Numinus Wellness Inc (CVE:NUMI), the healthcare company developing psychedelic treatments for mental illness, reported its fiscal 1Q 2021 results on Friday showing a healthy cash balance of nearly C$5 million to help the company advance its many psychedelic therapy initiatives.
The Vancouver-based company is the first public firm to legally harvest and extract Psilocybe mushrooms, a feat it achieved in December 2020.
During the three-month period to end November 20, 2020, Numinus generated revenue of C$229,188 and ended the quarter with a cash balance of C$4,915,209 (as at November 30) thanks to a $4.6 million raise and $1.1 million warrant exercise.
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Among the highlights, fiscal 1Q saw the company cultivate and harvest the first legal flush of Psilocybe mushrooms in Canada and collaborate with Syreon Corporation to start a compassionate access clinical trial looking at psilocybin-assisted psychotherapy to treat substance abuse disorders.
CEO Payton Nyquvest told shareholders that the quarter saw “significant growth” across its business lines.
“We achieved landmark industry firsts, including the first legal harvest and extraction of Psilocybe mushrooms by a public company in Canada, while also embarking on two compassionate access trials and expanding our national footprint,” Nyquvest said in a statement.
“Supported by our strong cash position and balance sheet, Numinus is poised to take advantage of market opportunities that will further cement our leadership role in the psychedelics industry. At Numinus, we endeavour to develop and deliver psychedelic therapies to transform health care, and we remain committed to executing against our strategic plan while maximizing long-term value for our shareholders.”
The company’s net loss for the quarter came in at C$1.9 million.
Further acquisitons
Subsequent to the quarter’s end, Numinus entered into a collaboration agreement in December with the Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) to seek approval to deliver MDMA-assisted psychotherapy for post-traumatic stress disorder through a single-arm, open-label, compassionate access trial. Also in December, the company announced plans to acquire Montreal-based Mindspace Wellbeing as part of its national expansion strategy.
On the research front, Numinus told shareholders that it is continuing to look at psilocybin extraction of Psilocybe mushrooms, colloquially referred to as magic mushrooms, which contain the psychedelic compounds psilocybin, psilocin and baeocystin. As part of its research, the firm entered into a contract services agreement with Optimi Health to advance research and development of psychedelic products.
The group operates three business lines: Numinus Health, which delivers treatments through clinics and virtual services; Numinus R&D, which develops clinical and therapeutic protocols; and Numinus Bioscience, which develops product formulations.
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