Lucy Scientific's Fiscal Year: Operating Expenses Rise As Accumulated Deficit Hits Over $44M

Psychedelics company Lucy Scientific Discovery Inc. LSDI reported its full-year results for the period ended June 30, 2023. Numbers show:

  • Total cash held of $1.67 million, vs. $53,379 held in June 30, 2022.

  • Net product sales of $7,048 vs. zero in the prior fiscal year, reportedly owing to sales of Lucy’s new microdose mushroom capsules.

  • Working capital expenses of $2.71 million, vs. $5.81 million by June 30, 2022.

  • Operating expenses totaled $5.85 million, a 68.5% YoY increase as compared to $3.47 million in the prior FY.

  • Net cash flows used in operating activities totaled $4.27 million, a 76.4% YoY increase compared to prior FY’s $2.42 million.

  • Total net loss of $8.99 million (or $0.71 per share, basic and diluted) vs. the prior year’s $5.86 million (or $0.68 per share, basic and diluted.)

  • Accumulated deficit of $44.4 million, around a 25% YoY increase compared to the $35.4 million in 2022’s third quarter close.

The company acutely increased its accumulated deficit during the yearly period, despite new M&As closed during the period, as first reported 

Green Market Report’s Adam Jackson.

Partnerships, Acquisitions & Product Offerings

During the closing fiscal year, Lucy closed numerous deals with different businesses and partners, including: 

See Also: Another Company Approved To Begin Production Of Psychedelics Under Canadian Dealers License

See the company’s full financial results and discussion breakdown here.

Photo: Benzinga edit with photo by Pexels and Shutterstock.

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