CHITOGENX REPORTS SECOND QUARTER 2025 RESULTS

MONTREAL, September 30, 2024 /CNW/ – ChitogenX Inc., (CSE: CHGX) (OTCQB: CHNXF) (“ChitogenX“or the”Pursue“), a clinical-stage regenerative medicine company, today announced its financial results and highlights for the ended second quarter of 2025 July 31, 2024.

“Ongoing discussions with potential development partners continued in the second quarter with the aim of expanding potential indications and funding the next steps of regulatory development,” said Pierre LaurinPresident and Interim CEO.

Commenting on the second quarter 2025 results: Luc Mainvillesaid ChitogenX’ Senior Vice-President and Chief Financial Officer; “We have continued to keep our R&D and administrative costs to a strict minimum, as evidenced by the significant quarter-on-quarter and year-on-year declines. With a 79% reduction in R&D and administrative costs this year compared to last year, we are committed to further advancing our grant-supported research and strategic initiatives to secure funding through commercial partners or other non-dilutive avenues.

Financial report for the second quarter of 2025

• Net loss of $0.3 million in Q2-25, compared to a net loss of $0.4 million a decline of 19% in Q2-24.

• EBITDA loss for Q2-25 of $0.2 million compared to an EBITDA loss of $0.6 million in Q2-24 a decline of 64%.

• The cash used for operating activities since the beginning of the year was $0.1 million compared to $0.6 million for YTD 2024 a decline of 84%.

Second quarter of 2025 Financial reports and MD&A

ChitogenX’s financial statements and management’s discussion and analysis for the trailing three and six month periods July 31, 2024are available on SEDAR+ at www.sedarplus.ca.

About ChitogenX Inc.

ChitogenX Inc. is a clinical-stage regenerative medicine company dedicated to developing novel therapeutic tissue repair technologies to enhance tissue healing. The Company is committed to the clinical development of its proprietary chitosan-based biopolymer technology platform, a proprietary mucus-adhesive scaffold specifically designed to combine with therapeutics to enhance tissue repair.

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Additional formulations are being developed to take advantage of the technology’s performance characteristics such as tissue adhesion, flexibility, and the ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease. Additional information about ChitogenX can be found on the Company’s website at www.chitogenx.com and on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements about the Company’s expectations regarding future events. Such expectations are based on certain assumptions based on currently available information. If these assumptions prove incorrect, actual results could differ materially from those anticipated in the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, but are not limited to, uncertainty about the final outcome and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by security laws.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICE PROVIDER HAVE REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PUBLICATION.

SOURCE ChitogenX Inc.

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