Operating Expenses - Total operating expenses decreased to $2,083,192 for the three months ended September 30, 2024, from $3,448,395 for the same period in 2023, a reduction of approximately 40%[100] - General and administrative expenses decreased by $844,983, or 41%, to $1,235,661 for the three months ended September 30, 2024, primarily due to reductions in consulting expenses, salaries, and legal fees[101] - Research and development expenses decreased to $762,717 for the three months ended September 30, 2024, down from $1,281,455 in the same period in 2023, representing a decrease of approximately 40%[102] - General and administrative expenses decreased by $3,806,279, or 46%, to $4,467,065 for the nine months ended September 30, 2024, compared to $8,273,344 for the same period in 2023[108] - Research and development expenses decreased by $3,795,063, or approximately 69%, to $1,736,373 for the nine months ended September 30, 2024, from $5,531,436 in the same period of 2023[110] - Depreciation and amortization expense for the nine months ended September 30, 2024 was $255,002, a decrease of approximately 2% from $259,300 in the same period of 2023[111] Net Loss - The net loss for the three months ended September 30, 2024, was $2,084,032, compared to a net loss of $2,822,216 for the same period in 2023[100] - The net loss for the nine months ended September 30, 2024 was $6,420,341, a reduction from a net loss of $13,855,796 for the same period in 2023[107] Cash and Financing Activities - The company had cash of $3,111,683 and working capital of $3,499,093 as of September 30, 2024, which is insufficient to meet its operating cash needs for the next 12 months[116] - Net cash used in operating activities was $6,414,590 for the nine months ended September 30, 2024, compared to $12,343,363 for the same period in 2023[120] - Net cash provided by financing activities was $7,210,386 for the nine months ended September 30, 2024, compared to a net cash used of $1,157,057 in the same period of 2023[124] Share Issuance and Warrant Exercise - The company issued 1,668,000 shares of common stock for gross proceeds of $2,392,502 under the Distribution Agreement during the nine months ended September 30, 2024[91] - The company entered into warrant exercise inducement offer letters, resulting in the exercise of 1,122,000 shares at a reduced price of $1.37 per share, generating total proceeds of $280,500[93] - The company has registered an additional 4,900,000 shares of common stock available for issuance under the amended Form S-1[99] Research and Development - The company has created over 1,200 novel molecular compounds housed in the Psybrary™, focusing on developing lead molecules EB-002 and EB-003[90] - The company is advancing its EVM201 Series, with EB-002 targeting psychiatric disorders and EB-003 being a non-hallucinogenic neuroplastogen[89] Fair Value Changes - The change in fair value of warrant liabilities resulted in income of $20,722 for the nine months ended September 30, 2024, compared to a loss of $115,342 in the same period of 2023[112] - The change in fair value of investment option liability resulted in income of $18,664 for the nine months ended September 30, 2024, compared to a loss of $399,921 in the same period of 2023[113] Operating Cash Outflows - The company incurred operating cash outflows of $6,414,590 for the nine months ended September 30, 2024, with an accumulated deficit of $102,919,859 as of the same date[115]
Enveric Biosciences(ENVB) - 2024 Q3 - Quarterly Report