New Risk • 19h
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.0m (US$8.69m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.7m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.0m market cap, or US$8.69m). New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$15.3m market cap, or US$11.3m). New Risk • Apr 04
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.7m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.9m market cap, or US$9.99m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Mar 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.4m (US$9.74m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (CA$13.4m market cap, or US$9.74m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (19% average weekly change). Announcement • Jan 23
LIR Life Sciences Corp. Completes Design of Ex Vivo Animal Study to Evaluate Novel Transdermal Agents for Transport of Larger Therapeutic Molecules LIR Life Sciences Corp. announced the completion of a study design for an ex vivo porcine skin investigation that is designed to evaluate whether novel transdermal agents can enhance the transdermal penetration of therapeutic macromolecules across a wide molecular size range, spanning approximately 5kDa up to antibody scale (~150kDa). In particular, the study will test whether transdermal agents can help much larger medicines move through skin effectively, which could potentially open the door to developing certain therapies without injections. Working with its scientific partners, LIR has finalized a controlled experimental framework using full thickness porcine skin, which is commonly accepted as one of the most relevant models for human skin permeability. The study is designed to compare transdermal agent-containing formulations with matched controls that contain the same macromolecular payloads without transdermal agents. Penetration depth and distribution will be evaluated using confocal microscopy together with quantitative fluorescence-based measurements collected at predefined time points. These analyses are intended to help determine whether the transdermal agents can meaningfully facilitate the movement of macromolecular therapeutics through the skin to a measurable degree. Completion of the design phase allows LIR to proceed towards formal study execution, which is expected to occur in First Quarter, 2026. The results are expected to inform which categories of larger therapeutic molecules may ultimately be compatible with skin applied, needle free delivery strategies. Announcement • Jan 16
LIR Life Sciences Corp. Launches Comparative Animal Study to Advance Transdermal Delivery of Second Generation Glp/Gip-Based Obesity Therapies LIR Life Sciences Corp. announced the launch of a controlled comparative animal study designed to evaluate cell-penetrating peptide (CPP) mediated, needle-free transdermal delivery of second generation GLP/GIP-based obesity therapies. This in vivo study represents an important next step towards advancing LIR's transdermal platform from design-stage planning into functional testing in a small animal model. Working with its scientific collaborators, LIR will assess whether a CPP-enabled, skin-applied formulation of a representative second generation GLP/G IP-based obesity therapy can achieve meaningful biological activity when delivered through the skin. Study animals will receive either a topical CPP formulation or a standard subcutaneous injection, followed by a controlled glucose challenge. Blood glucose levels will be measured over time to compare how effectively each route of administration supports glucose control. The study will use a standard glucose tolerance test, a well-established method in metabolic research and clinical practice. Incretin-based therapies that are working as intended have been shown to help keep the blood sugar curve lower and flatter after the glucose load. If the CPP-enabled transdermal formulation is found to deliver sufficient drug into circulation, LIR expects that animals treated via the skin should show more stable glucose profiles. By focusing on GLP/GIP- based incretin therapies as a class, rather than a single branded product, the study is intended to probe the broader applicability of the CPP-enabled trans Dermal platform. The resulting data are expected to help define where needle-free delivery may match or approach injectable performance and to guide selection of the most promising molecules for further development and potential IND-enabling work. These efforts align with LIR's objective to create patient-friendly, scalable alternatives to injectable incretin therapies for obesity and related metabolic conditions. Needle-free, skin-applied treatments could simplify administration, improve adherence, and reduce treatment burden for patients who might otherwise require frequent injections for long-term weight and glucose management. LIR Life Sciences aims to address the global burden of obesity with practical solutions based on established compounds and proven science. 