Core Insights - Enveric Biosciences has designated EB-003 as its lead development candidate, targeting severe mental disorders without the hallucinogenic side effects typical of psychedelic drugs [2] - The company has initiated a business development campaign to unlock value from its drug candidates through potential out-licensing agreements, with significant milestone payments and royalties anticipated [3][4] - Enveric has signed a $66.5 million non-binding term sheet with MindBio Therapeutics to out-license novel psilocin prodrug candidates for mental health disorders [11] - The updated valuation methodology reflects a valuation of $6.64 per share, contingent on successful execution by the company [12] Development of EB-003 - EB-003 is a neuroplastogenic molecule aimed at treating severe mental disorders like depression and anxiety, promoting neuroplasticity without significant hallucinogenic effects [2] - The compound is currently in pre-clinical development, with a Pre-IND meeting with the FDA planned for early 2025 [2] - Preliminary data indicates EB-003's ability to bind to the 5-HT2A receptor, which is crucial for its non-hallucinogenic potential in humans [2] Strategic Partnerships - Enveric has executed seven non-binding out-license term sheets with four strategic partners, potentially representing up to $410 million in milestone payments and future royalties [3][5] - The company has also inked two non-binding term sheets with an undisclosed biotechnology company for cannabinoid-COX-2 conjugate compounds, with potential milestone payments of up to $61 million [4][5] - These partnerships are designed to accelerate the development of drug candidates while mitigating financial and operational risks [5] Innovative Approaches - Enveric utilizes its AI platform, PsyAI™, and a library of novel psychedelic molecules, Psybrary™, to develop treatments for hard-to-treat mental health conditions [7] - The collaboration with MindBio Therapeutics focuses on developing a candidate from the NPP class for neuropsychiatric conditions, utilizing microdosing to reduce hallucinogenic effects [11]

Financial Performance - For the three months ended March 31, 2024, total operating expenses decreased to $2,477,317 from $4,860,678 for the same period in 2023, representing a reduction of approximately 49%[97] - The net loss for the three months ended March 31, 2024, was $2,456,915, compared to a net loss of $4,677,527 for the same period in 2023, indicating an improvement of approximately 47%[97] - For the three months ended March 31, 2024, the company reported a loss from operations of $2,477,317 and operating cash outflows of $2,598,347[105][110] - The net cash used in operating activities for the three months ended March 31, 2024, was $2,598,347, compared to $5,137,009 for the same period in 2023[109][111] - The net cash used in investing activities was $0 for the three months ended March 31, 2024, compared to $5,169 in the same period in 2023[112] Expenses Breakdown - General and administrative expenses decreased by $1,014,647, or 34%, from $2,948,400 in Q1 2023 to $1,933,753 in Q1 2024, primarily due to reductions in consulting expenses and salaries[98] - Research and development expenses saw a significant decrease of $1,367,637, or approximately 75%, from $1,825,792 in Q1 2023 to $458,155 in Q1 2024, largely driven by reduced salaries and research costs[99] Cash and Financing Activities - As of March 31, 2024, the company had cash of $6,356,036 and working capital of $5,860,884, which is insufficient to meet its operating cash needs for the next 12 months[106] - The company provided $6,658,269 in net cash from financing activities during the three months ended March 31, 2024, primarily from stock subscription and warrant exercises[113] - The company issued 1,668,000 shares of common stock for gross proceeds of $2,392,502 during the three months ended March 31, 2024[89] - The company entered into warrant exercise inducement offer letters on December 28, 2023, allowing holders to exercise existing warrants at a reduced price, generating total proceeds of $280,500[90] Business Operations and Strategy - The company has created over 1,000 novel psychedelic molecular compounds and derivatives housed in the Psybrary™, focusing on developing lead molecules EB-002 and EB-003[88] - The company is dedicated to developing novel neuroplastogenic small-molecule therapeutics for mental health disorders, leveraging its proprietary Psybrary™ platform[87] - The company has not generated any revenue since inception and has funded its operations mainly through debt and equity issuance[105][108] - The company is exploring additional working capital through public or private equity or debt financings to alleviate its financial conditions[106] Financial Health and Concerns - The company has incurred an accumulated deficit of $98,956,433 as of March 31, 2024, and anticipates further losses in its business development[105] - Management has substantial doubt about the company's ability to continue as a going concern for one year from the issuance of the financial statements[107] - The change in fair value of warrant liabilities resulted in income of $10,039 for Q1 2024, compared to $50,657 in Q1 2023, reflecting a decrease in outstanding warrants[102] - The change in fair value of investment option liability resulted in income of $11,398 for Q1 2024, down from $119,505 in Q1 2023, due to the exercise of investment options and a decrease in stock price[103] - The company has not entered into any financial derivative instruments to hedge against foreign currency exposure, but may consider doing so in the future[118]

Financial Results - Enveric Biosciences, Inc. reported its financial results for Q1 2024, ending March 31, 2024[4] - The company issued a press release on May 15, 2024, providing a corporate update alongside the financial results[4] - Specific financial metrics and performance data were not detailed in the provided content[4]

The most recent trading session ended with Enveric Biosciences, Inc. (ENVB) standing at $0.90, reflecting a -0.56% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily gain of 1.02%. Elsewhere, the Dow saw an upswing of 0.4%, while the tech-heavy Nasdaq appreciated by 2.03%.Coming into today, shares of the company had lost 10% in the past month. In that same time, the Medical sector lost 5.2%, while the S&P 500 lost 3.15%.The investment community will be cl ...

Investors might want to bet on Enveric Biosciences, Inc. (ENVB) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following y ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 March 26, 2024 Date of Report (Date of earliest event reported) Enveric Biosciences, Inc. (Exact name of registrant as specified in its charter) Delaware 001-38286 95-4484725 (State or other jurisdiction of incorporation) (Commission File Number) N/A (Former name or former address, if changed since last report.) Check the appropriate box below ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ENVERIC BIOSCIENCES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 4851 Tamiami Trail N, Suite 200 Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the annual period ended: December 31, 2023 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period ...

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, is pleased to announce that it has signed two non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of cannabinoid-COX-2 conjugate compounds for both pharmaceutical and non-pharmaceutical applicatio ...

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 announced that, on March 5, 2024, the United States Patent and Trademark Office issued U.S. Patent No. 11,918,594, titled “Multi-Substituent Psilocybin Derivatives” and is further expected to issue, on March 19, 2024, U.S. Patent No ...