Good day. Thank you for standing by. Welcome to the Kane Biotech Fourth Quarter and Full Year 2022 Financial Results and Company Update. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Nicole Sendey, Investor Relations. Please go ahead.
Thank you, operator. Good afternoon. Welcome everyone to Kane Biotech's quarterly earnings conference call. We're delighted to have you join us today. This call will cover Kane's financial and operating results for the fourth quarter and year ended December 31stst, 2022, along with a discussion of some of our recent highlights and goals for 2023 and beyond. Our call today will be led by Kane's Chief Executive Officer, Marc Edwards. Before we begin our formal remarks, I would like to remind everyone that some of the statements on this conference call contain certain forward-looking information and statements within the meaning of securities law, which may not be based on historical fact, including, without limitation, statements containing the words believe, should, may, plan, will, estimate, predict, continue, anticipate, potential, intends, expects, or other similar expressions.
Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, events, or developments to be materially different from any future results, events, or developments expressed or implied by such forward-looking statements. Such factors include, among others, the company's stage of development, lack of product revenues, additional capital requirements, risk associated with the completion of clinical trials, and obtaining regulatory approval to market the company's products, the ability to protect its intellectual property, and dependence upon collaborative partners. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made as of the date hereof, and the company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events, or developments.
I will now hand the call over to Chief Financial Officer, Ray Dupuis. Please go ahead, Ray.
Thank you, Nicole. Before I turn the call over to Mark for an update on our commercial activities, I would like to provide a brief update on our fourth quarter and full year 2022 financial results. To streamline things, all the numbers that I will mention have been rounded and are therefore approximate. The following figures are all in Canadian dollars. Total revenue for the three months ended December 31stst, 2022 was CAD 692,000, an increase of 68% compared to CAD 412,000 for the three months ended December 31stst, 2021. This increase is primarily attributable to increased pet retail sales, licensing revenues, and royalties.
Gross profit for the fourth quarter, 2022 was CAD 321,000, an increase of 71% compared to CAD 187,000 for the quarter ended December 31stst, 2021, due largely to increased license and royalty income. Total operating expenses for the three months ended December 31stst, 2022 were CAD 874,000, a decrease of 41% compared to CAD 1,491,000 for the quarter ended December 31stst, 2021. The decrease is due mainly to lower short-term and long-term incentive expense, as well as lower contract research expenditures related to the company DispersinB Hydrogel program in the current period. Loss for the fourth quarter of 2022 was CAD 838,000, a decrease of 33% compared to CAD 1,257,000 for the quarter ended December 31stst, 2021.
Moving to the full year results, total revenue for the year ended December 31stst, 2022 was CAD 2,668,000, an increase of 66% compared to CAD 1,608,000 for the year ended December 31stst, 2021. This increase is primarily attributable to increased pet retail and royalty revenues, as well as the recognition of license revenue associated with VOHC certification achieved in April 2022. Gross profit for the year ended December 31stst, 2022 was CAD 1,413,000, an increase of 149% compared to CAD 568,000 for the year ended December 31stst, 2021, due largely to increased license and royalty income.
Total operating expenses for the year ended December 31stst, 2022 was CAD 4,777,000, a decrease of 12% compared to CAD 5,452,000 for the year ended December 31st, 2021. The decrease is due mainly to lower short-term and long-term incentive expense, as well as lower contract research expenditures related to the company's DispersinB Hydrogel program in the current period. Loss for the year ended December 31st, 2022 was CAD 3,824,000, a decrease of 21% compared to CAD 4,850,000 for the year ended December 31st, 2021.
Cash at December 31st, 2022 was CAD 1,105,000, compared to CAD 1,153,000 as of December 31st, 2021. On March 2nd, 2023, the company announced that it had entered into an amending agreement with its primary lender, Pivot Financial, which increased the amount of the non-revolving loan under the credit facility by CAD 1 million and extended the maturity date of the credit facility from February 28th, 2023 until August 31st, 2023. With that, I will now turn the call over to Marc.
Thank you, Ray. Thank you, Nicole. Before I get underway with my comments, I wanna apologize to the shareholders. Unfortunately, I'm traveling today, and I got caught on a plane. When I realized I wouldn't be able to be on the call, I recorded these notes in advance. I won't be able to answer your questions, but would invite you to email me any questions you or comments you have, and I'll get back to you promptly. 2022 has been a transformational year for Kane, and we're well-positioned for growth in 2023 with new partnerships, new products, new regulatory approvals, and important clinical trials. We've increased revenues over 2021, decreased costs, and advanced our clinical positions. As you know, we're operating in three verticals, animal health, wound care, and surgical, as well as dermatology.
In animal health, we received VOHC acceptance for our pet oral care water additive last April, which not only validates Kane's anti-biofilm technology but provides milestone payments and will go a long way towards growing our royalties. With the VOHC, Animalcare launched their Plaqtiv+ veterinary oral care product range. They're working on doing that globally outside of the Americas. Dechra, who commercializes in the Americas, saw some good growth from their VETRADENT line. We also announced on Tuesday a new licensing deal with Skout's Honor. Pete and his team are fantastic. We're very excited to see what they can do with our technology, and really believe that that will significantly accelerate the deployment of our technology in the pet specialty market, and especially in the big players.
We also announced the departure of Kevin Cole as we shift our strategy from a retail play to a product development and to developing and licensing some great products. I'll be assuming the role of STEM CEO for now, and we will continue to commercialize our bluestem product line throughout North America, and are seeing some good growth and some good opportunity there as well. Exciting times for animal health business. On the wound care and surgical side, we submitted our coactiv+ Antimicrobial Hydrogel as an FDA 510(k) last October. We strongly believe it can be a potential best-in-class treatment option for millions of patients suffering from chronic wounds and burns. We're in advanced discussions with the FDA and believe we're close to obtaining clearance.
Fingers crossed, and thank you to the Kane team for all your hard work on that. The team has been working extremely hard to answer all of the FDA's questions, and we've been making some really good progress. Kudos in particular to Lori, Mila, and VJ. I was very excited this morning to announce our partnership with ProgenaCare Global. Howard Walthall and Bert Jones at ProgenaCare have a great team, we're really gonna work with them to make this highly disruptive product a huge success. There's a real market opportunity. I truly believe that the wound care market is one that people aren't paying attention to.
The hydrogel market is one that people aren't paying attention to, and that we can really gain some market share, quite rapidly. Also in wound care and surgical, we're making good progress towards getting our DispersinB wound care clinical trial underway and hope to get that going this summer. An exciting addition to what we're doing with DispersinB is given all the safety and biocompatibility work that we've done, we plan on testing our wound gel as a skin cleanser on acne patients.
We're working with the University of Miami, and we're gonna be doing a small proof of concept clinical trial to test out our DispersinB as a enzyme, as a to make the existing treatments for acne much, much better, much, much stronger. Very, very exciting times for Kane on a number of fronts. Again, apologize for not being present and invite you to write to me to answer any to ask any questions or share your comments. Thank you very much.
For any questions you may have, please direct them to Marc's email at medwards@kanebiotech.com, or you can reach him via phone or text at 514-910-6991. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.