Braxia Scientific Q2 2023 Financial Results: Health Clinic Ketamine Treatments Increases 34.5% YoY

Braxia Scientific Corp., BRAX BRAXF (FWB: 4960), a medical research and telemedicine company with clinics providing innovative ketamine and psilocybin treatments for depression and related disorders, announced the filing of its financial statements and management discussion and analysis for the second quarter ended September 30, 2022.

"We are executing our vision to increase access to novel treatments such as Ketamine and Psilocybin to address mental health disorders such as depression, anxiety, bipolar disorder, and post-traumatic stress disorder (PTSD)," said Dr. Roger McIntyre, CEO of Braxia Scientific.

Q2 2023 Financial Summary

  • Q2 2023 in-clinic treatments increased 34.5% year-over-year. In the first 6 months of 2023, in-clinic treatments increased 35% compared to the prior year period.
  • During the quarter, the Company acquired KetaMD which launched an initial pilot of its virtual ketamine treatments late in the quarter. The Company expects KetaMD's revenues and profitability to increase as services and operations ramp up services, marketing, and forging new clinical partnerships.
  • Q2 2023 revenue increased 18% year-over-year to $0.46 million for the period ending September 30, 2022.
  • In the first six months of 2023, revenues increased 10.1% to $0.87 million compared to the prior year period.
  • Net loss was $2.2 million for Q2 2023 ended September 30, 2022, compared to a net loss of $1.7 million for the three months ended September 30, 2021. Net loss during the quarter includes non-cash share-based compensation of $0.38 million and $0.25 million from the fair value change of convertible debenture pursuant to the acquisition of KetaMD.
  • In the first six months of 2023, the net loss was $3.1 million compared to a net loss of $2.8 million in the prior year period. Net loss includes non-cash share-based compensation of $0.6 million.
  • As of September 30, 2022, the Company's cash and cash equivalents were $5.2 million and working capital was $2.32 million.
  • Corporate Update and Recent Highlights

During the quarter, Braxia Health clinics continued to steadily grow its ketamine program referral network across 5 cities. The Company has made progress on expanding the capacity of its clinic footprint completing the buildout of its new clinic in Ottawa and continues to build out its newest flagship Toronto clinic.

Braxia Health clinics aim to deliver innovative, rapid-acting treatments like intravenous (IV) and oral ketamine, and psilocybin for treatment-resistant depression (TRD) and other mental health disorders. Now, its network of physicians, specialists, and researchers is also working to expand its capacity to support increased volumes for ketamine and psilocybin treatments, "as the research team prepares to launch new clinical trials in the coming months," according to the news release.

Moreover, regarding its Psilocybin-Assisted Therapy Treatment Programs, Braxia Health received several approvals to provide psilocybin therapy through the federally approved Special Access Program (SAP).

“Braxia is now accepting referrals for psilocybin therapy following the implementation of a streamlined process to allow for improved efficiencies in applying through the SAP and providing this treatment in Braxia clinics,” reads the press release.

KetaMD (U.S.) – Providing Ketamine for Depression, Anxiety, PTSD and Bipolar Disorder:

During the quarter, Braxia "closed its acquisition of KetaMD and launched its end-to-end telemedicine platform in Florida. KetaMD utilizes leading digital and mobile technology to provide safe, affordable, and potentially life-changing at-home ketamine treatments for people suffering from depression and related mental health conditions," reads its report.

"As we move forward in 2023, Braxia's growth initiatives are driven by our established clinical infrastructure, a U.S. telemedicine platform, ongoing clinical trials, and human capital (...) As we continue to build on our core strengths and priorities, we are evaluating strategic capital market opportunities to create shareholder value," McIntyre concluded.

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