NEWPORT BEACH, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- In a release earlier today by Elevai Labs Inc. (NASDAQ: ELAB), please note that in the headline and first paragraph, the financial results are from the company's third fiscal quarter of 2024, not the second fiscal quarter as previously stated; as such, the header over the first bullet list should note the financial results as being from the three and nine months ended September 30, 2024, rather than the three and six months ended June 30, 2024 as previous stated. The corrected release follows:
Elevai Labs Inc. Reports Financial Results for the Third Fiscal Quarter of 2024 and Provides Business Update
- Achieves Robust Financial Performance with 74% Gross Margin and Strategic Public Offering, Bolstering Resources for Continued Growth and Innovation.
- Elevai Enfinity™ Clinical Trials Showcase Breakthroughs in Skin Firmness, Tone, and Wrinkle Reduction, Reinforcing Leadership in Aesthetic Innovation.
- Elevai Biosciences Expands Patent Portfolio with EL-22, a Myostatin-Targeting Treatment for Obesity, Addressing Muscle Preservation in Weight Management
Elevai Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a pioneering force in medical aesthetics, today reported financial results for the third quarter ended September 30, 2024 and provided a business update.
Financial Results for the Three and Nine Months Ended September 30, 2024
- $8 Million Public Offering: Elevai raised $8 million in a successful public offering to capitalize the business and support its strategic growth initiatives.
- Revenue decreased by 4.9% to $527,478 for the three months ended September 30, 2024 compared to revenue for the three months ended September 30, 2023. Revenue increased by 72.3% to $1,747,570 for the nine months ended September 30, 2024 compared to revenue for the nine months ended September 30, 2023.
- Gross margins of 74.7% for the three months ended September 30, 2024, and 73.2% for the nine months ended September 30, 2024, compared to 66.0% for the three months ended September 30, 2023 and 66.4% for the nine months ended September 30, 2023.
- Operating expenses of $1,313,738 for the three months ended September 30, 2024, and $5,290,718 for the nine months ended September 30, 2024, compared to $1,151,696 for the three months ended September 30, 2023 and $3,358,152 for the nine months ended September 30, 2023.
- Net loss of $1,501,257 for the three months ended September 30, 2024 and $4,310,998 for the nine months ended September 30, 2024.
Elevai’s Chief Executive Officer and Chief Financial Officer, Graydon Bensler, stated: “Our third fiscal quarter was a period of meaningful and strategic progress for Elevai Labs and our subsidiaries, Elevai Skincare, Elevai Biosciences and Elevai Research. In this fiscal quarter we also strengthened our financial position with the successful completion of an $8 million public offering. We’re excited to continue building on this momentum as we head into the next fiscal quarter. We remain committed to identifying ways to drive value for both our customers and shareholders and are actively exploring strategic, value-driven acquisitions and potential spin out opportunities that we believe will create shareholder value.”
Operational Updates
Elevai Biosciences
- Preclinical Advancements for EL-22 in Obesity Treatment: Elevai Biosciences engaged KCRN Research, Inc., a renowned contract research organization, to support regulatory submissions for EL-22—a novel myostatin-targeting treatment for obesity. EL-22 aims to mitigate muscle loss, a common side effect of GLP-1 medications, by preserving muscle mass while reducing fat mass. This approach leverages EL-22’s novel myostatin pathway blockage, promising an innovative and complementary solution for the weight-loss market.
- Preclinical Data for EL-32: Additional studies validated EL-32, a myostatin/activin-A blocker, which has shown promise in improving grip strength, body composition, and motor function, further positioning Elevai to address muscle preservation needs in obesity. Based on the preclinical data from our licensing partner, Elevai believes that EL-32 has the potential to treat obesity in combination with GLP-1 by preserving muscle mass while decreasing fat mass. The Company intends to conduct additional animal studies to advance EL-32 towards an Investigational New Drug (IND) application. Full preclinical data is expected to be shared at a future scientific conference.
- Patent Filings for EL-22: Elevai Biosciences expanded its patent portfolio with filings for EL-22 as a myostatin-targeting treatment in obesity, reinforcing Elevai’s leadership in clinical innovation for muscle preservation in weight management.
Elevai Skincare
Product Innovation and Clinical Research
- Elevai Enfinity™ Clinical Study: A 12-week study of Elevai Enfinity™ showed improvements in skin firmness, tone, and wrinkle reduction, with full results to be published soon.
- Hair Restoration Research: Research led by Carly Klein confirmed Elevai’s exosome technology aids hair recovery by reducing inflammation and reversing miniaturization, supporting the launch of the new Elevai S-Series Root Renewal System™.
- Ongoing Clinical Study with Dr. Jennifer Pearlman: Elevai partnered with Dr. Pearlman to assess the combined effects of Elevai empower™ and Elevai enfinity™ exosome serums with an energy device, aiming to validate the benefits for skin rejuvenation over 12 weeks.
- Collaboration with Yuva Biosciences: Elevai’s partnership with Yuva Biosciences yielded the Elevai S-Series Root Renewal System™, integrating YuvaBio® Y100™ mitochondrial technology for hair and scalp vitality. BosleyMD® has lauded the Y100 technology as “one of the biggest innovations in hair loss we’ve seen in twenty-five years,” marking its first successful application in their new product line. Elevai Labs’ integration of this technology into the Elevai S-Series Root Renewal System™ is expected to set a new standard in hair care, offering a scientifically validated, easy-to-use, and cost-effective solution for both men and women.
Elevai Research
- Advancement in Exosome Technology: Elevai Research Inc. announced preliminary positive research data highlighting the potential of its proprietary exosome technology for skin health applications. The study, in partnership with Dalhousie University, identified over 800 proteins in Elevai's exosomes associated with wound healing, immunomodulation, and extracellular matrix remodeling, suggesting their potential to counteract skin aging effects such as thinning, loss of elasticity, and wrinkle formation.
- Exosome Research Presentation: Michelle Combe from Dalhousie University presented research at the Precision Medicine EV Forum 2024 in Cambridge, UK, on exosome protein variability. The study, co-authored by Elevai’s Dr. Jordan Plews, explored how process conditions impact proteins linked to wound healing and immune function, advancing insights for skincare innovation
About Elevai Labs, Inc.
Elevai Labs Inc. (NASDAQ: ELAB) specializes in medical aesthetics and biopharmaceutical drug development, focusing on innovations for skin aesthetics and treatments tied to obesity and metabolic health. The Company operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors, Elevai Skincare Inc., Elevai Biosciences Inc., and Elevai Research Inc. For more information please visit www.elevailabs.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in Elevai’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
IR Contact:
IR@ElevaiLabs.com
