Enveric Biosciences Inc. (ENVB) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and notes, revealing a net loss of $9,574,987 for the year, compared to a net loss of $17,291,732 in the previous year. The decrease in net loss is attributed to reduced operating expenses, including a significant decrease in research and development costs.
Enveric's lead program, the EVM301 Series, focuses on developing neuroplastogenic small-molecule therapeutics for treating mental health disorders. The company has out-licensed its EVM201 Series program to MycoMedica Life Sciences, which will handle further development and commercialization.
The company completed a 1-for-15 reverse stock split on January 27, 2025, to regain compliance with Nasdaq $NDAQ's minimum bid price requirement. Enveric received notice of regained compliance on March 4, 2025.
During the year, Enveric raised approximately $8.0 million through sales of common stock and warrants. The company also entered into agreements with Canaccord Genuity LLC and Lincoln Park Capital Fund, LLC, to sell additional shares, subject to certain limitations.
Enveric's cash balance at the end of 2024 was $2,241,026, with a working capital of $1,244,848. The company acknowledges substantial doubt about its ability to continue as a going concern without additional capital.
Research and development expenses decreased to $2,841,272 from $7,252,437, mainly due to reduced salaries and project completion. General and administrative expenses also decreased, driven by lower consulting and stock compensation costs.
Enveric's stock-based compensation costs were approximately $1.6 million for the year, down from $2.2 million in 2023. The company continues to manage its resources to focus on key development programs.
The company is subject to various risks, including regulatory compliance, market competition, and financial liquidity, as detailed in the risk factors section of the filing.
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. annual 10-K report dated March 28, 2025. To report an error, please email [email protected].