# EDGAR Filing Document

**Accession Number:** 0001512717
**File Stem:** 0001193125-25-156887
**Filing Date:** 2025-7
**Character Count:** 125198
**Document Hash:** b10b663d94eeb1eaf72abe65445f58ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156887.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001193125-25-156887

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250709

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Theratechnologies Inc.
- **CENTRAL INDEX KEY:** 0001512717
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35203
- **FILM NUMBER:** 251112389

**BUSINESS ADDRESS:**
- **STREET 1:** 2015 PEEL STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 1T8
- **BUSINESS PHONE:** 514-336-7800

**MAIL ADDRESS:**
- **STREET 1:** 2015 PEEL STREET
- **STREET 2:** 5TH FLOOR
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 1T8

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of July 2025.** 

**Commission File Number 001-35203** 

## Theratechnologies Inc.
**(Translation of registrant's name into English)** 

**2015 Peel Street, Suite 1100** 

**Montreal, Quebec** 

**H3A 1T8, Canada** 

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☒ Form 20-F ☐ Form 40-F

------

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | [Consolidated Interim Financial Statements for the Three-Month and Six-Months Periods Ended May 31, 2025, and May 31, 2024](d936644dex991.htm) |
| 99.2 | [Management's Discussion and Analysis for the Three-Month and Six-Months Periods Ended May 31, 2025](d936644dex992.htm) |
| 99.3 | [Certification of Interim Filings of the President and Chief Executive Officer](d936644dex993.htm) |
| 99.4 | [Certification of Interim Filings of the Senior Vice President and Chief Financial Officer](d936644dex994.htm) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **THERATECHNOLOGIES INC.** | **THERATECHNOLOGIES INC.** |
| By: | /s/ Philippe Dubuc |
| Name: | Philippe Dubuc |
| Title: | Senior Vice President and Chief Financial Officer |

---

Date: July 9, 2025

## Exhibit 99.1

**Exhibit 99.1** 

Interim Consolidated Financial Statements

(In thousands of United States dollars)

**THERATECHNOLOGIES INC.** 

Three- and six-month periods ended

May 31, 2025 and 2024

(Unaudited)

------

**THERATECHNOLOGIES INC.** 

**Table of Contents**

(In thousands of United States dollars)

(Unaudited)

---

| | |
|:---|:---|
|  | **Page** |
|  [Interim Consolidated Statements of Financial Position](#ex99_1toc936644_1) | 1 |
|  [Interim Consolidated Statements of Comprehensive Income (Loss)](#ex99_1toc936644_2) | 2 |
|  [Interim Consolidated Statements of Changes in Equity](#ex99_1toc936644_3) | 3 |
|  [Interim Consolidated Statements of Cash Flows](#ex99_1toc936644_4) | 4 |
|  [Notes to Interim Consolidated Financial Statements](#ex99_1toc936644_5) | 5 - 23 |

---

------

**THERATECHNOLOGIES INC.** 

Interim Consolidated Statements of Financial Position

(In thousands of United States dollars)

As at May 31, 2025 and November 30, 2024

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **May 31,**<br>**2025** | **November 30,**<br>**2024** |
|  **Assets** |  |  |  |
|  Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | $9459 | $5899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalent held in escrow |  |  | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and money market funds |  | 462 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | 11002 | 15218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credits and grants receivable |  | 221 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes receivable |  | 147 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 5 | 7616 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits |  | 4066 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial assets |  | 44 | 21 |
|  Total current assets |  | 33017 | 43980 |
|  Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds and money market funds |  | 218 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment |  | 222 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets |  | 670 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets | 6 | 16952 | 7568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets |  | 25 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs |  | 165 | 271 |
|  Total non-current assets |  | 18252 | 9360 |
|  **Total assets** |  | $51269 | $53340 |
|  **Liabilities** |  |  |  |
|  Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  | $23108 | $24149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions | 7 | 9700 | 7817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 8 | 3497 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of lease liabilities | 9 | 131 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Warrants | 10 (a) | 2487 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | 245 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  |  | 38 |
|  Total current liabilities |  | 39168 | 36861 |
|  Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 8 | 39238 | 40939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | 9 | 755 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  | 30 | 21 |
|  Total non-current liabilities |  | 40023 | 41751 |
|  **Total liabilities** |  | 79191 | 78612 |
|  **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital and warrants | 10 | 363927 | 363927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contributed surplus |  | 28407 | 26790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit |  | (421196) | (416887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income |  | 940 | 898 |
|  Total equity |  | (27922) | (25272) |
|  **Total liabilities and equity** |  | $51269 | $53340 |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**THERATECHNOLOGIES INC.** 

Interim Consolidated Statements of Comprehensive Income (Loss)

(In thousands of United States dollars, except per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the three-month**<br>**periods ended May 31,** | **For the three-month**<br>**periods ended May 31,** | **For the six-month**<br>**periods ended May 31,** | **For the six-month**<br>**periods ended May 31,** |
|  |<br>**Note** | **2025** | **2024** | **2025** | **2024** |
|  **Revenue** | 3 | $17729 | $22017 | $36776 | $38264 |
|  **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales |  | 4699 | 4547 | 8182 | 9831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development expenses, net of tax credits of $95 and $289<br>(2024 – $33 and $65) |  | 2614 | 4725 | 5583 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling expenses |  | 6840 | 6367 | 13310 | 12068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses |  | 5480 | 3090 | 9710 | 6846 |
|  Total operating expenses |  | 19633 | 18729 | 36785 | 37222 |
| **(Loss) profit from operating activities** |  | (1904) | 3288 | (9) | 1042 |
|  Finance income | 4 | 57 | 545 | 95 | 1174 |
|  Finance costs | 4 | (2369) | (2728) | (3878) | (5482) |
|  |  | (2312) | (2183) | (3783) | (4308) |
| (Loss) profit before income taxes |  | (4216) | 1105 | (3792) | (3266) |
|  Income tax expense |  | (246) | (118) | (553) | (228) |
|  **Net (loss) profit for the period** |  | (4462) | 987 | (4345) | (3494) |
|  **Other comprehensive income, net of tax** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that may be reclassified to net profit (loss) in the future |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income ("FVOCI") financial assets |  |  | 60 | 42 | 120 |
|  |  |  | 60 | 42 | 120 |
|  **Total comprehensive income (loss) for the period** |  | $(4462) | $1047 | $(4303) | $(3374) |
|  Basic and diluted (loss) income per share | 10 (c) | $(0.09) | $0.02 | $(0.09) | $(0.07) |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**THERATECHNOLOGIES INC.** 

Interim Consolidated Statements of Changes in Equity

(In thousands of United States dollars, except for share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** | **For the six-month period ended May 31, 2024** |
|  | **Note** | **Share capital and Public<br>Offering Warrants** | **Share capital and Public<br>Offering Warrants** | | | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | |
|  | | **Number**<br>**of shares** | **Amount** |<br>**Contributed<br>surplus** |<br>**Deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** |<br>**Total** |
|  **Balance as at November 30, 2023** |  | 45980019 | 363927 | 23178 | (408659) | 684 | (20870) |
|  **Total comprehensive loss for the period** |  |  |  |  |  |  |  |
|  Net loss for the period |  |  |  |  | (3494) |  | (3494) |
|  Other comprehensive income (loss): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of FVOCI financial assets, net of tax |  |  |  |  |  | 120 | 120 |
|  Total comprehensive loss for the period |  |  |  |  | (3494) | 120 | (3374) |
|  **Transactions with owners, recorded directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation for stock option plan |  |  |  | 1036 |  |  | 1036 |
|  Total contributions by owners |  |  |  | 1036 |  |  | 1036 |
|  **Balance as at May 31, 2024** |  | 45980019 | $363927 | $24214 | $(412153) | $804 | $(23208) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** | **For the six-month period ended May 31, 2025** |
|  | **Note** | **Share capital and Public<br>Offering Warrants** | **Share capital and Public<br>Offering Warrants** | | | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | |
|  | | **Number**<br>**of shares** | **Amount** |<br>**Contributed<br>surplus** |<br>**Deficit** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** |<br>**Total** |
|  **Balance as at November 30, 2024** |  | 45980019 | 363927 | 26790 | (416887) | 898 | (25272) |
|  **Total comprehensive loss for the period** |  |  |  |  |  |  |  |
|  Net loss for the period |  |  |  |  | (4345) |  | (4345) |
|  Other comprehensive income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of FVOCI financial assets, net of tax |  |  |  |  |  | 42 | 42 |
|  Total comprehensive income for the period |  |  |  |  | (4345) | 42 | (4303) |
|  **Transactions with owners, recorded directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation for stock option plan | 10 (b) |  |  | 1617 |  |  | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrecognized tax assets relating to share issue costs |  |  |  |  | 36 |  | 36 |
|  Total contributions by owners |  |  |  | 1617 | 36 |  | 1653 |
|  **Balance as at May 31, 2025** |  | 45980019 | $363927 | $28407 | $(421196) | $940 | $(27922) |

---

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**THERATECHNOLOGIES INC.** 

Interim Consolidated Statements of Cash Flows

(In thousands of United States dollars)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **For the three-month<br>periods ended May 31,** | **For the three-month<br>periods ended May 31,** | **For the six-month<br>periods ended May 31,** | **For the six-month<br>periods ended May 31,** |
|  | **Note** | **2025** | **2024** | **2025** | **2024** |
|  **Cash flows from (used in)** |  |  |  |  |  |
|  **Operating** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) profit for the period |  | $(4462) | $987 | $(4345) | $(3494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments for |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation of property and equipment |  | 35 | 819 | 88 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets and other assets |  | 361 | 360 | 722 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right-of-use assets |  | 77 | 83 | 154 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation for stock option plan and stock appreciation rights |  | 978 | 340 | 1626 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on lease termination |  |  |  | (29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of derivative financial assets |  | (15) | 15 | (23) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of liability related to deferred stock unit plan |  | 14 | 6 | 22 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on long-term debt | 4 | 995 | 2313 | 2001 | 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid on long-term debt |  | (1002) | (2256) | (1583) | (4581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | (57) | (342) | (66) | (762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received |  | 53 | 359 | 108 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | 246 | 118 | 553 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal investment tax credits |  | (77) |  | (262) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid |  |  | (402) |  | (402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (12) | 46 | 56 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of Marathon Warrants |  | 1075 | (212) | 1525 | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion expense and amortization of deferred financing costs | 4 | 112 | 382 | 231 | 756 |
|  |  | (1679) | 2616 | 778 | (513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in operating assets and liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | 10989 | (2858) | 4216 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit and grants receivable |  | (17) | (33) | 17 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (755) | 769 | (2335) | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and deposits |  | 190 | 473 | (614) | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities |  | 2700 | (1781) | (1248) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | 1013 | 524 | 1883 | (2858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | (38) |  | (38) |  |
|  |  | 14082 | (2906) | 1881 | (1485) |
|  **Cash flows from (used in) operating activities** |  | 12403 | (290) | 2659 | (1998) |
|  **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of long-term debt |  |  |  | 5000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of long-term debt |  | (6786) |  | (6786) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share issue costs |  |  | (352) |  | (505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs related to issuance of long-term debt |  |  |  | (144) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costs related to repayment of long-term debt |  |  |  | (95) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of lease liabilities |  | (99) | (122) | (195) | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs |  |  | (165) |  | (165) |
|  **Cash flows used in financing activities** |  | (6885) | (639) | (2220) | (914) |
|  **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of bonds and money market funds |  |  | 1363 | 3202 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of intangible assets |  |  | (1500) | (10101) | (1500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property and equipment |  | (8) |  | (11) |  |
|  **Cash flows used in investing activities** |  | (8) | (137) | (6910) | (3) |
|  **Net change in cash and cash equivalent during the period** |  | 5510 | (1066) | (6471) | (2915) |
|  **Cash and cash equivalent, beginning of period** |  | 3905 | 32240 | 15899 | 34097 |
|  **Effect of foreign exchange on cash** |  | 44 | (8) | 31 | (16) |
|  **Cash and cash equivalent, end of period** |  | $9459 | $31166 | $9459 | $31166 |

---

Refer to Note 12 for supplemental cash flow disclosures.

The accompanying notes are an integral part of these interim consolidated financial statements.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

Theratechnologies Inc. is a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care.

The consolidated financial statements ("Financial Statements") include the accounts of Theratechnologies Inc. and its wholly-owned subsidiaries (together referred to as the "Company" and individually as the "subsidiaries of the Company").

The Company has one material wholly-owned subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Theratechnologies U.S., Inc., a company governed by the *Delaware General Corporation Law* (Delaware).
Theratechnologies U.S., Inc. provides the services of personnel to Theratechnologies Inc. for its activities in the United States.

Theratechnologies Inc. is governed by the *Business Corporations Act* (Québec) and is domiciled in Québec, Canada. The Company is located at 2015 Peel Street, Suite 1100, Montréal, Québec, H3A 1T8, Canada.

**1.** **Basis of preparation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounting framework

These unaudited interim consolidated financial statements ("interim financial statements"), including comparative information, have been prepared in accordance with International Accounting Standard ("IAS") 34, *Interim Financial Reporting* of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Certain information, in particular the accompanying notes normally included in the annual consolidated financial statements prepared in accordance with IFRS, has been omitted or condensed. These interim financial statements do not include all disclosures required under IFRS and, accordingly, should be read in conjunction with the annual consolidated financial statements for the year ended November 30, 2024 and the notes thereto.

These interim financial statements have been authorized for issue by the Company's Audit Committee on July 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Future operations

As part of the preparation of these interim financial statements, management is responsible for identifying any event or situation that may cast doubt on the Company's ability to continue as a going concern.

As of the issuance date of these interim financial statements, the Company expects that its existing cash and cash equivalents as of May 31, 2025, together with cash generated from its existing operations will be sufficient to fund its operating expenses and debt obligations requirements for at least the next 12 months from the issuance date of these interim financial statements. Considering the recent actions of the Company, material uncertainty that raised substantial doubt about the Company's ability to continue as a going concern was alleviated effective from the first quarter interim financial statements.

For the six-month period ended May 31, 2025, the Company generated a net loss of $4,345 (2024- $3,494) and had positive cash flows from operating activities of $2,659 (2024- $(1,998)). As at May 31, 2025, cash amounted to $9,459, and the accumulated deficit was $421,196. The Company's ability to continue as a going concern requires the Company to continue to achieve positive cash flows through revenues generation and managing expenses, and meet the covenants of the TD Credit Agreement (as defined in Note 8) and the IQ Credit Agreement (as defined in Note 8) at all times, which require testing on a quarterly basis.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**1.** **Basis of preparation** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Future operations (continued)

On January 9, 2025, the Company announced a temporary supply disruption for EGRIFTA SV<sup>®</sup> caused by an unexpected voluntary shutdown of the Company's contract manufacturer's facility in the third quarter of 2024 following an inspection by the US Food and Drug Administration ("FDA"). The manufacturer has resumed manufacturing of EGRIFTA SV<sup>®</sup>, in November 2024. In order to resume distribution of EGRIFTA SV<sup>®</sup>, the Company was required to file a Prior Approval Supplement ("PAS") with the FDA describing the changes made by its manufacturer. The Company filed the PAS on December 18, 2024. On April 7, 2025, the FDA approved the PAS, allowing the Company to continue releasing EGRIFTA SV<sup>®</sup> to the market without further authorization from the FDA.

The Company's ability to continue as a going concern for a period of at least, but not limited to, 12 months from May 31, 2025 involves significant judgement and is dependent on continued generation of revenues including a successful transition from EGRIFTA SV<sup>®</sup> to EGRIFTA WR<sup>™</sup> in order to be able to meet the Adjusted EBITDA covenants.

These interim financial statements have been prepared assuming the Company will continue as a going concern, which assumes the Company will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Basis of measurement

The Company's interim financial statements have been prepared on going concern and historical cost bases, except for bonds and money market funds, derivative financial assets, liabilities related to cash-settled share-based arrangements and warrant liabilities, which are measured at fair value. Equity-classified shared-based payment arrangements are measured at fair value at grant date pursuant to IFRS 2, Share-based Payment.

The methods used to measure fair value are discussed further in Note 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Use of estimates and judgments

The preparation of the Company's interim financial statements in conformity with IFRS 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 interim financial statements, and the reported amounts of revenues and expenses during the reporting periods.

Information about critical judgments in applying accounting policies and assumptions and estimation uncertainties that have the most significant effect on the amounts recognized in the interim financial statements are disclosed in Note 1 of the annual audited consolidated financial statements as at November 30, 2024. Critical judgements were made in concluding that there are no material uncertainties related to events or conditions that cast substantial doubt on the entity's ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Functional and presentation currency

The Company's functional currency is the United States dollar ("USD").

All financial information presented in USD has been rounded to the nearest thousand.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**2.** **Material accounting policies** 

The material accounting policies as disclosed in the Company's annual audited consolidated financial statements for the year ended November 30, 2024 have been applied consistently in the preparation of these interim financial statements.

**Changes in accounting policies** 

Standards issued but not yet effective.

A number of new standards are effective for annual periods beginning after December 1, 2024 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these interim financial statements. Refer to Note 1 of the annual audited consolidated financial statements as at November 30, 2024 for a description of those standards.

**3.** **Revenue** 

Net sales by product were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three-month**<br>**periods ended May 31,** | **For the three-month**<br>**periods ended May 31,** |
|  | **2025** | **2024** |
|  *EGRIFTA SV*<sup>®</sup> | $11131 | $16200 |
|  Trogarzo*<sup>®</sup>* | 6598 | 5817 |
|  | $17729 | $22017 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six-month**<br>**periods ended May 31,** | **For the six-month**<br>**periods ended May 31,** |
|  | **2025** | **2024** |
|  *EGRIFTA SV*<sup>®</sup> | $25011 | $25786 |
|  Trogarzo*<sup>®</sup>* | 11765 | 12478 |
|  | $36776 | $38264 |

---

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**3.** **Revenue** (continued)

Net sales by geography were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the three-month**<br>**periods ended May 31,** | **For the three-month**<br>**periods ended May 31,** |
|  | **2025** | **2024** |
|  United States | $17729 | $22017 |
|  | $17729 | $22017 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six-month**<br>**periods ended May 31,** | **For the six-month**<br>**periods ended May 31,** |
|  | **2025** | **2024** |
|  United States | 36776 | 38186 |
|  Europe |  | 78 |
|  | $36776 | $38264 |

---

**4.** **Finance income and finance costs** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **For the three-month<br>periods ended May 31,** | **For the three-month<br>periods ended May 31,** |
|  | | **2025** | **2024** |
|  Net gain on financial instruments carried at fair value |  | $— | $203 |
|  Interest income |  | 57 | 342 |
|  Finance income |  | 57 | 545 |
|  Accretion expense, write-off and amortization of deferred financing costs | 8 and 9 | (112) | (382) |
|  Interest expense on long-term debt |  | (995) | (2313) |
|  Loss on financial instruments carried at fair value |  | (1074) |  |
|  Bank charges |  | (1) | 6 |
|  Net foreign currency loss |  | (233) | (37) |
|  Other |  | 46 | (2) |
|  Finance costs |  | (2369) | (2728) |
|  Net finance costs recognized in net profit or loss |  | $(2312) | $(2183) |

---

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**4.** **Finance income and finance costs** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **For the six-month**<br>**periods ended May 31,** | **For the six-month**<br>**periods ended May 31,** |
|  | | **2025** | **2024** |
|  Net gain on financial instruments carried at fair value |  | $— | $412 |
|  Gain on lease termination |  | 29 |  |
|  Interest income |  | 66 | 762 |
|  Finance income |  | 95 | 1174 |
|  Accretion expense, write-off and amortization of deferred financing costs | 8 and 9 | (231) | (756) |
|  Interest expense on long-term debt |  | (2001) | (4587) |
|  Loss on financial instruments carried at fair value |  | (1524) |  |
|  Bank charges |  | (8) |  |
|  Net foreign currency loss |  | (205) | (39) |
|  Other |  | 91 | (100) |
|  Finance costs |  | (3878) | (5482) |
|  Net finance costs recognized in net profit or loss |  | $(3783) | $(4308) |

---

**5.** **Inventories** 

On March 27, 2025, the FDA approved the Company's supplemental Biologics Licence Application (sBLA) for the F8 formulation of tesamorelin for injection. As such, an inventory provision of $713 was reversed in the first quarter of 2025 (which provision was recorded in the fourth quarter of fiscal 2024), consistent with the Company's accounting policy for pre-launch inventory. In six-months ended May 31, 2024, a provision of $1,088 was recognized for unusable inventory pending marketing approval of the F8 formulation of tesamorelin and recorded in cost of goods sold.

**6.** **Intangible assets** 

On December 3, 2024, the Company has entered into an agreement with Ionis Pharmaceuticals, Inc. ("Ionis") to in-license (Ionis) two investigational RNA-targeted medicines developed by Ionis. Under the agreement, the Company receives exclusive rights in Canada to commercialize olezarsen, which is being evaluated for familial chylomicronemia syndrome (FCS) and severe hypertriglyceridemia (sHTG), and donidalorsen, which is being evaluated for the treatment of hereditary angioedema (HAE).

The Company paid $10,000 on December 5, 2024 upon execution of the agreement, which cash equivalent was held in escrow at November 30, 2024 from Investissement Québec ("IQ"). The Company also agreed to cash milestone payments based on the achievement of receipt of regulatory approval milestone and receipt of public reimbursement approval milestone (up to $5,750), annual sales targets at three different tiers (up to $7,000) for donidalorsen only. In addition, Ionis will also be entitled to receive tiered double digit royalties on annual net sales of each medicine. Royalties on annual net sales of both medicines will be owed for a period of up to 12 years.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**6.** **Intangible assets** (continued)

The Company will be responsible for filing, obtaining and maintaining regulatory approval for olezarsen and donidalorsen in Canada. Ionis will be manufacturing and supplying both products to Theratechnologies and has granted the Company a right to manufacture both products in certain limited circumstances.

The term of the license agreement with Ionis will continue until the Company permanently ceases commercializing all licensed products in Canada, or unless earlier terminated in accordance with customary termination provisions for transactions of this like-nature.

**7.** **Provisions** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Chargebacks** | **Rebates** | **Returns** | **Restructuring** | **Total** |
|  Balance as at November 30, 2023 | $1596 | $5505 | $2262 | $240 | $9603 |
|  Provisions made | 10355 | 8148 | 666 | 486 | 19655 |
|  Provisions used | (10119) | (9878) | (693) | (726) | (21416) |
|  Effect of change in exchange rate |  | (25) |  |  | (25) |
|  Balance as at November 30, 2024 | $1832 | $3750 | $2235 | $— | $7817 |
|  Provisions made | 5332 | 5949 | 274 |  | 11555 |
|  Provisions used | (5090) | (3485) | (1097) |  | (9672) |
|  Balance as at May 31, 2025 | $2074 | $6214 | $1412 | $— | $9700 |

---

In March, 2024, the Company announced that it would phase down its oncology research activities. As such, for the year ended November 30, 2024, $486 was recorded in charges related to severance and other expenses.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**8.** **Long-term Debt** 

Long-term debt, net of transaction costs is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Face<br>value** | **Actual interest<br>rate** | **Maturity** | **Current** | **2025<br>Non-current** | **Current** | **2024<br>Non-current** |
|  TD Term Loan | 25000 | 7.18% | November 27, 2027 | $3497 | $19548 | $3493 | $21298 |
|  TD Revolver | 10000 | 7.18% | November 27, 2027 |  | 4895 |  | 4874 |
|  IQ Subordinated Loan | 15000 | 11.45% | May 27, 2028 |  | 14795 |  | 14767 |
|  Total long-term debt |  |  |  | $3497 | $39238 | $3493 | $40939 |

---

On November 27, 2024, the Company entered into a credit agreement (the "TD Credit Agreement") with The Toronto-Dominion Bank (the "TD Bank") for the establishment of a revolving credit facility totaling $15,000 ("TD Revolver") and a term facility totaling $25,000 ("TD Term Loan"). The new credit facilities also include a $20,000 accordion feature. On that same date, the Company also entered into a credit agreement (the "IQ Credit Agreement") with IQ providing for a subordinated loan of $15,000 ("IQ Term Loan"). In the first quarter of 2025, the Company drew $5,000 on the TD Revolver to fund working capital and repaid the $5000 in the second quarter of 2025.

On November 27, 2024, the Company repaid all obligations, including prepayment premium amounts under its previous credit agreement with affiliates of Marathon (the "Marathon Credit Agreement").

<u>TD Term Loan and TD Revolver</u>

The salient conditions of the amounts drawn under the TD Term Loan and the TD Revolver are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TD Term Loan and the TD Revolver bear interest at the Company's choice of Canadian prime, CORRA, US base
rate and SOFR plus spread based on the chosen rate and where the Company's total debt to EBITDA ratio falls on a pricing grid of the TD Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TD Term Loan is payable in fixed quarterly equal payments based on a 7-year amortization period, and the balance is payable on November 27, 2027. Voluntary prepayments are permitted at any time, without penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thera will prepay outstanding borrowings when it generates net proceeds on: (i) certain sales/issuances of
capital stock or debt securities; (ii) certain net indemnity payables under a policy of insurance, and; (iii) net cash proceeds on any sale/disposition of certain assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TD Term Loan and TD Revolver provide fixed charge coverage ratio, senior debt to EBITDA ratio and total debt
to EBITDA ratio targets (as defined in the TD Credit Agreement) at all times. The financial covenants must be calculated and tested as at the end of each fiscal quarter or fiscal year end, as applicable, on a rolling four-quarter basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TD Credit Agreement restricts the ability to incur additional debt and to make acquisitions, dispositions, in-licensing and out-licensing of products or assets, except in very limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The TD Credit Agreement grants TD Bank with a first-ranking security interest on all of the Company's
assets.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**8.** **Long-term Debt** (continued)

<u>IQ Term Loan</u> 

The salient conditions of the amounts drawn under the IQ Term Loan are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Term Loan bears interest at the rate of 11.45%, plus/less any increments as set out in the debt to EBITDA
ratio pricing grid in the IQ Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Term Loan is repayable on May 27, 2028. The Company may at any time prepay the principal of the loan
in minimal increments of $1,500. For any such prepayment made, the Company must pay a fee computed on the prepayment amount being the higher of: three months' interest, based on the current interest rate of the loan and the difference between
(1) discounted cash flows and (2) remaining unpaid principal; the discount rate to be used is the US Treasury rate + initial spread – 1%. In addition, the Company can prepay 15% of the outstanding loaned amount on an annual basis
without penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Term Loan provides fixed charge coverage ratio, senior debt to EBITDA ratio and total debt to EBITDA ratio
targets (as defined in the IQ Credit Agreement) at all times. The financial covenants must be calculated and tested as at the end of each fiscal quarter or fiscal year end, as applicable, on a rolling four-quarter basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Credit Agreement restricts the ability to incur additional debt and to make acquisitions, dispositions, in-licensing and out-licensing of products or assets, except in very limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Term Loan is subordinated to the TD Term Loan and TD Revolver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IQ Credit Agreement grants IQ with a second-ranking security interest on all of the Company's assets.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**8.** **Long-term Debt** (continued)

The movement in the carrying value of the Long-term debt as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Marathon<br>Term Loan | TD Term<br>Loan | TD<br>Revolver | IQ Term<br>Loan |
|  Term loan as at November 30, 2023 | $57974 | $— | $— | $— |
|  Issuance |  | 25000 | 5000 | 15000 |
|  Costs related to issuance | (4403) | (209) | (126) | (233) |
|  Accretion expense | 1131 |  |  |  |
|  Cash paid on repayment | (60600) |  |  |  |
|  Loss on repayment | 5898 |  |  |  |
|  Term loan as at November 30, 2024 | $— | $24791 | $4874 | $14767 |
|  Accretion expense |  | 40 | 21 | 28 |
|  Issuance |  |  | 5000 |  |
|  Cash paid on repayment |  | (1786) | (5000) |  |
|  Long-term debt as at May 31, 2025 | $— | $23045 | $4895 | $14795 |

---

The Company's TD Term Loan, TD Revolver and IQ Term Loan include provisions providing for acceleration of payment or earlier termination in the event the Company were to default thereunder. As at May 31, 2025, the Company was in compliance with all of its financial covenants.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**9.** **Lease liabilities** 

---

| | |
|:---|:---|
|  | **Carrying**<br>**value** |
|  Balance as at November 30, 2023 | $994 |
|  Accretion expense | 69 |
|  Lease payments | (485) |
|  Lease expense | 16 |
|  Effect of change in exchange rates | (23) |
|  New lease | 603 |
|  Balance as at November 30, 2024 | $1174 |
|  Accretion expense | 39 |
|  Lease payments | (195) |
|  Lease expense | 91 |
|  Termination | (241) |
|  Effect of change in exchange rates | 18 |
|  Balance as at May 31, 2025 | 886 |
|  Current portion | (131) |
|  Non-current portion | $755 |

---

In December 2024, the Company terminated its lease in Ireland. Accordingly, the Company reduced its right-of-use assets by $212, the lease liabilities by $241 and recorded a gain on lease termination of $29. The gain is presented in finance income (Note 4).

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**10.** **Share capital, warrants and subscription receipts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Marathon Warrants

On February 27, 2023, the Company issued to Marathon an aggregate of 5,000,000 Common Shares purchase warrants (the "Marathon Warrants") exercisable into 1,250,000 Common Shares, at an exercise price of $5.80. The Marathon Warrants are exercisable for a period of seven years. The Marathon Warrants are not traded on any stock exchange, are transferable only to affiliates of Marathon and may be exercised on a cashless basis. Accordingly, the Marathon Warrants are derivative financial liabilities measured at fair value through profit or loss

The fair value of the Marathon Warrants was treated as a cash outflow in testing whether the debt modification was a substantial modification and it was concluded that the modification was not substantial. At the issuance, $2,650 was recorded as a loss on debt modification using the Black-Sholes model using the assumptions set forth in the table below. An amount of $350 was recorded reflecting the increase of fair value of Marathon Warrants for the repricing upon entering into an amendment to the Marathon Credit Agreement. The derivative financial liability relating to the Marathon Warrants is recorded as a liability on the consolidated statement of financial position and resulted in a loss on fair value remeasurement of $1,525 for the six-month period ended May 31, 2025 (2024 – gain of $425).

---

| | | |
|:---|:---|:---|
|  | **Measurement date**<br>**as at May 31, 2025** | **Measurement date**<br>**as at May 31, 2024** |
|  Risk-free interest rate | 4.40% | 4.50% |
|  Expected volatility | 95.72% | 91.37% |
|  Average option life in years | 4.75 years | 5.75 years |
|  Share price | $2.65 | $1.25 |
|  Exercise price | $2.30 | $2.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Stock option plan

The Company has established a stock option plan (the "Option Plan") under which it can grant its directors, officers, employees, researchers and consultants non-transferable options (the "Option") for the purchase of Common Shares. The exercise date of an Option may not be later than 10 years after the grant date.. Generally, the Options vest on the grant date or over a period of up to three years and the vesting of Options can be accelerated upon a change of control. All options are to be settled by the physical delivery of Common Shares.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**10.** **Share capital, warrants and subscription receipts** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Stock option plan (continued)

On April 29, 2025, the Board adopted an omnibus incentive plan (the "Omnibus Incentive Plan") for directors, officers, employees and consultants providing ongoing services to the Company for the purpose of creating a long-term equity incentive compensation program that is aligned with the Company's long-term objectives. Under the Omnibus Incentive Plan, the Company will be able to grant to eligible participants stock options, stock appreciation rights, deferred share units, restricted share units and performance share units. No awards have been granted to date under the Omnibus Incentive Plan. On May 29, 2025, shareholders of the Company have approved the Omnibus Incentive Plan which replaces all equity incentive plans that were in force as at that date in relation to the grant of future equity-linked securities.

As at May 31, 2025, 3,568,438 equity-linked securities could still be granted by the Company under the Omnibus Incentive Plan (2024 – 5,777,941 under the Option Plan).

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**10.** **Share capital, warrants and subscription receipts** (continued)

Changes in the number of options outstanding during the past two years were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Weighted average**<br>**exercise price**<br>**per option** | **Weighted average**<br>**exercise price**<br>**per option** |
|  |<br>**Number**<br>**of options** | **CAD** | **USD** |
|  **Options outstanding in CA$** |  |  |  |
|  Options as at November 30, 2023 – CA$ | 1774559 | $11.51 | $8.48 |
|  Forfeited and expired – CA$ | (6859) | 9.48 | 6.94 |
|  Options outstanding as at May 31, 2024 – CA$ | 1767700 | $11.52 | $8.45 |
|  Options as at November 30, 2024 – CA$ | 5026208 | 4.98 | 3.55 |
|  Forfeited and expired – CA$ | (58164) | 11.44 | 8.07 |
|  Options outstanding as at May 31, 2025 – CA$ | 4968044 | 4.90 | 3.56 |
|  Options exercisable as at May 31, 2025 – CA$ | 2605025 | 7.47 | 5.43 |
|  Options exercisable as at May 31, 2024 – CA$ | 1200468 | $13.35 | $9.79 |
|  **Options outstanding in US$** |  |  |  |
|  Options as at November 30, 2023 – US$ | 279369 |  | 6.02 |
|  Forfeited and expired – US$ | (8418) |  | 4.22 |
|  Options outstanding as at May 31, 2024 – US$ | 270951 |  | 6.90 |
|  Options as at November 30, 2024 – US$ | 661978 |  | 3.35 |
|  Forfeited and expired – US$ | (2457) |  | 4.52 |
|  Options outstanding as at May 31, 2025 – US$ | 659521 |  | 3.34 |
|  Options exercisable as at May 31, 2025 – US$ | 358812 |  | 4.56 |
|  Options exercisable as at May 31, 2024 – US$ | 131264 |  | 8.30 |

---

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**10.** **Share capital, warrants and subscription receipts** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Stock option plan (continued)

During the three and six-month periods ended May 31, 2025, aggregate amounts of $971 and $1,617 (2024 –$347 and $1,036) was recorded as share-based compensation expense under the Option Plan. No Options were granted during the six-month period ended May 31, 2025 because of black-out periods. The Company expects to grant the equivalent fair value of $2,131 in Options. The fair value of these Options was estimated at the service commencement date and is remeasured at each period end until grant date is achieved. Compensation expense is recorded for the planned issuance of options because service commencement has occurred. Stock compensation expense for the three and six-month periods ended May 31, 2025 related to these options was $621 and $792 respectively. As at May 31, 2025, 2,654,522 options remain unvested representing $1,343 of unrecognized compensation cost and the unissued options have unrecognized compensation cost of $1,339, for which both amounts would be accelerated and expensed upon a change of control. In addition, as at May 31, 2025, there is $1,565 of cash-based long-term incentive payments that would be accelerated and expensed upon a change of control.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**10.** **Share capital, warrants and subscription receipts** (continued)

(c) Net (loss) profit per share

The calculation of basic (loss) profit per share was based on the net (loss) profit attributable to common shareholders of the Company of $(4,462) (2024 – profit of $987 for the three-month period and of $(4,345) (2024 – $(3,494)) for the six-month periods) and a weighted average number of common shares outstanding calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three and six-month periods ended** | **For the three and six-month periods ended** | **For the three and six-month periods ended** | **For the three and six-month periods ended** |
|  | **May 31,** <br> **2025** | **May 31,** <br> **2025** | **May 31,** <br> **2024** | **May 31,** <br> **2024** |
|  Issued common shares as at December 1 |  | 45980019 |  | 45980019 |
|  Effect of subscription receipts issue |  | 3381816 |  | 3381816 |
|  Weighted average number of common shares, basic |  | 49361835 |  | 49361835 |

---

The calculation of diluted earnings per share was based on a weighted average number of diluted common shares calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three-month periods ended** | **For the three-month periods ended** | **For the three-month periods ended** | **For the three-month periods ended** |
|  | **May 31,** <br> **2025** | **May 31,** <br> **2025** | **May 31,** <br> **2024** | **May 31,** <br> **2024** |
|  Weighted average number of common shares |  | 49361835 |  | 49361835 |
|  Effect of potential dilutive Options |  |  |  | 6980 |
|  Weighted average number of common shares, diluted |  | 49361835 |  | 49368815 |

---

For the six-month period ended May 31, 2025, 5,627,565 (2024 – 2,038,651) Options and 5,000,000 Marathon Warrants were excluded from the weighted average number of diluted common shares calculation as their effect would have been anti-dilutive. The Public Offering Warrants were also excluded from the weighted average number of diluted common share calculation for the periods they were outstanding.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**11.** **Income taxes** 

Income tax expense is recognized at an amount determined by multiplying the profit (loss) before tax for the period by management's best estimate of the weighted-average annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognized in full in the period. As such, the effective tax rate in the interim financial statements may differ from management's estimate of the effective tax rate for the annual financial statements. The change in effective tax rate in the current period was caused mainly by management's current expectation of generating taxable income in fiscal 2025.

The Company benefits from non-refundable federal tax credits on eligible research and development expenses and expects to use those tax credits to reduce its federal income taxes payable. As such, the Company has recorded non-refundable tax credits of $77 and $262 respectively in the three and six-months periods ended May 31, 2025 against research and development expenses ($nil – 2024), sufficient to offset expected fiscal 2025 Canadian federal income tax payable. The non-refundable federal tax credits were previously unrecorded.

Total refundable and non-refundable research and developments tax credits recorded against research and development expenses for the three and six months periods ended May 31, 2025 were $95 and $289 respectively ($33 and $65 – 2024).

**12.** **Supplemental cash flow disclosures** 

The Company entered into the following transactions which had no impact on its cash flows:

---

| | | |
|:---|:---|:---|
|  | **May 31,**<br>**2025** | **May 31,**<br>**2024** |
|  Additions to property and equipment included in accounts payable and accrued liabilities | $77 | $— |

---

**13.** **Financial instruments** 

The nature and extent of the Company's exposure to risks arising from financial instruments are consistent with the disclosure in the annual consolidated financial statements as at November 30, 2024, considering the update below.

**14.** **Determination of fair values** 

Certain of the Company's accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

*Financial assets and financial liabilities measured at fair value* 

In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below:

---

| | |
|:---|:---|
| Level 1: | Defined as observable inputs such as quoted prices in active markets. |
| Level 2: | Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. |
| Level 3: | Defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. |

---

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**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**14.** **Determination of fair values** (continued)

*Other financial assets and financial liabilities* 

The Company has determined that the carrying values of its short-term financial assets and financial liabilities, including cash, trade and other receivables and accounts payable and accrued liabilities, approximate their fair value because of their relatively short period to maturity.

Bonds and money market funds and derivative financial assets and liabilities are stated at fair value, determined by inputs that are primarily based on broker quotes at the reporting date (Level 2).

The Company has determined that the carrying value of its Long-term debt approximates its fair value because it has a variable interest rate and was issued near the 2024 fiscal year-end.

*Share-based payment transactions* 

The fair value of the Share Options is measured based on the Black-Scholes valuation model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historical volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behaviour), expected dividends, and the risk-free interest rate (based on government bonds). Service and non-market performance conditions attached to the transactions, if any, are not taken into account in determining fair value.

The fair value of the deferred share units is determined using the quoted price of the Common Shares of the Company and considered Level 2 in the fair value hierarchy.

*Marathon Warrants* 

The Marathon Warrants are recognized at fair value and considered Level 3 in the fair value hierarchy.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**15.** **Operating segments** 

The Company has a single operating segment. Over 99% of the Company's revenues are generated from one customer, RxCrossroads (see note 3 of the annual consolidated financial statements), which is domiciled in the United States.

---

| | | |
|:---|:---|:---|
|  | **For the three-month periods ended**<br>**May 31,** | **For the three-month periods ended**<br>**May 31,** |
|  | **2025** | **2024** |
|  RxCrossroads | $17729 | $22017 |
|  Others |  |  |
|  | $17729 | $22017 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six-month periods ended**<br>**May 31,** | **For the six-month periods ended**<br>**May 31,** |
|  | **2025** | **2024** |
|  RxCrossroads | $36776 | $38186 |
|  Others |  | 78 |
|  | $36776 | $38264 |

---

As at May 31, 2025, the Company's non-current assets of $18,252, $18,208 are located in Canada and $44 in the United States.

**16.** **Subsequent event** 

On July 2, 2025, the Company entered into a binding arrangement agreement with CB Biotechnology, LLC (the "Purchaser"), an affiliate of Future Pak, LLC ("Future Pak"), a privately held contract manufacturer, packager and distributor of pharmaceutical and nutraceutical products, whereby the Purchaser will acquire all the issued and outstanding common shares of the Company for $3.01 per share in cash plus one contingent value right ("CVR") per share which will entitle the holder thereof to additional cash payments of up to $1.19 per CVR if the Company achieves certain milestones to a maximum aggregate payment of $65 million to all holders of CVRs (the "Transaction"). The holders of exchangeable subscription receipts and DSUs will receive the cash consideration per share plus one CVR for each subscription receipt or DSU held.

------

**THERATECHNOLOGIES INC.** 

Notes to Interim Consolidated Financial Statements (continued)

(In thousands of United States dollars except for share and per share amounts)

For the three- and six-month periods ended May 31, 2025 and 2024

(Unaudited)

**16.** **Subsequent event** (continued)

The Transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Québec) and is expected to close during the Company's fourth quarter ending November 30, 2025, subject to customary closing conditions, including the receipt of required shareholder approval and the approval of the Superior Court of Québec.

Required shareholder approval for the Transaction will consist of (i) at least 66<sup>2</sup>⁄<sub>3</sub>% of the votes cast on the Transaction by holders of common shares at a special meeting of shareholders of the Company, and (ii) at least a majority of the votes cast on the Transaction by holders of common shares, excluding shares held by shareholders required to be excluded pursuant to *Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")*, at such meeting.

The arrangement agreement contains non-solicitation covenants on the part of the Company, subject to customary "fiduciary out" and "right to match" provisions. A termination fee of $6 million would be payable by the Company to the Purchaser in certain circumstances, including in the context of a superior proposal supported by the Company. The Company would also be entitled to a reverse termination fee of $12 million payable by the Purchaser to the Company if the Transaction is not completed in certain circumstances.

The Long-term debt will be fully repaid at the closing of the Transaction.

Under the arrangement agreement, each unvested Option will be deemed to be vested as of the effective date of the arrangement and subsequently transferred in exchange for the purchase price less the applicable exercise price. As such, the Company expects to record share-based compensation expense related to the accelerated vesting of all stock options in 2025.

The estimated fees and costs of the Company in connection with the Transaction contemplated including, without limitation, financial advisors' fees, legal and accounting fees, long-term incentive plans which are generally recorded as employee service is performed that are subject to vesting acceleration (including the fair value of unissued Options), director and officers run off assurance fees, filing fees, proxy solicitation fees and printing and mailing costs, long-term debt prepayment fee, but excluding any severances (and voluntary resignation change of control) payments and payments made by the Company pursuant to the arrangement agreement in respect of outstanding stock options, SARs, warrants and DSUs, are anticipated to be between $15 to $16.5 million of which $1,359 have been included in general and administrative expense as transaction costs incurred in the three-month period ended May 31, 2025. This is a preliminary estimate that is subject to change.

As of the date of these financial statements, the Transaction has not yet been completed. These financial statements do not include the impact of the Transaction or related implications because the likelihood thresholds have not been met as at May 31, 2025.

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g936644g55j35.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

FOR THE THREE-AND SIX-MONTH PERIODS ENDED MAY 31, 2025

The following Management's Discussion and Analysis ("MD&A") provides Management's point of view on the financial position and results of operations of Theratechnologies Inc., on a consolidated basis, for the three- and six-month periods ended May 31, 2025, compared to the three- and six-month periods ended May 31, 2024. Unless otherwise indicated or unless the context requires otherwise, all references in this MD&A to "Theratechnologies", the "Company", the "Corporation", "we", "our", "us" or similar terms refer to Theratechnologies Inc. and its subsidiaries on a consolidated basis. This MD&A is dated July 8, 2025, was approved by our Audit Committee on July 8, 2025, and should be read in conjunction with our unaudited interim consolidated financial statements and the notes thereto as at May 31, 2025 ("Interim Financial Statements"), as well as the MD&A and audited annual consolidated financial statements, including the notes thereto, as at November 30, 2024.

Except as otherwise indicated, the financial information contained in this MD&A and in our Interim Financial Statements has been prepared in accordance with International Accounting Standard ("IAS") 34, *Interim Financial Reporting* of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The Company's functional and presentation currency is the United States dollar ("USD"). All monetary amounts set forth in this MD&A and the Interim Financial Statements are expressed in USD, unless otherwise noted.

In this MD&A, the use of *EGRIFTA*<sup>®</sup>, *EGRIFTA SV*<sup>®</sup>, and *EGRIFTA WR<sup>TM</sup>* refers to tesamorelin for the reduction of excess abdominal fat in HIV-infected patients with lipodystrophy and the use of Trogarzo<sup>®</sup> refers to ibalizumab for the treatment of multidrug resistant HIV-1 infected patients. *EGRIFTA*<sup>®</sup> and *EGRIFTA SV*<sup>®</sup> are registered trademarks, and *EGRIFTA WR<sup>TM</sup>* is a trademark of Theratechnologies. Trogarzo<sup>®</sup> is a registered trademark of TaiMed Biologics Inc. ("TaiMed") under exclusive license to us for use in the United States of America and Canada.

**FORWARD-LOOKING INFORMATION** 

This MD&A contains forward-looking statements and forward-looking information within the meaning of applicable securities laws that are based on our management's belief and assumptions and on information currently available to our management, collectively, "forward-looking statements". In some cases, you can identify forward-looking statements by terms such as "may", "will", "should", "could", "would", "expect", "plan", "anticipate", "believe", "estimate", "project", "predict", "intend", "potential", "continue" and similar expressions intended to identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

------

about: the closing of the Transaction (as defined below); our expectations regarding the commercialization of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup>; our ability and capacity to grow the sales of *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> successfully in the United States; our capacity to meet supply and demand for our products; the market acceptance of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> in the United States; our success in continuing to seek and in maintaining reimbursement for *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> by third-party payors in the United States and our success in obtaining reimbursement coverage for *EGRIFTA WR*<sup>TM</sup>; the pricing and reimbursement conditions of other competing drugs or therapies that are or may become available; our ability to protect and maintain our intellectual property rights in tesamorelin; our capacity to meet the undertakings, covenants and obligations contained in the credit agreement entered into with TD Bank (the "TD Credit Agreement") and Investissement Québec credit agreement (the "IQ Credit Agreement") and not be in default thereunder, including the Loan Agreement Adjusted EBITDA; the date by which Health Canada will issue its decision regarding olezarsen; our capacity and ability to timely obtain the approval from Health Canada of donidalorsen and olezarsen; and our capacity to find a partner in connection with the development of the SORT1+ Technology<sup>TM</sup> platform.

Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed in or implied by the forward-looking statements. Certain assumptions made in preparing the forward-looking statements include that: the Transaction with an affiliate of Future Pak will close and the Corporation will be acquired by such affiliate; sales of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> in the United States will increase over time; all items required to have *EGRIFTA WR*<sup>TM</sup> commercially available to patients in July 2025 will be completed in due time; our expenses will remain under control; our commercial practices in the United States will not be found to be in violation of applicable laws; the long-term use of *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> will not change their respective current safety profile; no recall or market withdrawal of *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> will occur; no laws, regulation, order, decree or judgment will be passed or issued by a governmental body negatively affecting the marketing, promotion or sale of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> in the United States and the Corporation will continue to hold all required licenses and permits to sell its products in the United States; there will not be the imposition of any tariffs by the U.S government on pharmaceutical products imported from Canada; continuous supply of *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> will be available to meet market demand on a timely basis; our relations with third-party suppliers of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> will be conflict-free; the level of product returns and the value of chargebacks and rebates will not exceed our estimates in relation thereto; no biosimilar version of tesamorelin will be approved by the FDA; no vaccine or cure will be found for the prevention or eradication of HIV; we will not default under the terms and conditions of the TD Credit Agreement and IQ Credit Agreement; the interest rate on the amount borrowed under the TD Credit Agreement and IQ Credit Agreement will not materially vary upwards; the Corporation will continue as a going concern; we will find a partner in connection with the development of sudocetaxel zendusortide and/or our SORT1+ Technology<sup>TM</sup> platform; the timelines set forth herein will not be materially adversely impacted by unforeseen events that could arise subsequent to the date of this MD&A; our business plan will not be substantially modified; and no international event, such as a pandemic or worldwide war, will occur and adversely affect global trade.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

------

Forward-looking information assumptions are subject to a number of risks and uncertainties, many of which are beyond Theratechnologies' control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those related to or arising from: the possibility that the Transaction will not be completed on the terms and conditions or on the timing currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required shareholder and Court approvals and other conditions to the closing of the Transaction or for other reasons; the failure of Future Pak to enter into a definitive agreement with respect to the debt financing; the failure to complete the Transaction which could negatively impact the price of the shares or otherwise affect the business of the Corporation; the dedication of significant resources to pursuing the Transaction and the restrictions imposed on the Corporation while the Transaction is pending; the uncertainty surrounding the Transaction that could adversely affect the Corporation's retention of employees, customers and business partners; the occurrence of a material adverse effect leading to the termination of the arrangement agreement; the Corporation's ability and capacity to grow the sales of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> successfully in the United States; the Corporation's capacity to meet supply and demand for its products; the market acceptance of *EGRIFTA SV*<sup>®</sup>, *EGRIFTA WR*<sup>TM</sup> and Trogarzo<sup>®</sup> in the United States; the Corporation's ability and capacity to provide pharmacies with *EGRIFTA WR*<sup>TM</sup> by July 2025; the Corporation's ability to obtain reimbursement coverage for *EGRIFTA WR*<sup>TM</sup>; the continuation of the Corporation's collaborations and other significant agreements with its existing commercial partners and third-party suppliers and its ability to establish and maintain additional collaboration agreements; the Corporation's success in continuing to seek and maintain reimbursements for *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> by third-party payors in the United States; the success and pricing of other competing drugs or therapies that are or may become available in the marketplace; events that could disrupt the Corporation's ability to successfully meet the timelines set forth herein; the discovery of a cure for HIV; and the Corporation's failure to meet the terms and conditions set forth in the TD Credit Agreement and the IQ Credit Agreement resulting in an event of default and entitling the lender to foreclose on all of our assets and triggering a material adverse effect under the arrangement agreement impeding the closing of the acquisition of the Corporation.

We refer current and potential investors to the "Risk Factors" section of our Form 20-F dated February 26, 2025, available on SEDAR+ at www.sedarplus.ca and on EDGAR at <u>www.sec.gov</u>, under Theratechnologies' public filings for a description of additional risks faced by our business. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking statements reflect current expectations regarding future events and speak only as of the date of this MD&A and represent our expectations as of that date.

We undertake no obligation to update or revise the information contained in this MD&A, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

------

**NON-IFRS AND NON-US GAAP MEASURE** 

The information presented in this MD&A includes a measure that is not determined in accordance with IFRS or U.S. generally accepted accounting principles ("U.S. GAAP"), being the term "Adjusted EBITDA". "Adjusted EBITDA" is used by the Corporation as an indicator of financial performance and is obtained by adding to net profit or loss, finance income and costs, depreciation and amortization, impairment loss on intangible assets, income taxes, share-based compensation from stock options, certain transaction costs (new in this period), certain restructuring costs and certain write-downs (or related reversals) of inventories. "Adjusted EBITDA" excludes the effects of items that primarily reflect the impact of long-term investment and financing decisions rather than the results of day-to-day operations. The Corporation believes that this measure can be a useful indicator of its operational performance from one period to another. The Corporation uses this non-IFRS measure to make financial, strategic and operating decisions. "Adjusted EBITDA" is not a standardized financial measure under the financial reporting framework used to prepare the financial statements of the Corporation to which the measure relates and might not be comparable to similar financial measures disclosed by other issuers. A quantitative reconciliation of Adjusted EBITDA is presented under the heading "Reconciliation of Adjusted EBITDA" in this MD&A.

The calculation of the "Adjusted EBITDA" in this MD&A is different from the calculation of the Adjusted EBITDA under the TD Credit Agreement (the "TD Adjusted EBITDA") and IQ Credit Agreement (the "IQ Adjusted EBITDA") for the purpose of complying with the covenants therein. The TD Adjusted EBITDA and the IQ Adjusted EBITDA are sometimes collectively referred to as the "Loan Agreement Adjusted EBITDA".

**BUSINESS OVERVIEW** 

We are a specialty biopharmaceutical company focused on the commercialization of innovative therapies that have the potential to redefine standards of care. Our business strategy is to grow revenues and to achieve a positive Adjusted EBITDA from the sale of our existing and potential future assets in North America and to develop a portfolio of complementary products, compatible with our commercialization know-how.

**OUR MEDICINES** 

We currently have two approved and commercialized products in the United States: *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup>.

*EGRIFTA SV*<sup>®</sup> (tesamorelin for injection) is a new formulation of *EGRIFTA*<sup>®</sup> which was originally approved by the FDA in November 2010 and was launched in the United States in January 2011. *EGRIFTA SV*<sup>®</sup> was approved by the FDA in November 2018, was launched in 2019, and has now replaced *EGRIFTA*<sup>®</sup> in such country. *EGRIFTA SV*<sup>®</sup> can be kept at room temperature, comes in a single vial and has a higher concentration resulting in a smaller volume of administration. *EGRIFTA SV<sup>®</sup>* is currently the only approved therapy in the United States and is indicated for the reduction of excess abdominal fat in HIV-infected adult patients with lipodystrophy. We have been commercializing this product in the United States since May 1<sup>st</sup>, 2014. 

On March 25, 2025, the Company announced it received approval from the FDA of its sBLA for the F8 Formulation. The Company will commercialize the new formulation under the tradename *EGRIFTA WR*<sup>TM</sup> and is currently expecting to launch the product in the third quarter of 2025.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

------

Trogarzo<sup>®</sup> (ibalizumab-uiyk) injection was approved by the FDA in March 2018 and, in combination with other antiretroviral(s) ("ARV"), is indicated for the treatment of human immunodeficient virus type 1("HIV-1") infection in heavily treatment-experienced adults with multidrug resistant ("MDR") HIV-1 infection failing their current antiretroviral regimen. Trogarzo<sup>®</sup> was made commercially available in the United States in April 2018 and was the first HIV treatment approved with a new mechanism of action in more than 10 years. The treatment is administered every two weeks. It is a long-acting ARV therapy that can lead to an undetectable viral load in combination with other ARVs.

**OUR PIPELINE** 

Our pipeline of investigational medicines relies mostly on getting the approval in Canada of the two recently in-licensed products from Ionis Pharmaceuticals, Inc. ("Ionis"): donidalorsen and olezarsen. We also rely on our in-licensed SORT1+ oncology platform<sup>TM</sup> to generate long-term value, provided that we secure a partnership with a third party to pursue the development of this platform.

**Agreement with Ionis Pharmaceuticals Inc.** 

On December 3, 2024, the Company entered into an agreement with Ionis to in-license two investigational RNA-targeted medicines developed by Ionis. Under the agreement, the Company received exclusive rights in Canada to commercialize olezarsen, which is being evaluated for familial chylomicronemia syndrome (FCS) and severe hypertriglyceridemia (sHTG), and donidalorsen, which is being evaluated for the treatment of hereditary angioedema (HAE).

The Company paid $10,000,000 on December 5, 2024 upon execution of the agreement, which cash equivalent was held in escrow at November 30, 2024 from IQ. The Company also agreed to cash milestone payments based on the achievement of receipt of regulatory approval milestone and receipt of public reimbursement approval milestone (up to $5,750,000), annual sales targets at three different tiers (up to $7,000,000) for donidalorsen only. In addition, Ionis will also be entitled to receive tiered double-digit royalties on annual net sales of each medicine. Royalties on annual net sales of both medicines will be owed for a period of up to 12 years.

The Company will be responsible for filing, obtaining and maintaining regulatory approval for olezarsen and donidalorsen in Canada. Ionis will be manufacturing and supplying both products to Theratechnologies and has granted the Company a right to manufacture both products in certain limited circumstances.

On June 20, 2025, the Company received a screening acceptance letter from Health Canada, which will allow the previously filed New Drug Submission (NDS) for olezarsen to move into review. The NDS had previously been granted priority status, and the target decision date has been set to December 6, 2025.

The term of the licensing agreement with Ionis will continue until the Company permanently ceases commercializing all licensed products in Canada, or unless earlier terminated in accordance with customary termination provisions for transactions of this like-nature.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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**Sudocetaxel Zendusortide** 

*Phase 1 Clinical Trial* 

On December 8, 2024, the Company announced data from Part 3 (dose optimization, weekly dosing schedule) of its ongoing Phase 1b trial of sudocetaxel zendusortide (TH1902) – the Company's lead investigational peptide drug conjugate (PDC) – in patients with advanced ovarian cancer.

However, consistent with the Company's objective of generating a positive Adjusted EBITDA on a quarterly basis, any new investment in sudocetaxel zendusortide will be stage-gated. Theratechnologies is currently reaching out to pharmaceutical companies to partner the development of sudocetaxel zendusortide once the Phase 1 clinical trial will have been completed.

**Recent Highlights:** 

**Announcement of Definitive Agreement to be Acquired by an affiliate of Future Pak** 

On July 2, 2025, the Company announced that it has entered into a binding arrangement agreement with CB Biotechnology, LLC (the "Purchaser"), an affiliate of Future Pak, LLC ("Future Pak"), a privately held contract manufacturer, packager and distributor of pharmaceutical and nutraceutical products, whereby the Purchaser will acquire all the issued and outstanding common shares of the Company for US$3.01 per share in cash plus one contingent value right ("CVR") per share for additional aggregate cash payments of up to US$1.19 per CVR if certain milestones as described below are achieved (the "Transaction"). The total Transaction consideration, assuming full payment of the CVRs, is US$254 million.

The cash portion of the consideration offered to the Company's shareholders under the Transaction and the combined cash and CVR consideration (assuming maximum payment of the CVR) represent substantial and compelling premiums of 126% and 216%, respectively, to the closing price on the Nasdaq Capital Market ("Nasdaq") on April 10, 2025, the date prior to the announcement of Future Pak's initial non-binding proposal, and of 90% and 165%, respectively, to the 30-day volume weighted average share price for the period ending on April 10, 2025.

Pursuant to the Transaction, the Purchaser will acquire all the issued and outstanding common shares of the Company for US$3.01 per share in cash plus one CVR per share, which will entitle the holder thereof to additional aggregate cash payments of up to US$1.19 per CVR, if the following Company milestones are achieved, subject to a maximum aggregate payment of US$65 million to all holders of CVRs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the 12-month period ending on each of the 12-, 24- and 36- month anniversaries of the closing of the Transaction, if the EGRIFTA franchise gross profit for such 12-month period surpasses US$40 million, 50% of the profits surpassing such figure will be distributed pro rata to CVR holders within 45 days of the end of each such 12-month period;

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the cumulative EGRIFTA franchise gross profit during the 36-month period following the closing of the Transaction exceeds US$150 million, a one-time payment of US$10 million will be distributed pro rata to CVR holders within 30 business days of the achievement of
such milestone; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the cumulative gross profit from the EGRIFTA and Trogarzo franchises during the 36-month period following the closing of Transaction exceeds US$250 million, a one-time payment of US$15 million will be distributed pro rata to CVR holders within
30 business days of the achievement of such milestone.

In each of the above instances, should the relevant milestones not be met, then no additional consideration will be payable to the holders of CVRs in relation to such milestone.

The holders of exchangeable subscription receipts ("Subscription Receipts") and deferred share units ("DSUs") will receive the cash consideration per share plus one CVR for each Subscription Receipt or DSU held. The holders of "in the money" options to acquire common shares ("Options") and share appreciation rights ("SARs") will receive an amount by which the cash consideration exceeds the exercise price of the Options or SARs, plus one CVR for each Option or SAR held. Each "out of the money" Option and SAR outstanding with an exercise price greater than the cash consideration will be entitled to a portion of the value of a CVR, which portion shall be equal to the amount by which the cash consideration plus the value of such whole CVR exceeds the exercise price of such Option or SAR. Holders of warrants to purchase common shares ("Warrants") will receive the amount by which the cash consideration exceeds the exercise price of the Warrants, multiplied by one quarter, plus one CVR for every four warrants held.

Each CVR will be a direct obligation of the Purchaser. The CVRs will not be listed on any market or exchange, and may not be sold, assigned, transferred, pledged or encumbered in any manner, other than in limited circumstances to be described in the CVR agreement to be entered into at closing of the Transaction, a form of which is included in the arrangement agreement. The CVRs will not represent any equity or ownership interest in the Company, the Purchaser, Future Pak or any affiliate thereof (or any other person) and will not be represented by any certificates or other instruments. The CVRs will not have any voting or dividend rights, and no interest will accrue on any amounts payable on the CVRs to any holder thereof.

The Transaction will be implemented by way of a plan of arrangement under the *Business Corporations Act* (Québec) and is expected to close during the Company's fourth quarter ending November 30, 2025, subject to customary closing conditions, including the receipt of required shareholder approval and the approval of the Superior Court of Québec.

The Transaction will be funded by Future Pak through a combination of debt financing and cash on hand. Future Pak has received a debt commitment letter from its lenders for a US$220 million credit facility. The debt financing is subject to limited conditions.

Required shareholder approval for the Transaction will consist of (i) at least 66<sup>2</sup>⁄<sub>3</sub>% of the votes cast on the Transaction by holders of common shares at a special meeting of shareholders of the Company, and (ii) at least a majority of the votes cast on the

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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Transaction by holders of common shares, excluding shares held by shareholders required to be excluded pursuant to Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("MI 61-101"), at such meeting.

Concurrently with the execution of the arrangement agreement, the Purchaser has entered into voting support agreements with members of senior management and all of the directors of the Company, together holding shares representing approximately 1.14% of the issued and outstanding common shares of the Company, pursuant to which they have agreed to vote all shares held by them in favour of the Transaction, subject to customary exceptions.

**FISCAL 2025 REVENUE AND ADJUSTED EBITDA GUIDANCE** 

In light of the previously announced agreement to be acquired by an affiliate of Future Pak, the Company is withdrawing its Fiscal 2025 revenue and Adjusted EBITDA guidance and will not be providing updated guidance.

**SECOND QUARTER 2025 FINANCIAL RESULTS** 

**Revenue Summary for Second Quarter and First Half Fiscal 2025** 

***(in thousands of dollars)***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months**<br>**ended May 31** | **Three months**<br>**ended May 31** | **%**<br>**change** | **Six months**<br>**ended May 31** | **Six months**<br>**ended May 31** | **%<br>change** |
|  | **2025** | **2024** | | **2025** | **2024** | |
|  *EGRIFTA SV<sup>®</sup>* net sales | 11131 | 16200 | (31.3%) | 25011 | 25786 | (3.0%) |
|  Trogarzo<sup>®</sup> net sales | 6598 | 5817 | 13.4% | 11765 | 12478 | (5.7%) |
|  **Revenue** | **17729** | **22017** | **(19.5** **%)** | **36776** | **38264** | **(3.9** **%)** |

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**Revenue** 

For the three- and six-month periods ended May 31, 2025, consolidated revenue was $17,729,000 and $36,776,000, compared to $22,017,000 and $38,264,000 for the same periods ended May 31, 2024, representing year-over-year decreases of 19.5% for the second quarter and 3.9% for the first half of Fiscal 2025 versus Fiscal 2024.

For the second quarter of Fiscal 2025, net sales of *EGRIFTA SV<sup>®</sup>* were $11,131,000 compared to $16,200,000 in the second quarter of fiscal 2024, representing a decrease of 31.3% year-over-year. Lower sales of *EGRIFTA SV<sup>®</sup>* were mostly the result of lower unit sales (-24.9%), as a result of the supply disruption announced by the company in late 2024, and higher government chargebacks, rebates and others (-11.4%), mostly related to the Inflation Reduction Act ("IRA"), which includes new rebates enacted in late 2024 related to patients in the Medicare program. The decrease in sales was offset by a higher selling price (+5.0%).

Net sales for the six-month period ended May 31, 2025, amounted to $25,011,000 compared to $25,786,000 in the same period in 2024, representing a decrease of 3.0%. Lower sales of *EGRIFTA SV<sup>®</sup>* were mostly the result of lower unit sales (-6.2%), as a result of the supply disruption announced by the Company in late 2024, and higher government

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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chargebacks, rebates and others (-2.4%), mostly related to the Inflation Reduction Act ("IRA"), which includes new rebates enacted in late 2024 related to patients in the Medicare program. The decrease in sales was offset by a higher average selling price (+5.6%).

Trogarzo<sup>®</sup> net sales in the second quarter of Fiscal 2025 amounted to $6,598,000 compared to $5,817,000 for the same quarter of 2024, representing an increase of 13.4% year-over-year. Higher sales of Trogarzo<sup>®</sup> in the quarter were mostly due to higher unit sales (+11.0%) and a higher selling price (+3.0%). Government rebates, chargebacks and others were stable in the quarter compared to Fiscal 2024.

For the six-month period ended May 31, 2025, Trogarzo<sup>®</sup> net sales were $11,765,000 compared to $12,478,000 in the same period in 2024, or a decrease of 5.7%. Lower sales of Trogarzo<sup>®</sup> in the period were mostly due to lower unit sales (-4.1%) and higher government rebates, chargebacks (-4.7%), which were offset by a higher average selling price (+3.1%).

**Cost of Goods Sold** 

For the three- and six-months ended May 31, 2025, cost of goods sold was $4,699,000 and $8,182,000 compared to $4,547,000 and $9,831,000 for the same periods in fiscal 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months**<br>**ended May 31** | **Three months**<br>**ended May 31** | **Three months**<br>**ended May 31** | **Three months**<br>**ended May 31** | **Six months**<br>**ended May 31** | **Six months**<br>**ended May 31** | **Six months**<br>**ended May 31** | **Six months**<br>**ended May 31** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|  | **($000s)** | **% of<br>Revenue** | **($000s)** | **% of<br>Revenue** | **($000s)** | **% of<br>Revenue** | **($000s)** | **% of<br>Revenue** |
|  *EGRIFTA SV*<sup>®</sup> | 1290 | 11.6% | 1549 | 9.6% | 2098 | 8.4% | 3436 | 9.6% |
|  Trogarzo<sup>®</sup> | 3409 | 51.7% | 2998 | 51.5% | 6084 | 51.7% | 6395 | 51.5% |
|  **Total** | **4699** | **26.5%** | **4547** | **20.7%** | **8182** | **22.2%** | **9831** | **20.7%** |

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For the six-month period ended May 31, 2025, *EGRIFTA SV<sup>®</sup>* cost of goods sold was reduced by the reversal of an inventory provision in the first quarter of 2025 ($713,000), which provision was recorded in the fourth quarter of 2024, related to the manufacturing of batches of F8 Formulation recorded prior to approval of the F8 Formulation by the FDA. In the six-month period ended May 31, 2024, *EGRIFTA SV<sup>®</sup>* cost of goods sold was increased by this inventory provision ($1,088,000). For the three- and six-month periods ended May 31, 2025, the percentage of revenue for the cost of goods sold of *EGRIFTA SV<sup>®</sup>* excluding these provision changes has increased, mainly due to higher raw materials prices. Trogarzo<sup>®</sup> cost of sales is contractually established at 52% of net sales, subject to periodic adjustment for returns or other factors.

**R&D Expenses** 

R&D expenses in the three- and six-month periods ended May 31, 2025, amounted to $2,614,000 and $5,583,000 compared to $4,725,000 and $8,477,000 in the comparable periods of fiscal 2024. R&D expenses in the three-month period ended May 31, 2024 include the accelerated depreciation ($766,000) of equipment used as part of the preclinical oncology research activities, following the decision to cease early-stage R&D activities.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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For the three- and six-month periods ended May 31, 2025, the decrease in R&D expenses is mainly explained by the reduction of spending in our oncology program, as well as lower spending on the F8 Formulation, which was approved in March 2025.

*R&D expenses* 

*(in thousands of dollars)* 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months**<br>**ended May 31** | **Three months**<br>**ended May 31** | | **Six months**<br>**ended May 31** | **Six months**<br>**ended May 31** | |
|  | **2025** | **2024** |<br>**%<br>change** | **2025** | **2024** |<br>**%<br>change** |
|  *Oncology* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory research and personnel | 31 | 1033 \* | -97% | 63 | 1366 \* | -95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceutical product development | 13 | 44 | -70% | 61 | 157 | -61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase 1 clinical trial | 68 | 588 | -88% | 153 | 977 | -84% |
|  Medical projects and education | 242 | 278 | -13% | 448 | 504 | -11% |
|  Salaries, benefits and expenses | 1284 | 1271 | 1% | 2726 | 2614 | 4% |
|  Regulatory activities | 417 | 376 | 11% | 874 | 807 | 8% |
|  Trogarzo<sup>®</sup> IM formulation |  | 6 | -100% |  | 26 | -100% |
|  Tesamorelin formulation development | 260 | 448 | -42% | 832 | 1052 | -21% |
|  F8 human factor studies | 5 | 5 | -% | (5) | 7 | -171% |
|  European activities | 46 | 50 | -8% | 57 | 52 | 10% |
|  Travel, consultants, patents, options, others | 343 | 308 | 11% | 663 | 579 | 15% |
|  Restructuring costs |  | 318 | -100% |  | 336 | -100% |
|  Tax Credits | (95) | (33) | 187% | (289) | (65) | 344% |
|  **Total** | **2614** | **4725** | **-45%** | **5583** | **8477** | **-34%** |

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*\** *Including accelerated depreciation ($766000) of equipment used in the oncology program, following the decision to cease R&D activities related to the oncology program* 

**Selling Expenses** 

Selling expenses increased to $6,840,000 and $13,310,000 for the three- and six-month periods ended May 31, 2025, compared to $$6,367,000 and $12,068,000 for the same periods last year. The increase in selling expenses Fiscal 2025, is due in large part to higher compensation expense, due to lower vacancies and hiring related to market preparation for the Ionis in-licensed products.

The amortization of the intangible asset value for the *EGRIFTA SV*<sup>®</sup> and Trogarzo<sup>®</sup> commercialization rights is also included in selling expenses. As such, we recorded amortization expense of $361,000 and $722,000 for the three- and six-month periods ended May 31, 2025 compared to $360,000 and $720,000 in the same periods of Fiscal 2024.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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**General and Administrative Expenses** 

General and administrative expenses in the three- and six-month periods ended May 31, 2025, amounted to $5,480,000 and $9,710,000 compared to $3,090,000 and $6,846,000 reported in the comparable periods of fiscal 2024. The increase in General and Administrative expenses in the second quarter of 2025 is largely due to professional fees ($1,359,000) incurred with respect to the sale process announced by the Company on April 15, 2025. The increases for the three- and six- month periods ended May 31, 2025 are also due to higher professional fees and higher stock-based compensation.

**Adjusted EBITDA** 

Adjusted EBITDA was $906,000 for the second quarter of fiscal 2025 and $3,227,000 for the six-month period ended May 31, 2025, compared to $5,459,000 and $5,212,000 for the same periods of Fiscal 2024. The decrease is mainly explained by higher spending detailed above, and lower revenues attributable to the supply shortage of *EGRIFTA SV*<sup>®</sup> which occurred in the first quarter of Fiscal 2025. See "Non-IFRS and Non-US-GAAP Measure" above and see "Reconciliation of Adjusted EBITDA" below for a reconciliation to Net Loss for the relevant periods.

**Net Finance Costs** 

Net finance costs for the three- and six-month periods ended May 31, 2025, were $2,312,000 and $3,783,000 compared to $2,183,000 and $4,308,000 for the comparable periods of Fiscal 2024. Net finance costs in the second quarter of Fiscal 2025 included interest of $995,000, versus $2,313,000 in the second quarter of Fiscal 2024 and a $1,074,000 loss on financial instruments carried at fair value. Net finance costs in the six-month period ended May 31, 2025 included interest of $2,001,000 versus $4,587,000 in the six-month period of Fiscal 2024 and a $1,524,000 loss on financial instruments carried at fair value. The decrease in interest expense is the result of the lower interest rates and lower long-term debt outstanding on the Company's new credit facilities.

For the three-month and six-month periods ended May 31, 2025, the decrease in interest expense was offset by lower interest income as a result of our overall lower cash balances and by a loss on financial instruments carried at fair value.

Net finance costs for the three- and six-month periods ended May 31, 2025, also included accretion expense of $112,000 and $231,000, compared to $382,000 and $756,000 for the comparable periods in 2024.

**Income Tax Expense** 

Income tax expense amounted to $246,000 and $553,000 in the three- and six-month periods ended May 31, 2025, versus $118,000 and $228,000 in the same periods last year. The increase in the three- and six month periods ended May 31, 2025 over the same periods of 2024 is attributable to the higher net fiscal income generated by our operations. The Company recorded $95,000 in Canadian federal non-refundable tax credits in the three-month period ended May 31, 2025 against research and development expenses, and $289,000 in the six-month period ended May 31, 2025, which largely offsets the Canadian federal income tax payable.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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**Net Loss (Profit)** 

Net loss for the second quarter ended May 31, 2025, amounted to $4,462,000 compared to a net profit of $987,000 in Fiscal 2024. For the six-month periods ended May 31, 2025 and 2024 the Company recorded net losses of $4,345,000 and $3,494,000, respectively.

**Financial Position, Liquidity and Capital Resources** 

*Liquidity and future operations* 

As part of the preparation of the Interim Financial Statements, management is responsible for identifying any event or situation that may cast doubt on the Company's ability to continue as a going concern.

As of the issuance date of the Interim Financial Statements, the Company expects that its existing cash and cash equivalents as of May 31, 2025, together with cash generated from its existing operations will be sufficient to fund its operating expenses and debt obligations requirements for at least the next 12 months from the issuance date of these interim financial statements. Considering the recent actions of the Company, material uncertainty that raised substantial doubt about the Company's ability to continue as a going concern was alleviated effective from the first quarter interim financial statements.

For the six-month period ended May 31, 2025, the Company generated a net loss of $4,345,000 (2024- $3,494,000) and had positive cash flows from operating activities of $2,659,000 (2024- $(1,998,000)). As at May 31, 2025, cash amounted to $9,459,000 and the accumulated deficit was $421,196,000. The Company's ability to continue as a going concern requires the Company to continue to achieve positive cash flows through revenues generation and managing expenses and meet the covenants of the TD Credit Agreement and the IQ Credit Agreement at all times, which require testing on a quarterly basis.

On January 9, 2025, the Company announced a temporary supply disruption for *EGRIFTA SV<sup>®</sup>* caused by an unexpected voluntary shutdown of the Company's contract manufacturer's facility in the third quarter of 2024 following an inspection by the US Food and Drug Administration. The manufacturer has resumed manufacturing of *EGRIFTA SV<sup>®</sup>*, in November 2024. In order to resume distribution of *EGRIFTA SV<sup>®</sup>*, the Company was required to file a Prior Approval Supplement ("PAS") with the FDA describing the changes made by its manufacturer. The Company filed the PAS on December 18, 2024. On April 7, 2025, the FDA approved the PAS, allowing the Company to continue releasing *EGRIFTA SV*<sup>®</sup> to the market without further authorization from the FDA.

The Company's ability to continue as a going concern for a period of at least, but not limited to, 12 months from May 31, 2025 involves significant judgement and is dependent on continued generation of revenues including a successful transition from *EGRIFTA SV<sup>®</sup>* to *EGRIFTA WR*<sup>TM</sup> in order to be able to meet the Adjusted EBITDA covenants.

The Interim Financial Statements have been prepared assuming the Company will continue as a going concern, which assumes the Company will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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*Analysis of cash flows* 

We ended the second quarter of Fiscal 2025 with $10,139,000 in cash, bonds and money market funds. Available cash is invested in highly liquid fixed income instruments including governmental and municipal bonds, and money market funds.

For the three-month period ended May 31, 2025, cash used by operating activities before changes in operating assets and liabilities was $1,679,000, compared to cash generated of $2,616,000 in the comparable period of Fiscal 2024.

In the second quarter of Fiscal 2025, changes in operating assets and liabilities had a positive impact on cash flow of $14,082,000 (2024-negative impact of $2,906,000). These changes included positive impacts from a decrease in accounts receivable ($10,989,000), an increase in accounts payable ($2,700,000), and higher provisions ($1,013,000). Higher inventories had a negative impact on cash flow of $755,000.

During the second quarter of Fiscal 2025, cash used by financing activities totalled $6,885,000 in cash, mostly related to the reimbursement of capital on the TD Bank Credit Facility ($6,786,000), which includes $5,000,000 drawn on the Revolving Credit Facility during the first quarter of 2025.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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**Quarterly Financial Information** 

The following table is a summary of our unaudited consolidated operating results for the last eight quarters.

*(in thousands of dollars, except per share amounts)* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 |
|  | **Q2** | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 |
|  **Revenue** | **17729** | 19047 | 25002 | 22600 | 22017 | 16247 | 23452 | 20855 |
| **Operating expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cost of goods sold** | **4699** | 3483 | 6096 | 4521 | 4547 | 5284 | 5066 | 4967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **R&D** | **2614** | 2969 | 5884 | 2612 | 4725 | 3752 | 5229 | 5396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Selling** | **6840** | 6470 | 7044 | 6307 | 6367 | 5701 | 6748 | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **General and administrative** | **5480** | 4230 | 5059 | 2947 | 3090 | 3756 | 3739 | 3710 |
|  **Total operating expenses** | **19633** | 17152 | 24083 | 16387 | 18729 | 18493 | 20782 | 20801 |
|  **Net finance costs** | **(2312)** | (1471) | (7801) | (2366) | (2183) | (2125) | (5005) | (674) |
|  **Income taxes** | **(246)** | (307) | (1021) | (756) | (118) | (110) | (73) | (126) |
|  **Net Income (Loss)** | **(4462)** | 117 | (7903) | 3091 | 987 | (4481) | (2408) | (746) |
|  **Basic and diluted loss (earnings) per share** | **(0.09)** | 0.00 | (0.16) | 0.06 | 0.02 | (0.10) | (0.08) | (0.03) |

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**Factors Affecting the Variability of Financial Results** 

There are quarter-over-quarter variations in revenue, principally due to changes in distributor inventory levels with some additional impact from time to time related to average net selling price, which is affected by changes in the mix of private payors versus government drug reimbursement plans. *EGRIFTA SV*<sup>®</sup> revenues were impacted in Q1 and Q2 of Fiscal 2025 by the supply disruption announced by the Company in late 2024, which resulted in a large inventory reload at the end the first quarter of Fiscal 2025, and a subsequent drawdown of these inventories during the second quarter of 2025.

Lower cost of goods sold in the first quarter of 2025 is due to the reversal of a provision ($713,000) related to the manufacturing of the F8 Formulation.

Lower expenses in Fiscal 2024 were associated with the overall stated strategy of focusing on our commercial operations and generating a positive Adjusted EBITDA.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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R&D expenses were higher in Q4 2024 due to the impairment loss on intangible assets related to our oncology program ($3,488,000). G&A expenses were also higher in Q4 2024 because of higher stock-based compensation expense.

The increase in general and administrative expenses in Q4 2024 is mainly due to higher stock-based compensation expense.

In the fourth quarter of Fiscal 2024, higher finance costs were related to the termination of the Marathon Loan Facility.

**Recent Changes in Accounting Standards** 

**Standards issued but not yet effective** 

Refer to Note 2 of the Interim Financial Statements for changes in accounting policies, new standards adopted, and standards issued but not yet effective.

**Outstanding Securities Data** 

As at July 8, 2025, the number of common shares issued and outstanding was 45,980,019. We also had 5,000,000 Marathon Warrants issued and outstanding, exercisable into 1,250,000 common shares, 5,627,565 options granted under our stock option plan and 3,381,816 Exchangeable Subscription Receipts.

**Contractual Obligations** 

There was no material change in contractual obligations during the three and six-month periods ended May 31, 2025, other than the potential milestones and royalties payable to Ionis.

**Internal Control** 

There was no change in the Company's internal control over financial reporting, or ("ICFR"), that occurred during the period beginning on March 1, 2025, and ending on May 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's ICFR.

**Subsequent event** 

On July 2, 2025, the Company entered into a binding arrangement agreement with an affiliate of Future Pak,(the "Purchaser"), whereby the Purchaser will acquire all the issued and outstanding common shares of the Company for $3.01 per share in cash plus one contingent value right ("CVR") per share which will entitle the holder thereof to additional cash payments of up to $1.19 per CVR if the Company achieves certain milestones to a maximum aggregate payment of $65 million to all holders of CVRs (the "Transaction"). The holders of exchangeable subscription receipts and DSUs will receive the cash consideration per share plus one CVR for each subscription receipt or DSU held.

The Transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Québec) and is expected to close during the Company's fourth quarter ending November 30, 2025, subject to customary closing conditions, including the receipt of required shareholder approval and the approval of the Superior Court of Québec.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

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Required shareholder approval for the Transaction will consist of (i) at least 66<sup>2</sup>⁄<sub>3</sub>% of the votes cast on the Transaction by holders of common shares at a special meeting of shareholders of the Company, and (ii) at least a majority of the votes cast on the Transaction by holders of common shares, excluding shares held by shareholders required to be excluded pursuant to *Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")*, at such meeting.

The arrangement agreement contains non-solicitation covenants on the part of the Company, subject to customary "fiduciary out" and "right to match" provisions. A termination fee of $6 million would be payable by the Company to the Purchaser in certain circumstances, including in the context of a superior proposal supported by the Company. The Company would also be entitled to a reverse termination fee of $12 million payable by the Purchaser to the Company if the Transaction is not completed in certain circumstances.

The Long-term debt will be fully repaid at the closing of the Transaction.

Under the arrangement agreement, each unvested Option will be deemed to be vested as of the effective date of the arrangement and subsequently transferred in exchange for the purchase price less the applicable exercise price. As such, the Company expects to record share-based compensation expense related to the accelerated vesting of all stock options in 2025.

The estimated fees and costs of the Company in connection with the Transaction contemplated including, without limitation, financial advisors' fees, legal and accounting fees, long-term incentive plans which are generally recorded as employee service is performed that are subject to vesting acceleration (including the fair value of unissued Options), director and officers run off assurance fees, filing fees, proxy solicitation fees and printing and mailing costs, long-term debt prepayment fee, but excluding any severances (and voluntary resignation change of control) payments and payments made by the Company pursuant to the arrangement agreement in respect of outstanding stock options, SARs, warrants and DSUs, are anticipated to be between $15 to $16.5 million of which $1,359 have been included in general and administrative expense as transaction costs incurred in the three-month period ended May 31, 2025. This is a preliminary estimate that is subject to change.

As of the date of this MD&A, the Transaction has not yet been completed. The financial statements do not include the impact of the Transaction or related implications because the likelihood thresholds have not been met as at May 31, 2025.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

------

**Reconciliation of Adjusted EBITDA** 

*(In thousands of dollars)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month periods**<br>**ended May 31** | **Three-month periods**<br>**ended May 31** | **Six-month periods<br>ended May 31** | **Six-month periods<br>ended May 31** |
|  | **2025** | 2024 | **2025** | 2024 |
|  Net income (loss) | **(4462)** | 987 | **(4345)** | (3494) |
|  Add : |  |  |  |  |
|  Depreciation and amortization<sup>1</sup> | **473** | 1262 | **964** | 1779 |
|  Net Finance costs<sup>2</sup> | **2312** | 2183 | **3783** | 4308 |
|  Income taxes | **246** | 118 | **553** | 228 |
|  Share-based compensation | **978** | 340 | **1626** | 967 |
|  Inventory provision<sup>3</sup> | **—** | 251 | **(713)** | 1088 |
|  Transaction costs | **1359** |  | **1359** |  |
|  Restructuring costs | **—** | 318 | **—** | 336 |
|  **Adjusted EBITDA** | **906** | 5459 | **3227** | 5212 |

---

<sup>1</sup> Includes depreciation of property and equipment, amortization of intangible, other assets and right-of-use assets.

<sup>2</sup> Includes all finance income and finance costs consisting of: Foreign exchange, interest income, accretion expense and amortization of deferred financing costs, interest expense, bank charges, gain or loss on financial instruments carried at fair value and loss on debt modification and gain on lease termination. 

<sup>3</sup> Inventory provision pending marketing approval of the F8 Formulation.

Theratechnologies Inc.

2015 Peel Street, 11<sup>th</sup> Floor

Montreal, Québec H3A 1T8

## Exhibit 99.3

**Exhibit 99.3** 

**FORM 52-109F2** 

**CERTIFICATION OF INTERIM FILINGS** 

**FULL CERTIFICATE** 

I, Paul Lévesque, President and Chief Executive Officer of Theratechnologies Inc., certify the following:

1.  ***Review*** : I have reviewed the interim financial statements and interim MD&A, (together, the
"interim filings") of Theratechnologies Inc. (the "issuer") for the interim period ended May 31, 2025.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the interim
filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the
period covered by the interim filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the interim
financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the
periods presented in the interim filings.

4.  ***Responsibility*** : The issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as those terms are defined in Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.  ***Design*** : Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officers(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in
which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***Control framework*** : The control framework the issuer's other certifying officer(s) and I used
to design the issuer's ICFR is the "Internal Control – Integrated Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 N/A

------

6.  ***Reporting changes in ICFR*** : The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on March 1, 2025, and ended on May 31, 2025, that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: July 9, 2025

---

| |
|:---|
| */s/ Paul Lévesque* |
| Paul Lévesque |
| President and Chief Executive Officer |

---

## Exhibit 99.4

**Exhibit 99.4** 

**FORM 52-109F2** 

**CERTIFICATION OF INTERIM FILINGS** 

**FULL CERTIFICATE** 

I, Philippe Dubuc, Senior Vice President and Chief Financial Officer of ****Theratechnologies Inc., certify the following:

1.  ***Review*** : I have reviewed the interim financial statements and interim MD&A, (together, the
"interim filings") of Theratechnologies Inc. (the "issuer") for the interim period ended May 31, 2025.

2.  ***No misrepresentations*** : Based on my knowledge, having exercised reasonable diligence, the interim
filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the
period covered by the interim filings.

3.  ***Fair presentation*** : Based on my knowledge, having exercised reasonable diligence, the interim
financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the
periods presented in the interim filings.

4.  ***Responsibility*** : The issuer's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as those terms are defined in Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.  ***Design*** : Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the
issuer's other certifying officers(s) and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in
which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***Control framework*** : The control framework the issuer's other certifying officer(s) and I used
to design the issuer's ICFR is the "Internal Control – Integrated Framework" (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 N/A

5.3 N/A

------

6.  ***Reporting changes in ICFR*** : The issuer has disclosed in its interim MD&A any change in the
issuer's ICFR that occurred during the period beginning on March 1, 2025, and ended on May 31, 2025, that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: July 9, 2025

---

| |
|:---|
|  /s/ Philippe Dubuc |
|  Philippe Dubuc |
|  Senior Vice President and Chief Financial Officer |

---