U.S. markets close in 2 hours 21 minutes
  • S&P 500

    3,949.27
    -14.67 (-0.37%)
     
  • Dow 30

    33,814.65
    -34.81 (-0.10%)
     
  • Nasdaq

    10,960.87
    -88.63 (-0.80%)
     
  • Russell 2000

    1,837.67
    +6.71 (+0.37%)
     
  • Crude Oil

    78.16
    +0.92 (+1.19%)
     
  • Gold

    1,763.80
    +8.50 (+0.48%)
     
  • Silver

    21.42
    +0.30 (+1.40%)
     
  • EUR/USD

    1.0337
    -0.0007 (-0.07%)
     
  • 10-Yr Bond

    3.7390
    +0.0360 (+0.97%)
     
  • GBP/USD

    1.1958
    -0.0007 (-0.06%)
     
  • USD/JPY

    138.5180
    -0.3830 (-0.28%)
     
  • BTC-USD

    16,369.38
    +187.84 (+1.16%)
     
  • CMC Crypto 200

    386.79
    -1.94 (-0.50%)
     
  • FTSE 100

    7,512.00
    +37.98 (+0.51%)
     
  • Nikkei 225

    28,027.84
    -134.99 (-0.48%)
     

Mydecine Reports Financial Results for the Second Quarter of Fiscal Year 2022

Mydecine Innovations Group Inc.
Mydecine Innovations Group Inc.

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

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.