Filament Health Corp (NEO:FH, OTCQB:FLHLF) generated revenue of $2.1 million in 2023 as the clinical-stage natural psychedelic drug development company continued to advance its lead botanical psilocybin drug candidate PEX010.
It exited 2023 with cash and cash equivalents of $1.8 million and working capital of $1.1 million.
The company used $4.2 million in cash for its operating activities for the 12 months ended in December.
Operational highlights from the fourth quarter included the announcement that Magdalena Biosciences, a joint venture between Filament and Jaguar Health, successfully imported coca leaf to the company’s Metro Vancouver research and development facility.
Filament also announced Health Canada’s approval of a Phase 2 clinical trial evaluating PEX010 for the treatment of opioid use disorder to be conducted at the University of British Columbia.
“During the fourth quarter, we continued to lay the foundation for the advancement of our lead program, PEX010, into meaningful Phase 2 clinical trials,” Filament Health CEO Benjamin Lightburn commented.
“This included the difficult, but thoughtful strategic decisions to terminate the proposed business combination with Jupiter Acquisition Corporation, and to refocus our efforts on more traditional methods of financing the company.”
The CEO highlighted that since the fourth quarter ended, Filament's team has worked to expand the company’s position as a leading psychedelic drug developer and supplier of cGMP botanical psilocybin.
“We shipped PEX010, our most advanced botanical drug candidate, to six countries for clinical research, and opened another IND with the FDA for the study of PEX010 as a treatment of substance use disorders,” Lightburn said.