Filament Health's Q1 2023 Financial Results, Material Uncertainty On The Horizon

Natural psychedelics drug developer Filament Health Corp. FLHLF shared its interim financial results and further business highlights for the first quarter ended March 31, 2023.

These results were assembled by the company’s management and were not reviewed by the independent auditor as of May 12 and reportedly “do not include all the information and notes required by International Financial Reporting Standards (IFRS) for annual financial statements.”

Further, the filing’s Note 1 describes “the material uncertainty that may cast significant doubt on the company’s ability to continue as an ongoing concern.”

See also: Filament Health: 2022 Financials And Operational Highlights From Creator Of The Ayahuasca Pill

Numbers for the quarter ended March 31, including subsidiaries Magdalena Biosciences and Psilo Scientific, show:

• Cash and cash equivalents totaled $1.7 (CA$2.3) million as of March 2023, compared to $2.1 million in Dec. 31, 2022.

• R&D expenses of $128.599, compared to the $125.280 corresponding to the same period in 2022.

• Net loss of $976.773 as compared to $1.1 million in the same period in 2022.

Business-wise, the period included FDA approval for a Phase 2 clinical trial on botanical psilocybin for meth use disorder (MUD) a second psilocybin supply deal with CAMH for a clinical trial on amnestic mild cognitive impairment, the approval for a Denmark-based clinical trial on psilocybin for Alcohol Use Disorder (AUD,) and the formation of Magdalena Biosciences together with Jaguar Health JAGX.

Filament’s co-founder and CEO Benjamin Lightburn optimistically referred to the period as “another highly productive quarter” and to the company’s botanical extraction work as “industry-leading expertise” and “a valuable asset” facilitating the discovery of novel psychedelics. 

“We’re proud to share that our pharmaceutical-grade botanical psilocybin is now being studied in clinical trials for ten different mental health indications across North America and Europe. Moving forward, we will continue to strengthen our revenue-generating supply network and mutually beneficial arrangements with research institutions,” Lightburn concluded.

As of Monday, May 15 at 1 PM ET and since Thursday 11, no daily trade movement has been seen on Filament’s stock, which is now set at $0.0523 on OTC markets. The company began trading there in August 2021 at $0.301.

Photo: Benzinga edit with photo by Pexels.