LIMINAL BIOSCIENCES INC. Interim condensed consolidated financial statements of Liminal BioSciences Inc.
For the quarter and six months ended June 30, 2023
LIMINAL BIOSCIENCES INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In thousands of Canadian dollars) (Unaudited)
June 30, | December 31, | |||
2023 | 2022 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 19,312 | $ | 37,144 |
Accounts receivable | 788 | 1,177 | ||
Prepaids | 1,602 | 2,997 | ||
Assets held for sale (note 3) | 3,937 | - | ||
Total current assets | 25,639 | 41,318 | ||
Other long-term assets | 357 | 243 | ||
Capital assets | 327 | 4,344 | ||
Right-of-use assets | 895 | 1,146 | ||
Intangible assets (note 4) | 4,412 | 3,240 | ||
Deferred tax assets | 168 | 168 | ||
Total assets | $ | 31,798 | $ | 50,459 |
LIABILITIES | ||||
Current liabilities | ||||
Accounts payable and accrued liabilities | $ | 5,394 | $ | 5,968 |
Current portion of lease liabilities (note 5) | 679 | 735 | ||
Current portion of provision (note 6) | 3,166 | 3,400 | ||
Total current liabilities | 9,239 | 10,103 | ||
Long-term portion of lease liabilities (note 5) | 528 | 752 | ||
Long-term portion of provision (note 6) | - | 3,290 | ||
Warrant liability (note 7) | 556 | 106 | ||
Total liabilities | $ | 10,323 | $ | 14,251 |
EQUITY | ||||
Share capital (note 9a) | $ | 981,162 | $ | 979,849 |
Contributed surplus (note 9b) | 46,503 | 45,973 | ||
Warrants (note 9c) | 95,856 | 95,856 | ||
Accumulated other comprehensive loss | (3,172) | (3,169) | ||
Deficit | (1,098,874) | (1,082,301) | ||
Total equity | 21,475 | 36,208 | ||
Total liabilities and equity | $ | 31,798 | $ | 50,459 |
Going concern (note 1), subsequent event (note 11)
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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LIMINAL BIOSCIENCES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of Canadian dollars except for per share amounts) (Unaudited)
Quarter ended June 30, | Six months ended June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Revenues | $ | 112 | $ | 157 | $ | 248 | $ | 157 | ||
Expenses | ||||||||||
Research and development expenses | 4,339 | 3,942 | 8,508 | 8,317 | ||||||
Administration expenses | 4,776 | 4,505 | 8,335 | 9,205 | ||||||
Gain on foreign exchange | (65) | (1,745) | (76) | (959) | ||||||
Finance costs | (175) | 867 | (413) | 2,225 | ||||||
Loss on extinguishment of liabilities (note 8) | - | - | - | 212 | ||||||
Change in fair value of financial instruments | ||||||||||
measured at fair value through | 212 | 450 | ||||||||
profit or loss (note 7) | (1,064) | (1,307) | ||||||||
Loss from continuing operations, | ||||||||||
net of taxes of $nil | $ | (8,975) | $ | (6,348) | $ | (16,556) | $ | (17,536) | ||
Discontinued operations | ||||||||||
Loss on sale of discontinued operations, | (98) | (98) | ||||||||
net of income taxes $nil (note 3) | - | (600) | ||||||||
Income (loss) from discontinued operations, | (68) | 81 | ||||||||
net of taxes of $nil (note 3) | 123 | 747 | ||||||||
Total income (loss) from | ||||||||||
discontinued operations | (166) | 123 | (17) | 147 | ||||||
Net loss | $ | (9,141) | $ | (6,225) | $ | (16,573) | $ | (17,389) | ||
Net (loss) income attributable to: | ||||||||||
Non-controlling interests in continuing | $ | - | $ | - | ||||||
operations | $ | 291 | $ | (168) | ||||||
Owners of the parent | ||||||||||
- Continuing operations | (8,975) | (6,639) | (16,556) | (17,368) | ||||||
- Discontinued operations | (166) | 123 | (17) | 147 | ||||||
$ | (9,141) | $ | (6,516) | $ | (16,573) | $ | (17,221) | |||
Net loss | $ | (9,141) | $ | (6,225) | $ | (16,573) | $ | (17,389) | ||
Income (Loss) per share attributable to | ||||||||||
the owners of the parent | ||||||||||
basic and diluted: | ||||||||||
From continuing operations | $ | (2.89) | $ | (2.14) | $ | (5.33) | $ | (5.60) | ||
From discontinued operations | (0.05) | 0.04 | (0.01) | 0.05 | ||||||
Total loss per share | $ | (2.94) | $ | (2.10) | $ | (5.34) | $ | (5.55) | ||
Weighted average number of outstanding | 3,104 | 3,104 | ||||||||
shares (in thousands) | 3,104 | 3,104 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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LIMINAL BIOSCIENCES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands of Canadian dollars) (Unaudited)
Quarter ended June 30, | Six months ended June 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Net loss | $ | (9,141) | $ | (6,225 | ) | $ | (16,573) | $ | (17,389) | ||
Other comprehensive (loss) income | |||||||||||
Items that may be subsequently | |||||||||||
reclassified to profit and loss: | |||||||||||
Exchange differences on translation of | |||||||||||
foreign operations from | (2) | (3) | |||||||||
continuing operations | (7) | 4 | |||||||||
Total other comprehensive income (loss) | $ | (2) | $ | (7) | $ | (3) | $ | 4 | |||
Total comprehensive loss | $ | (9,143) | $ | (6,232) | $ | (16,576) | $ | (17,385) | |||
Total comprehensive income (loss) | |||||||||||
attributable to: | |||||||||||
Non-controlling interests | $ | - | $ | 291 | $ | - | $ | (168) | |||
Owners of the parent | |||||||||||
- Continuing operations | (8,977) | (6,646) | (16,559) | (17,364) | |||||||
- Discontinued operations | (166) | 123 | (17) | 147 | |||||||
Total comprehensive loss | $ | (9,143) | $ | (6,232) | $ | (16,576) | $ | (17,385) |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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LIMINAL BIOSCIENCES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In thousands of Canadian dollars) (Unaudited)
Equity (deficiency) attributable to owners of the parent | |||||||||
Foreign | |||||||||
currency | Non- | ||||||||
Share | Contributed | translation | controlling | ||||||
capital | surplus | Warrants | reserve | Deficit | Total | interests | Total equity | ||
$ | $ | $ | $ | $ | $ | $ | $ | ||
Balance at January 1, 2022 | 979,849 | 44,109 | 95,856 | (3,010) | (1,074,167) | 42,637 | (8,756) | 33,881 | |
Net loss | - | - | - | - | (17,221) | (17,221) | (168) | (17,389) | |
Foreign currency translation reserve | - | - | - | 4 | - | 4 | - | 4 | |
Share-based payments expense (note 9b) | - | 1,156 | - | - | - | 1,156 | - | 1,156 | |
Balance at June 30, 2022 | 979,849 | 45,265 | 95,856 | (3,006) | (1,091,388) | 26,576 | (8,924) | 17,652 | |
Balance at January 1, 2023 | 979,849 | 45,973 | 95,856 | (3,169) | (1,082,301) | 36,208 | - | 36,208 | |
Net loss | - | - | - | - | (16,573) | (16,573) | - | (16,573) | |
Foreign currency translation reserve | - | - | - | (3) | - | (3) | - | (3) | |
Issuance of shares (note 9a) | 1,313 | - | - | - | - | 1,313 | - | 1,313 | |
Share-based payments expense (note 9b) | - | 530 | - | - | - | 530 | - | 530 | |
Balance at June 30, 2023 | 981,162 | 46,503 | 95,856 | (3,172) | (1,098,874) | 21,475 | - | 21,475 |
The accompanying notes are an integral part of the condensed interim consolidated financial statements.
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Liminal BioSciences Inc. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2023 10:32:09 UTC.
