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Enveric Biosciences Optimistic On Q4 And Full-Year Results: 'Psychedelic-Inspired' Meds For Future Growth

Benzinga ·  Mar 27 20:59

Nasdaq-listed psychedelics biotech Enveric Biosciences (NASDAQ:ENVB) shared its financial results for the fourth quarter of 2023 and the fiscal year ended December 31, 2023, results showing:

  • Cash in hand of $2,287,977 by December 31, 2023, as compared to the $17,723,884 held by December 31, 2022.
  • Yearly R&D expenses of $7.3 million, vs. the $8 million spent in 2022.
  • Yearly general administrative (G&A) expenses of $8.9 million, vs. the $11.6 million spent in 2022.
  • Total yearly operating expenses of $16.4 million, vs. the $27.4 million spent in 2022.
  • Yearly net cash used in operations totaled $14.1 million, vs. $17.1 million in 2022.
  • Quarterly net loss of $3.44 million (or $1.46 loss per share), vs. a net loss of $8.80 million (or...
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