Enveric Biosciences Inc. (NASDAQ: ENVB) stock showed a gain of 11.47% at last close while it further rises in pre-market by 12.76%. Enveric Biosciences is a patient-centered biotechnology organization focused on creating innovative cannabinoid medicines that increase cancer patients’ quality of life. Radiodermatitis, a frequent and sometimes serious side effect of radiation therapy, and chemotherapy-induced neuropathy are two of the first symptoms.
Financial Results
On May 18, 2021, Enveric Biosciences announced its first-quarter 2021 financial results. Given below is the summary:
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- During the three months ended March 31, 2021, net cash used in operating activities was $3,162,278.
- Operating costs for Enveric rose to $6,764,997 in the quarter ending March 31, 2021, up from $836,702 in the previous quarter. The rise was largely due to a $5,770,343 increase in general and operating fees, as well as a $157,952 increase in research and development costs. Stock-based compensation of $3,591,565, stock incentive adjustment expenditure of $298,714, and a rise in public company regulatory expenses of $582,667 both contributed to the increase in general and administrative fees.
- For the three months ended March 31, 2021, total cash generated by funding activities was $24,881,733, which contained $21,614,488 in proceeds from the selling of common stock, net of offering expenses, and $3,267,245 in proceeds from warrant exercises. ENVB had $22,657,150 in cash as of March 31, 2021, and it had no debt.
- ENVB had 21,390,290 shares of common stock outstanding as of May 13, 2021.
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David Johnson, Chairman, and Chief Executive Officer stated:
ENVB has spent the first half of 2021 focusing on progressing their pipeline of help treatment treatments, bolstering the executive team and Scientific Advisory Board with talented industry leaders, and maintaining a stable balance sheet, with nearly $23 million in cash as of March 31, 2021. ENVB plan to obtain approval and begin two critical Phase I/II trials in Glioblastoma Multiforme and Radiation Dermatitis in the second half of this year. Simultaneously, they continue to assess strategic acquisitions such as their Diverse Biotech license for five molecules, PureForm’s exclusive supply deal, and other undervalued synergistic investments.