Filament Health Corp. (OTCQB: FLHLF) (Cboe CA: FH) reported a net loss of $4.97 million for 2024 while the botanical psychedelic drug developer expanded its clinical trial programs and intellectual property portfolio.
The Vancouver-based company announced in its year-end financial results that cash reserves stood at just $391,237 as of Dec. 31, 2024, down from $1.83 million at the end of 2023.
“Over the course of 2024, we continued to expand Filament’s position as a leading global supplier of cGMP botanical psilocybin,” Benjamin Lightburn, co-founder and CEO, said in a statement. “While this past year presented challenges, we remain steadfast in our mission to unlock the therapeutic potential of botanical psilocybin and our other botanical drug candidates.”
Lightburn pointed to the company’s focus on advancing its lead program, PEX010, through clinical trials globally. The emphasis on treating substance use disorders saw validation from positive trial results showing efficacy in severe alcohol use disorder patients, according to the company.
Last month, the company reported that a single dose of PEX010 reduced heavy drinking days by more than 50% over a 12-week observation period in an open-label Phase 2 clinical trial at Psychiatric Centre Copenhagen.
Financial results showed annual revenue of $616,678, down significantly from $2.13 million in 2023. The company used $4.9 million in cash for operating activities during 2024.
Filament’s financial statements included a going concern note from auditors, indicating “material uncertainties regarding the Company’s ability to execute its business plan and continue in the normal course of operations” due to negative cash flow and an accumulated deficit of $36.12 million.
During 2024, Filament boosted its intellectual property position with the acceptance of 12 patents by IP Australia, five patents by the Canadian Intellectual Property Office, and three patents by the United States Patent and Trademark Office related to the development of botanical psychedelic drugs.
The company also expanded its international reach by completing exports of botanical psilocybin to multiple countries. Filament in January announced shipments to the University of Wisconsin-Madison for FDA-approved clinical trials and previously reported first-ever exports of botanical psilocybin to Israel and Australia.
Filament operates with a Health Canada Dealer’s License, allowing it to possess, produce and transport psilocybin and other compounds found in natural fungi. The company manufactures standardized botanical psychedelic drug candidates including oral psilocybin (PEX010) as well as oral and sublingual psilocin (PEX020 and PEX030).
The company developed a joint venture called Magdalena Biosciences with Jaguar Health to develop natural psychedelic medicines. In December, Magdalena successfully completed an import of six kilograms of coca leaf from Peru to Filament’s Metro Vancouver research facility.
[[{“value”:”The clinical-stage natural psychedelic company showed progress in its drug development pipeline while dealing with a shrinking runway.
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