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Saturday, May 21, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Numinus ups revenue 61% thanks to psychedelic-focused therapy programs

Expenses were down 71% but the firm still reported a $5.4-million loss

Numinus ups revenue by 61 per cent thanks to its psychedelic-focused therapy programs
Photo via Numinus

Psychedelics company Numinus Wellness Inc. (TSX: NUMI) (OTC: NUMIF) continues to boost its topline thanks to its mindfulness training and ketamine-assisted therapy programs.

The firm released its first-quarter results for the three months ended Nov. 30, reporting $790,000 in total revenue, a 61-per-cent increase from $491,000 in the previous quarter.

Gross profit was $51,000, up 163 per cent from a loss of $81,000.

Numinus says the increase in revenue was primarily due to acquisitions of mental well-being firm Mindspace Psychology Services Inc., and the Neurology Center of Toronto, which offers ketamine-assisted psychotherapy for depression, as well as neurological care and psychotherapy by registered mental health professionals.

Numinus Health, the company’s clinic network, brought in $648,000 in sales, while its research branch Numinus Bioscience reported revenue of $142,000.

Losses totalled $5.4 million, a decrease of 72 per cent from $18.8 million.

Expenses were $5.3 million, down 71 per cent from $18.5 million.

Cash and cash equivalents at the end of 2021 were $53.8 million.

“We have made significant advancements in all areas of our business over the last several months, with many exciting opportunities on the horizon,” CEO Payton Nyquvest said in a statement.

In December, the company started trading on the Toronto Stock Exchange, leaving the TSX Venture Exchange.

Company stock fell 5 per cent Friday to $0.63 on the TSX.

Read more: Numinus submits novel psilocybe formulation for clinical trial

Read more: Numinus to start trading on TSX

Numinus Bioscience saw a revenue decline this quarter, after it ceased cannabis operations and shifted its resources towards advancing psychedelic-centered services such as analytical testing.

“Of note, the partnership across our lab and clinical teams has been instrumental in passing key milestones on two major clinical trials: one for a proprietary psilocybe formulation and the other a MAPS-sponsored MDMA study,” Nyquvest said.

Last October, Numinus announced it finalized the study design and protocol for a Vancouver-based Phase 1 clinical trial called “HOPE” testing a naturally derived psilocybin extract called “NBIO-01”, the company’s first proprietary psychedelic product, which was developed using patent-pending technology.

Numinus recently began genetic testing on several newly acquired psychedelic mushroom species, and last November it revealed the development of proprietary psychedelic drug tests with new toxicity and potency scans.

The company says it’s well-positioned to offer psychedelic-assisted psychotherapy services through the recent amendment to Canada’s Special Access Program, which allows patients with severe illnesses to access restricted substances.

The firm will also begin a MAPS-sponsored trial for MDMA-assisted therapy for post-traumatic stress disorder that has been authorized by Health Canada.

 

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