- Ended the year with strong cash position of $59.2 million
- Revenues grew 81% year-over-year to $0.5 million for Q4 2021
- Revenues grew 72% year-over-year to $1.5 million for FY 2021
- Gross profit of $31,818 for Q4
2021
- Completed the acquisition of the Neurology Centre of
Toronto in September 2021
- Two clinical trials about to launch: Phase 1 study for
proprietary psilocybe extract and Phase 3 open label extension
study partnership with MAPS for MDMA for PTSD
- Recently received conditional approval to graduate to the
TSX (from the TSX Venture)
All financial results are reported in Canadian dollars unless
otherwise stated.
VANCOUVER, BC, Dec. 9, 2021 /CNW/ - Numinus Wellness Inc.
("Numinus" or the "Company") (TSXV: NUMI) (OTCQX: NUMIF), a mental
health care company advancing innovative treatments and safe,
evidence-based psychedelic-assisted therapies, today announced its
fiscal fourth quarter and full year results for the periods ended
August 31, 2021.
"During the fourth quarter we were focused on building the team,
infrastructure, technologies and protocols that will allow us to
scale our business over the next several years," said Payton Nyquvest, Founder and CEO. "We welcomed
several new key executives, began our laboratory expansion, and
filed a patent for a proprietary rapid production process for
psilocybe."
Mr. Nyquvest continued: "Since the quarter ended, we have
started to see the benefits of these transformative initiatives,
with the expansion of our Ketamine-Assisted Psychotherapy offering,
the acquisition of the Neurology Centre of Toronto, the finalization of our Phase 1
clinical trial protocols for our proprietary psilocybe extract, a
partnership with MAPS to conduct the Phase 3 extension study of
MDMA for PTSD, and the development of new proprietary toxicity and
potency testing tools for psilocybin."
Fourth Quarter Financial Highlights:
- Cash balance of $59.2 million as
of August 31, 2021
- Revenues grew 81.1% year-over-year to $0.5 million in Q4 2021, due primarily to the
acquisition of Mindspace.
- Gross profit of $31,818 in Q4
2021, compared to gross loss of $158,222 in Q4 2020
- Loss was $7.8 million for Q4
2021, which included a $1.6 million
non-cash goodwill impairment charge related to the acquisition of
Mindspace1.
__________
|
1 The
impairment is primarily related to the exclusion of future revenues
derived from psychedelic-assisted psychotherapies as these services
are currently unregulated. As a result of IFRS standards, the
Company must recognize there is uncertainty of realization of such
revenues, and the impact on expected revenue growth and
profitability to related services, relative to management's
forecasts.
|
Fiscal 2021 Financial Highlights:
- Revenues grew 71.8 % year-over-year to $1.5 million in fiscal 2021, due primarily to the
acquisition of Mindspace.
- Gross loss of $81,538, compared
to gross profit of $88,047 in fiscal
2020
- Loss was $18.8 million for fiscal
2021, which included a $1.6 million
non-cash goodwill impairment charge related to the acquisition of
Mindspace¹, compared to a loss of $9.6
million in fiscal 2020.
Operational Highlights During and Subsequent to Fourth
Quarter 2021:
Numinus Bioscience – Research and Laboratory
- Q4 2021 revenue of $90,593, a
decrease of 66.7% from Q4 2020. This is primarily due to the
Company ceasing cannabis related activities during the year to
dedicate resources towards advancing psychedelic-centered service
offerings – including psychedelic analytical testing and contract
laboratory services, to align with the Company's strategy and
overall objectives.
- In June 2021, the Company filed a
provisional patent application with the United States Patent and
Trademark Office for a proprietary rapid production process for
psilocybe and other psychoactive fungi species. This process
dramatically increases the production of therapeutics for use in
psychedelic-assisted psychotherapy and leads to standardized
psychedelic extracts that are reproducible, scalable,
cost-effective and commercially viable.
- In July 2021, Numinus received
Health Canada approval for the MAPS-sponsored, single-arm,
open-label safety and feasibility study evaluating MDMA-assisted
therapy for PTSD.
- During the quarter, Numinus began the 7,500 ft. expansion of
its psychedelics research facility, including the building of an
additional laboratory. An application for federal licensing for the
additional lab was submitted in September
2021. The new space (adjacent to Numinus' existing
laboratory) will be dedicated to the following services:
-
- Bioanalytical testing,
- Bioassay and in-vitro studies,
- Research & development and formulation studies for several
psychedelic compounds, including ketamine and LSD, and,
- Small batch manufacturing.
Subsequent to Q4 2021:
- On October 24, 2021, Numinus
announced it finalized the study design and protocol for a Phase 1
clinical trial on a naturally derived Psilocybin extract. This
major milestone advances Numinus' investigation of its first
proprietary psychedelic product, which was developed using a
patent-pending technology.
- On November 10, 2021, the Company
announced it will host the Montreal and Vancouver sites of the MAPPUSX study, which
will continue to study the safety and efficacy of MDMA in treating
severe PTSD, titled "A multi-site open-label extension study of
MDMA-assisted psychotherapy for PTSD."
- On November 29, 2021, the Company
announced that Numinus Bioscience developed proprietary psychedelic
drug tests with new toxicity and potency scans. These new
analytical tests will accelerate Numinus' research and development
capabilities and generate new revenue streams through third-party
client product testing.
Numinus Health and Mindspace – Wellness Clinics
- Q4 2021 revenue of $400,306, a
100% increase compared to nil during the same period last year when
Numinus' only clinic at the time was closed due to COVID-19.
- As at August 31, 2021, Numinus
Health had four wellness clinics across Canada (one in Vancouver and three in Montreal) that had a total of 16 treatment
rooms.
- During Q4 2021, 650 individual clients received a total of
2,671 therapy appointments through Numinus Health clinics
(including one-on-one and group therapy sessions). In the three
months following (during fiscal Q1 2022) the total number of client
appointments at these same clinics grew by 42% to 3,792 (including
one-on-one and group therapy sessions, and Ketamine-assisted
psychotherapy).
Subsequent to Q4 2021:
- On September 23, 2021, Numinus
completed the acquisition of the Neurology Centre of Toronto ("NCT") for $1.0 million, allowing for the planned expansion
of NCT into a comprehensive neurologic care center specialized in
psychedelic neurology.
- On November 10, 2021, the Company
announced that it had secured two additional clinic locations in
Vancouver and Montreal that will primarily be used for
clinical research studies in the near-term. The locations are
already fully compliant with Health Canada regulations and can be
seamlessly converted to client facing wellness clinics in the
future.
- As of December 9, 2021, Numinus
has five wellness clinics offering services to clients (one in
Vancouver, one in Toronto, and three in Montreal) that have a total of 21 treatment
rooms. In addition, the company has two dedicated research clinics
where psychedelic studies are being conducted (one in Vancouver and one in Montreal).
Corporate Updates
- During Q4 2021, Numinus expanded its management team with new
executive appointments in Marketing, Clinic Operations, Human
Resources and Investor Relations.
Subsequent to Q4 2021:
- On November 22, 2021, the Company
changed its OTC ticker symbol to "NUMIF" (from "LKYSF") to better
align with its Canadian ticker symbol.
- On November 25, 2021, Numinus
received conditional approval to graduate to the TSX (from the
TSXV), with the first day of trading scheduled for approximately
December 16, 2021.
Key Performance
Metrics:
|
|
|
|
|
|
|
|
|
For the quarter
ended
August 31,
|
|
For the year
ended
August 31,
|
|
2021
|
2020
|
|
2021
|
2020
|
Numinus
Bioscience¹ revenue
|
90,593
|
272,023
|
|
479,502
|
791,504
|
Numinus Health
revenue
|
|
11,852
|
(993)²
|
|
63,008
|
89,674
|
Mindspace revenue
|
388,454
|
-
|
|
971,160
|
-
|
Total
revenue
|
$490,899
|
$271,030
|
|
$1,513,670
|
$881,178
|
Cost of
revenue
|
(459,081)
|
(429,252)
|
|
(1,595,208)
|
(793,131)
|
Gross profit
(loss)
|
$31,818
|
($158,222)
|
|
($81,538)
|
88,047
|
Total
expenses
|
($7,643,606)
|
($3,041,299)
|
|
($18,503,774)
|
($7,365,258)
|
Loss before other
items
|
($7,611,788)
|
($3,199,521)
|
|
($18,585,312)
|
($7,277,211)
|
Other
items
|
(171,124)
|
(101,047)
|
|
(188,633)
|
(2,331,237)
|
Loss before income
tax
|
($7,782,912)
|
($3,300,568)
|
|
($18,773,945)
|
($9,608,448)
|
Income tax
recovery/ (expense)
|
-
|
7,937
|
|
-
|
7,884
|
Loss and
comprehensive loss
|
($7,782,912)
|
($3,292,631)
|
|
($18,773,945)
|
($9,600,564)
|
Basic & diluted
loss per share
|
($0.04)
|
($0.03)
|
|
($0.11)
|
($0.15)
|
1 Numinus Bioscience consists of
revenues generated through Numinus' laboratory and research
activities.
|
2 During
Q4 2020, Numinus' only wellness clinic (at that time) was closed
due to COVID-19. Negative revenue was recorded as a result of
adjustments made during the quarter.
|
Numinus' condensed consolidated annual financial statements for
the period ended August 31, 2021 and
related management's discussion and analysis are available on
Numinus' Investor Relations website at
www.investors.numinus.com and under the Company's profile on
SEDAR at www.sedar.com. These documents were prepared in
accordance with IFRS and with TSX-V disclosure timeline
requirements.
Conference Call and Webcast Details
Interested parties are invited to participate in the Company's
Q4 and 2021 results conference call and webcast. On the call
Numinus executives will review the Company's performance and recent
initiatives, and answer questions from analysts.
Date:
|
Thursday, December 9,
2021
|
Time:
|
5:30 p.m.
(EST)
|
Dial-In:
|
1 (833) 989-2968
(Toll-free North America), 1 (236) 714-4028
(International)
|
Code:
|
5255006
|
Webcast:
|
https://event.on24.com/wcc/r/3506991/5B53106F5B6F898C2A8E46D1C03BF708
|
The webcast will also be archived on the Events and
Presentations page of Numinus' Investor Relations website:
https://www.investors.numinus.com/events-and-presentations
About Numinus
Numinus Wellness (TSX-V: NUMI) helps
people to heal and be well through the development and delivery of
innovative mental health care and access to safe, evidence-based
psychedelic-assisted therapies. The Numinus model - including
psychedelic production, research and clinic care - is at the
forefront of a transformation aimed at healing rather than managing
symptoms for depression, anxiety, trauma, pain and substance use.
At Numinus, we are leading the integration of psychedelic-assisted
therapies into mainstream clinical practice and building the
foundation for a healthier society.
Learn more at www.numinus.com and follow us on LinkedIn,
Facebook, Twitter, and Instagram.
Forward-looking statements
This press release
contains forward-looking statements within the meaning of
applicable securities laws. All statements that are not historical
facts, including without limitation, statements regarding future
estimates, plans, programs, forecasts, projections, objectives,
assumptions, expectations or beliefs regarding future performance
are "forward-looking statements". Forward-looking statements can be
identified by the use of words such as "expects", "does not
expect", "is expected", "believes", "intends", "anticipates", "does
not anticipate", "believes" or variations of these words,
expressions or statements, that certain actions, events or results
"may", "could", "would", "might" or "will be" taken, will occur or
will be realized. Such forward-looking statements involve risks,
uncertainties and other known and unknown factors that could cause
actual results, events or developments to differ materially from
the results, events or developments expected and expressed or
implied in such forward-looking statements. These risks and
uncertainties include, but are not limited to, dependence on
obtaining and maintaining regulatory approvals, including the
acquisition and renewal of federal, provincial, municipal, local or
other licenses, and any inability to obtain all necessary
government authorizations, licenses and permits to operate and
expand the Company's facilities; regulatory or policy changes such
as changes in applicable laws and regulations, including federal
and provincial legalization, due to fluctuations in public opinion,
industry perception of integrative mental health, including the use
of psychedelic-assisted therapy, delays or inefficiencies or any
other reason; any other factor or development likely to hamper the
growth of the market; the Company's limited operating and
profitability track record; dependence on management; the Company's
need for additional financing and the effects of financial market
conditions and other factors on the availability of capital;
competition, including that of more established and better funded
competitors; the continued impact of the COVID-19 pandemic; and the
need to build and maintain alliances and partnerships, including
with research and development companies, customers and suppliers.
These factors should be carefully considered, and readers are
cautioned not to place undue reliance on forward-looking
statements. Despite the Company's efforts to identify the main risk
factors that could cause actual measures, events or results to
differ materially from those described in forward-looking
statements, other risk factors may cause measures, events or
developments to materially differ from those anticipated, estimated
or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in
forward-looking statements. The Company does not undertake to
revise forward-looking statements, even if new information becomes
available as a result of future events, new facts or any other
reason, except as required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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SOURCE Numinus Wellness Inc.