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Numinus Wellness Inc. (NUMIF) is a mental health care company dedicated to advancing traditional and innovative behavioral health treatments through safe, evidence-based psychedelic-assisted therapies. They aim to heal rather than manage symptoms of depression, anxiety, trauma, pain, and substance use. By leading the integration of psychedelic-assisted therapies into mainstream clinical practice, Numinus is pioneering a healthier society. Numinus helps individuals heal and be well by providing innovative mental health care and access to safe, evidence-based therapies.
Numinus Wellness released its Q3 Fiscal 2024 results, reporting a revenue of $4.3 million, a 1.9% decline from Q2 2024. The gross profit stood at $1.0 million, down 9.8% sequentially. The company ended the quarter with a cash position of $3.7 million.
Key operational updates include a transition out of Canadian clinical operations and an increase in enrolment to over 1,650 learners in its training programs. The company managed 15 clinical trials and facilitated 15,750 client appointments in the U.S., a 3.2% increase year-over-year.
Notable subsequent events include a letter of intent to acquire MedBright AI Investments, which will result in the issuance of approximately 204,729,372 Numinus shares. The company plans to rebrand as Numinus Intelligence post-acquisition.
Gross margin declined to 22% from 24% quarter-over-quarter, while operating expenditures were reduced by $1.2 million to $6.1 million. Clinical research revenues increased by 10.7%, and practitioner training revenues surged by 114%.
Numinus Wellness will release its Q3 fiscal 2024 financial results on July 11, 2024, after market close. The company will host a conference call and webcast at 5:30 p.m. Eastern Time to review its performance and recent initiatives. A Q&A session will follow the prepared remarks, allowing qualified equity analysts to submit questions. Investors can submit questions via email to invest@numinus.com. The webcast will be archived on the company's Investor Relations page.
Dial-in information for the live call: 1 (888) 330-3632 (North America) or 1 (646) 960-0837 (International). Conference passcode: 3547386.
Numinus Wellness, a mental healthcare company known for its innovative behavioral health treatments and evidence-based psychedelic-assisted therapies, has announced the resignation of Donna Wong as a director. Wong's resignation is effective from June 24, 2024. Payton Nyquvest, Founder, Chair, and CEO of Numinus, expressed gratitude for Wong's contributions to the company.
Numinus Wellness has announced the planned acquisition of MedBright AI, with an aim to integrate AI-driven solutions into mental health services across the U.S. The acquisition will result in the formation of 'Numinus Intelligence' and will leverage MedBright's AI technology to enhance clinical operations and capitalize on reimbursable offerings. The deal is expected to strengthen Numinus' balance sheet with over $5 million in cash and securities. Leaders from MedBright will join Numinus' management and board, contributing extensive experience in U.S. healthcare operations. The transaction involves issuing 1.86 Numinus shares for each MedBright share, culminating in Numinus shareholders holding approximately 39% of the combined entity. The merger aims to drive revenue growth and profitability by expanding AI-enabled mental health services.
On June 7, 2024, Numinus Wellness clarified disclosures from two previous press releases dated May 30, 2024. The first release discussed Numinus' participation in Cybin's Phase 3 trials for major depressive disorder, led by Cedar Clinical Research in Murray, Utah. However, Numinus clarified it has no ownership in CYB003, and results will be shared by Cybin at their discretion. The second release covered Numinus' plans for a new community pilot and Numinus Network, targeting therapists and practitioners. Numinus emphasized that this initiative does not offer access to medical infrastructure for psychedelic therapies and that the subscription model's rollout is uncertain. Both releases included forward-looking statements subject to risks and uncertainties.
On June 7, 2024, Numinus Wellness commented on the FDA's Psychopharmacologic Drugs Advisory Committee (PDAC) meeting on June 4, 2024, which reviewed Lykos Therapeutics' new drug application for MDMA-assisted therapy for PTSD. The PDAC voted against recommending approval, with 2 of 11 members supporting MDMA's effectiveness and 1 member acknowledging its benefits outweighing risks. The FDA is expected to decide in August 2024, with historical data showing a 33% approval rate for drugs not recommended by PDAC. Numinus remains optimistic and continues to focus on other clinical treatments like Spravato and ketamine, aiming to achieve profitability with current operations.
Numinus Wellness announced the results from its annual general meeting held on May 31, 2024. Approximately 15.68% of the company's common shares were represented at the meeting. Six nominees were elected as directors with significant majority votes: Payton Nyquvest (86.16%), Allen Morishita (76.45%), Larry Timlick (94.43%), Michael Tan (85.06%), Donna Wong (95.87%), and Donna Wilson (95.87%). All proposed resolutions, including setting the number of directors at six and appointing Davidson & Company LLP as auditors, were approved. Detailed voting results are available on SEDAR+.
Numinus Wellness has announced a strategic blueprint aimed at enhancing its presence in the U.S. and accelerating its path to profitability. The company plans to optimize costs and expand its network of wellness clinics and clinical research facilities. Key initiatives include a comprehensive membership program and a partnership with the Canadian Centre for Psychedelic Healing (Field Trip Health). This collaboration involves transitioning Numinus' Canadian therapists to Field Trip Health, closing clinics in Montreal, Toronto, and Vancouver, and leasing space for clinical trials at Field Trip Health's Vancouver clinic. The companies have also signed a 3-year training and marketing agreement to further their common interests. The plan emphasizes scalable growth, shareholder returns, and broader access to psychedelic-assisted therapies.
Numinus Wellness has announced its Cedar Clinical Research (CCR) site has been selected for Cybin's Phase 3 clinical trial of CYB003 for Major Depressive Disorder (MDD). The trial, set to begin enrollment mid-2024, follows promising Phase 2 results where 75% of participants achieved remission from depression symptoms. The U.S. FDA has granted breakthrough therapy designation for CYB003. The Murray, Utah location is among the 15 U.S. sites chosen for the study. Dr. Paul Thielking will lead the trial as Principal Investigator. This partnership aims to advance psychedelic-assisted therapy and address unmet needs in mental health care.
Numinus Wellness (TSX: NUMI, OTCQX: NUMIF), a mental health care company focused on psychedelic-assisted therapies, has received Health Canada approval for a new study. The trial will explore the feasibility of a group model for MDMA-assisted psychotherapy, aiming to determine the optimal number of therapists needed for group sessions. The study will involve trainee practitioners who will gain core competencies by observing seasoned therapists and experiencing MDMA in a therapeutic setting. This research aims to enhance the understanding of administering MDMA for severe mental disorders like PTSD.
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