United Kingdom-based Small Pharma (TSXV: DMT) (OTCQB: DMTTF) posted a C$22.8 million loss for its latest fiscal year, which ended Feb. 28, the psychedelics company announced Thursday.
Small Pharma is still in the R&D phase with several DMT-based therapies it’s developing for patients with depression, which it says have shown strong progress to date in clinical trials. But that also means the company pulled in zero revenue last year, relying on investor cash to survive until it can gain government approval to bring its treatment regimens to market.
To that end, Small Pharma reported having C$18.5 million in the bank, which it said will likely be enough to sustain it through the 2024 calendar year, despite operating expenses of C$24.7 million in the 2023 fiscal year.
CEO George Tziras expressed optimism that clinical trials – which have all shown positive results – will lead eventually to solid commercial opportunities in mental health.
“In the past year we have made considerable progress towards our mission of developing novel and accessible treatment options for patients under-served by the existing standard of care in depression. We achieved multiple clinical milestones and, most importantly, demonstrated proof-of-concept for DMT-based therapy,” Tziras said. “Our firm belief is that short-duration psychedelic-based therapies offer strong potential for commercially viable and efficacious treatments for patients.”
Small Pharma had C$3.8 million in total liabilities at the end of February, and C$20.9 million in total assets.
During the 2023 fiscal year, Small Pharma:
- Found “positive results” from a 34-patient trial of intravenous DMT therapy, with a “rapid and durable antidepressant” effect that lasted roughly six months.
- Launched another DMT trial that it expects to have results for in the third calendar quarter of this year.
- Completed a 14-patient study with intramuscular DMT dosing that resulted in a roughly 45-minute psychedelic experience, with results so far indicating the treatment is “well tolerated with no safety concerns.”
- Launched another clinical trial with a separate short-duration DMT treatment that delivers a roughly one-hour psychedelic experience and “is well-tolerated.” Firm data from the study is expected by the end of this calendar year.
- Made “significant progress” on its psychedelics intellectual property, having obtained 23 patents and another 98 pending, all on various DMT compounds.