Filament Health Announces Third Quarter 2022 Financial Results and Operational Highlights

“Our third quarter demonstrated Filament’s continued progress both internally and externally. The closure of a $2.5 million financing provided our drug development platform with significant runway, and the issuance of three patents by USPTO and CIPO secured further IP protection. Filament’s natural psilocybin drug candidate continues to be in high demand from our partner network, and was dosed in one of the largest ever psilocybin clinical trials, with all participants reporting positive effects. We also began the first FDA-approved clinical trial of natural psychedelics in collaboration with UCSF. Looking forward, we are excited by Filament’s growing industry profile as a supplier of pharmaceutical-grade natural psilocybin both for revenue-driving supply partnerships and for research institutions.

Filament CEO Benjamin Lightburn

• Cash and cash equivalents of $3.5 million as of September 30, 2022;
• On September 1, 2022, the Company and ATMA Journey Centers announced the dosing of 14 subjects in a Health Canada approved psilocybin trial.
• On August 24, 2022, the Company appointed new members to the Board of Directors and Advisory Council. Dr. Konstantin Adamsky joined the Board of Directors and Jeff Chilton joined the Advisory Council.
• On August 17, 2022, the Company announced its eighth patent issuance, by the Canadian Intellectual Property Office (“CIPO”), for the extraction and standardization of natural psilocybin and associated psychedelic compounds. Upon issuance, Filament holds eight patents including five in Canada and three in the United States.
• On July 28, 2022, the Company announced participation in Project Solace, the world’s largest medical psilocybin access and data project, led by Canadian non-profit, Therapsil.
• On July 13, 2022, the Company announced closing of a non-brokered private placement for gross proceeds of C$2,500,080 (the “July 2022 Financing”).
• On July 12, 2022, the Company announced that it was issued a third patent by the United States Patent and Trademark Office (“USPTO”) for the extraction and standardization of natural psilocybin and associated psychedelic compounds.
• On July 7th, 2022, the Company announced the beginning of dosing in the first United States Food and Drug Administration (“FDA”)-approved clinical trial studying the effects of naturally derived psychedelic drug candidates.
• On July 6, 2022, the Company announced that it was issued a fourth patent by CIPO, and sixth patent overall, for the extraction and standardization of natural psilocybin and associated psychedelic compounds.

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