Financial Performance - The net loss for Q2 2024 was $1,879,394, compared to a net loss of $6,356,053 in Q2 2023[94]. - The company reported a net loss of $4,336,309 for the six months ended June 30, 2024, compared to a net loss of $11,033,580 in the same period of 2023[99]. - The company incurred an accumulated deficit of $100,835,827 as of June 30, 2024, with further losses anticipated in business development[106]. Operating Expenses - Total operating expenses for Q2 2024 were $1,897,931, a decrease of 67% from $5,755,007 in Q2 2023[94]. - General and administrative expenses decreased by $1,975,249, or 60%, from $3,272,900 in Q2 2023 to $1,297,651 in Q2 2024[95]. - Research and development expenses dropped by $1,880,088, or approximately 78%, from $2,395,589 in Q2 2023 to $515,501 in Q2 2024[96]. - General and administrative expenses decreased to $3,231,404 for the six months ended June 30, 2024, down 48% from $6,192,700 in 2023[100]. - Research and development expenses for the six months ended June 30, 2024 were $973,656, a decrease of approximately 77% from $4,249,981 in 2023[101]. - Depreciation and amortization expense for the six months ended June 30, 2024 was $170,188, a decrease of approximately 2% from $173,004 in the same period of 2023[102]. Cash Flow and Liquidity - The company has significant liquidity needs and potential requirements for additional funding[79]. - As of June 30, 2024, the company had cash of $3,502,551 and working capital of $4,874,594, which is insufficient to meet its operating cash needs for the next 12 months[108]. - The company had operating cash outflows of $5,487,520 for the six months ended June 30, 2024, compared to $9,602,930 in 2023[112]. - Net cash provided by financing activities was $6,692,699 during the six months ended June 30, 2024, compared to a net cash used of $1,052,057 in 2023[115]. Business Development - The company created over 1,000 novel psychedelic molecular compounds and derivatives housed in its proprietary Psybrary™[82]. - The company is advancing its lead program, EB-002, for the treatment of psychiatric disorders, and EB-003, targeting difficult-to-address mental health disorders[81]. Warrant and Investment Liabilities - The change in fair value of warrant liabilities resulted in income of $20,844 for the six months ended June 30, 2024, compared to a loss of $183,164 in 2023[103]. - The change in fair value of investment option liability resulted in income of $19,165 for the six months ended June 30, 2024, compared to a loss of $962,636 in 2023[104]. Share Issuance - The company issued 1,668,000 shares of common stock for gross proceeds of $2,392,502 during the six months ended June 30, 2024[84]. - The company entered into warrant exercise inducement letters, resulting in the exercise of 1,122,000 shares at a reduced price, generating total proceeds of $280,500[85].
Enveric Biosciences(ENVB) - 2024 Q2 - Quarterly Report