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A Look at Recent Financial and Business Highlights

The article A Look at Recent Financial and Business Highlights was originally published on Microdose.

The psychedelic medicine news cycle moves pretty…



The article A Look at Recent Financial and Business Highlights was originally published on Microdose.

The psychedelic medicine news cycle moves pretty fast, with daily announcements and industry updates, making it easy to lose track of some of our favorite psychedelic players.

One subject that often gets lost in the shuffle is the quarterly financial results, especially of smaller companies in the sector (to the detriment of both the company and investors).

To help keep you updated, we’ve put together a summary of recent financial announcements from a variety of psychedelic medicine companies.


Small Pharma Reports Fiscal Third Quarter 2021 Highlights

Small Pharma has been quietly doing some good work, as evidenced by their recent announcement of positive DMT trials. See below for third quarter highlights and check out the full press release here.

Business Highlights

  • Continued strong progress in Phase I/IIa clinical trial of lead product candidate SPL026, DMT-assisted therapy, for Major Depressive Disorder (“MDD”), following the successful completion of Phase I in September 2021:
    • Full dataset for the Phase I clinical trial expected imminently
    • Phase IIa clinical trial progressing on track for anticipated topline results in H1 2022.
    • Positive discussions with the United States Food and Drug Administration paves the way for an international multi-site Phase IIb clinical trial, expected to commence in H2 2022.
    • Continued to build upon its existing patent portfolio to a total of four granted patents (including two new patents granted) and 56 patent applications

Financial Highlights

  • Cash on hand as of November 30, 2021 of $45.6 million.
  • Cash used in operating activities of $3.5 million for the three months ended November 30, 2021.
  • Operating expenses for the three months ended November 30, 2021 were $4.6 million.


Cybin Reports Third Quarter Financial Results and Recent Business Highlights

Cybin has been consistently pumping out positive results and moving their programs forward. Recently they were Granted DMT Patent for CYB004 and signed a Deal with The Chopra Foundation.

The company continues to expand its portofolio and is a solid financial position. See below for highlights and stay tuned for our interview with CEO Doug Drysdale.

Business Highlights:

  • Continued to advance CYB003 towards clinical development for the potential treatment of major depressive disorder (“MDD”) and alcohol use disorder (“AUD”). Cybin plans to submit regulatory applications in the second quarter of CY2022, followed by initiation of the Phase 1/2a trial in mid-CY2022.
  • Completed more than 140 pre-clinical studies supporting the advancement of CYB003, CYB004, and other proprietary psychedelic molecules toward regulatory filings.
  • Received U.S. patent for CYB004 the Company’s proprietary deuterated dimethyltryptamine (“DMT”) compound and a range of deuterated forms of DMT and 5-MeO-DMT and protects the CYB004 drug substance as a putative new chemical entity.
  • Cybin-sponsored Kernel Flow Phase 1 feasibility study received Institutional Review Board (“IRB”) Approval and is expected to begin in the first quarter of CY2022.
  • Announced Investigational New Drug (“IND”) and IRB approvals for Phase 2 clinical trial for psychedelic-assisted psychotherapy with psilocybin treatment in frontline clinicians experiencing COVID-related distress and began enrolling in the fourth quarter of CY2021.

Third-Quarter Financial Highlights

  • Cash and cash equivalents totaled to C$63.6 million as of December 31, 2021.
  • Cash-based operating expenses totaled C$12 million for the quarter ended December 31, 2021, of which C$2.5 million were one-time, non-recurring costs. Non-cash expenses totaled C$5.2 million for a net loss of C$17.2 million.


Field Trip Health Reports Third Fiscal Quarter 2022 Financial Results and Provides Business Update

Here’s a quick summary of the company’s recent business and financial highlights. With a strong cash position and industry-leading revenue stream, Field Trip continues to be a solid firm in the sector. Click here for the full press release.

  • Earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year.
  • At December 31, 2021, Field Trip had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments.
  • Received Notice of Allowance for US Patent Application Covering FT-104 (Isoprocin Glutarate), a more soluble, stable prodrug form of the psychedelic molecule 4-HO-DiPT.
  • Launched Site Management Organization Services (“SMO”) and appointed Stéphan Côté as Head of Quality to lead the program which enables companies and researchers developing psychedelic therapies to use Field Trip’s world class facilities, and expertly trained medical and therapy teams, to conduct clinical trials.
  • Appointed Vicki Reed as Chief Growth Officer in January 2022.
  • As the largest provider of psychedelic-assisted therapies in Canada, the Company is well positioned to help Canadians access life-changing psilocybin-assisted and MDMA-assisted therapy through Health Canada’s Special Access Program (SAP).
  • Continued progress with the Company’s strategic review of the current corporate structure.


MINDCURE Announces Financial Results for the Second Quarter of Fiscal 2022

“During the second quarter of fiscal 2022, we achieved several key milestones across our digital technology and research projects, further proving our ability to successfully execute against our strategic growth strategy,” said Kelsey Ramsden, President & CEO of MINDCURE.  See the full press release here.

Business Highlights

  • Commenced trading on the OTCQX Best Market on September 30, 2021, the highest tier of OTC Markets Group, under the ticker symbol “MCURF”.
  • Closed an exclusive data licensing agreement with ATMA Journey Centers for access to ATMA data from patients using iSTRYM, the Company’s digital therapeutics technology.
  • Signed a letter of intent with Awakn Life Sciences (NEO: AWKN) (OTCQB: AWKNF) to be a distributor of its ketamine-assisted psychotherapy for Alcohol Use Disorder protocol in the US and Canada.
  • Partnered with 20 ketamine clinics in nine states in the U.S. and three provinces in Canada to release the minimum viable product version of iSTRYM, with plans to further expand in 2022.
  • Introduced the “Desire Project”, a clinical research program focused on the treatment of female hypoactive sexual desire disorder with MDMA-assisted psychotherapy. This is the first psychedelics-based treatment program targeted at addressing Hypoactive Sexual Desire Disorder.
  • Included in the AdvisorShares Psychedelics ETF, which trades on the NYSE Arca under the ticker symbol “PSIL”.

Financial Highlights

  • Net loss for the three months ended November 30, 2021 was $2.95 million, comprised of cash operating expenses of $2.9 million, non-cash operating expenses of $0.3 million and an unrealized gain of $0.2 million.
  • Cash and cash equivalents totalled $13.4 million as of November 30, 2021.

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