Mydecine Reports Financial Results For 2021

Late Thursday, Mydecine Innovations Group MYCOF reported financial results for the fiscal year ended December 31, 2021.

2021 Financial Results

Net loss attributable to common stockholders was $28.9 million, which consisted of a $5.3 million loss from discontinued operations, for 2021, or a basic and diluted loss per share attributable to common stockholders of $0.12. This is compared to a net loss attributable to common stockholders of $26.9 million, which consisted of a $0.1 million loss from discontinued operations, for the previous fiscal year, or a basic and diluted loss per share attributable to common stockholders of ($0.24).

Cash and cash equivalents as of December 31, 2021, were $1.5 million.

Other highlights from 2021 include:

• A Phase 2b smoking cessation study progressed, following a positive meeting with the FDA to review Mydecine's Investigational New Drug (IND) application.
• Mydecine agreed to supply MYCO-001 for Dr. Matthew Johnson's smoking cessation study, which is being carried out at Johns Hopkins University, New York University, and the University of Alabama Birmingham.
• The company signed a five-year Master Collaboration Research Agreement with Johns Hopkins University School of Medicine.
• New independent board members were added to the company, including Gordon Neal, Josephine Wu, Dr. Saeid Babaei, and Dr. Victoria Hale.

"The conditional IRB approval we received is yet another positive signal that we will continue to advance our Phase 2b smoking cessation study, and we will hopefully receive full FDA IND approval in the second quarter of this year,” the company’s CEO, Josh Bartch commented:

Rob Roscow, Chief Scientific Officer, added: "Over the last year, our new chemical entity program has produced multiple patents covering several second-generation novel molecules that we believe will offer significant improvements over classic psilocybin and MDMA.”

​​​​​​​Photo: Courtesy of Micheile on Unsplash