Mydecine Releases Q2 2023: Developer Of Smoke Cessation Psilocybin Prodrugs & MDMA Analogs
Portfolio Pulse from Lara Goldstein
Mydecine Innovations Group (OTC:MYCOF) has released its financial results for Q2 2023, showing a cash position of $29.987, R&D expenses of $75.417 and $181.656 for three and six months respectively, and total expenses of $1.96 million and $4.9 million for the same periods. The net loss attributable to common stockholders was $2.36 million and $8.03 million for three and six months respectively. The company's accumulated deficit was $109.117.914. Mydecine is developing psychedelic compounds for medical use, including a psilocybin-derived smoking cessation drug and short-acting chemical MDMA analogs for anxiety and pain treatment.
August 15, 2023 | 9:44 pm
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Mydecine's Q2 2023 financial results show increased R&D expenses and net loss, indicating a challenging financial situation. However, the company's ongoing development of novel psychedelic compounds for medical use could potentially drive future growth.
The increased R&D expenses and net loss indicate that Mydecine is currently in a challenging financial situation. However, the company's ongoing development of novel psychedelic compounds for medical use, including a psilocybin-derived smoking cessation drug and short-acting chemical MDMA analogs for anxiety and pain treatment, could potentially drive future growth. These developments are highly relevant to the company's stock performance.
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