Dimethyltryptamine

CAMBRIDGE, Mass.--( BUSINESS WIRE )-- Enveric Biosciences (NASDAQ: ENVB) (“Enveric” or the “Company”), a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders, today provided a corporate update and reported financial results for the third quarter ended September 30, 2024. “The third quarter of 2024 was highlighted by important progress in the development of EB-003, our neuroplastogenic molecule that is designed to address difficult-to-treat mental health disorders without inducing the hallucinogenic effect common to N,N-Dimethyltryptamine (DMT) and related analogs,” said Joseph Tucker, Ph.D., Director and CEO of Enveric. “Among the key achievements, data confirmed that EB-003 has the potential to be delivered via oral administration and penetrate the brain at levels expected to elicit the desired therapeutic effect. Additionally, preclinical safety and pharmacology studies confirmed that EB-003 targets desired serotonergic receptors while minimizing potentially harmful, off-target interactions common to serotonin-like drug compounds. These are clear differentiators for EB-003, which we believe will add to its value potential.” Dr. Tucker added: “Since the June FDA Advisory Committee hearing that raised numerous questions around the potential to approve MDMA for post-traumatic stress disorder, Enveric helped lead the discussion for how neuroplastogens with no or limited hallucinogenic effects might safely progress through clinical trials and gain approval for these patients in need while avoiding the challenges and complexities inherent to running trials with hallucination-inducing compounds. We chose to focus Enveric’s AI-backed drug development platform on reducing and removing hallucinations for our various candidates to mitigate these challenges during clinical development and to reduce barriers to wide adoption by physicians post approval.” Dr. Tucker continued: “In our opinion, drug technologies that minimize or eliminate the hallucinogenic effect in molecules targeting the 5-HT2A receptor have the potential to become the gold standard in one or more neuropsychiatric indications, given the advantages such compounds would offer, including the ability to conduct truly blinded placebo-controlled clinical trials and the potential to administer the therapy in an outpatient setting without psychotherapy support. Recognizing this, we are working to finalize the data package for the EB-003 Investigational New Drug (IND) application, which we anticipate submitting to the U.S. Food and Drug Administration in the second half of 2025.” Dr. Tucker concluded: “In parallel with our EB-003 development efforts, Enveric continues to seek to identify opportunities to secure out-licensing agreements for our other proprietary drug candidates. On this front, we were pleased to enter into separate licensing agreements with Aries Science & Technology and MycoMedica Life Sciences, and we anticipate announcing additional agreements over the coming months. These agreements not only validate the Company’s platform but also generate non-dilutive revenue to support the development of EB-003 and further building stockholder value.” THIRD QUARTER AND RECENT UPDATES Corporate, Product and Business Development Highlights: Confirmed oral bioavailability and significant brain exposure in preclinical studies of EB-003, supporting expedited development with IND filing and first patient dosed expected in 2025 Announced positive results from preclinical safety and pharmacology studies of EB-003, confirming the drug’s selective activity with desired serotonergic neuroreceptors and ability to minimize potential adverse cardiovascular and CNS events Presented foundational research involving EB-003 at the 7 th Neuropsychiatric Drug Summit and the European Behavioral Pharmacology Society Biennial Workshop Strengthened intellectual property estate for EVM301 portfolio and announced the issuance of five additional U.S. patents Executed licensing agreement with Aries Science & Technology to clinically develop and market Enveric’s patented product for radiation dermatitis Executed licensing agreement with MycoMedica Life Sciences to clinically develop and market Enveric’s EB-002 drug candidate THIRD QUARTER FINANCIAL RESULTS Net loss attributable to stockholders was $2.1 million for the third quarter ended September 30, 2024, including $0.5 million in net non-cash expense, with a basic and diluted loss per share of $0.24, as compared to a net loss of $2.8 million, including $0.2 million in net non-cash income, with a basic and diluted loss per share of $1.30 for the quarter ended September 30, 2023. The Company had cash-on-hand of $3.1 million for the quarter ended September 30, 2024. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, Psybrary™, Enveric has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. Enveric’s lead program, EB-003, is a first-in-class approach to the treatment of difficult-to-address mental health disorders designed to promote neuroplasticity without inducing hallucinations in the patient. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and Calgary, AB Canada. For more information, please visit www.enveric.com . Forward-Looking Statements This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans,” “expects” or “does not expect,” “proposes,” “ “budgets,” “schedules,” “estimates,” “forecasts,” “intends,” “anticipates” or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, should, would, or might occur or be achieved. Forward-looking statements may include statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of Enveric to: negotiate and finalize definitive agreements based on any of its out-licensing term sheets and perform pursuant to the terms thereof; carry out successful clinical programs; achieve the value creation contemplated by technical developments; avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials; establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists; secure and enforce legal rights related to Enveric’s products, including patent protection; identify and pursue alternative routes to capture value from its research and development pipeline assets; continue as a going concern; and manage its future growth effectively. A discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings with the Securities and Exchange Commission, including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

- The United States Food and Drug Administration cleared the investigational new drug application for VLS-01 (buccal film DMT); atai expects to initiate a Phase 2 study in treatment-resistant depression patients around YE’24 - Remain on track to initiate a Phase 2 study of EMP-01 (oral R-MDMA) in social anxiety disorder patients around YE’24 - Cash, marketable securities, and committed term loan funding expected to fund operations into 2026 NEW YORK and BERLIN, Nov. 13, 2024 (GLOBE NEWSWIRE) -- atai Life Sciences (NASDAQ: ATAI) (“atai” or “Company”), (NASDAQ: ATAI) (“atai” or “Company”), a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, today announced third quarter 2024 financial results and provided corporate updates. “As we approach the end of 2024, we continue to see progress and momentum across our pipeline, both with our wholly owned programs and strategic investments,” stated Dr. Srinivas Rao, Co-Chief Executive Officer and Co-founder of atai. “We are on track to initiate Phase 2 trials for VLS-01 and EMP-01 around year-end and we look forward to topline Phase 2b data from Beckley Psytech’s BPL-003 in the second quarter of 2025. Our team is focused on executing these trials with the utmost scientific rigor and is driven by our goal of being the leader in developing new psychedelic treatment options to mental health patients in need of innovative, safe and effective solutions.” Recent Clinical HighlightsVLS-01: N,N-dimethyltryptamine (DMT) for Treatment-Resistant Depression (TRD) VLS-01 is a proprietary oral transmucosal film formulation of DMT applied to the buccal surface designed to fit within a two-hour in-clinic treatment paradigm.The United States Food and Drug Administration (FDA) cleared the investigational new drug (IND) application for VLS-01, allowing the Company to proceed with its plans to initiate a randomized, double-blind, placebo-controlled Phase 2 study to assess the safety, efficacy and durability of response of repeated doses of VLS-01 buccal film in patients with TRD.The Phase 2 study is expected to initiate the study in U.S. around year-end 2024. EMP-01: R-enantiomer of 3,4-methylenedioxy-methamphetamine (R-MDMA) for Social Anxiety Disorder (SAD) EMP-01 is an oral formulation of R-MDMA that demonstrated a unique, dose-dependent subjective effect profile in a Phase 1 trial that was generally found to be more similar to classical psychedelics than to racemic MDMA. atai expects to initiate an exploratory, randomized, double-blind, placebo-controlled Phase 2 study to assess the safety, tolerability and efficacy of EMP-01 in adults with SAD around year-end 2024.SAD is an area of high unmet medical need with approximately 18 million people in the U.S. diagnosed in the past year and no novel molecules approved in over two decades. IBX-210: Intravenous (IV)-Ibogaine for Opioid Use Disorder (OUD) IBX-210 is a novel IV formulation of ibogaine, which is an indole alkaloid with potential for clinical benefit for substance use disorderCompleted productive FDA pre-IND meeting to initiate discussions and alignment on a modern ibogaine IND.atai plans to run additional non-clinical studies prior to launching a Phase 1b study. Novel 5-HT2A Receptor Agonists Discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for TRD using artificial intelligence (AI)/machine learning (ML)-informed drug design and medicinal chemistry.Presented data at the Society for Neuroscience (SfN) annual meeting aimed to show that these compounds are promising chemical starting points for new analogs with further improved 5-HT2AR vs. 5-HT2BR agonist selectivity that maintain translational antidepressant-like activity with potential for non-hallucinogenic effects. RL-007: Pro-Cognitive Neuromodulator for Cognitive Impairment Associated with Schizophrenia (CIAS) RL-007 is an orally bioavailable compound that has demonstrated pro-cognitive effects in multiple pre-clinical and clinical studies, including two Phase 1 and two Phase 2 trials.The ongoing Phase 2b study is evaluating 20mg and 40mg of RL-007 vs. placebo in patients living with CIAS. Topline results are expected mid-2025. Recent Corporate UpdatesCompleted the acquisition of IntelGenx Corp. IntelGenx is a drug delivery company focused on the development and manufacturing of novel oral thin film products for the pharmaceutical market and manufactures VLS-01 (buccal film DMT).Neither equity nor cash from the Company was used to acquire IntelGenx. Anticipated Upcoming R&D Catalysts H2’24 VLS-01 TRD: Phase 2 initiation (around YE’24)EMP-01 SAD: Phase 2 initiation (around YE’24)BPL-003 alcohol use disorder (AUD): Phase 2a topline open-label dataELE-101 major depressive disorder (MDD): Phase 2a topline open-label data 2025 BPL-003 TRD: Phase 2b topline data (Q2’25)RL-007 cognitive impairment associated with schizophrenia (CIAS): Phase 2b topline data (mid’25)VLS-01 TRD: Phase 2 topline data (around YE’25)EMP-01 SAD: Phase 2 topline data (around YE’25) Consolidated Financial ResultsCash, cash equivalents, and short-term securities (primarily US treasuries and government agency securities): As of September 30, 2024, the Company had cash, cash equivalents, restricted cash and short-term securities of $101.0 million compared to $154.2 million as of December 31, 2023. The decrease of $53.2 million was primarily driven by $58.1 million net cash used in operating activities, $10.0 million for the Beckley Psytech investment, and $7.7 million investment to advance our programs; partially offset by $16.1 million in proceeds from the partial sale of our ADSs holdings in Compass Pathway, and $5.0 million in proceeds from our committed term loan with Hercules Capital, Inc. The Company expects its cash, short-term securities, public equity holdings, and committed term loan facility to be sufficient to fund operations into 2026. Research and development (R&D) expenses: R&D expenses were $12.4 million for the three months ended September 30, 2024, as compared to $13.3 million for the same prior year period. The year-over-year decrease of $0.9 million was primarily attributable to a decrease of $2.7 million in R&D personnel-related expenses, partially offset by an increase of $1.7 million in program-specific expenses. Within program-specific expenses, the increase was primarily driven by additional clinical trial expenses in the current year. The Company is anticipating R&D spend to increase as its R&D programs progress into later stage clinical trials. General and administrative (G&A) expenses: G&A expenses for the three months ended September 30, 2024, were $10.3 million as compared to $13.6 million in the same prior year period. The year-over-year decrease of $3.3 million was primarily attributable to a $3.5 million decrease in personnel-related expenses and administrative costs. The Company expects the reduction in G&A spend over prior years to continue. Net income (loss): Net loss attributable to stockholders for the three months ended September 30, 2024, was $26.3 million, which included $2.0 million of non-cash change in fair value of notes receivables and other investments and $5.0 million of non-cash share-based compensation. Net income attributable to stockholders for the three months ended September 30, 2023 was $44.2 million, which included a $69.0 million non-cash change in fair value of other investments related to an accounting change of our Compass Pathways plc investment and $8.3 million of non-cash share-based compensation. About atai Life Sciencesatai is a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders and was founded as a response to the significant unmet need and lack of innovation in the mental health treatment landscape. atai is dedicated to efficiently developing innovative therapeutics to treat depression, anxiety, addiction, and other mental health disorders. By pooling resources and best practices, atai aims to responsibly accelerate the development of new medicines to achieve clinically meaningful and sustained behavioral change in mental health patients. atai's vision is to heal mental health disorders so that everyone, everywhere can live a more fulfilled life. For more information, please visit www.atai.life. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “anticipate,” “initiate,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things: our business strategy and plans; the potential, success, cost and timing of development of our product candidates, including the progress of preclinical and clinical trials and related milestones; expectations regarding our strategic investment in Beckley Psytech and other investments; expectations regarding our cash runway; and the plans and objectives of management for future operations, research and development and capital expenditures. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation, the important factors described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in atai's other filings with the SEC. atai disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by applicable law. Contact InformationInvestor Contact:IR@atai.life Media Contact:PR@atai.life -- Financial Statements Attached -- ATAI LIFE SCIENCES N.V.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except share and per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (unaudited) (unaudited)License revenue $40 $87 $313 $296 Operating expenses: Research and development 12,377 13,290 36,513 48,047 General and administrative 10,265 13,631 36,226 44,159 Total operating expenses 22,642 26,921 72,739 92,206 Loss from operations (22,602) (26,834) (72,426) (91,910)Other income (expense), net (3,861) 70,681 (36,795) 70,944 Net income (loss) before income taxes (26,463) 43,847 (109,221) (20,966)Benefit from (provision for) income taxes 178 (238) 163 (588)Losses from investments in equity method investees, net of tax (26) (238) (2,000) (3,199)Net income (loss) (26,311) 43,371 (111,058) (24,753)Net loss attributable to noncontrolling interests (25) (873) (747) (2,821)Net income (loss) attributable to ATAI Life Sciences N.V. stockholders $(26,286) $44,244 $(110,311) $(21,932)Net income (loss) per share attributable to ATAI Life Sciences N.V. stockholders — basic $(0.16) $0.28 $(0.69) $(0.14)Net income (loss) per share attributable to ATAI Life Sciences N.V. stockholders — diluted $(0.16) $0.25 $(0.69) $(0.14)Weighted average common shares outstanding attributable to ATAI Life Sciences N.V. stockholders — basic 160,621,817 155,792,490 159,973,201 155,793,601 Weighted average common shares outstanding attributable to ATAI Life Sciences N.V. stockholders — diluted 160,621,817 177,565,973 159,973,201 155,793,601 ATAI LIFE SCIENCES N.V.CONDENSED CONSOLIDATED BALANCE SHEET(Amounts in thousands) September 30, December 31, 2024 2023 (unaudited) (1)Assets Cash and cash equivalents $29,963 $45,034 Securities carried at fair value 55,957 109,223 Short-term restricted cash for other investments 15,000 - Committed investment funds - 25,000 Prepaid expenses and other current assets 7,454 5,830 Short-term notes receivable - related party, net 5,700 505 Property and equipment, net 865 981 Operating lease right-of-use asset, net 1,032 1,223 Other investments held at fair value 45,227 89,825 Other investments 33,893 1,838 Long-term notes receivable - related party, net - 97 Convertible notes receivable - related party - 11,202 Other assets 2,428 2,720 Total assets $197,519 $293,478 Liabilities and Stockholders' Equity Accounts payable 4,880 4,589 Accrued liabilities 11,953 15,256 Current portion of lease liability 257 275 Short-term convertible promissory notes and derivative liability - related party 925 — Short-term convertible promissory notes and derivative liability 1,481 — Other current liability 147 — Contingent consideration liability - related parties 650 620 Contingent consideration liability 1,388 1,637 Noncurrent portion of lease liability 808 990 Convertible promissory notes and derivative liability - related party — 164 Convertible promissory notes and derivative liability — 2,666 Long-term debt, net 20,336 15,047 Other liabilities 8,378 7,918 Total stockholders' equity attributable to ATAI Life Sciences N.V. stockholders 145,720 242,962 Noncontrolling interests 596 1,354 Total liabilities and stockholders' equity $197,519 $293,478 (1) The condensed consolidated financial statements as of and for the year ended December 31, 2023 are derived from the audited consolidated financial statements as of that date.