Devonian Health Group Reports Third Quarter 2025 Financial Results

• Third quarter revenues increased 36% compared to 3Q24
• Third quarter net loss of $0.032 per share

QUÉBEC CITY--(BUSINESS WIRE)--Devonian Health Group Inc. (“Devonian” or the “Company”) (TSXV: GSD; OTCQB: DVHGF), today announced financial results for its third quarter ended on April 30, 2025.

Management Comments

“The operating cash flows generated by Altius revenues continued to support the development progress of Thykamine™, our lead product candidate, While our distribution agreement for DEXLANSOPRAZOLE has now ended, our liquidity has enabled us to continue creating value by advancing our Thykamine™ development program,” said Dr André Boulet, Chief Executive Officer of the Company.

Business Highlights

• Completed preclinical studies designed to demonstrate new potential applications of Thykamine™ across even more inflammatory diseases, including MASH and fibrosis.
• Appointment of Dr Andre Boulet as Chief Executive Officer
• Appointment of Luc Gregoire as Executive Vice-President Strategy

Financial Highlights

• Distribution revenue for the third quarter was $7.36 million driven by DEXLANSOPRAZOLE revenues which launched in early 2024 but has now ended as of April 2025
• The Company recorded during the quarter a non-cash impairment loss of $4.84 million against goodwill and intangible assets associated with the expiration of the Dexlansoprazole agreement which represented 95% of revenue in the current fiscal year to date
• Net loss for the quarter was $4.8 million, or $0.032 per share, entirely attributable to the $4.84 million non-cash impairment loss mentioned above

To consult the Interim Consolidated Financial Statements for the three and nine month periods ended April 30, 2025 and 2024, please click on the following link: https://groupedevonian.com/investor-center/financial-reports/.

About Devonian

Devonian Health Group is a clinical stage pharmaceutical company specializing in the development of drugs for various auto-immune inflammatory conditions with novel therapeutic approaches to targeting unmet medical needs. Devonian’s core strategy is to develop prescription drugs for the treatment of inflammatory autoimmune diseases including but not limited to ulcerative colitis and atopic dermatitis. Based on a foundation of over 15 years of research, Devonian’s focus is further supported by a US FDA set of regulatory guidelines favoring a more efficient drug development pathway for prescription botanical drug products over those of traditional prescription medicines.

Devonian is also involved in the development of high-value cosmeceutical products leveraging the same proprietary approach employed with their pharmaceutical offerings. Devonian also owns a commercialization subsidiary, Altius Healthcare Inc., focused on selling prescription pharmaceutical products in Canada, under license from brand name pharmaceutical companies.

Devonian Health Group Inc. was incorporated in 2015 and is headquartered in Québec, Canada where it owns a state-of-the art extraction facility with full traceability ‘from the seed to the pill’. Devonian is traded publicly on the TSX Venture Exchange (the “Exchange”) (TSXV: GSD) and on OTCQB exchange (OTCQB: DVHGF).

For more information, visit www.groupedevonian.com

About Altius

Altius is a generic pharmaceutical distribution division with a primary focus of acquiring and in-licensing safe and innovative medicines and healthcare products designed to help people of all ages live healthier lives. Altius then leverages its expertise in the commercialization activities required to successfully launch and distribute these medicines in Canada.

Cautionary Note Regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained in this press release including, but not limited to those relating, the impact of proposed optimizations at the Company’s projects, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, changes in accounting policies, the impact of inflation, the PCT patents for Thykamine™ might not be granted, and, generally, the above “About Devonian” and “About Altius” paragraphs, which essentially describes the Company’s outlook, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that these assumptions will prove to be correct and there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in our other filings with the applicable securities regulators of Canada. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.