Lexaria Bioscience Corp reported Q3 2024 revenue of $84,000 with a gross profit of $84,000, yielding an implied gross margin of 100% due to the absence of cost of revenue recognition in the period. However, the quarter shows a sharp burn on operating expenses, with R&D of $573,089 and G&A of $1,253,830, leading to a total operating expense of $1,826,919 and an EBITDA of -$1,727,845. Net income for the quarter was -$1,781,693, and earnings per share (EPS) stood at -$0.13. YoY revenue declined 9.82% and QoQ revenue fell 42.07%, while net income improved by 24.87% YoY but deteriorated 174.30% QoQ due to outsized operating burn and non-cash or one-off impacts embedded in the quarter’s expense mix. The company ended the period with $8.46 million in cash and cash equivalents and a net cash position (net debt) of approximately -$8.32 million, reflecting a liquid balance sheet despite a structurally negative earnings trajectory. Financing activities contributed roughly $5.04 million through common stock issuance, lifting cash on hand and supporting liquidity needs as Lexaria advances its DehydraTECH licensing strategy. The stock remains a high-risk, development-stage exposure with meaningful upside contingent on successful licensing milestones and broader adoption of DehydraTECH across pharmaceutical, nutraceutical, and consumer markets. Investors should monitor licensing progress, pipeline milestones, and any incremental capital needs as the company seeks to monetize its platform.