Filament Health Shares Q3 2022 Results, On Road To Becoming Industry's Natural Psilocybin Supplier

Filament Health Shares Q3 2022 Results, On Road To Becoming Industry's Natural Psilocybin Supplier

Clinical-stage natural psychedelic drug development company Filament Health Corp. FLHLF reported its third quarter financial results and operational highlights for the period ended September 30, 2022.

Numbers show total cash was over $2.6 million (CA$3.5 million), compared to $3.47 million (CA$4.6 million) on the period ended December 31, 2021.

R&D expenses were $133.505 (CA$176,946) and $386.948 (CA$512,854) for the three and the nine months ended September 30, 2022, respectively, as compared to $133.096 (CA$176,403) and $328.104 (CA$434,863) for the same periods ended September 30, 2021. 

Net and comprehensive loss was $948.833 (CA$1,257,566) and $3.259.756 (CA$4,320,419) for the three and the nine months ended September 30, 2022, respectively, as compared to $1.251.326 (CA$1,658,484) and $5.193.503 (CA$6,883,371) for the same periods ended September 30, 2021. 

CEO Benjamin Lightburn said the period reflected continued progress both internally and externally: “The closure of a $1.8 million (CA$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.” 

Lightburn further stated that the company’s natural psilocybin drug candidate continues to be in high demand from its partner network and was dosed at a large psilocybin clinical trial in which all participants reported positive effects. 

Additionally, Filament began the first FDA-approved clinical trial of natural psychedelics together with the University of California San Francisco. 

Filament’s CEO concluded: “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.”

Interestingly, earlier this year the company announced it would participate in the world’s largest medical psilocybin access and data project Project Solace, led by Canadian non-profit Therapsil.

Photo courtesy of PublicDomainPictures, janjf93 on Pixabay.

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