André Godin: Yes. I mean, unfortunately, we don’t give the guidance, but what we can say is that what the initial forecast was determined by Gensco seems to be very conservative based on our latest discussion. So we’re expecting these numbers be to be much better. But we still need to wait and see how the launch will go and all the repeat orders will come in. But it could be very decent revenue. But since we don’t really give guidance, I don’t want to throw out numbers here, but it will be several million dollars of revenue for sure.
Unidentified Analyst: Okay. And then given that with this latest round of financing, once that’s completed and the other projects in the full generating revenue, do you expect that to be the last — last time you’ll need to raise money?
André Godin: For — technically, if everything goes accordingly for RIZA, we’ll know a little bit more about Belbuca or buprenorphine in the short term. It should be, but there will be some expansion in terms of our facility to come at some point because if the volume that we are told that we will have to manufacture for both RIZAFILM and especially buprenorphine, we might be running out of capacity sometimes in ’25 or ’26. So there could be an expansion, but that would probably not be funded to equity, we’re looking at different scenarios, maybe bank loan, government support, maybe a partnering support. So there are different ways that we’re looking at it. Most likely, we wouldn’t have to raise equity. But that’s where we think we are at this point, but it will depend on — obviously, on the launch date and the numbers that we’ve been told. If they meet those numbers, we might be facing that sooner than later.
Unidentified Analyst: Well, that would be a good thing if that happened.
Operator: Your next question is from Abraham Shapiro, a private investor.
Unidentified Analyst: Congratulations, some exciting news going forward. I’m still looking for more revenue. A couple of my questions were really asked. But as far as the walking away from Exeltis, they held us up for — you guys up for a couple of years now. Is there legal issues finding a new partner? Are they obligated in any way that they didn’t perform their agreement?
Dwight Gorham: I’ll let Tommy comment if I don’t fill in the blanks properly, but I do not believe there’s any legal obligation on their part, nor are there any barriers to us finding a new partner. In fact, Exeltis will work with us to help identify the partners. They’ll be active in the identification but not the selection of the partners.
Unidentified Analyst: Okay. A couple of my questions were already asked. But the — in regards to VetaFilm, when the approval process for veterinary products, is that quicker than the — is it FDA or another body? How does that work when we finally get some product?
Dwight Gorham: The approval process should be slightly quicker. I’ll let Nadine comment on whether — it’s similar to the FDA process, just I believe a bit shorter.
Nadine Paiement: It is an FDA process. The requirements are highly similar to what we do for humans, so we should expect something very similar to what we see for new drug approval.
Unidentified Analyst: So new drug. So when can we see a better film product getting approved to market?
Nadine Paiement: That’s highly dependent on the partner and the speed at which they run the requirement in terms of clinical and stability studies for the approval of the product.
Dwight Gorham: We shouldn’t expect it to happen in the next — it’s not going to happen in the next 2 years.
Unidentified Analyst: 2 years. So that’s a long-term — short term but long term.
Dwight Gorham: Short term, there’s good development revenue in there, but commercial revenue will be beyond 2 years.
Unidentified Analyst: Beyond 2 years right. And what about after the Parkinson’s study, if that’s proved successful, what’s the next — what do we do next with that?
André Godin: Well, as I said, we sit down with the agencies and review the data to understand what’s required for the next phase in the clinicals in the next phase. And in all likeliness, you would potentially look for a partnership opportunity for the product.
Unidentified Analyst: The same with Montelukast, you had good results from — we have any partnership potential with that one going on?
Dwight Gorham: At this point, no, we’re sitting waiting for the data. I mean everybody’s kind of on pins and needles waiting to see what the data pool looks like.
Unidentified Analyst: All right. Best of luck going forward and with the rates as well? That’s all I got.
Dwight Gorham: We certainly want — we certainly — when we know what the data looks like, we’ll be looking to ensure that everybody understands we’ve got good news or bad news 1 way or the other.
Unidentified Analyst: And when is that expected?
Dwight Gorham: We should get the data by the end of May.
Unidentified Analyst: All right. Good luck with that. That’s all I got.
Operator: Your next question is a follow-up question from Hugh Kyle.
Unidentified Analyst: With the Tilray, the initial 3 products, do you anticipate further orders for them or any of the products under development with Tilray.
Dwight Gorham: I think Andre specifically said, we do anticipate the potential for further follow-up orders on these 3 products. And as of this date, there’s been no advanced conversations on additional products.
Operator: Your next question is from Trevor Lee, a private investor.
Unidentified Analyst: I was curious if you had any just like results from the raise, like how far along you are or if you’re going to do the full $20 million before closing it? Or would you close it earlier? Or kind of what’s the update there?
