0001171843-26-005502 | 10-Q | XBRL Viewer

Business Description and Basis of Presentation [Text Block]

2. Basis of Presentation

The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These unaudited condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on December 12, 2025.

The accompanying unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. All adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the three and nine months ended June 30, 2026 are not necessarily indicative of the results that may be expected for other interim periods or the fiscal year ending September 30, 2026.

Use of estimates

The preparation of condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed interim financial statements and the reported amounts of revenue and expenses during the period or year. Actual results could differ from those estimates. Significant areas of judgment and estimation include, but are not limited to, the valuation of accounts and other receivables; the valuation and useful lives of intangible assets; deferred income taxes; the determination of the fair value of share-based compensation; the determination of the fair value of warrants and the allocation of proceeds from equity issuances; and forecasting future cash flows in assessing our going concern assumption.

Functional and reporting currencies

The consolidated condensed interim financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company’s and its wholly owned subsidiary’s, Edesa Biotech USA, Inc., functional currency. The functional currency of the Company’s wholly owned subsidiary, Edesa Biotech Research, Inc., as determined by management, is Canadian dollars.

Note 8 - Loss Per Share	9 Months Ended
Jun. 30, 2026
Notes to Financial Statements
Earnings Per Share [Text Block]	8. Loss per Share The Company had securities outstanding which could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted loss per share in the periods presented, as their effect would have been anti-dilutive.

Note 8 - Loss Per Share

9 Months Ended

Jun. 30, 2026

Earnings Per Share [Text Block]

8. Loss per Share

The Company had securities outstanding which could potentially dilute basic earnings per share in the future but were excluded from the computation of diluted loss per share in the periods presented, as their effect would have been anti-dilutive.

Note 4 - Commitments - Commitments for Contractual Research (Details)	Jun. 30, 2026 USD ($)
September 30, 2026	$ 2,063,000
September 30, 2027	840,000
September 30, 2028	0
September 30, 2029	0
September 30, 2030	0
Contractual Obligation	$ 2,903,000

Note 5 - Capital Shares - Option Activity (Details) - $ / shares	9 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Sep. 30, 2025	Sep. 30, 2024
Balance, number of options (in shares)	378,235	378,039	378,039	383,040
Balance, options, weighted average exercise price (in dollars per share)	$ 24.66	$ 24.7	$ 24.7	$ 24.93
Balance, options, weighted average grant date fair value (in dollars per share)	$ 18.1	$ 18.12	$ 18.12	$ 18.33
Forfeited, number of options (in shares)	(4,431)
Forfeited, options, weighted average exercise price (in dollars per share)	$ 25.2
Forfeited, options, weighted average grant date fair value (in dollars per share)	$ 17.69
Expired (in shares)	(374)
Expired, options, weighted average exercise price (in dollars per share)	$ 246.96
Expired, options, weighted average grant date fair value (in dollars per share)	$ 246.96

Note 7 - Financial Instruments (Details Textual) $ in Millions, $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CAD ($)
Net Assets		$ 2.9
Currency Exchange Rate	1.4219	1.4219
Sensitivity Analysis, Ten Percent Change to Foreign Currency Exchange, Impact to Net Income (Loss) and Other Comprehensive Income (Loss)	$ 0.2

Note 9 - Related Party Transactions (Details Textual)				3 Months Ended		9 Months Ended
Note 9 - Related Party Transactions (Details Textual)	Jun. 10, 2026 USD ($) $ / shares shares	Feb. 12, 2025 USD ($) $ / shares shares	Oct. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2025 USD ($) $ / shares	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2025 $ / shares	Sep. 30, 2024 $ / shares
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 15.62	$ 15.35	$ 15.62	$ 15.35	$ 15.35	$ 21.74
Class of Warrant or Right, Issued During Period							326,560
Chief Executive Officer [Member]
Operating Lease, Expense \| $				$ 20,000	$ 20,000	$ 59,000	$ 60,000
Chief Executive Officer, Secretary, and Director [Member] \| Warrant Shares [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 3.445
Class of Warrant or Right, Issued During Period			326,560
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares)	729,241
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 4.69
Private Placement [Member] \| Chief Executive Officer [Member]
Stock Issued During Period, Shares, New Issues (in shares)	153,550
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 5.21
Proceeds from Issuance or Sale of Equity \| $	$ 800,000
February 2025 Series B-1 Purchase Agreement [Member]
Proceeds from Issuance or Sale of Equity \| $		$ 15,000,000
February 2025 Series B-1 Purchase Agreement [Member] \| Series B-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		834
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 10,000
Preferred Stock, Convertible, Conversion Ratio		5,208
Preferred Stock, Convertible, Conversion Price \| $ / shares		$ 1.92
February 2025 Series B-1 Purchase Agreement [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		3,468,746
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 1.92
February 2025 Series B-1 Purchase Agreement [Member] \| Chief Executive Officer [Member] \| Series B-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		100
Proceeds from Issuance or Sale of Equity \| $		$ 1,000,000
February 2025 Series B-1 Purchase Agreement [Member] \| CEO, Secretary, Directors, Velan, Stonepine, Nantahala, and Rubric [Member] \| Series B-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		834
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 10,000
Preferred Stock, Convertible, Conversion Ratio		5,208
Preferred Stock, Convertible, Conversion Price \| $ / shares		$ 1.92
Preferred Stock, Convertible, Maximum Beneficial Ownership		4.99%
Preferred Stock, Convertible, Maximum Beneficial Ownership at Option of Holder		9.99%
Preferred Stock, Convertible, Maximum Beneficial Ownership at Option of Holder Given 61 Days Notice		19.99%
February 2025 Series B-1 Purchase Agreement [Member] \| CEO, Secretary, Directors, Velan, Stonepine, Nantahala, and Rubric [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		3,468,746
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 1.92
February 2025 Series B-1 Purchase Agreement [Member] \| Patrick Marshall [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		41,666
Proceeds from Issuance or Sale of Equity \| $		$ 80,000
February 2025 Series B-1 Purchase Agreement [Member] \| Carlo Sistilli [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		10,416
Proceeds from Issuance or Sale of Equity \| $		$ 20,000
February 2025 Series B-1 Purchase Agreement [Member] \| Beneficial Owner [Member]
Proceeds from Issuance or Sale of Equity \| $		$ 12,500,000
February 2025 Series B-1 Purchase Agreement [Member] \| Beneficial Owner [Member] \| Series B-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		734
February 2025 Series B-1 Purchase Agreement [Member] \| Beneficial Owner [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)		2,687,500
October 2024 SPA [Member] \| Chief Executive Officer, Secretary, and Director [Member]
Proceeds from Issuance or Sale of Equity \| $			$ 1,540,819
Equity Offering, Maximum Amount \| $			$ 5,000,000
October 2024 SPA [Member] \| Chief Executive Officer, Secretary, and Director [Member] \| Series A-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)			150
Preferred Stock, Convertible, Conversion Ratio			2,903
Preferred Stock, Convertible, Conversion Price \| $ / shares			$ 3.445
Preferred Stock, Convertible, Maximum Beneficial Ownership			19.99%
Equity Offering, Maximum Amount \| $			$ 5,000,000
Preferred Stock, Convertible, Shares Issuable			435,414

Note 4 - Commitments

9 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Text Block]

4. Commitments

Research and other commitments

The Company has commitments for contract manufacturing and other service providers for chemistry, contract research organizations, manufacturing and controls and related development activities associated with its product candidates. Aggregate future contractual payments at June 30, 2026 are as follows:

Year Ending
September 30, 2026	$	2,063,000
September 30, 2027		840,000
September 30, 2028		-
September 30, 2029		-
September 30, 2030		-

	$	2,903,000

License and royalty commitments

In April 2020, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive world-wide rights to certain know-how, patents and data relating to certain monoclonal antibodies (the “Constructs”), including sublicensing rights. An intangible asset for the acquired license has been recognized. See Note 3 for intangible assets. Under the license agreement, the Company is committed to payments of up to an aggregate amount of $356 million contingent upon meeting certain milestones outlined in the license agreement, primarily relating to future potential commercial approval and sales milestones. The Company also has a commitment to pay royalties based on any net sales of products containing the Constructs in the countries where the Company directly commercializes the products containing the Constructs and a percentage of any sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the products containing the Constructs. No milestone, royalty or sublicensing payments were made to the third party during the three and nine months ended June 30, 2026 and 2025. In connection with this license agreement and pursuant to a purchase agreement entered into in April 2020, the Company acquired drug substance of one of the Constructs for an aggregate purchase price of $5.0 million. No expense was recorded during the three and nine months ended June 30, 2026 and 2025.

In 2016, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive rights to certain know-how, patents and data relating to a pharmaceutical product. The Company will use the exclusive rights to develop the product for therapeutic, prophylactic and diagnostic uses in topical dermal applications and anorectal applications. No intangible assets have been recognized under the license agreement with the third party. Under the license agreement, the Company is committed to payments of various amounts to the third party upon meeting certain milestones outlined in the license agreement, up to an aggregate amount of $18.4 million. Upon divestiture of substantially all of the assets of the Company, the Company shall pay the third party a percentage of the valuation of the licensed technology sold as determined by an external objective expert. The Company also has a commitment to pay the third party a royalty based on net sales of the product in countries where the Company, or an affiliate, directly commercializes the product and a percentage of sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the product. No license or royalty payments were made to the third party during the three and nine months ended June 30, 2026 and 2025.

In March 2021, through its Ontario subsidiary, the Company entered into a license agreement with the inventor of the same pharmaceutical product to acquire global rights for all fields of use beyond those named under the 2016 license agreement. The Company is committed to remaining payments of up to an aggregate amount of $68.9 million, primarily relating to future potential commercial approval and sales milestones. In addition, if the Company fails to file an investigational new drug application or foreign equivalent (“IND”) for the product within a certain period of time following the date of the agreement, the Company is required to remit to the inventor a fixed license fee quarterly as long as the requirement to file an IND remains unfulfilled. For the three and nine months ended June 30, 2026 and 2025, the Company recorded an expense of $25,000 and $75,000, respectively, related to the quarterly fixed license fee under the 2021 license agreement.

Note 5 - Capital Shares - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Balance, number of RSU (in shares)	1,243,653	63,204
Balance, weighted average grant date fair value (in dollars per share)	$ 2.16	$ 5.1
Granted, number of RSU (in shares)	728,289	1,207,856
Granted, weighted average grant date fair value (in dollars per share)	$ 6.74	$ 2
Exercised, number of RSU (in shares)	(74,216)	(2,486)
Exercised, weighted average grant date fair value (in dollars per share)	$ 1.99	$ 5.6
Cancelled, number of RSU (in shares)	(19,525)
Cancelled, weighted average grant date fair value (in dollars per share)	$ 1.99
Balance, number of RSU (in shares)	1,878,201	1,268,574
Balance, weighted average grant date fair value (in dollars per share)	$ 3.94	$ 2.15

Note 5 - Capital Shares - Warrants Assumptions (Details) - Class A-1 Warrants [Member]	Jun. 30, 2025
Measurement Input, Risk Free Interest Rate [Member]
Warrant assumption	0.0414
Measurement Input, Expected Term [Member]
Warrant assumption	5
Measurement Input, Price Volatility [Member]
Warrant assumption	0.9124
Measurement Input, Expected Dividend Rate [Member]
Warrant assumption	0

Note 4 - Commitments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 4 - Commitments (Details Textual) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Apr. 30, 2020	Dec. 31, 2016
The Constructs [Member]
Maximum Contingent Obligation						$ 356,000,000
Payments for Milestone, Royalty and Sublicensing	$ 0	$ 0	$ 0	$ 0
The Constructs [Member] \| Drug Substance [Member]
Purchase Obligation						$ 5,000,000
Payments to Suppliers	0	0	0	0
License Agreement Related to Pharmaceutical Products [Member]
Maximum Contingent Obligation							$ 18,400,000
Finite-Lived License Agreements, Gross							$ 0
Payments for Licensing and Royalties	0	$ 0	0	$ 0
License Agreement to Acquire Global Rights of Pharmaceutical Product [Member]
Maximum Contingent Obligation					$ 68,900,000
Milestone Expense	$ 25,000		$ 75,000

Note 3 - Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2026

Notes Tables

Intangible Asset, Finite-Lived [Table Text Block]

	June 30, 2026			September 30, 2025

The Constructs	$	2,529,483		$	2,529,483

Less: accumulated amortization		(627,686	)		(551,807	)

Total intangible assets, net	$	1,901,797		$	1,977,676

Intangible Asset, Finite-Lived, and Capitalized Cost, Software to be Sold, Leased, or Marketed, Estimated Amortization Expense [Table Text Block]

Year Ending
September 30, 2026	$	25,293
September 30, 2027		101,172
September 30, 2028		101,172
September 30, 2029		101,172
September 30, 2030		101,172
Thereafter		1,471,816

	$	1,901,797

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. None of the Company's directors and officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended June 30, 2026 (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jun. 30, 2026	Aug. 13, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-37619
Entity Registrant Name	EDESA BIOTECH, INC.
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	100 Spy Court
Entity Address, City or Town	Markham
Entity Address, Country	CA
Entity Address, Postal Zip Code	L3R 5H6
City Area Code	289
Local Phone Number	800-9600
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	EDSA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,641,031
Entity Central Index Key	0001540159
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 5 - Capital Shares (Tables)

9 Months Ended

Jun. 30, 2026

Notes Tables

Schedule of Preferred Units [Table Text Block]

Issued and Outstanding Series B-1 convertible preferred shares

	Series B-1 Convertible Preferred Shares (#)			Series B-1 Convertible Preferred Shares
Nine Months Ended June 30, 2026
Balance - September 30, 2025		834		$	8,168,063

Conversions		(98	)		(980,000	)
Issuance costs relieved upon conversion		-			20,203


Balance - June 30, 2026		736		$	7,208,266

Issued and Outstanding Series A-1 convertible preferred shares

	Series A-1 Convertible Preferred Shares (#)		Series A-1 Convertible Preferred Shares
Nine Months Ended June 30, 2026
Balance - September 30, 2025		150		1,092,133

Preferred return on Series A-1 Preferred Shares		-		111,781

Balance - June 30, 2026		150	$	1,203,914

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Number of Warrant Shares (#)			Weighted Average Exercise Price
Nine Months Ended June 30, 2026
Balance - September 30, 2025		934,590		$	15.35

Expired		(189,241	)		14.26

Balance - June 30, 2026		745,349		$	15.62

Nine Months Ended June 30, 2025
Balance - September 30, 2024		609,717		$	21.74

Issued		326,560			3.45
Expired		(1,687	)		22.40

Balance - June 30, 2025		934,590		$	15.35

Number of Warrants (#)	Exercise Prices		Expiry Dates
27,399	$	31.94	March 2027
391,390	$	24.64	September 2027
326,560	$	3.45	October 2029
745,349

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Nine Months Ended June 30, 2025
	Series A-1 Preferred Share Warrants

Risk free interest rate		4.14	%
Expected life (in years)		5
Expected share price volatility		91.24	%
Expected dividend yield		0.00	%

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Options (#)			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Nine Months Ended June 30, 2026
Balance - September 30, 2025		378,039		$	24.70	$	18.12


Balance - June 30, 2026		378,039		$	24.70	$	18.12

Nine Months Ended June 30, 2025
Balance - September 30, 2024		383,040		$	24.93	$	18.33

Forfeited		(4,431	)		25.20		17.69
Expired		(374	)		246.96		246.96

Balance - June 30, 2025		378,235		$	24.66	$	18.10

Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

Number of Options (#)	Exercisable at June 30, 2026 (#)			Range of Exercise Prices		Expiry Dates
37,719		37,719	C	$	15.12	August 2027 - Dec 2028
43,031		43,031		$	22.12	Feb 2030
51,006		51,006		$	52.08 - 56.49	September 2030 - Oct 2030
79,651		79,651		$	36.75 - 40.18	January 2031 - Sep 2031
56,865		56,865		$	25.97	February 2032
109,767		109,767		$	4.10 - 10.01	August 2026 - July 2033
378,039		378,039

Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]

	Number of RSU (#)			Weighted Average Grant Date Fair Value
Nine Months Ended June 30, 2026
Balance - September 30, 2025		1,243,653		$	2.16

Granted		728,289			6.74
Exercised		(74,216	)		1.99
Cancelled		(19,525	)		1.99

Balance - June 30, 2026		1,878,201		$	3.94


Nine Months Ended June 30, 2025
Balance - September 30, 2024		63,204		$	5.10

Granted		1,207,856			2.00
Exercised		(2,486	)		5.60

Balance - June 30, 2025		1,268,574		$	2.15

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	Number of RSU (#)		Exercisable at June 30, 2026 (#)		Expiry Date
Fully-vested RSUs		278,832		278,832	August 2033 - June 2036
Vesting in the next 12 months		342,289		228,289	May 2035 - May 2036
Vesting from 13–24 months		375,921		239,770	May 2035
Vesting in 24 months or greater		881,159		134,866	May 2035 - May 2036

		1,878,201		881,757

Note 3 - Intangible Assets - Estimated Future Amortization (Details) - USD ($)	Jun. 30, 2026	Sep. 30, 2025
September 30, 2026	$ 25,293
September 30, 2027	101,172
September 30, 2028	101,172
September 30, 2029	101,172
September 30, 2030	101,172
Thereafter	1,471,816
Total intangible assets, net	$ 1,901,797	$ 1,977,676

Note 1 - Nature of Operations (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (5,380,063)	$ (1,584,853)	$ (11,866,382)	$ (4,837,629)
Retained Earnings (Accumulated Deficit)	77,896,367		77,896,367		$ 65,910,974
Net Cash Provided by (Used in) Operating Activities			(7,186,629)	$ (5,601,268)
Cash and Cash Equivalent	10,300,000		10,300,000
Working Capital (Deficit)	$ 6,900,000		$ 6,900,000

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount of accumulated undistributed earnings (deficit).

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Note 5 - Capital Shares - Options Outstanding and Exercisable (Details) - $ / shares	9 Months Ended
	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Options, number (in shares)	378,039	378,039	378,235	383,040
Options, exercisable (in shares)	378,039
Options, weighted average exercise price (in dollars per share)	$ 24.7	$ 24.7	$ 24.66	$ 24.93
Range One [Member]
Options, number (in shares)	37,719
Options, exercisable (in shares)	37,719
Options, weighted average exercise price (in dollars per share)	$ 15.12
Range Two [Member]
Options, number (in shares)	43,031
Options, exercisable (in shares)	43,031
Options, weighted average exercise price (in dollars per share)	$ 22.12
Range Three [Member]
Options, number (in shares)	51,006
Options, exercisable (in shares)	51,006
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 52.08
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 56.49
Range Four [Member]
Options, number (in shares)	79,651
Options, exercisable (in shares)	79,651
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 36.75
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 40.18
Range Five [Member]
Options, number (in shares)	56,865
Options, exercisable (in shares)	56,865
Options, weighted average exercise price (in dollars per share)	$ 25.97
Range Six [Member]
Options, number (in shares)	109,767
Options, exercisable (in shares)	109,767
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 4.1
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 10.01

Note 6 - Government Contributions

9 Months Ended

Jun. 30, 2026

Government Assistance [Text Block]

6. Government Contributions

Strategic Response Fund

The Company’s wholly owned subsidiary Edesa Biotech Research is party to a multi-year contribution agreement with the Canadian government’s Strategic Response Fund, or SRF (formerly Strategic Innovation Fund, SIF), dated October 12, 2023, and an Amendment Agreement No. 1 to the agreement, dated September 30, 2025 (together, the “2023 SRF Agreement”). Under the 2023 SRF Agreement, the Government of Canada committed up to C$23 million in partially repayable funding toward (i) conducting and completing the Company’s Phase 3 clinical study of its experimental drug EB05, (ii) submitting EB05 for governmental approvals and manufacturing scale-up, following, and subject to, completing the Phase 3 study and (iii) conducting two non-clinical safety studies to assess the potential long-term impact of EB05 exposure (the “SRF Project”). Of the C$23 million committed by SRF, up to C$5.8 million is not repayable by the Company. The remaining C$17.2 million is conditionally repayable starting in 2032 only if and when the Company earns gross revenue. The repayable portion would be payable over fifteen (15) years based on a percentage rate of the Company’s annual revenue growth. The maximum amount repayable is 1.4 times the original repayable amount. In addition, the Company is entitled to partial reimbursement of certain eligible expenses. The Company also agreed to certain financial and non-financial covenants and other obligations in relation to the SRF Project. Certain customary events of default, such as the Company’s or Edesa Biotech Research’s breach of their covenants and obligations under the Agreement, their insolvency, winding up or dissolution, and other similar events, may permit the Government of Canada to declare an event of default. Upon an event of default, subject to applicable cure, the Government of Canada may exercise a number of remedies, including suspending or terminating funding, demanding repayment of funding previously received and/or terminating the 2023 SRF Agreement. The funding and any associated conditional repayments are not secured by any assets of Edesa Biotech Research or the Company. The 2023 SRF Agreement will expire on the later of December 31, 2045 or the date of the last repayment, unless earlier terminated, subject to certain provisions that extend three (3) years beyond the term or early termination.

Under the 2023 SRF Agreement, the Company recorded grant income of $0.1 million and $0.2 million for the three months ended June 30, 2026 and June 30, 2025, respectively, and $0.3 million and $0.5 million for the nine months ended June 30, 2026 and June 30, 2025, respectively.

Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 10,332,520	$ 10,792,172
Accounts and other receivable	228,051	642,866
Prepaid expenses and other current assets	219,707	77,838
Total current assets	10,780,278	11,512,876
Non-current assets:
Long-term deposits	39,120	39,966
Intangible asset, net	1,901,797	1,977,676
Total assets	12,721,195	13,530,518
Current liabilities:
Accounts payable and accrued liabilities	3,910,041	1,078,536
Total current liabilities	3,910,041	1,078,536
Shareholders' equity:
Authorized unlimited common shares without par value Issued and outstanding: 8,885,719 common shares (September 30, 2025 -7,141,783)	62,416,047	54,515,421
Additional paid-in capital	16,037,835	14,753,110
Accumulated other comprehensive loss	(158,541)	(165,771)
Accumulated deficit	(77,896,367)	(65,910,974)
Total shareholders' equity	8,811,154	12,451,982
Total liabilities and shareholders' equity	12,721,195	13,530,518
Series A-1 Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Shares Issued	1,203,914	1,092,133
Series B-1 Preferred Stock [Member]
Shareholders' equity:
Preferred Stock, Shares Issued	$ 7,208,266	$ 8,168,063

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Expenses:
Research and development	$ 3,957,875	$ 939,067	$ 7,849,690	$ 2,443,191
General and administrative	1,561,674	964,676	4,308,236	2,998,127
Loss from operations	(5,519,549)	(1,903,743)	(12,157,926)	(5,441,318)
Other income :
Reimbursement grant income	107,368	183,281	276,021	536,744
Interest income	275	572	961	2,503
Foreign exchange loss	4,295	(29,574)	8,132	(54,294)
Nonoperating Income (Expense)	111,938	154,279	285,114	484,953
Loss before income taxes	(5,407,611)	(1,749,464)	(11,872,812)	(4,956,365)
Income tax expense	0	0	800	800
Net loss	(5,407,611)	(1,749,464)	(11,873,612)	(4,957,165)
Exchange differences on translation	27,548	164,611	7,230	119,536
Net comprehensive loss	$ (5,380,063)	$ (1,584,853)	$ (11,866,382)	$ (4,837,629)
Weighted average number of common shares (in shares)	9,007,474	7,022,678	8,504,968	5,217,343
Loss per common share - basic and diluted (in dollars per share)	$ (0.6)	$ (0.25)	$ (1.4)	$ (0.95)

Note 9 - Related Party Transactions

9 Months Ended

Jun. 30, 2026

9. Related Party Transactions

On June 10, 2026, we entered into a securities purchase agreement for a private placement with certain investors, including Pardeep Nijhawan, our Chief Executive Officer, Secretary and member of our Board. Pursuant to the agreement, Pardeep Nijhawan purchased 153,550 common shares at a purchase price of $5.21 per share, for gross proceeds of approximately $0.8 million. The closing of the private placement occurred on June 16, 2026.

Effective May 13, 2026, the Board approved an amendment to the compensation arrangement of Pardeep Nijhawan whereby 90% of his monthly base salary is payable in the form of fully vested restricted share units under the Company's 2019 Equity Incentive Compensation Plan.

During the three and nine months ended June 30, 2026 and 2025, the Company paid cash of approximately $20,000 and $59,000 in 2026, and $20,000 and $60,000 in 2025, respectively, for a lease from a company controlled by the Company’s CEO. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by both parties. The Company extended the lease beyond its December 31, 2024 expiration to November 30, 2025 and upon expiry the lease is month to month and either party will have the right to terminate on 30 days’ notice.

On February 12, 2025 (the “Closing Date”), the Company entered into the Series B-1 Purchase Agreement with the Series B-1 Investors. Pursuant to the Series B-1 Purchase Agreement, the Company sold to the Series B-1 Investors in a private placement, an aggregate of (i) 834 Series B-1 Preferred Shares, each of which is initially convertible into approximately 5,208 Series B-1 Conversion Shares at a conversion price of $1.92 per Series B-1 Conversion Share, and (ii) 3,468,746 Common Shares. The purchase price per Series B-1 Preferred Share was $10,000 and the purchase price per common share was $1.92. The Company’s Chief Executive Officer, Secretary, and a member of the board of directors purchased 100 Series B-1 Preferred Shares for an aggregate purchase price of $1.0 million. A director purchased 41,666 Common Shares for an aggregate purchase price of approximately $80,000. Another director purchased 10,416 Common Shares for an aggregate purchase price of approximately $20,000. Entities affiliated with significant beneficial owner purchased, in aggregate, 2,687,500 Common Shares and 734 Series B-1 Preferred Shares for aggregate gross proceeds of approximately $12.5 million. A holder of Series B-1 Preferred Shares will not have the right to convert any portion of its Series B-1 Preferred Shares, if, together with its affiliates, it would beneficially own in excess of 4.99% (or, at the option of the holder, 9.99%) of the number of Common Shares outstanding immediately after giving effect to such conversion, provided, however, that a holder may increase or decrease the beneficial ownership limitation by giving 61 days’ notice to the Company, but not to any percentage in excess of 19.99%.

In connection with the Series B-1 Purchase Agreement, on February 12, 2025, the Company also entered into an Investor Rights Agreement (“IRA”) with the Series B-1 Investors, whereby the Company agreed to provide the Series B-1 Investors with certain registration and other rights. The IRA provides that the board of directors, following the Company’s annual meeting held on May 28, 2025, shall consist of seven members, one of whom shall be a director nominated by the lead investor (the “Lead Investor Nominee”), who shall serve on the board effective as of the Closing Date, until the earlier of such time as (i) the lead investor no longer holds at least 51% of the Common Shares (calculated on an as-converted-to-Common Shares basis), subject to appropriate adjustment in the event of any stock dividend, stock split, combination, or other similar recapitalization with respect to the Common Shares issued in the private placement, or (ii) the lead investor beneficially owns less than 5% of the outstanding Common Shares as a result of a disposition of shares (such period, the “Lead Investor Rights Period”). The Company also agreed to use its reasonable best efforts to solicit shareholder approval of the Lead Investor Nominee at each general or special meeting of shareholders of the Company at which an election of directors is held during the Lead Investor Rights Period.

Additionally, the IRA includes certain protective provisions that restrict the Company’s ability to, among other things, (i) amend, modify, alter or repeal any provision of the Company’s governing documents in a manner adverse to the holders of Series B-1 Preferred Shares, (ii) alter or change the special rights and restrictions of the Series B-1 Preferred Shares and (iii) increase or decrease the authorized number of Series B-1 Preferred Shares, in each case, without the written consent of the lead investor.

Pursuant to the IRA, during the Lead Investor Rights Period, the lead investor is entitled to designate one (1) non-voting observer to the Board to attend all meetings of the Board and committees and subcommittees thereof, subject to the terms of the IRA.

On October 30, 2024, the Company entered into the Series A-1 Purchase Agreement with the Series A-1 Purchaser, an entity controlled by the Company’s Chief Executive Officer, Secretary and member of the board of directors of the Company, pursuant to which the Company agreed to issue and sell to the Series A-1 Purchaser in a private placement, up to $5,000,000 of the Series A-1 Preferred Shares, each of which is initially convertible into the Series A-1 Conversion Shares, at a conversion price of $3.445 per Series A-1 Conversion Share, and Warrants to purchase Common Shares at an exercise price of $3.445. Under the Series A-1 Purchase Agreement, the Series A-1 Purchaser has purchased 150 Series A-1 Preferred Shares initially convertible into an aggregate of 435,414 Series A-1 Conversion Shares and Warrants to purchase up to an aggregate of 326,560 Warrant Shares for an aggregate purchase price of $1,540,819. The offering of the Series A-1 Preferred Shares and Warrants was structured as an at-market offering under the rules of The Nasdaq Stock Market. The Series A-1 Purchaser will not have the right to convert any portion of its Series A-1 Preferred Shares, or exercise any portion of the Warrants, if, together with its affiliates, it would beneficially own in excess of 19.99% of the number of Common Shares outstanding immediately after giving effect to such conversion or exercise. See Note 5 – Series A-1 Convertible Preferred Shares offering.

During the three and nine months ended June 30, 2026 and 2025, the Company did not incur any standby charges related to its revolving credit agreement with PN MPC, an entity controlled by the Company’s Chief Executive Officer (the “Credit Agreement”). The Credit Agreement was terminated in October 2024. Prior to its termination, the Company had not borrowed any funds under the agreement and incurred no termination penalties.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Note 7 - Financial Instruments

9 Months Ended

Jun. 30, 2026

Financial Instruments Disclosure [Text Block]

7. Financial Instruments

(a) Fair values

The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements.

The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

There are three levels of inputs that may be used to measure fair value:

●

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active.

●

Level 3 – Unobservable inputs for the asset or liability that are supported by little or no market activity.

The carrying value of certain financial instruments such as cash and cash equivalents, accounts and other receivable, accounts payable and accrued liabilities approximates fair value due to the short-term nature of such instruments.

(b) Interest rate and credit risk

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. The Company does not believe that the results of operations or cash flows would be affected to any significant degree by a significant change in market interest rates, relative to interest rates on cash and cash equivalents due to the short-term nature of these balances. The Company is also exposed to credit risk at period end from the carrying value of its cash and cash equivalents and accounts and other receivable. The Company manages this risk by maintaining bank accounts with Canadian Chartered Banks, U.S. banks believed to be creditworthy and money market mutual funds of U.S. government securities. The Company’s cash is not subject to any external restrictions. The Company assesses the collectability of accounts and receivables through a review of the current aging and terms, as well as an analysis of historical collection rates, general economic conditions and credit status of government agencies. Credit risk for the reimbursement grant and HST refunds receivable are not considered significant since amounts are due from the Canadian government’s SRF and the Canada Revenue Agency.

(c) Foreign exchange risk

The Company and its subsidiary have balances in Canadian dollars that give rise to exposure to foreign exchange (“FX”) risk relating to the impact of translating certain non-U.S. dollar balance sheet accounts as these statements are presented in U.S. dollars. A strengthening U.S. dollar will lead to a FX loss while a weakening U.S. dollar will lead to a FX gain. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks. At June 30, 2026, the Company and its Canadian subsidiary had current assets denominated in Canadian dollars of approximately C$2.9 million and the U.S. dollar exchange rate at this date was equal to 1.4219 Canadian dollars. Based on the exposure at June 30, 2026, a 10% annual change in the Canadian/U.S. exchange rate would impact the Company’s loss and other comprehensive loss by approximately $0.2 million.

(d) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty raising liquid funds to meet commitments as they fall due. In meeting its liquidity requirements, the Company closely monitors its forecasted cash requirements with expected cash drawdown.

Note 3 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Jun. 30, 2026	Sep. 30, 2025
Less: accumulated amortization	$ (627,686)	$ (551,807)
Total intangible assets, net	1,901,797	1,977,676
The Constructs [Member]
The Constructs	$ 2,529,483	$ 2,529,483

Note 6 - Government Contributions (Details Textual) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023 CAD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Government Assistance, Nonoperating Income, Increase (Decrease)		$ 107,368	$ 183,281	$ 276,021	$ 536,744
The 2023 SIF Agreement [Member]
Government Assistance, Award Amount	$ 23.0
Government Assistance, Award Amount, Not Repayable	5.8
Government Assistance, Award Amount, Repayable	$ 17.2
Government Assistance, Period of Repayment	15 years
Government Assistance, Maximum Amount Repayable, Factor of Original	1.4
Government assistance, Expiration, Period After Last Repayment	3 years
Government Assistance, Nonoperating Income, Increase (Decrease)		$ 100,000	$ 200,000	$ 300,000	$ 500,000

Note 5 - Capital Shares

9 Months Ended

Jun. 30, 2026

Equity [Text Block]

5. Capital Shares

June 2026 Private Placement

On June 10, 2026, the Company entered into a securities purchase agreement for a private placement with certain investors, including Pardeep Nijhawan, the Company’s Chief Executive Officer, Secretary and member of its Board, pursuant to which the Company sold an aggregate of 729,241 common shares for gross proceeds of approximately $3.5 million, before deducting offering costs. The closing of the private placement occurred on June 16, 2026. The common shares were sold at a purchase price of $4.69 per share for purchasers other than the Company’s Chief Executive Officer, and $5.21 per share for the Company’s Chief Executive Officer.

Series B-1 Preferred Shares Offering

On February 12, 2025, the Company entered into a Securities Purchase Agreement (“Series B-1 Purchase Agreement”) with certain investors, including members of the Company’s board of directors and executive officers (the “Series B-1 Investors”), pursuant to which the Company issued and sold to the Series B-1 Investors in a private placement (the “Private Placement”), an aggregate of (i) 834 shares (the “Series B-1 Preferred Shares”) of the Company’s newly designated Series B-1 Convertible Preferred Shares, stated value $10,000 per share, each of which is initially convertible into approximately 5,208 common shares (the “Series B-1 Conversion Shares”), without par value, of the Company (the “Common Shares”) at a conversion price of $1.92 per Series B-1 Conversion Share, and (ii) 3,468,746 Common Shares. The purchase price per Series B-1 Preferred Share was $10,000 and the purchase price per Common Share was $1.92. The gross proceeds to the Company were approximately $15.0 million, prior to deducting offering expenses payable by the Company which were allocated between the Series B-1 Preferred Shares and Common Shares based on the market price of the Company’s Common Shares on the issuance date. A Series B-1 Investor will not have the right to convert any portion of its Series B-1 Preferred Shares if, together with its affiliates, it would beneficially own in excess of 4.99%, 9.99% or 19.99% of the number of Common Shares outstanding immediately after giving effect to such conversion.

The Series B-1 Purchase Agreement contains customary representations and warranties and agreements of the Company and the Series B-1 Investors and customary indemnification rights and obligations of the parties.

The Series B-1 Preferred Shares are presented as permanent shareholders’ equity. During the nine months ended June 30, 2026, 98 Series B-1 Preferred Shares were converted into 510,415 Common Shares.

Issued and Outstanding Series B-1 convertible preferred shares

	Series B-1 Convertible Preferred Shares (#)			Series B-1 Convertible Preferred Shares
Nine Months Ended June 30, 2026
Balance - September 30, 2025		834		$	8,168,063

Conversions		(98	)		(980,000	)
Issuance costs relieved upon conversion		-			20,203


Balance - June 30, 2026		736		$	7,208,266

Series A-1 Preferred Shares Offering

On October 30, 2024, the Company entered into a Securities Purchase Agreement (“Series A-1 Purchase Agreement”) with Pardeep Nijhawan Medicine Professional Corporation, an entity controlled by the Company’s Chief Executive Officer, Secretary and member of the board of directors of the Company (“PN MPC” or the “Series A-1 Purchaser”), pursuant to which the Company agreed to issue and sell to the Series A-1 Purchaser in a private placement, up to $5,000,000 of shares of the Company’s newly designated Series A-1 Convertible Preferred Shares, stated value $10,000 per share (the “Series A-1 Preferred Shares”), each of which is initially convertible into approximately 2,903 Common Shares (the “Series A-1 Conversion Shares”), at a conversion price of $3.445 per Series A-1 Conversion Share, and warrants (“Warrants”) to purchase Common Shares (the “Series A-1 Warrant Shares”) at an exercise price of $3.445 per Series A-1 Warrant Share. The Series A-1 Preferred Shares and the Warrants are being sold together in a fixed combination of one Series A-1 Preferred Share and a Warrant to purchase a number of Common Shares equal to 75% of the underlying Series A-1 Conversion Shares at a combined purchase price of $10,272.13 per Series A-1 Preferred Share and related Warrants. Under the Series A-1 Purchase Agreement, the Series A-1 Purchaser has purchased 150 Series A-1 Preferred Shares initially convertible into an aggregate of 435,414 Series A-1 Conversion Shares and Warrants to purchase up to an aggregate of 326,560 Warrant Shares for an aggregate purchase price of $1,540,819. The offering of the Series A-1 Preferred Shares and Warrants was structured as an at-market offering under the rules of The Nasdaq Stock Market. The Series A-1 Purchaser will not have the right to convert any portion of its Series A-1 Preferred Shares if, together with its affiliates, it would beneficially own in excess of 19.99% of the number of Common Shares outstanding immediately after giving effect to such conversion.

The Warrants expire five years from the issuance date. The Warrants may only be exercised on a cashless basis if there is no registration statement registering, or the prospectus contained therein is not available for, the issuance or resale of the Common Shares issuable upon exercise of the Warrants to or by the holders thereof. The exercise price of the Warrants is subject to customary antidilution adjustments in the event of share splits, reclassifications, recapitalizations and similar events. The Series A-1 Purchaser will not have the right to exercise any portion of its Warrants if, together with its affiliates, it would beneficially own in excess of 19.99% of the number of Common Shares outstanding immediately after giving effect to such exercise.

The Company has the right to require the Series A-1 Purchaser to purchase additional Series A-1 Preferred Shares and Warrants (up to an aggregate investment of $5.0 million); provided however, no more than an aggregate of $2.0 million of Series A-1 Preferred Shares and Warrants may be issued and sold pursuant to the Series A-1 Purchase Agreement without shareholder approval in accordance with applicable Canadian securities laws.

The Series A-1 Purchase Agreement contains customary representations and warranties and agreements of the Company and the Series A-1 Purchaser and customary indemnification rights and obligations of the parties.

The Company has the option to redeem the Series A-1 Preferred Shares, and upon conversion or liquidation, holders are entitled to receive the stated value plus a 10% annual return on capital, payable in Common Shares at the conversion price, calculated daily until the three-year anniversary of issuance.

The Series A-1 Preferred Shares are presented as permanent shareholders’ equity. The total proceeds were allocated between the Series A-1 Preferred Shares and warrants using relative fair value. The fair value of the Series A-1 Preferred Shares was determined as a reference to the fair value of Common Shares on the issuance date and the fair value of the warrants was determined using Black-Scholes option pricing model as detailed below.

Issued and Outstanding Series A-1 convertible preferred shares

	Series A-1 Convertible Preferred Shares (#)		Series A-1 Convertible Preferred Shares
Nine Months Ended June 30, 2026
Balance - September 30, 2025		150		1,092,133

Preferred return on Series A-1 Preferred Shares		-		111,781

Balance - June 30, 2026		150	$	1,203,914

At The Market offering agreement

On October 4, 2024, the Company entered into an At The Market offering agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC as a sales agent (“HCW ATM”) pursuant to which the Company may offer and sell, from time to time, common shares through an at-the-market equity offering program. The Company has no obligation to sell any of the common shares and may at any time suspend sales or terminate the equity distribution agreement in accordance with its terms. For the nine months ended June 30, 2026, the Company sold 1,177,568 common shares pursuant to the ATM Agreement under the prospectus supplement filed on September 9, 2025 for net proceeds of approximately $3.4 million, after deducting sales agent commissions. For the three months ended June 30, 2026, the Company did not sell any common shares pursuant to the ATM Agreement. On December 12, 2025, the Company filed a prospectus supplement with the SEC authorizing the offer and sale of up to approximately $2.26 million of common shares pursuant to the ATM Agreement. The Company has not sold any common shares under the December 12, 2025 prospectus supplement.

Black-Scholes option valuation model

The Company uses the Black-Scholes option valuation model to determine the fair value of share-based compensation for share options and compensation warrants granted and the fair value of warrants issued. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company calculates expected volatility based on historical volatility of the Company’s share price. When there is insufficient data available, the Company uses a peer group that is publicly traded to calculate expected volatility. The Company adopted interest-free rates by reference to the U.S. treasury yield rates. The Company calculated the fair value of share options granted based on the expected life of 5 years considering expected forfeitures during the option term of 10 years. Expected life of warrants is based on warrant terms. The Company did not and is not expected to declare any dividends. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s warrants and share options.

Warrants

A summary of the Company’s warrant activity is as follows:

	Number of Warrant Shares (#)			Weighted Average Exercise Price
Nine Months Ended June 30, 2026
Balance - September 30, 2025		934,590		$	15.35

Expired		(189,241	)		14.26

Balance - June 30, 2026		745,349		$	15.62

Nine Months Ended June 30, 2025
Balance - September 30, 2024		609,717		$	21.74

Issued		326,560			3.45
Expired		(1,687	)		22.40

Balance - June 30, 2025		934,590		$	15.35

The weighted average contractual life remaining on the outstanding warrants at June 30, 2026 is 26 months.

The following table summarizes information about the warrants outstanding at June 30, 2026:

Number of Warrants (#)	Exercise Prices		Expiry Dates
27,399	$	31.94	March 2027
391,390	$	24.64	September 2027
326,560	$	3.45	October 2029
745,349

No warrants were issued during the nine months ended June 30, 2026. The fair value of warrants issued during the comparative prior-year period was estimated using the Black‑Scholes option valuation model using the following assumptions:

	Nine Months Ended June 30, 2025
	Series A-1 Preferred Share Warrants

Risk free interest rate		4.14	%
Expected life (in years)		5
Expected share price volatility		91.24	%
Expected dividend yield		0.00	%

Share options

The Company adopted an Equity Incentive Compensation Plan in 2019 (the “2019 Plan”) administered by the independent members of the Board of Directors, which amended and restated prior plans. Options, restricted shares and restricted share units are eligible for grant under the 2019 Plan. On May 27, 2026, shareholders approved amendments to the 2019 Plan to increase the number of shares available for issuance by 750,000 shares and eliminate the annual per participant option grant limit. At June 30, 2026, a total of 3,117,737 shares were available for issuance under the 2019 Plan, of which 808,967 remained available for future grants. The 2019 Plan allows grants to directors, officers, employees and certain consultants and advisers. Options may be granted for terms of up to 10 years at exercise prices determined by the independent members of the Board of Directors.

Options have been granted under the 2019 Plan allowing the holders to purchase common shares of the Company as follows:

	Number of Options (#)			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Nine Months Ended June 30, 2026
Balance - September 30, 2025		378,039		$	24.70	$	18.12


Balance - June 30, 2026		378,039		$	24.70	$	18.12

Nine Months Ended June 30, 2025
Balance - September 30, 2024		383,040		$	24.93	$	18.33

Forfeited		(4,431	)		25.20		17.69
Expired		(374	)		246.96		246.96

Balance - June 30, 2025		378,235		$	24.66	$	18.10

There were no options exercised during each of the three and nine months ended June 30, 2026 and 2025. The intrinsic value of options outstanding at June 30, 2026 was $168,089.

The weighted average contractual life remaining on the outstanding options at June 30, 2026 is 60 months.

The following table summarizes information about the options under the 2019 Plan outstanding and exercisable at June 30, 2026:

Number of Options (#)	Exercisable at June 30, 2026 (#)			Range of Exercise Prices		Expiry Dates
37,719		37,719	C	$	15.12	August 2027 - Dec 2028
43,031		43,031		$	22.12	Feb 2030
51,006		51,006		$	52.08 - 56.49	September 2030 - Oct 2030
79,651		79,651		$	36.75 - 40.18	January 2031 - Sep 2031
56,865		56,865		$	25.97	February 2032
109,767		109,767		$	4.10 - 10.01	August 2026 - July 2033
378,039		378,039

The options exercisable at June 30, 2026 had a weighted average exercise price of $24.70 and an intrinsic value of $168,089 and a weighted average remaining life of 60 months.

As of June 30, 2026, there was no unrecognized compensation expense related to unvested stock options.

Restricted share units

The Company's 2019 Plan allows restricted share units (“RSUs”) to be granted to directors, officers, employees and certain external consultants and advisers. Under the 2019 Plan, the RSU term is not to exceed 10 years. The fair value of RSUs is determined based on the market price of the Company’s common shares on the grant date.

The following is a summary of changes in the status of RSUs from October 1, 2025 through June 30, 2026:

	Number of RSU (#)			Weighted Average Grant Date Fair Value
Nine Months Ended June 30, 2026
Balance - September 30, 2025		1,243,653		$	2.16

Granted		728,289			6.74
Exercised		(74,216	)		1.99
Cancelled		(19,525	)		1.99

Balance - June 30, 2026		1,878,201		$	3.94


Nine Months Ended June 30, 2025
Balance - September 30, 2024		63,204		$	5.10

Granted		1,207,856			2.00
Exercised		(2,486	)		5.60

Balance - June 30, 2025		1,268,574		$	2.15

The following table summarizes information about the RSUs under the 2019 Plan outstanding and exercisable at June 30, 2026:

	Number of RSU (#)		Exercisable at June 30, 2026 (#)		Expiry Date
Fully-vested RSUs		278,832		278,832	August 2033 - June 2036
Vesting in the next 12 months		342,289		228,289	May 2035 - May 2036
Vesting from 13–24 months		375,921		239,770	May 2035
Vesting in 24 months or greater		881,159		134,866	May 2035 - May 2036

		1,878,201		881,757

The Company has granted RSUs with varying vesting schedules. Certain RSUs vest immediately upon the grant date, while others vest over a period ranging from 12 to 35 months. Outstanding RSUs can be converted to Common Shares by the holder at any time after vesting and before the expiry date. As of June 30, 2026, the Company had approximately $5.3 million of unrecognized restricted share unit compensation expense, which is expected to be recognized over a period of 35 months.

The Company recorded share-based compensation expense of approximately $0.5 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $1.4 million and $0.3 million for the nine months ended June 30, 2026 and 2025, respectively. These amounts include expenses related to both stock options and RSUs granted to employees and directors under the Company’s equity compensation plans.

The entire disclosure for equity.

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Note 1 - Nature of Operations

9 Months Ended

Jun. 30, 2026

Nature of Operations [Text Block]

1. Nature of Operations

Edesa Biotech, Inc. (the “Company” or “Edesa”) is a biopharmaceutical company focused on acquiring, developing and commercializing clinical stage drugs for inflammatory and immune-related diseases with clear unmet medical needs. The Company is organized under the laws of British Columbia, Canada and is headquartered in Markham, Ontario. It operates under its wholly owned subsidiaries, Edesa Biotech Research, Inc., an Ontario, Canada corporation, and Edesa Biotech USA, Inc., a California, USA corporation.

The Company’s common shares trade on The Nasdaq Capital Market in the United States under the symbol “EDSA”.

Going Concern

These condensed interim consolidated financial statements have been prepared on a going concern basis which presumes the realization of assets and the discharge of liabilities in the normal course of operations for at least the next twelve months.

For the nine months ended June 30, 2026, the Company incurred a comprehensive loss of $11.9 million resulting in an accumulated deficit of $77.9 million. For the nine months ended June 30, 2026, the Company had a net cash outflow from operating activities of $7.2 million, and ended the period with $10.3 million in cash and cash equivalents and a net working capital surplus of $6.9 million. The Company’s ability to continue as a going concern is dependent on obtaining additional funding through financings, other strategic activities as well as via grants, to fund the development of its drug candidates. There can be no assurance that the Company will be successful in raising the necessary financing. These conditions indicate the existence of a material uncertainty that may cast substantial doubt about the Company’s ability to continue as a going concern.

These condensed interim consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and, therefore, be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying condensed interim consolidated financial statements. These adjustments could be material.

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock [Member] Series A-1 Preferred Stock [Member]	Preferred Stock [Member] Series B-1 Preferred Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2024	3,247,389
Balance at Sep. 30, 2024	$ 47,236,024	$ 0	$ 0	$ 13,576,757	$ (242,613)	$ (58,589,013)	$ 1,981,155
Issuance of common shares (in shares)	3,772,803
Issuance of common shares	$ 7,497,133	0	0	0	0	0	7,497,133
Issuance of common shares upon exercise of restricted share units (in shares)	2,486
Issuance of common shares upon exercise of restricted share units	$ 13,922	0	0	(13,922)	0	0	0
Issuance costs	475,967	43,220	171,937	23,446	0	0	714,570
Preferred return on Series A-1 preferred shares	0	99,040	0	0	0	(99,040)	0
Share-based compensation	0	0	0	325,217	0	0	325,217
Net loss and comprehensive loss	0	0	0	0	119,536	(4,957,165)	(4,837,629)
Issuance costs	(475,967)	(43,220)	(171,937)	(23,446)	0	0	(714,570)
Issuance of Series A-1 preferred shares and warrants	0	998,915	0	541,905	0	0	1,540,820
Issuance of Series B-1 preferred shares	$ 0	0	8,340,000		0	0	8,340,000
Balance (in shares) at Jun. 30, 2025	7,022,678
Balance at Jun. 30, 2025	$ 54,271,112	1,054,735	8,168,063	14,406,511	(123,077)	(63,645,218)	14,132,126
Balance (in shares) at Mar. 31, 2025	7,022,678
Balance at Mar. 31, 2025	$ 54,271,112	1,017,750	8,168,063	14,229,130	(287,688)	(61,858,769)	15,539,598
Preferred return on Series A-1 preferred shares		36,985	0	0	0	(36,985)	0
Share-based compensation	0	0	0	177,381	0	0	177,381
Net loss and comprehensive loss	$ 0	0	0	0	164,611	(1,749,464)	(1,584,853)
Balance (in shares) at Jun. 30, 2025	7,022,678
Balance at Jun. 30, 2025	$ 54,271,112	$ 1,054,735	$ 8,168,063	14,406,511	(123,077)	(63,645,218)	14,132,126
Balance (in shares) at Sep. 30, 2025	7,141,783	150	834
Balance at Sep. 30, 2025	$ 54,515,421	$ 1,092,133	$ 8,168,063	14,753,110	(165,771)	(65,910,974)	12,451,982
Issuance of common shares (in shares)	1,906,809
Issuance of common shares	$ 6,997,816	0	0	0	0	0	6,997,816
Issuance of common shares upon exercise of restricted share units (in shares)	74,216
Issuance of common shares upon exercise of restricted share units	$ 147,453	0	0	(147,453)	0	0	0
Issuance costs	204,440	0	0	0	0	0	204,440
Preferred return on Series A-1 preferred shares	0	111,781	0	0	0	(111,781)	0
Share-based compensation	0	0	0	1,432,178	0	0	1,432,178
Net loss and comprehensive loss	$ 0	0	$ 0	0	7,230	(11,873,612)	(11,866,382)
Issuance of common shares upon exercise of Series B-1 Preferred Shares (in shares)	510,415		(98)
Issuance of common shares upon exercise of Series B-1 Preferred Shares	$ 959,797	0	$ (959,797)	0	0	0	0
Issuance costs	$ (204,440)	$ 0	$ 0	0	0	0	(204,440)
Balance (in shares) at Jun. 30, 2026	9,633,223	150	736
Balance at Jun. 30, 2026	$ 62,416,047	$ 1,203,914	$ 7,208,266	16,037,835	(158,541)	(77,896,367)	8,811,154
Balance (in shares) at Mar. 31, 2026	8,885,719
Balance at Mar. 31, 2026	$ 58,932,825	1,166,517	7,208,266	15,526,657	(186,089)	(72,451,359)	10,196,817
Issuance of common shares (in shares)	729,241
Issuance of common shares	$ 3,499,991	0	0	0	0	0	3,499,991
Issuance of common shares upon exercise of restricted share units (in shares)	18,263
Issuance of common shares upon exercise of restricted share units	$ 36,285	0	0	(36,285)	0	0	0
Issuance costs	(53,054)	0	0	0	0	0	(53,054)
Preferred return on Series A-1 preferred shares	0	37,397	0	0	0	(37,397)	0
Share-based compensation	0	0	0	547,463	0	0	547,463
Net loss and comprehensive loss	0	0	0	0	27,548	(5,407,611)	(5,380,063)
Issuance costs	$ 53,054	$ (0)	$ (0)	(0)	(0)	(0)	53,054
Balance (in shares) at Jun. 30, 2026	9,633,223	150	736
Balance at Jun. 30, 2026	$ 62,416,047	$ 1,203,914	$ 7,208,266	$ 16,037,835	$ (158,541)	$ (77,896,367)	$ 8,811,154

Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	9 Months Ended
	Jun. 30, 2026	Sep. 30, 2025
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares, Outstanding (in shares)	9,633,223	7,141,783
Issued and outstanding: 3,075,473 common shares (September 30, 2022 - 2,380,280) (in shares)	9,633,223	7,141,783
Series A-1 Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)	150	150
Series B-1 Preferred Stock [Member]
Preferred Stock, Shares Issued (in shares)	736	834

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Contractual Obligation, Fiscal Year Maturity [Table Text Block]

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

Note 5 - Capital Shares - Schedule of Warrants (Details) - $ / shares	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Balance, number of warrant shares (in shares)	934,590	609,717
Balance, number of warrant shares (in shares)	745,349	934,590
Balance, warrants, weighted average exercise price (in dollars per share)	$ 15.35	$ 21.74
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 15.62	$ 15.35
Expired, number of warrant shares (in shares)	(189,241)	(1,687)
Expired, warrants, weighted average exercise price (in dollars per share)	$ 14.26	$ 22.4
Issued, number of warrant shares (in shares)		326,560
Issued, warrants, weighted average exercise price (in dollars per share)		$ 3.45
Balance, number of warrant shares (in shares)	745,349	934,590
Balance, warrants, weighted average exercise price (in dollars per share)	$ 15.62	$ 15.35
Warrant One [Member]
Balance, number of warrant shares (in shares)	27,399
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 31.94
Warrants, maturity date	Mar. 31, 2027
Balance, number of warrant shares (in shares)	27,399
Balance, warrants, weighted average exercise price (in dollars per share)	$ 31.94
Warrant Two [Member]
Balance, number of warrant shares (in shares)	391,390
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 24.64
Warrants, maturity date	Sep. 30, 2027
Balance, number of warrant shares (in shares)	391,390
Balance, warrants, weighted average exercise price (in dollars per share)	$ 24.64
Warrant Three [Member]
Balance, number of warrant shares (in shares)	326,560
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 3.45
Warrants, maturity date	Oct. 31, 2029
Balance, number of warrant shares (in shares)	326,560
Balance, warrants, weighted average exercise price (in dollars per share)	$ 3.45

Note 5 - Capital Shares (Details Textual)				3 Months Ended		9 Months Ended
Note 5 - Capital Shares (Details Textual)	Jun. 10, 2026 USD ($) $ / shares shares	Feb. 12, 2025 USD ($) $ / shares shares	Oct. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	May 27, 2026 shares	Dec. 12, 2025 USD ($)	Sep. 30, 2025 $ / shares	Sep. 30, 2024 $ / shares
Proceeds from Issuance of Common Stock						$ 6,997,816	$ 7,497,133
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares				$ 15.62	$ 15.35	$ 15.62	$ 15.35			$ 15.35	$ 21.74
Class of Warrant or Right, Issued During Period \| shares							326,560
Stock Issued During Period, Value, New Issues				$ 3,499,991		$ 6,997,816	$ 7,497,133
Class of Warrant or Right, Outstanding, Weighted Average Remaining Contractual Term						26 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period \| shares				0	0	0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value				$ 168,089		$ 168,089
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted-Average Remaining Contractual Term						60 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares				$ 24.7		$ 24.7
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value Per Share \| $ / shares				$ 168,089		$ 168,089
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted-Average Remaining Contractual Term						60 months
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 0		$ 0
Share-Based Payment Arrangement, Expense				$ 500,000	$ 200,000	$ 1,400,000	$ 300,000
The 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized \| shares				3,117,737		3,117,737		750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant \| shares				808,967		808,967
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term						5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period						10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%
Share-Based Payment Arrangement, Option [Member] \| The 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period						10 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period						10 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 5,300,000		$ 5,300,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition						35 months
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period						12 months
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period						35 months
Chief Executive Officer, Secretary, and Director [Member] \| Warrant Shares [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 3.445
Class of Warrant or Right, Issued During Period \| shares			326,560
Warrants and Rights Outstanding, Term			5 years
Class of Warrant or Right, Maximum Beneficial Ownership			19.99%
Series B-1 Preferred Shares Converted into Common Shares [Member]
Conversion of Stock, Shares Converted \| shares						98
Conversion of Stock, Shares Issued \| shares						510,415
Private Placement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares	729,241
Proceeds from Issuance of Common Stock	$ 3,500,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 4.69
Private Placement [Member] \| Chief Executive Officer [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares	$ 5.21
February 2025 Series B-1 Purchase Agreement [Member]
Proceeds from Issuance or Sale of Equity		$ 15,000,000
February 2025 Series B-1 Purchase Agreement [Member] \| Series B-1 Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		834
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 10,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 10,000
Preferred Stock, Convertible, Conversion Ratio		5,208
Preferred Stock, Convertible, Conversion Price \| $ / shares		$ 1.92
February 2025 Series B-1 Purchase Agreement [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares		3,468,746
Shares Issued, Price Per Share (in dollars per share) \| $ / shares		$ 1.92
Series B-1 Purchase Agreement [Member] \| Series B-1 Preferred Stock [Member]
Preferred Stock, Convertible, Maximum Beneficial Ownership, Tier One		4.99%
Preferred Stock, Convertible, Maximum Beneficial Ownership, Tier Two		9.99%
Preferred Stock, Convertible, Maximum Beneficial Ownership, Tier Three		19.99%
October 2024 SPA [Member] \| Chief Executive Officer, Secretary, and Director [Member]
Proceeds from Issuance or Sale of Equity			$ 1,540,819
Equity Offering, Maximum Amount			$ 5,000,000
Units Issued, Percentage of Underlying Conversion Shares			75.00%
Units Issued, Combined Purchase Price \| $ / shares			$ 10,272.13
Equity Offering, Maximum Without Approval			$ 2,000,000
October 2024 SPA [Member] \| Series A-1 Preferred Stock [Member] \| Chief Executive Officer, Secretary, and Director [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares			150
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 10,000
Preferred Stock, Convertible, Conversion Ratio			2,903
Preferred Stock, Convertible, Conversion Price \| $ / shares			$ 3.445
Equity Offering, Maximum Amount			$ 5,000,000
Preferred Stock, Convertible, Shares Issuable \| shares			435,414
Preferred Stock, Convertible, Maximum Beneficial Ownership			19.99%
Preferred Stock, Dividend Rate, Percentage			10.00%
At The Market Offering Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares) \| shares						1,177,568
Equity Offering, Maximum Amount									$ 2,260,000
Stock Issued During Period, Value, New Issues						$ 3,400,000

Note 4 - Commitments (Tables)

9 Months Ended

Jun. 30, 2026

Notes Tables

Year Ending
September 30, 2026	$	2,063,000
September 30, 2027		840,000
September 30, 2028		-
September 30, 2029		-
September 30, 2030		-

	$	2,903,000

Note 5 - Capital Shares - Schedule of Preferred Shares (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Balance	$ 10,196,817	$ 15,539,598	$ 12,451,982	$ 1,981,155
Preferred return on Series A-1 preferred shares	0	0	0	0
Balance	8,811,154	14,132,126	$ 8,811,154	14,132,126
Series B-1 Preferred Stock [Member] \| Preferred Stock [Member]
Balance (in shares)			834
Balance	7,208,266	8,168,063	$ 8,168,063	0
Issuance of common shares upon exercise of Series B-1 Preferred Shares (in shares)			(98)
Conversions			$ (980,000)
Preferred return on Series A-1 preferred shares	$ 0	0	$ 0	0
Balance (in shares)	736		736
Issuance costs relieved upon conversion			$ 20,203
Balance	$ 7,208,266	8,168,063	$ 7,208,266	8,168,063
Series A-1 Preferred Stock [Member] \| Preferred Stock [Member]
Balance (in shares)			150
Balance	1,166,517	1,017,750	$ 1,092,133	0
Preferred return on Series A-1 preferred shares	$ 37,397	36,985	$ 111,781	99,040
Balance (in shares)	150		150
Balance	$ 1,203,914	$ 1,054,735	$ 1,203,914	$ 1,054,735

Number of shares issued during the period as a result of the conversion of convertible securities.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (11,873,612)	$ (4,957,165)
Adjustments for:
Depreciation and amortization	76,976	93,405
Share-based compensation	1,432,178	325,217
Changes in working capital items:
Accounts and other receivable	412,592	(18,159)
Prepaid expenses and other current assets	(145,111)	73,355
Accounts payable and accrued liabilities	2,910,348	(1,117,921)
Net cash used in operating activities	(7,186,629)	(5,601,268)
Cash flows from financing activities:
Proceeds from issuance of common shares	6,997,816	7,497,133
Proceeds from issuance of Series A-1 preferred shares and warrants	0	1,540,820
Payment for issuance costs of warrants	0	(23,446)
Net cash provided by financing activities	6,793,376	16,844,415
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents	(66,399)	81,223
Net change in cash and cash equivalents	(459,652)	11,324,370
Cash and cash equivalents, beginning of the period	10,792,172	1,037,320
Cash and cash equivalents, end of the period	10,332,520	12,361,690
Series B-1 Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from issuance of Series B-1 preferred shares	0	8,340,000
Common Stock and Warrants [Member]
Cash flows from financing activities:
Payments for issuance costs of common shares	(204,440)	(294,935)
Preferred Stock [Member]
Cash flows from financing activities:
Payments for issuance costs of common shares	$ 0	$ (215,157)

Note 5 - Capital Shares - Vested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	Jun. 30, 2026 shares
Fully-vested RSUs, number (in shares)	278,832
Fully-vested RSUs, exercisable (in shares)	278,832
RSUs, vesting in the next 12 months, number (in shares)	342,289
RSUs, vesting in the next 12 months, exercisable (in shares)	228,289
RSUs, vesting from 13-24 months, number (in shares)	375,921
RSUs, vesting from 13-24 months, exercisable (in shares)	239,770
RSUs, vesting after 24 months, number (in shares)	881,159
RSUs, vesting after 24 months, exercisable (in shares)	134,866
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Number	1,878,201
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Exercisable, Number	881,757

Note 3 - Intangible Assets (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2020	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Finite-Lived, Useful Life	25 years
Amortization of Intangible Assets		$ 30	$ 30	$ 80	$ 80
Licensing Agreements [Member]
Intangible Asset, Finite-Lived, Useful Life	25 years
License Agreement, Renewal Period	5 years
Upfront License Payment	$ 2,500

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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