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Wellbeing Digital Sciences Announces Q3 Financial Results and Provides Corporate Update

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Wellbeing Digital Sciences Inc.
Wellbeing Digital Sciences Inc.

As we build upon the three core pillars of our success, Drug Development, Digital Therapeutics, and our North American Clinical Network, we are focused on the development and implementation of effective mental health therapies for a growing patient base

VANCOUVER, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) -- Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, that it has filed its unaudited financial results for the third quarterly period ending April 30, 2022, and provided a business update.

“2022 will be foundational year that will set the stage for Wellbeing to execute on its strategy in the future,” said Najla Guthrie, Wellbeing’s Chief Executive Officer. “We are focused on developing and expanding our leadership team, closing additional clinical and digital acquisitions as well as evaluating strategic capital market opportunities to build shareholder value. As we build upon the three core pillars of our success, Drug Development, Digital Therapeutics, and our North American Clinical Network, we are focused on the development and implementation of effective mental health therapies for a growing patient base.”

Corporate Updates During and Subsequent to the Fourth Quarter 2021:
Appointment of Terry Zimaro as Chief Financial Officer - Mr. Zimaro is a Chartered Professional Accountant who brings over 20years of public and private company experience in a wide range of finance functions, in particular specializing in high-growth environments, within various industries including psychedelics. He has enabled companies to maximize profitability, operational efficiencies, and enterprise value. Terry is joining our team at an exciting time for the Company. His extensive financial experience, combined with his strong leadership skills will enable him to make an immediate impact on our business. As CFO, Terry is another key strategic addition to our team, and look forward to seeing his impact on the Company’s corporate strategy and growth opportunities.

Founding member of the Women in Psychedelics Network - The formation of WIP is to make a long-term impact on the psychedelic space, by bringing together a diverse group of women in this space and to be a voice for all women going forward regarding their developments, achievements and challenges. Information sharing, expertise and collaboration are a few of the many elements that the founders of WIP believe will help advocate and represent the women who are part of the psychedelic medicine industry. WIP will look to recruit healthcare representatives, scientists, and company leaders, as well as sponsorships from companies that may not be led by women but are support WIP.

Welcoming Dr. Ho as new medical director of MindScape - Since MindScape was purchased by Wellbeing on April 21, 2021, the Clinic has administered over 600 low-dose ketamine infusions to patients, which the Company views as a significant milestone. Wellbeing is in the process of evaluating the addition of complementary mental health services being provided to patients at the Clinic. The Company has also recently implemented a new marketing strategy and intends to grow the local patient base by establishing connections with mental health practitioners in the area that have recognized the potential of the off-label use of ketamine in the treatment of mood disorders. Ketamine appears to have anti-depressant and anti-suicidal effects and, according to recent studies, the possibility of ketamine treating mood disorders like bipolar is thought to be quite promising.

Financial Highlights (all amounts expressed in Canadian Dollars unless otherwise noted)

  • Revenue for the nine-month quarter ended April 30, 2022, reached $5,280,640, as compared to $nil for the same period of the prior year, which was primarily due to transitioning from an investment issuer to a single-purpose company focused on consolidating medical clinics and becoming a North American leader in mental health treatments;

  • Gross loss for the quarter ended April 30, 2022 was $150,648, as compared to $nil for the same period of the prior year, due to cost of goods sold slightly exceeding revenue for the nine-month period ended;

  • Net loss for the quarter ended April 30, 2022 was $21,149,109, as compared to net loss of $4,905,255 reported for the same period of the prior year, primarily due to share based payments of $13,945,132 (2021 - $2,087,678), general and administrative expenses of $1,575,930 (2021 - $41,521), marketing expenses of $1,522,853 (2021 - $Nil) and professional fees of $2,225,604 (2021 - $328,806).

  • Total assets for the quarter ended April 30, 2022 decreased by 19% to $17,714,820 from $21,921,195 for the year ended July 31, 2021, which was mainly attributable to a decreased in cash and cash equivalents and amortization of certain non-current assets.

The full set of Consolidated Financial Statements and Management Discussion and Analysis can be viewed by visiting its profile page on SEDAR at www.sedar.com.

About Wellbeing Digital Science
Wellbeing Digital Sciences Inc. is an evidence-based mental healthcare company focused on the development and implementation of innovative clinical treatment solutions, including psychedelic medicine and digital therapeutics, as supported by clinical research. Its mission is supported by a network of North American clinics that provide forward-thinking therapies and other types of treatment to patients as well as through a contract research organization that offers clinical trials services to clients pursuing drug development. For additional information, please visit wellbeingdigital.co.

On behalf of:

Najla Guthrie
Chief Executive Officer
WELLBEING DIGITAL SCIENCES

For further information, please contact:
Natalie Dolphin
VP of Marketing & Investment Relations
Email: ir@wellbeingdigital.co
Twitter: @Wellbeing_IR

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.