This week, news from the psychedelic sector has been dominated by patent applications and earnings being released. Here’s the run down of this week’s news.
It’s been a busy week for Cybin. Last week, after market close, they released their financials for the quarter ending on June 30, 2021, which showed they had $55,075,000 in cash. It also showed nearly $14 million in expenses, with Cybin ending the quarter with $9 million less than they began with.
They also filed multiple patent applications this week. First, after a favourable international search report, they filed their 14th patent which includes claims to compositions and methods to support certain elements of the company’s pre-clinical and research programs. They also filed two additional international patent applications through the Patent Cooperation Treaty (PCT), bringing the potential to obtain patent coverage in 153 countries for each of the patent applications.
Cybin’s stock price had another rough week though. After the share price dropped 85 cents last week, so far this week the share price has fallen another 30 cents, closing Thursday at $2.35.
Speaking of patents, Psyched Wellness submitted four more patent applications for their flagship AME-1 extract. The patents cover Amanita Muscaria Extracts, Muscimol and Muscarine and their uses as treatments for anxiety, sleep disorders, substance abuse, pain, inflammation, immune disorders, and for the overall improvement of people’s physical and mental health.
MindMed announced that they joined Critical Path Institute’s Patient-Reported Outcome Consortium. Joining this consortium will allow them to assist in the development of new approaches to advance medical innovation and regulatory science, contributing to its collaborative framework for qualification of clinical outcome assessments for use as efficacy endpoint measures in clinical trials. By joining with Critical Path, MindMed will have an opportunity to influence the wider scientific endeavours surrounding psychedelics.
Mindset announced that the PCT has published three patent applications, covering a range of Mindset’s Family 1 and Family 2 compounds. MSET’s Family 1 compounds focus on using design strategy to improve the safety profile of their psilocybin and psilocin compounds. Family 2 compounds are Mindset’s next-generation psilocybin and psilocin drug candidates optimized for in-clinic settings.
Field Trip announced the financial results for the quarter ending on June 30, 2021. The report showed over $100 million in assets, including over $27 million in cash. The report also showed $867,400 in revenue, which is up from $23,599 in the same period the year before. Still, the increased revenue did little to dent the $12,530,395 in losses for the quarter, which is up from $2,958,904 in losses the year before.
Mydecine also released their financials for the period ending June 30, 2021. Their financial disclosures showed they finished the quarter with $10.7 million – up from ~$2.5 million at the end of December, 2020 – with $19 million in total assets. Their total expenses for the quarter were $4 million, up from $2.2 million in the same period the year before, with their sales in the quarter going down in the last year, from ~$13,000 to $5,324.
MYCO also signed a five-year research agreement with John Hopkins University School of Medicine, which is the 7th highest ranked school of medicine for research. The research will be led by Dr. Matthew Johnson, who is one of the world’s most published scientists on the human effects of psychedelics and has conducted seminal research in the behavioral economics of drug use, addiction, and risk behavior, and the Behavioural Pharmacology Research Unit.
Revive announced they are entering into an exclusive license agreement with Puerto Rico Science Technology and Research Trust for the intellectual property titled ‘Biologically Active Ganoderma Lucidum Compounds and Synthesis of Anticancer Derivatives; Ergosterol Peroxide Probes for Cellular Localization’. Yes, I know that’s a lot of big words, so if you need an explainer, I’ve got you covered. The IP agreement will give Revive the exclusive worldwide development and commercial rights to the patent for the Ganoderma Lucidum Extract (GLE) treatment, which may be used to treat cancer.
Filament released their first financial reports since going public, which showed they had $7.8 million in cash and cash equivalents – including $5 million which was raised through a private placement that closed on June 21 – with their assets totaling over $20 million. In their expenses for the quarter, the biggest was “Transaction and listing expenses”, which came out to over $3,000,000, up from $79,000 the previous quarter, likely due to the expenses involved in their listing on the NEO exchange.
Clearmind Medicine (CMND.C)
Clearmind started trading their common shares for trading on the Frankfurt Stock Exchange under the symbol CWY0. Clearmind currently also trades on the Canadian Securities Exchange under the ticker CMND.
Atai also announced their financial results for the second quarter of 2021. They showed big cash reserves, with their cash and cash equivalents totaling $453.6 million USD as of June 30, 2021, compared to $97.2 million USD as of December 31, 2020. Much of this cash came from the $258.8 million USD raised during their IPO on the Nasdaq during the quarter. They also reported $19.9 million USD of license revenue in the first half of 2021, which was related to proceeds received from Perception’s License and Collaboration Agreement with Otsuka. The net loss for the quarter was $48.5 million USD, up from $16.4 million USD the year before.
Full disclosure: Revive Therapeutics and Filament Health are Equity Guru marketing clients, and Cybin used to be.
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