This is Psychedellux the week’s top business headline in the psychedelics industry.
Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the second quarter of 2021 and gave an update on recent progress across its business. Compass reported a net loss for the three months ending June 2021 was $17.5 million, or $0.44 loss per share, (after including non-cash share-based compensation expense of $1.9 million) compared with $16.2 million, or $1.65 loss per share, during the same period in 2020 (after including non-cash share-based compensation expense of $9.7 million). The company is sitting comfortably on a pile of cash. Compass reported cash and cash equivalents of $316.3 million as of June 2021 versus $190.3 million as of December 2020.
Revive Therapeutics Ltd. (OTCQB: RVVTF) said it is advancing the research and intellectual property acquired from PharmaTher Holdings Ltd. (OTCQB: PHRRF) (CSE: PHRM) on psilocybin as a potential solution to managing TBI and stroke. Preclinical studies demonstrated that psilocybin, given after injury, improved cognitive function in TBI mice.
Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced its mid-year 2021 business and clinical update. As of the end of Q2, Seelos had $87.2mm of cash. It currently has no outstanding debt and is making progress with various studies.
Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) reported that it has qualified to trade on the OTCQB Venture Market under the ticker symbol “AWKNF” on Tuesday, August 12.