Lucy Scientific's Fiscal Year: Operating Expenses Rise As Accumulated Deficit Hits Over $44M

Psychedelics company Lucy Scientific Discovery Inc. (NASDAQ:LSDI) reported its full-year results for the period ended June 30, 2023. Numbers show:

• Total cash held of $1.67 million, vs. $53,379 held in June 30, 2022.

• Net product sales of $7,048 vs. zero in the prior fiscal year, reportedly owing to sales of Lucy’s new microdose mushroom capsules.

• Working capital expenses of $2.71 million, vs. $5.81 million by June 30, 2022.

• Operating expenses totaled $5.85 million, a 68.5% YoY increase as compared to $3.47 million in the prior FY.

• Net cash flows used in operating activities totaled $4.27 million, a 76.4% YoY increase compared to prior FY’s $2.42 million.

• Total net loss of $8.99 million (or $0.71 per share, basic and diluted) vs. the prior year’s $5.86 million (or $0.68 per share, basic and diluted.)

• Accumulated deficit of $44.4 million, around a 25% YoY increase compared to the $35.4 million in 2022’s third quarter close.

The company acutely increased its accumulated deficit during the yearly period, despite new M&As closed during the period, as first reported 

Green Market Report’s Adam Jackson.

Partnerships, Acquisitions & Product Offerings

During the closing fiscal year, Lucy closed numerous deals with different businesses and partners, including: 

• An all-stock acquisition of long-standing cannabis media outlet High Times Holding's IP, brand and licensing business.

• The acquisition of e-commerce platform and plant-based wellness brand company Blue Sky Wellness.

• Partnership with specialized firm Pramantha Group toward attaining key government contracts and grants.

• Development and offer of new Amanita Muscaria mushroom products through online stores and retail channels.

• Amendment to Canadian Dealer’s License enabling the production of cocaine and heroin toward safe supply offering for governments’ public health responses to the drug crisis.

See Also: Another Company Approved To Begin Production Of Psychedelics Under Canadian Dealers License

• Team up with Canadian advocacy organization TheraPsil for the

• advancement of legal medical psilocybin access and research.

• Commercial sale of psilocybin to Hadassah BrainLabs, the center for psychedelics research at the Hebrew University in Jerusalem.

See the company’s full financial results and discussion breakdown here.

Photo: Benzinga edit with photo by Pexels and Shutterstock.