Lexaria Bioscience is a drug delivery technology company built around a single patented platform called DehydraTECH. The technology improves oral absorption of active pharmaceutical ingredients by binding them with long-chain fatty acid-rich triglyceride oils through a controlled dehydration process, resulting in higher bioavailability and fewer side effects compared to conventional oral delivery. DehydraTECH can be applied to a wide range of molecules — including GLP-1/GIP weight loss drugs, CBD, nicotine, vitamins, and antivirals — and can be incorporated into capsules, tablets, beverages, and other formats. Lexaria's business model is built on licensing DehydraTECH to pharmaceutical, nutraceutical, and consumer goods companies, who pay minimum guaranteed fees plus royalties. Key licensees include Altria (nicotine, with a 16.7% stake in Lexaria's nicotine subsidiary) and Hill Inc. (THC-containing products). The company operates with just seven full-time employees, outsourcing lab work to third parties. Today, Lexaria is spending heavily on R&D — $8.2M in fiscal 2025 — to build a clinical evidence base that it hopes will attract larger licensing partners. Its primary focus is oral GLP-1/GIP drugs (semaglutide, tirzepatide, liraglutide), where early human pilot studies show DehydraTECH formulations producing fewer GI adverse events than existing oral and injectable versions. A secondary focus is DehydraTECH-CBD for hypertension, which has received FDA clearance to proceed to a Phase 1b trial.