Awakn Unveils Q3 Results, Touts Revenue Growth, R&D Progress, Commercial Plans

Psychedelics biotech Awakn Life Sciences Corp. AWKNF shared its financial results and business highlights for a three-month period that ended Oct. 31, 2022.

Financials showed:

• Revenue of $314.827 (CA$430,504) via Awakn's European clinics, compared to $Nil in the prior year.
• That's a 27% (or $66.309) increase as compared to the three months ended July 31, 2022.
• Total cash hovered at around $828.263 (CA$1,132,590).
• The company closed two tranche private placements
• Issued more than 5.5 million units at a unit price of $0.40 (CA$0.55)
• Raised total gross proceeds of $2.235.362 (CA$3,056,697).

Awakn also announced the grant of stock options to purchase 1.1 million common shares exercisable at $0.40 (CA$0.55) per share, of which 1 million options vest one-third immediately and one-third on the first and second anniversary and expire five years from the date of grant, and the remaining 100,000 fully vest on grant and expire one year from that same date.

CEO Anthony Tennyson said the results and growth in revenue “demonstrate continued progress in our business and successful execution of our business plan across both pillars of our business: R&D and commercialization.”

See also: Awakn Life Sciences - Business And Corporate Update For Psychedelics Biotech

Tennyson reviewed the company’s two feasibility studies initiated for IP strengthening to potentially improve patient experience and outcomes. The first one was with partner Catalent on a market-ready proprietary formulation of MDMA.

The second is in collaboration with a leading European pharmaceutical company on a market-ready proprietary formulation of esketamine.

If either one or both studies prove successful, Awakn’s CEO said they could lead to exclusive licensing agreements. 

On the other hand, the company also very recently announced that a Phase 3 trial of lead program Project Kestrel will be delivered in U.K.'s public healthcare sites, and secured federal funding for 66% of the study’s total cost.

“In commercialization, our clinics delivered continued strong revenue growth of 27% QoQ and we launched our licensing partnership business into the U.S. and Canada, signing three partners in Q3, providing Awakn with two distinct revenue streams across four territories. Post quarter close, in November and December, we announced the expansion of our clinic footprint in Norway on the back of strong demand for our services in that territory," Tennyson concluded.

Photo courtesy of woraatep suppavas on Shutterstock and Doc James on Wikimedia Commons.