PharmAla Issues Q2 Financial Statements

Core Viewpoint - PharmAla Biotech Holdings Inc. has reported significant operational and financial developments, highlighting growth in MDMA product sales and the establishment of sustainable revenue streams through its Prescriber's Portal and distribution agreements [2][6]. Financial Highlights - For fiscal 2024, the company achieved revenue exceeding $1.0 million, marking a year-over-year increase of $503,000 or 95%, driven by MDMA product sales growth of $723,000, which is a 73% increase year-over-year [6]. - Customer deposits increased by approximately $19,000 in fiscal 2024 and continued to grow by $121,600 through Q2, with $49,000 recognized as revenue [6]. - The company recognized $88,900 in product revenue during the three and six months ended February 28, 2025, following the resumption of shipments in Canada and fulfillment of U.S. clinical trial sales contracts [6]. Operational Developments - The company has successfully transitioned operations, with the Prescriber's Portal yielding sustainable patient treatments and distribution, which are expected to be foundational for recurring revenue [2]. - PharmAla has established a repeatable process for clinical trial deliveries in the U.S. after fulfilling its first clinical trial sales [4]. - The company has secured Health Canada export permits, allowing it to resume shipments under the Special Access Program (SAP) [6]. Company Overview - PharmAla Biotech focuses on the research, development, and manufacturing of MDXX class molecules, including MDMA, and aims to alleviate the global backlog of clinical-grade MDMA for trials and commercial sales [5]. - The company is recognized as the only provider of clinical-grade MDMA for patient treatments outside of clinical trials and has completed proof-of-concept research for several drug candidates [5].