Opinion — In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Cascade BioSciences Inc. as at December 31, 2024 and 2023 (restated — see Note 22), and its financial performance and cash flows for the years then ended in accordance with International Financial Reporting Standards.
Emphasis of Matter — Restatement of Comparative Information — We draw attention to Note 22, which describes that the comparative information for the year ended December 31, 2023 has been restated. Our opinion is not modified in respect of this matter.
| 2024 | 2023 (Restated) | |
|---|---|---|
| Cash and short-term investments | $112,840 | $151,220 |
| Receivables | $4,880 | $6,102 |
| Total current assets | $117,720 | $157,322 |
| Property and equipment | $18,410 | $16,880 |
| Total assets | $136,130 | $174,202 |
| Trade payables and accrued liabilities | $14,220 | $11,884 |
| Deferred revenue | $8,410 | $10,510 |
| Total liabilities | $22,630 | $22,394 |
| Total equity | $113,500 | $151,808 |
| 2024 | 2023 (Restated) | |
|---|---|---|
| Revenue | $14,213 | $15,904 |
| R&D expenditures | $(44,220) | $(41,102) |
| G&A expenditures | $(10,410) | $(9,882) |
| Net loss | $(38,610) | $(36,541) |
Cascade BioSciences Inc. is a Canadian federally-incorporated biotechnology company developing therapies for oncology indications, with a principal focus on CSB-204, a small-molecule candidate currently in Phase II clinical development.
Comparative figures for the year ended December 31, 2023 have been restated to defer $2,100 of milestone revenue previously recognized in Q3 2023. Management concluded during the fourth quarter of 2024 that control of the associated intellectual property did not transfer to the counterparty on receipt of the payment; recognition has been deferred over the associated performance obligation period. The effect of the restatement is:
| Line item | As previously reported | As restated | Change |
|---|---|---|---|
| Revenue (2023) | $18,004 | $15,904 | $(2,100) |
| Net loss (2023) | $(34,441) | $(36,541) | $(2,100) |
| Deferred revenue (12/31/2023) | $8,410 | $10,510 | $2,100 |