Malachite Innovations FY22 Revenue Grows To $4.8M, Achieving More Than Its Total Revenue Over Its Previous 10 Years Of Operations

Malachite Innovations, Inc. MLCT FY 2022 revenue was $4.8 million compared to $0 of revenue reported for the four calendar years 2018 to 2021. From its inception in 2011 through the end of 2021, Malachite reported total revenue of $759,810. As a result, Malachite’s calendar year 2022 revenues were $4.1 million more than its total revenues over its previous 10 years of operations.

Net loss for the calendar year 2022 was $1.1 million compared to a net loss of $2.1 million for the calendar year 2021.

Malachite’s current assets grew from $42,227 on December 31, 2021 to $1.4 million on December 31, 2022 while its current liabilities grew from $432,560 to $1.6 million over the same period. As a result, Malachite’s net working capital improved by $261,962 from December 31, 2021 to December 31, 2022.

The company’s total assets grew from $50,919 on December 31, 2021 to $8.2 million on December 31, 2022 while its total liabilities grew from $432,560 to $5.3 million over the same period. As a result, Malachite’s stockholders’ equity increased by $3.3 million from December 31, 2021 to December 31, 2022.

Capital Raises

During the calendar year 2022, Malachite raised $3.3 million through the issuance of common stock and warrants to two high net worth investors and one institutional investor. Malachite also secured a $1 million revolving line of credit from a Cleveland-based commercial bank to provide additional liquidity to support its ongoing working capital needs and growth of its subsidiaries.

Cannabinoid Drug Development

Graphium Biosciences, Inc. is a cannabinoid-based drug development company tracing its history of technological innovation and drug advancement back to October 2011 through two predecessor entities, Stevia First Corp. and Vitality Biopharma, Inc. In October 2021, Malachite formed Graphium as a wholly-owned subsidiary and transferred all of its drug development assets to this newly-formed entity. Graphium is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been developed to unlock the rebalancing effects of the endocannabinoid system to address numerous chronic conditions with inadequate pharmaceutical options.

Graphium’s leading drug candidate, VBX-100, is a glycosylated tetrahydrocannabinol cannabinoid that targets inflammatory conditions of the gastrointestinal tract but without unwanted psychoactive or intoxicating side effects. The company is working closely with a third-party contract research organization to develop a detailed drug development plan to advance VBX-100 through phase II clinical trials by the end of 2025, subject to receipt of sufficient funding, which is currently estimated to be approximately $10.5 million.

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