Enveric Biosciences (NASDAQ:ENVB) reported it financial results on Wednesday for the first quarter of 2024 ended March 31, 2024.

"We believe the first quarter of 2024 was a highly productive period for Enveric as the company continued to advance the development of the lead neuroplastogen drug candidate, EB-003, in preparation for an investigational new drug (IND) application and the expected initiation of a planned clinical development program," said Joseph Tucker, Ph.D., director and CEO of Enveric. "EB-003 was designed specifically to address this major safety profile deficiency in the first-generation psychedelic approach to treating neuropsychiatric illness, and we are excited to advance its development."

As a biotechnology company, Enveric is dedicated to the development of novel neuropathogenic small-molecule therapeutics for the treatment of depression, anxiety and addiction disorders.

Q1 2024 Financial Highlights

• Cash-on-hand was $6.36 million compared to $2.3 million in the prior quarter.
• Loss from operations was $2.5 million, compared to $4.8 million in the same quarter of 2023.
• Net loss attributable to stockholders was $2.46 million, including $0.42 million in net non-cash expense, with a basic and diluted loss per share of $0.61, as compared to a net loss of $4.80 million, including $.46 million in net non-cash expense, with a basic and diluted loss per share of $2.31 for the quarter ended March 31, 2023.
• Total current assets amounted to $8.2 million as of March 31, 2024, compared to $3.6 million as of Dec.31, 2023.
• Total current liabilities totaled $2.37 million as of March 31, 2024, compared to $2.3 million as of Dec.31, 2023.

Q1 And Recent Corporate, Product And Business Development Highlights

• Unveiled library of drug candidates, protected by Enveric's intellectual property portfolio, that spans seven distinct molecule classes;
• Launched a targeted business development campaign to unlock value from Enveric's library of drug candidates through potential out-licensing;
• Executed seven non-binding out-license term sheets distributed among four strategic partners. The drug candidates to be potentially out-licensed are derived from both psychedelic and cannabinoid structures, and target cancer, joint disease, and neuropsychiatric indications; and
• The seven-term sheets, if converted into definitive agreements and the company performs under the terms thereof, could represent an aggregate in milestone payments that could total up to approximately $410 million, plus future royalties.

What's Next

"We believe there is a need for new therapeutics that could potentially provide the anxiolytic and antidepressant properties clinically reported in the literature for certain psychedelic compounds without, at the same time, inducing the hallmark hallucinatory effects that define such agents," Tucker continued. "Enveric anticipates that eliminating the hallucinogenic activity could allow for more convenient outpatient dosing and result in more predictable and durable treatment benefits to patients."

ENVB Price Action

Enveric's shares traded 2.7919% higher at $0.81 per share at the time of this writing on Thursday.