Awakn's Q4 2023 And Annual Financials, +500% YoY Revenue Increase Following Network Expansion

The UK-based psychedelics biotech company Awakn Life Sciences Corp. AWKNF reported on its financial results and business highlights for the three and twelve months ended Jan. 31, 2023.  

The company, which developed a specialty ketamine treatment for alcohol addiction, held $406.208 (CA$550,866) in cash by Jan. 31, while revenue totaled $349.389 and $1.1 million for the three and twelve months respectively, compared to $204,300 and $206.491 for the same periods the prior year.

CEO Anthony Tennyson says the company has made significant progress during the last fiscal year, referring first to the company’s lead program AWKN-P001 targeting Severe AUD entering the Phase 3 stage. 

That trial, Tennyson said, could be potentially definitive, and is mostly being covered by the UK state, costing Awakn slightly less than $1 million. 

Additionally, the company partnered with a European pharma company to assess repurposing (S)-ketamine into a licensed treatment for addiction and is also working with Catalent on a feasibility study of an orally disintegrating MDMA tablet toward shortening the length of sessions.

“Our clinics delivered strong revenue growth over the same time period with a 534% year-on-year increase in revenue and looking forward to the current fiscal year we are targeting a further increase in revenue from our clinics and partnerships,” Tennyson said.

See also: Psychedelics For Alcohol Use Disorder: Awakn Opens European Clinic

On April 26, Awakn announced a non-brokered private placement for gross proceeds of up to $2.21 (CA$3) million through the issuance of up to 6,521,739 Awakn units at a price of $0.34 each. The company has closed the first tranche issuing 2,392,858 units for gross proceeds of $811.667.

Each unit consists of one common share and three-quarters of one whole purchase warrant. Each warrant permits to acquire one common share at a price of $0.46 each for five years from the issuance date.

Photo: Benzinga edit with photo by Lemonsoup14 and Arif biswas on Shutterstock.

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