Lucy Scientific's Fiscal Year: Operating Expenses Rise As Accumulated Deficit Hits Over $44M

Benzinga ·  10/18/2023 05:19

Psychedelics company Lucy Scientific Discovery Inc. (NASDAQ:LSDI) reported its full-year results for the period ended June 30, 2023. Numbers show: Total cash held of $1.67 million, vs. $53,379 held in June 30, 2022. Net product sales of $7,048 vs. zero in the prior fiscal year, reportedly owing to sales of Lucy's new microdose mushroom capsules. Working capital expenses of $2.71 million, vs. $5.81 million by June 30, 2022. Operating expenses totaled $5.85 million, a 68.5% YoY increase as compared to $3.47 million in the prior FY. Net cash flows used in operating activities totaled $4.27 million, a 76.4% YoY increase compared to prior FY's $2.42 million. Total net loss of $8.99 million (or $0.71 per

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