Vancouver-based Filament Health Corp. (OTCQB: FLHLF) released full-year 2022 results that show improvement in the clinical-stage psychedelic drug development firm’s pipeline in the U.S. and Canada, as well as its cash management.
The company had $2.8 million cash on hand and $2.8 in working capital, with some money coming in from partnership agreements. The firm generated 2o22 licensing revenues of $364,500 and used $3.9 million worth of cash for operating activities during the year.
Net loss for the year totaled $16.5 million, according to company filings, higher than a $9.3 million net loss in the previous year. Loss per share was 10 cents versus a loss of six cents per share in 2021.
The company received approval from the FDA to do a phase 2 clinical trial using psilocybin to help people with methamphetamine addiction. The study is being conducted in partnership with the University of California San Francisco.
“During the fourth quarter, Filament expanded its revenue-generating partnership network and announced a worldwide licensing agreement within the treatment of palliative care while continuing to expand both our drug development and intellectual property platforms,” co-founder and CEO Benjamin Lightburn said.
The firm ran a successful Health Canada-approved psilocybin trial run on 14 people in Canada, signed an academic supply agreement with a mental health group to use its medicine for research, and received two new patents.
Lightburn replaced Greg Mills as chair of the board of directors, while other board changes were also made.
Since the fourth quarter, the company has been busy building on the momentum and “continued to execute on our growth plans,” Lightburn added.
Filament joined up with another firm, Jaguar Health, to create a new company called Magdalena Biosciences. The new entity will make more natural medicines from plants to help people with mental health problems.
Filament also received academic clinical trial approval to test its PEX010 medicine with Psychiatric Centre Copenhagen to see if it can help people with alcohol use disorder and mild cognitive impairment.
The FDA also granted the company a green light to do a clinical trial using PEX010 to treat methamphetamine addiction at the UCSF’s Translational Psychedelic Research Program.