ENVB - 'Psychedelics-Inspired' Meds For Depression Anxiety Addiction Producer Trims Q1 Net Loss YoY Increases Cash On Hand | Benzinga
Enveric Biosciences (NASDAQ:ENVB) reported it financial results on Wednesday for the first quarter of 2024 ended March 31, 2024.
"We believe the first quarter of 2024 was a highly productive period for Enveric as the company continued to advance the development of the lead neuroplastogen drug candidate, EB-003, in preparation for an investigational new drug (IND) application and the expected initiation of a planned clinical development program," said Joseph Tucker, Ph.D., director and CEO of Enveric. "EB-003 was designed specifically to address this major safety profile deficiency in the first-generation psychedelic approach to treating neuropsychiatric illness, and we are excited to advance its development."
As a biotechnology company, Enveric is dedicated to the development of novel neuropathogenic small-molecule therapeutics for the treatment of depression, anxiety and addiction disorders.
Q1 2024 Financial Highlights
- Cash-on-hand was $6.36 million compared to $2.3 ...