DENVER, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) ("Mydecine" or the "Company"), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results for the six months ended June 30, 2022.
Financial Results for the Six Months Ended June 30, 2022
Net Loss: The net loss attributable to common stockholders was $8.09 million, from operations, or a basic and diluted loss per share of $(1.31). For the same period in 2021, loss from operations was $13.53 million, or a basic and diluted loss per share attributable to common stockholders of ($3.04) and which included a $4.2 million impairment charge and a loss of $103,285 from discontinued operations,
Cash Position: The Company had $324,146 in cash and cash equivalents as of June 30, 2022.
| CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - UNAUDITED. | ||||||||||||
| Three-months ended June 30, | Six-months ended June 30, | |||||||||||
| Note | 2022 | 2021 (Restated) | 2022 | 2021 (Restated) | ||||||||
| $ | $ | $ | $ | |||||||||
| Sales | - | - | - | - | ||||||||
| Cost of goods sold | - | - | - | - | ||||||||
| Gross margin | - | - | - | - | ||||||||
| Expenses | ||||||||||||
| Finance cost | 6,7 | 238,464 | 27,960 | 459,663 | 123,697 | |||||||
| Corporate development | 13,594 | 428,203 | 141,474 | 2,427,138 | ||||||||
| Depreciation and amortization | 5,8 | 34,301 | 37,663 | 94,573 | 79,195 | |||||||
| Consulting fees | 703,895 | 1,193,840 | 2,127,768 | 2,217,495 | ||||||||
| Director and management fees | 12 | 120,284 | 341,632 | 230,856 | 832,508 | |||||||
| Foreign exchange loss (gain) | (53,964 | ) | 97,293 | (25,776 | ) | 319,668 | ||||||
| Insurance | 289,529 | 153,223 | 548,874 | 153,223 | ||||||||
| Office and miscellaneous | 22,541 | (115,467 | ) | 240,523 | 220,899 | |||||||
| Professional fees | 385,479 | 697,414 | 992,633 | 1,350,469 | ||||||||
| Regulatory filing fee | - | 12,276 | - | 177,912 | ||||||||
| Research and development | 652,486 | 1,091,920 | 1,702,011 | 1,322,130 | ||||||||
| Property taxes | - | - | - | - | ||||||||
| Salaries | 12 | 737,196 | 234,331 | 1,375,242 | 234,331 | |||||||
| Share-based payments | - | - | - | - | ||||||||
| Total expenses | 3,143,805 | 4,454,160 | 7,887,841 | 9,458,665 | ||||||||
| Other income (expenses) | ||||||||||||
| Change in fair value of derivative liabilities | 9 | 631,760 | 249,549 | (261,690 | ) | 221.893 | ||||||
| Impairment of investment in associate | - | (4,169,616 | ) | - | (4,169,616 | ) | ||||||
| Consideration paid in excess of identifiable assets | - | - | - | - | ||||||||
| Rental income | - | 32,310 | - | 32,307 | ||||||||
| Gain (loss) on settlement of debt | - | - | - | (2,319 | ) | |||||||
| Total other income (expenses) | 631,760 | 3,887,757 | 261,690 | (3,917,735 | ) | |||||||
| Loss from continuing operations | (2,512,045 | ) | (8,341,947 | ) | (8,149,531 | ) | (13,376,400 | ) | ||||
| Loss from discontinued operations | 1 | - | 18,788 | - | (103,285 | ) | ||||||
| Foreign currency translation adjustment | 61,561 | (24,830 | ) | 61,561 | (48,628 | ) | ||||||
| Net loss and comprehensive loss for the period | (2,450,484 | ) | (8,347,989 | ) | (8,087,970 | ) | (13,528,313 | ) | ||||
| Net loss per share – Basic and diluted from continuing operations | (0.35 | ) | (1.75 | ) | (1.31 | ) | (3.04 | ) | ||||
| Weighted average number of shares outstanding – Basic and diluted | 7,142,532 | 4,744,805 | 6,217,942 | 4,440,487 | ||||||||
| CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED. | |||||
| As at, | Note | June 30, 2022 $ | December 31, 2021 (Audited) $ | ||
| Current assets | |||||
| Cash | 324,146 | 1,495,311 | |||
| Rent and other receivable | - | 3,856 | |||
| Inventory | - | - | |||
| Sales tax receivable | 257,338 | 201,000 | |||
| Prepaids and deposits | 4 | 3,742,147 | 3,521,125 | ||
| Total current assets | 4,323,632 | 5,221,352 | |||
| Non-current assets | |||||
| Prepaids and deposits | 4 | 1,504,484 | 1,793,894 | ||
| Right-of-use asset | 8 | - | 130,546 | ||
| Property and equipment, net | 5 | 362,815 | 434,910 | ||
| Total assets | 6,190,930 | 7,580,702 | |||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 3.252,719 | 1,587,238 | |||
| Notes payable | 7 | 87,916 | - | ||
| Derivative liabilities | 9 | 79,660 | 1,280,294 | ||
| Lease liability – current portion | 8 | - | 79,728 | ||
| Total current liabilities | 3,420,295 | 2,947,260 | |||
| Non-current liabilities | |||||
| Convertible debentures, net | 6 | 4,797,009 | 4,354,302 | ||
| Long-term portion of lease liability | 8 | - | 67,821 | ||
| Total liabilities | 8,217,304 | 7,369,383 | |||
| Shareholders’ equity | |||||
| Share capital | 10 | 113,908,425 | 107,662,388 | ||
| Contributed surplus | 10 | 16,994,081 | 17,288,315 | ||
| Equity portion of convertible debentures | 10 | 175,756 | 175,756 | ||
| Accumulated other comprehensive loss | 61,561 | - | |||
| Deficit | (133,166,197 | ) | (124,915.140 | ) | |
| Total shareholders’ equity | (2,026,374 | ) | 211,319 | ||
| Total liabilities and shareholders’ equity | 6,190,930 | 7,580,702 | |||
For more information, please review the Company’s filed financial statements and management discussion on the SEDAR site.
About Mydecine Innovations Group
Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world’s foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.
Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.
For more information, please contact:
Media Contact
Damon Michaels, Chief Operating Officer pr@mydecineinc.com
Investor Relations
Damon Michaels, Chief Operating Officer contact@mydecineinc.com
On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer contact@mydecineinc.com
For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.
This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward- looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved.
Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company's ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
