Enveric Biosciences in Florida (NASDAQ: ENVB), a psychedelics company that is in its pre-revenue phase, announced this week it had incurred a loss of $9.4 million in 2024. It was down from 17.4 million in 2023. However, it remains in the red, as they continue to work on non-hallucinatory mental health treatments.
A total of $3.2m was lost in the last quarter that ended New Year’s Day. According to a company press release, the net loss of three months was $1 million, including a net non-cash cost. The losses are down from last year’s $3.4 million.
The report comes after Enveric raised $5 million in January through a reverse stock split to fund its ongoing research, particularly with its lead molecule, EB-003, which is aimed at patients suffering from “difficult-to-address mental health disorders.”
Last year, Enveric made progress with EB-003, applied for a patent on derivative compounds of mescaline, inked licensing deals with Aries Science & Technology and MycoMedia Life Sciences, and signed off on a pair of out-licenses for Restoration Biologics for patented cannabinoid compounds used to fight joint disease.
Enveric says that the Aries deal could bring in revenues of up to $61 million and royalties ranging between 2.5% and 10%. MycoMedia also has milestones in the deal that could bring it to up $62 million. There are also additional royalties. Restoration Biologics’ deal includes milestone payments of up to $61 millions, plus another $21,000,000 in royalties.
Enveric’s CEO, Dr. Joseph Tucker, said that in a release this year, the next step would be to file an Investigational New Drug (IND) application at the U.S. Food and Drug Administration. That will move Enveric closer to clinical trial for EB003, and ultimately to bringing EB003 to market.
Tucker said that the aim is to take advantage of “an estimated future market opportunity” for neuroplastogens such as EB-003.
Tucker also said that Enveric plans to continue its strategic licensing with medical companies while continuing research on other possible molecules.
Enveric’s total assets at the end of last December were $3 million, which included $2.2 million cash. Total liabilities totaled $1.4 million.