Reunion Neuroscience Inc Thursday reported a net loss of $48,492,996 for its fiscal year 2023, even as the company remains upbeat on the development of its psychedelic treatment for postpartum depression.
Reunion, formerly known as Field Trip Health & Wellness Ltd, will be going private during the third quarter of this year after agreeing to be acquired by biotechnology investment firm MPM BioImpact for about US$13.1 million, or US$1.12 per share in cash.
On June 1, the company presented its first-in-human Phase 1 final analysis with its RE104 drug at the American Society of Clinical Psychopharmacology (ASCP) Annual Meeting, stating the drug was “generally well-tolerated” while giving patients a roughly 3.7-hour-long psychedelic trip, a shorter duration when compared to psilocybin, but with “the same intensity and quality of experience”.
Reunion noted that a randomized, placebo-controlled Phase 2 trial in women with moderate to severe post-partum depression is planned for the second half of 2023.
The company added that its loss for the year was due largely to a $10.4 million charge taken from discontinuing ketamine treatment clinics that were spun out to form Field Trip Health & Wellness in August 2022, as well as a $13.8 million write-off due to lease obligations associated with the Field Trip clinics and its equity investment in Field Trip.
Reunion ended the year with cash and cash equivalents of $27.7 million as of March 31, 2023.
Shares of Reunion Neuroscience edged up 0.4% to US$1.11 in early Friday trading on the Nasdaq.
Contact Sean at sean@proactiveinvestors.com