Rua Bioscience reports $13.7m loss, confident in strategy

Rua Bioscience has reported a loss of $13.7 million for the year ended June 30 2024, compared to a loss of $5.96m in the previous year.

The company's revenue for the year was $321,678, down from $6.53 million in the prior year.

However, revenue from customers saw a slight decrease to $85,837, from $357,675.

In its announcement, Rua highlighted the achievement of various milestones, including the establishment of revenue pipelines, the first revenues in Australia, and the extension of a distribution contract in Germany.

The company also revealed that it had received approval for two new products in the local market and secured cultivation trials in Portugal.

Rua's chief executive, Paul Naske, expressed confidence in the company's strategy, noting the progress made in advancing genetics and expanding distribution channels.