Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 12, 2026

Lexaria Bioscience Corp. (LEXX)

A forensic read on Lexaria Bioscience Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a quality and risk rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-63.6

Distress distance

Forensic signals

-215.9%

ROE

52.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Lexaria Bioscience Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -63.6, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+65.0%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +172% over the last 2 years to FY2025 (+65.0%/yr). The count is growing — 6.6M shares in FY2023, 18.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~65.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~63%.

122% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 122% of revenue in FY2025 — about $0.05 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 65.0% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.

$164,597

FY2023–FY2024

Goodwill impairments. Took $164,597 of goodwill writedowns across 2 years (FY2023 ($106,761), FY2024 ($57,836)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$705,923

Revenue Growth YoY+52.0%

Revenue CAGR (2yr)+76.7%

Net Margin-1686.0%

Free Cash Flow-$10.5M

Return on Equity-215.9%

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Data from SEC EDGAR public filings · metrics as of Nov 12, 2026. Forensic signals flag probability, not certainty.

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