PharmAla Biotech Reports Progress in Earnings

The company is a going concern, with a cumulative deficit of $4,132,349 as of August 31.

PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: PMBHF)released its audited financial statements in Canadian dollars for the year ended on August 31, 2023. The company reported revenue of $532,003 for the year and total expenses of $1.2 million. The net loss for the year was $779,813, which was an improvement over 2022’s net loss of $985,583.

PharmaAla did state that it is a going concern with a cumulative deficit of $4,132,349 as of August 31, 2023 (August 31, 2022 – $3,494,649), and as of August 31, 2023, the company has a cash balance of $195,042.

“This has been an exciting year for PharmAla, and for MDMA more broadly,” said Nick Kadysh, CEO, PharmAla Biotech. “I’m incredibly proud of the team’s performance this year. We are excited to continue to build off of the milestones we achieved at PharmAla in 2023. The recent filing of the MAPS New Drug Application for MDMA-Assisted Therapy for PTSD provides a favorable industry tailwind. I strongly believe that 2024 will be the Year of MDMA; with our established track record and success in 2023, as well as our newly acquired global reach, it will be our year as well.”

In the company’s filing, it stated that it believes it will achieve profitable operations, or that sufficient working capital will be obtained from either increased sales through access to new markets or new clients, or external financing to sustain its operations for the foreseeable future and that the going concern assumption is appropriate.

The company noted that it generates revenue primarily from the sale of tablets, raw MDMA and MDXX compounds/formulations, and royalties from licensing of its intellectual property.

2023 Highlights

On Nov. 7, 2023, the company announced that it had completed its first shipment of MDMA and psilocybin to Cortexa, its 50:50 Australian Joint Venture with Vitura Health Limited. PharmAla said that this shipment marks the first time that any molecules recently re-scheduled under the Authorized Prescriber Scheme were brought into Australia explicitly for use under that scheme, rather than for clinical trial purposes. The shipment, completed in several parts, includes both psilocybin and MDMA and contains both API and finished drug product capsules.

On Nov. 8, 2023, the company announced that it had signed an exclusive long-term agreement with Clariti Strategic Advisors Inc. of Toronto to provide strategic and financial advisory services to the company.

On Nov. 15, 2023, the company announced the GMP release of a second batch of MDMA capsules encapsulated at Filament’s Metro Vancouver facility. The company also reported on the execution of two exports by Filament, fulfilling contracts with Emyria and Monash University. The majority of the capsules manufactured in this Batch will be utilized in the Health Canada Special Access Program, as well as fulfillment of clinical trials in a variety of jurisdictions.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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