Enveric Biosciences Optimistic On Q4 And Full-Year Results: ‘Psychedelic-Inspired’ Meds For Future Growth
Nasdaq-listed psychedelics biotech Enveric Biosciences (NASDAQ:ENVB) shared its financial results for the fourth quarter of 2023 and the fiscal year ended December 31, 2023, results showing:
Cash in hand of $2,287,977 by December 31, 2023, as compared to the $17,723,884 held by December 31, 2022.
Yearly R&D expenses of $7.3 million, vs. the $8 million spent in 2022.
Yearly general administrative (G&A) expenses of $8.9 million, vs. the $11.6 million spent in 2022.
Total yearly operating expenses of $16.4 million, vs. the $27.4 million spent in 2022.
Yearly net cash used in operations totaled $14.1 million, vs. $17.1 million in 2022.
Quarterly net loss of $3.44 million (or $1.46 loss per share), vs. a net loss of $8.80 million (or $4.89 loss per share) for the comparative quarter of 2022.
Yearly net loss of $17.3 million, vs. $18.5 million in 2022.
On December 28, 2023, Enveric completed a warrant inducement transaction with two investors, repricing and exercising existing warrants and issuing new ones for gross cash proceeds of around $4.5 million (received by February 2024.)
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