Psychedelics company Numinus Wellness Inc. (TSXV: NUMI) (OTCQX: NUMIF) says it was able to boost annual revenue thanks to its acquisition of mindfulness training program Mindspace Psychology Services Inc.
In its earnings results for the fourth quarter and fiscal year ended Aug. 31, released Thursday, the firm reported a 72-per-cent increase in revenue to $1.5 million from $881,000 last fiscal year.
Most of the growth was attributed to the acquisition of Mindspace in Quebec, which generated a revenue of approximately $970,000 since the deal was made in February.
Numinus’s cash position at the end of the year totalled $59.2 million, up substantially from $1.6 million at the end of last year.
But total loss and comprehensive loss was $18.8 million, rising 96 per cent from $9.6 million last year. The loss included a $1.6-million impairment charge related to the Mindspace acquisition.
In its fourth quarter, Numinus reported revenue falling 13 per cent to $491,000 from $562,000 in the previous quarter.
During the recent three-month period, 650 people received 2,671 therapy appointments via Numinus Health clinics that included individual and group sessions. The company notes that in the first quarter of 2022, the number of client appointments has grown 42 per cent to 3,792.
Numinus has four wellness clinics that deliver psychedelic-assisted therapy across Canada — one in Vancouver and the rest in Montreal.
Quarterly losses totalled $7.8 million including the impairment charge related to the Mindspace acquisition.
Recently, Numinus has started expanding its psychedelics research facility, including building an additional lab dedicated to testing, study and research and development for other compounds like ketamine and LSD.
In June this year, the Company filed a provisional patent application in the U.S. for a proprietary rapid production process for psilocybe and other species of psychoactive fungi.
The following month, Numinus received approval from Health Canada for a study sponsored by the Multidisciplinary Association of Psychedelic Studies (MAPS) evaluating MDMA-assisted therapy for PTSD.
In September, the company acquired the Neurology Centre of Toronto. The firm is about to launch two clinical trials including a Phase 1 trial for its proprietary psilocybe extract, as well as a Phase 3 trail for MDMA with MAPS.
In November, Numinus Bioscience, the company’s research division, developed proprietary psychedelic drug tests with next toxicity levels and potency scans.
“During the fourth quarter we were focused on building the team, infrastructure, technologies and protocols that will allow us to scale our business over the next several years,” CEO Payton Nyquvest said in a statement.
“We welcomed several new key executives, began our laboratory expansion and filed a patent for a proprietary rapid production process for psilocybe.”