Emyria (EMD) H2 2024 earnings summary

Executive summary

• Achieved significant milestones in mental health innovation, including the acquisition of the Pax Centre and launch of the Empax Centre for psychedelic-assisted therapy (PAT).

• Early clinical results from the PTSD program were highly encouraging, supporting expansion plans and payer engagement.

• Advanced MDMA-inspired drug discovery and secured non-dilutive funding, with CBD assets progressing in a fully funded NIH program.

• Positioned for sustainable profitability through revenue growth, cost efficiencies, and a robust innovation pipeline.

Financial highlights

• Revenue from continuing operations was $2.2M, up from $1.6M year-over-year.

• Net loss after tax increased to $11.5M from $5.1M year-over-year, driven by a $6.9M impairment of intangible assets.

• Cash and cash equivalents at year-end were $1.57M, down from $2.73M prior year.

• Total assets decreased to $5.4M from $10.2M, and net assets fell to $2.4M from $6.8M.

• Share capital raised $7M during the year, with 100.6M new shares issued.

Outlook and guidance

• Focus on integrating and optimizing clinical services, especially at the Empax Centre, to drive revenue and data collection.

• Continued advancement of MDMA analogues and Ultra-Pure CBD capsules, leveraging non-dilutive funding.

• Short-term priorities include expanding clinical billing revenues and accelerating drug and therapy development.