Full Press Release Details
Biosciences Reports Financial Results and Provides Corporate Update for Fourth Quarter and Fiscal Year Ended 2024
Development Highlights:
| Advanced pre-IND and research activities including confirmation of oral bioavailability and significant brain exposure for EB-003, a novel potential first-in-class neuroplastogenic molecule designed to treat severe mental health disorders | ||
| Announced positive pharmacology and preclinical safety data for EB-003 including targeting of serotonergic receptors, supporting the potential of the neuroplastogenic therapeutic effect | ||
| Presented data highlighting development of EB-003 at European Behavioral Pharmacology Society Biennial Workshop and 7 th Neuropsychiatric Drug Summit | ||
| Broadened pipeline of potential non-hallucinatory molecules with new U.S. patent for EVM401 Series mescaline derivative compounds |
and Business Development Highlights:
| Conducted business development campaign with multiple classes of promising novel drug candidates | ||
| Executed out-licensing deal of patented topical product to Aries Science & Technology for development in radiation dermatitis. | ||
| Completed out-licensing agreement for EVM201 program to MycoMedica Life Sciences | ||
| Executed two out-licenses to Restoration Biologics for the development and marketing of patented Cannabinoid-COX-2 conjugate compounds in joint disease |
Mass., March 31, 2025 - 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 following the filing of its 10-K on Friday March 28, 2025 which reported financial
results for the fourth quarter and year ended December 31, 2024.
is entering 2025 with a clear mission - enhance shareholder value by cementing our leadership position in the promising neuroplastogen
field with the continued development of EB-003," stated Joseph Tucker, Ph.D., Director and CEO of Enveric. "With EB-003,
we believe Enveric is at the forefront of redefining the treatment of severe mental health conditions, an area of medicine that has been
without substantial innovation for many years. We are now focused on completing the data package needed to file an Investigational New
Drug (IND) application for EB-003. After the completion of a pre-IND meeting with the U.S. Food and Drug Administration (FDA), and the
filing of the IND, we will be poised to advance EB-003 into Phase 1 clinical trials and towards the goal of capitalizing on the estimated
$35 billion future market opportunity for neuroplastogens."1
Tucker continued: "Expanding from this foundation, Enveric will work to identify and capture additional opportunities to build
value through the discovery of new, potentially groundbreaking molecules and by harnessing our portfolios of patented technologies to
secure additional licensing deals with strategic partners. Representative of this expansion was the recent unveiling of our EVM401 series
of compounds. This new family of molecules offers the potential for Enveric to broaden our neuroplastogen program beyond addiction and
neuropsychiatric disorders."
Tucker concluded: "This is an exciting time for Enveric, and we believe the Company is well positioned to reinforce its leadership
role in developing innovative, non-hallucinatory neuroplastogens for mental health diseases and other conditions that remain challenging
to treat and devastating to patients."
QUARTER, YEAR END, AND RECENT UPDATES
Product and Business Development Highlights:
| Confirmed oral bioavailability and significant brain exposure in preclinical studies of EB-003, supporting elevation of EB-003 to lead neuroplastogen candidate for expedited development | ||
| Announced positive pharmacology and safety data for EB-003 with in vitro pharmacology studies confirming targeting to desired serotonergic receptors, supporting the potential of the neuroplastogenic therapeutic effect | ||
| Preclinical safety pharmacology studies showed no adverse cardiovascular or CNS events | ||
| Presented data highlighting development of EB-003 at European Behavioral Pharmacology Society Biennial Workshop and 7th Neuropsychiatric Drug Summit | ||
| Unveiled EVM401 series of compounds with new U.S. patent to support development of mescaline derivative compounds, broadening Enveric's pipeline of potential non-hallucinogenic neuroplastogen drug candidates | ||
| Expanded patent protection for EVM301 and EVM201 portfolio, including receipt of US Patent Notice of Allowance for lead drug candidate EB-003 | ||
| Closed $5 million public offering | ||
| Launched business development initiative with multiple classes of novel drug candidates discovered using Enveric's Psybrary drug discovery platform |
| Executed out-licensing deal of patented topical product to Aries Science & Technology for development in radiation dermatitis with aggregate milestone payments of up to $61 million, as well as tiered royalties ranging from 2.5% to 10% on future sales | ||
| Completed out-licensing agreement for EVM201 program, which included EB-002 Candidate, to MycoMedica Life Sciences, with upfront, development, and sales milestones potentially totaling up to $62 million, plus tiered single digit royalties on all future sales | ||
| Entered into two out-licensing agreements with Restoration Biologics, which expects to develop and market Enveric's patented Cannabinoid-COX-2 conjugate compounds for use in treating joint disease with milestone payments that could potentially add up to a total of $61 million for the pharmaceutical license and $21 million for the non-pharmaceutical license |
QUARTER & YEAR END FINANCIAL RESULTS
loss attributable to stockholders was $3.2 million for the fourth quarter ended December 31, 2024, including $1.0 million in net non-cash
expense, with a basic and diluted loss per share of $4.83, as compared to a net loss of $3.4 million, including $1.5 million in net non-cash
income, with a basic and diluted loss per share of $21.90 for the quarter ended December 31, 2023. The Company had cash-on-hand of $2.2
million for the quarter ended December 31, 2024.
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, the Psybrary
platform, which houses proprietary information on the use and development of existing and novel molecules for specific mental health
indications, Enveric seeks to develop a robust intellectual property portfolio of novel drug candidates. Enveric's lead molecule,
EB-003, is a potential first-in-class neuroplastogen designed to promote neuroplasticity, without inducing hallucinations, in patients
suffering from difficult-to-address mental health disorders. Enveric is focused on advancing EB-003 towards clinical trials for the treatment
of neuropsychiatric disorders while out-licensing other novel, patented Psybrary platform drug candidates to third-party licensees
advancing non-competitive market strategies for patient care. Enveric is headquartered in Naples, FL with offices in Cambridge, MA and
Calgary, AB Canada. For more information, please visit www.enveric.com.
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," "explores,"
"schedules," "seeks," "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: finalize
and submit its IND filing to the U.S. Food and Drug Administration; 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.
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.
Strategic Advisors, Inc.
Strategic Advisors, Inc.