Enveric Biosciences' Revenue Drops In Q3 2023 As Next-Gen Psychedelics Advance To Clinical Trials
Portfolio Pulse from Lara Goldstein
Enveric Biosciences (NASDAQ:ENVB) reported a decrease in cash and cash equivalents and an increase in net loss for Q3 2023. The company is advancing its next-gen psychedelics, with significant IP developments and preclinical activities for its EVM301 series and EB-373 compound. Key milestones for the rest of 2023 include identifying a lead candidate for the EVM301 series and preparing for an IND application in 2024.
November 14, 2023 | 7:52 pm
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Enveric Biosciences reported a decrease in cash, an increase in net loss, and progress in its psychedelic therapeutics development for Q3 2023.
The reported decrease in cash and increase in net loss may concern investors, potentially leading to a negative short-term impact on ENVB's stock price. However, progress in drug development and IP protection could offset some concerns.
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