Mydecine Reports Financial Results for the Second Quarter of Fiscal Year 2022

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DENVER, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) ("Mydecine" or the "Company"), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results for the six months ended June 30, 2022.

Financial Results for the Six Months Ended June 30, 2022

Net Loss: The net loss attributable to common stockholders was $8.09 million, from operations, or a basic and diluted loss per share of $(1.31). For the same period in 2021, loss from operations was $13.53 million, or a basic and diluted loss per share attributable to common stockholders of ($3.04) and which included a $4.2 million impairment charge and a loss of $103,285 from discontinued operations,

Cash Position: The Company had $324,146 in cash and cash equivalents as of June 30, 2022.



CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - UNAUDITED.
Three-months ended
June 30,
Six-months ended
June 30,
Note2022 2021
(Restated)
2022 2021
(Restated)
$ $ $ $
Sales - - - -
Cost of goods sold - - - -
Gross margin - - - -
Expenses
Finance cost 6,7238,464 27,960 459,663 123,697
Corporate development 13,594 428,203 141,474 2,427,138
Depreciation and amortization 5,834,301 37,663 94,573 79,195
Consulting fees 703,895 1,193,840 2,127,768 2,217,495
Director and management fees12120,284 341,632 230,856 832,508
Foreign exchange loss (gain) (53,964) 97,293 (25,776) 319,668
Insurance 289,529 153,223 548,874 153,223
Office and miscellaneous 22,541 (115,467) 240,523 220,899
Professional fees 385,479 697,414 992,633 1,350,469
Regulatory filing fee - 12,276 - 177,912
Research and development 652,486 1,091,920 1,702,011 1,322,130
Property taxes
- - - -
Salaries12 737,196 234,331 1,375,242 234,331
Share-based payments - - - -
Total expenses 3,143,805 4,454,160 7,887,841 9,458,665
Other income (expenses)
Change in fair value of derivative liabilities9 631,760 249,549 (261,690) 221.893
Impairment of investment in associate - (4,169,616) - (4,169,616)
Consideration paid in excess of identifiable assets - - - -
Rental income - 32,310 - 32,307
Gain (loss) on settlement of debt - - - (2,319)
Total other income (expenses) 631,760 3,887,757 261,690 (3,917,735)
Loss from continuing operations (2,512,045) (8,341,947) (8,149,531) (13,376,400)
Loss from discontinued operations1- 18,788 - (103,285)
Foreign currency translation adjustment 61,561 (24,830) 61,561 (48,628)
Net loss and comprehensive loss for the period (2,450,484) (8,347,989) (8,087,970) (13,528,313)
Net loss per share - Basic and diluted from continuing operations (0.35) (1.75) (1.31) (3.04)
Weighted average number of shares outstanding - Basic and diluted 7,142,532 4,744,805 6,217,942 4,440,487



CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED.
As at,NoteJune 30, 2022
$
December 31,
2021
(Audited)
$
Current assets
Cash 324,146 1,495,311
Rent and other receivable - 3,856
Inventory - -
Sales tax receivable 257,338 201,000
Prepaids and deposits43,742,147 3,521,125
Total current assets 4,323,632 5,221,352
Non-current assets
Prepaids and deposits41,504,484 1,793,894
Right-of-use asset8- 130,546
Property and equipment, net5362,815 434,910
Total assets 6,190,930 7,580,702
Current liabilities
Accounts payable and accrued liabilities 3.252,719 1,587,238
Notes payable787,916 -
Derivative liabilities979,660 1,280,294
Lease liability - current portion8- 79,728
Total current liabilities 3,420,295 2,947,260
Non-current liabilities
Convertible debentures, net64,797,009 4,354,302
Long-term portion of lease liability8- 67,821
Total liabilities 8,217,304 7,369,383
Shareholders' equity
Share capital10113,908,425 107,662,388
Contributed surplus1016,994,081 17,288,315
Equity portion of convertible debentures10175,756 175,756
Accumulated other comprehensive loss 61,561 -
Deficit (133,166,197)(124,915.140)
Total shareholders' equity (2,026,374)211,319
Total liabilities and shareholders' equity 6,190,930 7,580,702


For more information, please review the Company's filed financial statements and management discussion on the SEDAR site.

About Mydecine Innovations Group

Mydecine Innovations Group(TM) (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is a biotechnology company developing innovative first- and-second-generation novel therapeutics for the treatment of mental health and addiction using world-class technology and drug development infrastructure. Mydecine was founded in 2020 to address a significant unmet need and lack of innovation in the mental health and therapeutic treatment environments. Our global team is dedicated to efficiently developing new therapeutics to treat PTSD, depression, anxiety, addiction and other mental health disorders. The Mydecine business model combines clinical trials and data outcome, technology, and scientific and regulatory expertise with a focus on psychedelic therapy, as well as other novel, non-psychedelic molecules with therapeutic potential. By collaborating with some of the world's foremost authorities, Mydecine aims to responsibly fast-track the development of new medicines to provide patients suffering from mental health disorders with safe and more effective treatment options. Mydecine Innovations Group is headquartered in Denver, Colorado, USA, with international offices in Leiden, Netherlands.

Learn more at: https://www.mydecine.com and follow us on Twitter, LinkedIn, YouTube and Instagram.

For more information, please contact:
Media Contact
Damon Michaels, Chief Operating Officer [email protected]

Investor Relations
Damon Michaels, Chief Operating Officer [email protected]

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer [email protected]

For further information about Mydecine Innovations Group, Inc., please visit the Company's profile on SEDAR at www.sedar.com or visit the Company's website at www.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management's current expectations and assumptions. Often but not always, forward- looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved.

Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company's ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company's products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.


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