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Enveric Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in general and administrative expenses to $1,235,661 from $2,080,644 in the same quarter the previous year, primarily due to reduced consulting and legal fees.
Research and development expenses decreased to $762,717 from $1,281,455, attributed to lower salaries and product development costs.
The company reported a net loss of $2,084,032 for the quarter, compared to $2,822,216 in the previous year, with the decrease in loss attributed to reduced operating expenses.
Cash used in operating activities was $6,414,590 for the nine months ended September 30, 2024, compared to $12,343,363 in the previous year.
Cash provided by financing activities was $7,210,386, primarily from the exercise of warrants and sales of common stock under distribution agreements.
Enveric had cash and cash equivalents of $3,111,683 as of September 30, 2024, with working capital of $3,499,093.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing insufficient cash to meet operating needs for the next 12 months.
Enveric plans to raise additional capital through equity or debt financings to address liquidity concerns.
The filing also discusses the company's ongoing development of its lead programs, EB-002 and EB-003, within its Psybrary™ platform.
Enveric continues to focus on developing neuroplastogenic therapeutics for mental health disorders, leveraging its proprietary AI tool, PsyAI™, for drug discovery and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enveric Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.