Mydecine: 2022 Financials & Business Update By Next-Gen Psychedelics Producer, Smoke Cessation Trial And More

Colorado and Leiden-based biotech company Mydecine Innovations Group MYCOF has shared its financial results and business highlights for the period ended December 31, 2022.

In ciphers:

• Total assets of $4.6 (CA$6.2) million as of Dec. 2022, of which cash constituted $8,216; compared to $3.8 million as of Dec. 2021 with cash position at $1.04 million. (Note: 2022 saw marketable securities for $3.4 million in 2022.)

• R&D expenses totaled $2.6 million for the period, slightly below the $2.9 million spent in 2021.

• Net and comprehensive loss of $8.61 million or a loss of almost $1 per share, compared to $21.4 million or a loss of $4.59 per share for the same period in 2021.

2022 Business Recap

The company developed first and second-generation drug candidates and performed budget moves including several placements, a reverse stock split and the selling of its subsidiary Mindleap Health Inc. for approximately $2.7 million.

Mydecine’s pipeline grew through the successful synthesis of numerous short-acting MDMA analogs constituting the novel MYCO-006 family, and the development of a novel psilocin analog molecule with potentially heart-safe microdose-enabling properties.

Efforts on MYCO-001 were shifted toward psilocybin analog MYCO-004 following a pre-IND meeting with the FDA, the latter of which the agency approved to be used in a NIDA-funded trial at Johns Hopkins University on smoking cessation led by expert doctors Matthew Johnson and Alberto Garcia-Romeu. 

Mydecine is donating MYCO-004 for the trial and plans to have a Phase 2 study at the university, instead of the originally planned MYCO-001 trial, as part of the 5-year research collaboration agreement. 

Chairman and CEO Josh Bartch says the company has worked hard to refine its core focus to be “sustainable, elegant and efficient” while still retaining “the blue sky” they believe several of their drugs hold by using data from first-generation psychedelics and improving the novel molecules to fit into existing medical infrastructure.

“Capital market risks have been felt strongly across the industry, forcing companies to pivot or die, as we've recently seen,” continued Bartch. “Throughout this time, the Mydecine team has been collectively dedicated, with the vast majority of management deferring cash compensation while continuing to put in 100% effort and focus. We have concentrated on expanding our novel drug development and IP portfolios, as well as finding innovative ways to partner, fund, and advance the development of our drug families, while not bearing the total cost associated with it."

Photo: Benzinga edit with photo by Blue Planet Studio and ANDREI ASKIRKA on Shutterstock.