Numinus Wellness Inc. Stock Price, News & Analysis

Numinus Wellness Inc. (TSX: NUMI; OTCQX: NUMIF) held its Annual General and Special Meeting of Shareholders on February 15, 2023, with 43,610,863 shares (16.6% of the total) represented. Five proposed nominees were elected as Directors for the upcoming term. Notably, Payton Nyquvest received 85.26% approval, while Edwin Garner garnered 98.48%. Shareholders also approved the appointment of Davidson & Company LLP as auditors and the Omnibus Equity Incentive Plan. The outcomes were detailed in the Management Information Circular dated January 18, 2023, available on SEDAR.

Numinus Wellness has received approval from Health Canada for a groundbreaking clinical trial studying the safety and efficacy of whole Psilocybe cubensis tea, branded as EnfiniTea. This trial is historic as it is the first to evaluate whole mushrooms in a clinical environment, aiming to enhance access to psilocybin-assisted therapy. The study will also offer experiential training for therapists, ensuring a skilled workforce for future treatments. The trial will take place at Numinus' Vancouver clinic, with initial results anticipated in the second half of 2023.

Numinus Wellness, a leader in psychedelic-assisted therapy, reported a remarkable 618% year-over-year revenue growth to $5.7 million for Q1 2023. Its gross margin increased significantly to 41.9%, up from 31.5% in the previous quarter, with gross profits soaring 80% to $2.4 million. The company ended the quarter with a robust cash position of $26.4 million. The expansion of their wellness clinics and innovative treatments, including the launch of their EnfiniTea, highlight ongoing efforts to enhance mental health services. General and administrative expenses also decreased 8.5% from the previous quarter, supporting operational efficiency.

Numinus Wellness Inc. (TSX: NUMI, OTCQX: NUMIF), a pioneer in mental health care and psychedelic-assisted therapies, will announce its financial results for Q1 2023, ending November 30, 2022, on January 16, 2023. The results will be disclosed after market close, followed by a conference call and webcast at 5:30 p.m. Eastern time. Participants can register for the live event and access a replay after the call. Numinus focuses on innovative treatments for mental health issues, aiming to integrate these therapies into mainstream practice.

Numinus Wellness has submitted a clinical trial application to Health Canada to conduct an experiential training study for therapists in Psilocybin-Assisted Therapy (PAT). The trial will utilize Numinus Bioscience's EnfiniTea for dosing, marking one of the first studies globally on whole Psilocybe mushroom safety. This Phase 1 trial will take place at Numinus' Vancouver clinic and aims to enhance therapist training and knowledge. The results may influence regulatory access to psychedelic-assisted therapies in Canada.

Numinus Wellness reported Q4 2022 revenues of $4.2 million, a 643% increase year-over-year, driven by the acquisition of Novamind. Gross margin improved to 31.5%, resulting in a gross profit of $1.3 million. The company ended the quarter with a cash position of $33.0 million. Fiscal 2022 revenues totaled $6.5 million, marking a 329% increase from the prior fiscal year. Despite significant revenue growth, the company recorded a net loss of $24.7 million in Q4 2022, driven by substantial impairment charges and increased administrative expenses.

Numinus Wellness Inc. (TSX: NUMI, OTCQX: NUMIF) will participate in a Water Tower Research Fireside Chat on December 8, 2022, at 11:00 a.m. ET. Founder and CEO Payton Nyquvest will discuss key takeaways from the company's Q4 and Year End 2022 Results, including the impact of their Novamind acquisition and expectations for 2023. Interested participants can register here.

Numinus Wellness will release its financial results for Q4 and the fiscal year ending August 31, 2022, on November 29, 2022, after market close. A conference call will follow at 5:30 p.m. Eastern to discuss performance and initiatives. Interested participants can register for the live webcast or dial in using specified numbers. A replay will be available post-call until December 13, 2022. Numinus focuses on innovative mental health care and psychedelic-assisted therapies, aiming to transform treatment for conditions like depression and anxiety.

Numinus Wellness Inc. has announced the re-launch of its podcast, Psychedelic Therapy Frontiers, aimed at promoting education in psychedelic-assisted therapy. Hosted by experts including Dr. Stephen Thayer, Dr. Reid Robison, and Dr. Joe Flanders, the series will discuss the efficacy of psychedelic treatments for mental health issues like depression and PTSD. New episodes will air every Tuesday across major podcast platforms. This initiative enhances Numinus' commitment to integrating innovative mental health solutions into mainstream practice.