Numinus Wellness Inc. reports developments in mental health care, clinical research operations, and practitioner training tied to regulated botanical wellness-assisted therapies. The company’s updates describe Cedar Clinical Research, Numinus Practitioner Training, clinical trial site readiness, therapist education, protocols, reimbursement infrastructure, and care models for depression, anxiety, trauma, pain, and substance use.
Recurring news also covers quarterly financial results, auditor changes, exchange-listing status, cease-trade-order remediation efforts, and regulatory developments affecting botanical wellness compounds such as ibogaine, MDMA, and LSD.
Numinus Wellness Inc. (TSX: NUMI; OTCQX: NUMIF) will be featured at the upcoming South by Southwest Conference in Austin, Texas, from March 10 to 19, 2023. CEO Payton Nyquvest will be on a panel titled "Music as Medicine: Music as a Tool For Healing" on March 10 at 4:00 PM CT. The discussion will focus on the role of music in psychedelic healing, highlighting its importance in therapy. This event is part of Numinus' Music as Medicine program, which emphasizes the connection between music and mental health. Numinus aims to advance innovative, evidence-based psychedelic-assisted therapies for mental health care.
Numinus Wellness (TSX: NUMI; OTCQX: NUMIF) announced Dr. Paul Thielking, Chief Science Officer, will join a Water Tower Research Fireside Chat on February 28, 2023, at 3:00 p.m. ET. The discussion will cover Numinus' clinical research activities at Cedar Clinical Research and the new research site in Phoenix, Arizona. This engagement highlights Numinus' commitment to advancing evidence-based psychedelic-assisted therapies aimed at improving mental health. Interested parties can register here.
Numinus Wellness has announced the opening of its third research facility in the US, located in Phoenix, Arizona, enhancing its clinical research capabilities. This site, which is Numinus' fifth overall research facility, aims to streamline recruitment and clinical trial management for partners in the psychedelic therapy sector. The first clinical trial will commence in early March 2023. In the last quarter, Numinus managed 14 clinical trials, involving 191 participants. The expansion is expected to solidify Numinus' position as a leading research platform in mental health, focusing on evidence-based psychedelic-assisted therapies.
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.