Enveric Biosciences Reports Full-Year 2021 Financial Results

 

Enveric Biosciences Inc. ENVB reported its financial results for the full year ended December 31, 2021.

2021 Financial Results

Comprehensive net loss for the year was $48.8 million, including $36.3 million in net non-cash expenses, with a basic and diluted loss per share of $2.07, as compared to a comprehensive net loss of $7.0 million with basic and diluted loss per share of $1.19 per share for the previous year.

Net cash used in operations for 2021 was $11.5 million consisting of the net loss, adjusted by a net of $36.3 million in non-cash expenses and changes in asset and liability balances of $1.2 million.

As of December 31, 2021, the Company had cash and cash equivalents of $17.4 million and working capital of $15.3 million. Subsequent to December 31, 2021, the company reportedly raised an additional $10 million.

Other highlights from 2021 include:

  • The company announced positive preclinical data for the EV102 radiodermatitis drug candidate, a cannabidiol (CBD) based product.
  • In November, Enveric was included in the AdvisorShares Psychedelics ETF PSIL.
  • In December, Bob Dagher, MD, was appointed as chief medical officer.

Dr. Joseph Tucker, Enveric’s CEO commented: “With the acquisition of MagicMed in September 2021, we immediately began moving forward with the clinical development strategy of our next-generation treatments and therapies for mental health. We find ourselves strategically positioned with an experienced team of industry professionals, collaborative partners including the University of Calgary, a growing intellectual property portfolio, and a robust Central Nervous System pipeline of promising drug candidates."

Dr. Joseph Tucker will be presenting at the Benzinga Psychedelics Capital Conference on April 19, 2022, at the Fontainebleau Miami Beach where we are bringing together leaders of the largest publicly-traded Psychedelics companies with investors from across North America.

Tickets for this first-of-its-kind gathering are still available here.

Photo by micheile on Unsplash

Posted In: AdvisorShares PsychedelicsEnveric BiosciencesCannabisEarningsNewsPenny StocksPsychedelicsMarkets