Burcon Announces Fiscal 2025 Results and Reviews Operations

Rhea-AI Summary

Burcon NutraScience (OTCQB: BRCNF) reported its fiscal 2025 results, marking a transformative year in its transition from innovation to commercial execution. The company recorded revenue of $381,000 and a net loss of $8.3 million ($1.06 per share). Key achievements include forming a strategic alliance with ProMan for the Galesburg protein facility acquisition, raising $9.4 million through a rights offering, and securing a $6.8 million multi-year production agreement.

The company launched several new protein products including Puratein®C canola protein, Peazazz®C pea protein, and Solatein™ sunflower protein. With over 100 prospective customers evaluating their proteins, Burcon targets $1-3 million revenue for calendar 2025 and expects profitability by calendar 2026. The company ended the fiscal year with $7.3 million in cash.

Positive

• Secured $6.8 million multi-year production agreement
• Successfully raised $9.4 million through rights offering
• Over 100 prospective customers in evaluation pipeline
• Revenue increased from $184,000 to $381,000 year-over-year
• Strong cash position of $7.3 million at fiscal year-end
• Expects profitability by calendar 2026

Negative

• Net loss increased to $8.3 million from $7.4 million year-over-year
• Cost of sales increased to $1.3 million from $0 in previous year
• General and administrative expenses rose to $3.8 million from $3.6 million

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2025) - Burcon NutraScience Corporation (TSX: BU) (OTCQB: BRCNF) ("Burcon" or the "Company"), a global technology leader in plant-based protein innovation, reported results for the fiscal year ended March 31, 2025.

"Burcon is at a pivotal inflection point—transitioning from innovation to execution while continuing to lead through differentiated, best-in-class protein technologies," said Kip Underwood, Burcon's chief executive officer. "We're focused on scaling production, meeting customer demand, and driving sustained commercial growth."

Fiscal 2025 Operational Highlights:

In fiscal 2025, Burcon focused on building a strong foundation for future growth—securing a direct route-to-market for its protein technologies, strengthening the balance sheet to support execution, and developing a robust customer pipeline.

During fiscal 2025, Burcon:

• Formed a strategic alliance with Re ProMan LLC ("ProMan"), which completed the acquisition of the Galesburg protein production facility;
• Successfully closed rights offering financing with gross proceeds of $9.4 million;
• Launched Puratein®C canola protein, Peazazz®C pea protein and new-to-the-world Solatein™ sunflower protein;
• Collaborated with Puratos to pioneer new canola protein applications;
• Received three patent grants from USPTO; and
• Began trading on OTCQB Venture Market

Subsequent to the year-end, Burcon:

• Achieved first commercial production of pea protein; and
• Entered into $6.8 million multi-year production agreement

Management Commentary

Fiscal 2025 marked a transformative year for Burcon, as we successfully laid the foundation for our long-term growth and commercial success. The year's most significant milestone was forming a strategic alliance with ProMan, which led to the acquisition of the Galesburg production facility. This achievement established a direct route-to-market for our innovative plant-based protein technologies and positioned Burcon as a revenue-generating protein innovation company.

The Galesburg facility now serves as the cornerstone of our commercialization strategy. Fully commissioned and operational, it provides the infrastructure to produce high-purity, high-performance plant proteins at scale. Our end-to-end control—from innovation through to manufacturing and delivery—allows us to serve the market with speed, consistency, and quality, giving us a competitive edge in the plant-based protein space.

During the year, we made meaningful progress in advancing customer engagement and building a robust sales pipeline. Today, over 100 prospective customers are evaluating our proteins with many ready to purchase or in the late stages of evaluation. A key milestone was securing a $6.8 million multi-year production agreement with a leading contract manufacturing customer, establishing a recurring revenue stream and supporting our revenue target of $1-3 million for calendar 2025. We remain on track to achieve key operational and financial milestones through 2025/2026.

From a financial perspective, we strengthened our balance sheet through a successful $9.4 million rights offering. We appreciate the strong support from shareholders, including significant participation by Burcon's directors and management, which positions us to fund operations through to our expected profitability in calendar 2026. We remain committed to disciplined capital management as we focus on executing our growth strategy.

Looking ahead, execution is our top priority. With commercial production underway and growing market traction, Burcon has significantly de-risked its go-to-market strategy. In fiscal 2026, we are focused on scaling operations, fulfilling customer demand and delivering consistent revenue growth. We believe Burcon is well-positioned to unlock the full potential of its protein technology portfolio and deliver long-term value to shareholders.

Financial Results (in Canadian dollars)

During fiscal 2025, Burcon recorded revenue of $381,000 from the sale of its protein isolate and the provision of contract research services, compared to $184,000 in royalty revenues in the prior year.

Burcon reported a net loss of $8.3 million or $1.06 per basic and diluted share for fiscal 2025, as compared to $7.4 million or $1.23 per basic and diluted share in the prior year. The increase in loss is due to the commercialization of its proteins in the current year and the commencement of operations at the Galesburg facility.

Cost of sales were $1.3 million in the current year, compared to $nil in the prior year with the increase due to the commercial launch of its proteins and commencement of operations at the Production Facility.

Research and development expenses decreased by $530,000 from $3.6 million in fiscal 2024 to $3.1 million in fiscal 2025. The decrease was driven by a reduction in salaries and benefits, driven by lower stock-based compensation expenses and shifting employees from research and development activities to operating activities.

General and administrative expenses increased by $155,000 from $3.6 million in fiscal 2024 to $3.8 million in fiscal 2025. The increase is primarily due to $440,000 of stock-based compensation issued to consultants in respect of services provided in fiscal 2024 and an increase in investor relations expense as the Company relaunched its investor outreach. These increases are partially offset by a reduction in salaries and benefits expense due to lower stock-based compensation expense and staff changes.

In Fiscal 2025, the Company recorded $700,000 of government grants from Protein Industries Canada ("PIC") for the scale-up and commercialization of hempseed and sunflower seed proteins, comparable to $460,000 recognized in the prior year.

During this fiscal year, Burcon completed a Rights Offering and issued 110,986,120 common shares raising gross proceeds of $9.4 million. Subsequent to March 31, 2025, the Company consolidated its issued and outstanding common shares at a ratio of twenty pre-consolidation common shares to one post-consolidation common shares. Earnings per share figures included herein have been retrospectively restated to affect the share consolidation.

At March 31, 2025, the Company had approximately $7.3 million of cash and Burcon is committed to $970,000 of lease payments under the strategic alliance with ProMan through fiscal 2026.

Conference Call and Presentation Details

A link to the webcast of the conference call is available on Burcon's website under "Presentations" or directly here. The webcast will also be archived for future playback.

Investors interested in participating in the live call can dial in using the details below:

Date: Wednesday June 25, 2025

Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)

Toll-free dial-in (North America): 1-800-717-1738

Dial-in (toll/international): 1-646-307-1865

Conference ID: 35805

About Burcon NutraScience Corporation

Burcon is a global technology leader in high-performance plant-based proteins for the food and beverage industry. Our commercial ingredients offer superior taste, texture, and functionality—ideal for formulators seeking next-generation protein solutions. Backed by over two decades of innovation, Burcon holds an extensive patent portfolio covering novel proteins derived from pea, canola, soy, hemp, sunflower, and other plant sources. As a key player in the rapidly growing plant-based market, Burcon is committed to sustainability and to creating best-in-class protein solutions that are better for people and the planet. Learn more at www.burcon.ca.

Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations, and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2024 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.

Industry and Investor Contact
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
490 - 999 West Broadway, Vancouver, BC, V5Z 1K5
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM

Burcon NutraScience Corporation
Consolidated Statements of Financial Position
As at March 31, 2025 and March 31, 2024
(In Canadian dollars)
			March 31,			March 31,
			2025			2024
Assets
Current assets
Cash			7,275,972			4,197,141
Amounts receivable and other receivables			131,974			591,726
Inventory			201,145			68,319
Prepaid expenses and deposits			191,390			330,033
			7,800,481			5,187,219
Long-term deposit			853,943			-
Property and equipment			961,418			829,423
Right-of-use assets			14,834,751			266,850
Deferred development costs			4,952,647			5,374,149
Goodwill			1,254,930			1,254,930
			30,658,170			12,912,571
Liabilities
Current liabilities
Accounts payable and accrued liabilities			1,271,743			843,449
Current portion of secured loan			2,085,567			-
Current portion of lease liabilities			890,566			260,845
Deferred government assistance			46,870			250,000
			4,294,746			1,354,294
Secured loan			5,792,049			6,404,778
Lease liabilities			13,627,713			-
Total liabilities			23,714,508			7,759,072
Shareholders' equity
Capital stock			131,581,539			122,069,825
Contributed surplus			19,216,437			17,283,934
Options			5,748,320			7,436,262
Warrants			670,019			237,201
Restricted share units			37,553			172,776
Foreign currency translation reserve			1,080			-
Deficit			(150,311,286)			(142,046,499)
Total shareholders' equity			6,943,662			5,153,499
			30,658,170			12,912,571

 

Burcon NutraScience Corporation
Consolidated Statements of Operations and Comprehensive Loss
For the years ended March 31, 2025 and 2024
(In Canadian dollars)
			2025			2024
Revenues			381,396			184,359
Cost of sales			1,252,160			-
Research and development			3,049,070			3,578,757
General and administrative			3,779,599			3,624,577
Loss from operations			(7,699,433)			(7,018,975)
Interest and other income			82,077			88,366
Interest and other expense			(668,754)			(511,585)
Foreign exchange gain (loss)			21,323			(3,999)
Net loss			(8,264,787)			(7,446,193)
Other comprehensive gain
Foreign currency translation adjustment			1,080			-
Total comprehensive loss			(8,263,707)			(7,446,193)
Basic and diluted loss per share			1.06			1.23

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256824

FAQ

What were Burcon's (BRCNF) key financial results for fiscal 2025?

Burcon reported revenue of $381,000, a net loss of $8.3 million ($1.06 per share), and ended with $7.3 million in cash. Cost of sales were $1.3 million and general administrative expenses were $3.8 million.

What major strategic developments did Burcon announce in fiscal 2025?

Burcon formed a strategic alliance with ProMan for the Galesburg facility acquisition, launched new protein products (Puratein®C, Peazazz®C, and Solatein™), and secured a $6.8 million multi-year production agreement.

What is Burcon's revenue target for calendar 2025?

Burcon targets revenue of $1-3 million for calendar 2025 and expects to achieve profitability by calendar 2026.

How much funding did Burcon raise through its rights offering?

Burcon successfully completed a rights offering that raised gross proceeds of $9.4 million, with significant participation from directors and management.

What is the current status of Burcon's customer pipeline?

Burcon has over 100 prospective customers evaluating their proteins, with many ready to purchase or in late stages of evaluation.