver, reflecting the ongoing work on the drug candidates. For the third quarter alone (three months ended June 30, 2025), R&D expenses were $0.9 million, which was the same as the prior year's third quarter.

The R&D spend is directly tied to clinical trial and manufacturing activities:

• R&D expenses for the nine months ended June 30, 2025, decreased primarily due to lower external research expenses related to EB05 (paridiprubart).
• This decrease was partially offset by an increase in EB06-related expenses associated with preparations for the planned Phase 2 vitiligo study.
• Edesa Biotech, Inc. (EDSA) is actively advancing manufacturing-related activities to support the U.S. Food and Drug Administration (FDA) Investigational New Drug (IND) application submission, which is anticipated by the end of calendar 2025.
• The EB05 program costs are largely offset as the company benefits from a fully funded U.S. government study.

General and administrative (G&A) costs for the nine months ended June 30, 2025, were $3.0 million, down from $3.2 million in the prior year. This reduction in G&A was mainly due to lower professional service fees and noncash share-based compensation.

Specific components contributing to G&A costs include:

• Salaries and related costs are a component of G&A.
• Professional service fees are a variable component of G&A.
• Noncash share-based compensation is also factored into G&A.

Manufacturing costs for clinical-scale drug production are embedded within R&D, as seen by the shift in expenses related to the investigational drugs. For instance, decreased external research expenses related to manufacturing EB05 were noted in the first half of 2025, while EB06 preparation expenses increased. The company anticipates submitting drug manufacturing data for EB06 to the FDA by the end of calendar 2025, based on the current availability of manufacturing slots at third-party service providers.

Edesa Biotech, Inc. (EDSA) - Canvas Business Model: Revenue Streams

As a clinical-stage biopharmaceutical company, Edesa Biotech, Inc.'s revenue streams as of late 2025 are not derived from commercial product sales. You're looking at a business model heavily reliant on non-operational funding sources to fuel its pipeline development, primarily for its EB06 program targeting nonsegmental vitiligo and the ongoing EB05 program.

Product Sales Revenue: $0.00

Currently, Edesa Biotech, Inc. reports $0.00 in product sales revenue. This is the expected reality for a company focused on clinical development, meaning all current financial needs must be met through external capital and non-sales related income. For the quarter ended December 31, 2024, reported revenue was explicitly zero, matching analyst expectations.

Non-Dilutive Funding: Government Grants and Reimbursement

A significant, though variable, component of Edesa Biotech, Inc.'s non-product revenue comes from government support. This includes reimbursement for ongoing clinical studies. Edesa Biotech, Inc. previously secured a commitment of up to C$23 million from the Government of Canada for a pivotal Phase 3 clinical study of its EB05 (paridiprubart) asset. Furthermore, the EB05 program is being evaluated in a U.S. government-funded platform study for Acute Respiratory Distress Syndrome (ARDS). However, this income stream shows fluctuation; total other income decreased in the three and six months ended March 31, 2025, primarily due to a decrease in reimbursement funding from the Canadian government's Strategic Innovation Fund (SIF).

Capital Raising Activities: Equity Financing Proceeds

To fund its clinical advancement, Edesa Biotech, Inc. relies on equity financing. The most recent substantial inflow was a private placement that closed on February 12, 2025, which generated approximately $15.0 million in gross proceeds. This capital raise was strategic, intended to support the development of EB06 through the end of fiscal 2026. Insiders, including officers and directors, participated in this offering, contributing roughly $1.1 million of the total. This financing significantly bolstered the balance sheet; cash and cash equivalents stood at $13.9 million as of March 31, 2025, up from $1.6 million at December 31, 2024, following the infusion.

Here's a quick look at the key financial inflows supporting Edesa Biotech, Inc. operations as of the latest reported periods:

Future Potential Revenue: Milestones and Royalties

The long-term revenue stream projection for Edesa Biotech, Inc. is anchored in out-licensing agreements. This involves securing future milestone payments and royalties based on the successful clinical development and commercialization of its pipeline assets by partners. Currently, specific, realized numbers for these future streams aren't public, but they represent the ultimate monetization path for the intellectual property. You'll want to watch for any new partnership deals announced, as those will define the structure of these potential future earnings.

Interest Income from Cash Balances

Interest income is a minor, non-core revenue component derived from holding cash and cash equivalents. This income stream is directly tied to the cash balance available from financing activities. For instance, total other income decreased for the three months ended March 31, 2025, primarily due to a decrease in interest income, alongside the drop in SIF reimbursement. With a cash balance of $13.9 million at March 31, 2025, the interest earned would be a function of the prevailing short-term rates on that capital.

The current revenue structure for Edesa Biotech, Inc. is a classic clinical-stage profile, relying on the $15.0 million raise to bridge the gap until potential licensing events materialize. You should track the cash burn rate against this balance.